Sector Analysis and Key Events for Monday

INO.com  INO Morning Markets Report

"Do This" Before January 20th

Man who predicted the 2020 crash now says "Do This" before January 20, 2021... They called the 2020 crash 45 days early. Nobody expects what they're predicting now...
Summary
The Dow Future is trending lower 207 points to 30786. The US Dollar Index rose 0.359 points to 90.457. Gold has gained 14.10 dollars to 1845.60. Silver is up 0.252 dollars to 24.927. The Dow Industrials trended higher 56.84 points, at 31097.97, while the S&P 500 rose 20.89 points, last seen at 3824.68. The Nasdaq Composite moved higher by 134.50 points to 13201.98. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Will 2021 Be The Year For Cannabis Stocks?
Sunday Jan 10th

Another Day Another Record High For Bitcoin
Friday Jan 8th

U.S. Crude Oil Production Fell In December
Thursday Jan 7th

Key Events for Monday

10:00 AM ET. December Employment Trends Index

ETI (previous 98.81)

ETI,

6:00 AM ET. December NFIB Index of Small Business Optimism

Small Business Idx (previous 101.4)

7:45 AM ET. Weekly Chain Store Sales Index

8:55 AM ET. Johnson Redbook Retail Sales Index

Ret Sales Mo-to-Date, M/M% (previous +0.5%)

Ret Sales Mo-to-Date, Y/Y% (previous +5.1%)

Latest Wk, Y/Y% (previous +5.5%)

10:00 AM ET. January IBD/TIPP Economic Optimism Index

Economic Optimism Idx (previous 49.0)

6-Mo Economic Outlook (previous 46.3)

10:00 AM ET. November Job Openings & Labor Turnover Survey

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

Corn, End Stocks (Bushels)

Soybeans, End Stocks (Bushels)

Wheat, End Stocks (Bushels)

Cotton, End Stocks (Bales)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks, Net Chg (Bbls) (previous -1.7M)

Gasoline Stocks, Net Chg (Bbls) (previous +5.5M)

Distillate Stocks, Net Chg (Bbls) (previous

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx (previous 827.2)

Composite Idx, W/W% (previous +1.7%)

Purchase Idx-SA (previous 313.8)

Purchase Idx-SA, W/W% (previous -1.6%)

Refinance Idx (previous 3917.6)

Refinance Idx, W/W% (previous +3.0%)

8:30 AM ET. December CPI

CPI, M/M% (expected +0.4%; previous +0.2%)

Core CPI, M/M% (expected +0.2%; previous +0.2%)

Energy Idx, M/M% (previous +0.4%)

Food Idx, M/M% (previous -0.1%)

Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

CPI, Y/Y% (expected +1.3%; previous +1.2%)

Core Annual, Y/Y% (expected +1.7%; previous +1.6%)

8:30 AM ET. December Real Earnings

10:00 AM ET. December Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 485.459M)

Crude Oil Stocks, Net Chg (Bbl) (previous -8.01M)

Gasoline Stocks (Bbl) (previous 241.081M)

Gasoline Stocks, Net Chg (Bbl) (previous +4.519M)

Distillate Stocks (Bbl) (previous 158.419M)

Distillate Stocks, Net Chg (Bbl) (previous +6.39M)

Refinery Usage (previous 80.7%)

Total Prod Supplied (Bbl/day) (previous 17.054M)

Total Prod Supplied, Net Chg (Bbl/day) (previous -2.263M)

2:00 PM ET. U.S. Federal Reserve Beige Book

2:00 PM ET. December Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

2:00 PM ET. SEC Closed Meeting



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 90.457 +0.359 +0.40%
Invesco DB US Dollar Index 24.275 +0.045 +0.18%
US Dollar/Canadian Dollar 1.277550 +0.001270 +0.10%
Euro/US Dollar 1.217060 +0.000235 +0.02%
JAPANESE YEN Jan 2021 0.009603 -0.000021 -0.22%
SWISS FRANC Mar 2021 1.1250 -0.0053 -0.48%
US Dollar/Hong Kong Dollar 7.75555 +0.00090 +0.01%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar was higher in overnight trading as it consolidates some of the decline off the 2020 high. 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 to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $90.06 would signal that a short-term low has been posted. If March extends the decline off November's high, monthly support crossing at $88.15 is the next downside target. First resistance is the December 21st high crossing at $90.95. Second resistance is the 50-day moving average crossing at $91.31. First support is last-Wednesday's low crossing at $89.16. Second support is monthly support crossing at $88.15.

The March Euro was lower overnight as it consolidates some of the rally off last-March's low. 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $122.46 would signal that a short-term top has been posted. If March extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $125.38 is the next upside target. First resistance is last-Wednesday'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 20-day moving average crossing at $122.46. Second support is the December 9th low crossing at $120.90.

The March British Pound was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.3518 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is last-Monday's high crossing at 1.3710. Second resistance is the February-2019 high crossing at 1.3728. First support is the 20-day moving average crossing at 1.3518. Second support is the 50-day moving average crossing at 1.3357.

The March Swiss Franc was lower overnight as it extends last-week's decline. 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 bearish signaling that a short-term top might be in or is near. Closes below the December 28th low crossing at 1.1241 would signal that a short-term top has been posted. 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. First resistance is last-Wednesday'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 December 28th low crossing at 1.1241. Second support is the 50-day moving average crossing at 1.1174.

The March Canadian Dollar was lower overnight. The low-range 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 $77.43 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 last-Wednesday's high crossing at $79.19. 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 $77.43. Second support is the November 13th low crossing at $75.96.

The March Japanese Yen was lower overnight as it extends the decline off last-Wednesday's 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 0.0963 would confirm that a short-term top has been posted. If March renews the rally off November's low, the 87% retracement level of March's decline crossing at 0.0981 is the next upside target. First resistance is last-Wednesday'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 the 50-day moving average crossing at 0.0963. Second support is December's low crossing at 0.0956.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Feb 2021 51.94 -0.30 -0.75%
NY HARBOR ULSD HEATING OIL Feb 2021 1.5640 -0.0155 -1.30%
NATURAL GAS Feb 2021 2.643 -0.057 -1.81%
RBOB GASOLINE Feb 2021 1.5185 -0.0238 -2.15%
Invesco DWA Energy Momentum ETF 20.5964 0.0000 0.00%
United States Gasoline 26.630 +1.030 +5.55%

ENERGIES

March crude oil was lower overnight as it consolidates some of the rally off November's low. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.64 is the next upside target. Closes below last-Monday's low crossing at $47.31 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2020-decline crossing at $52.32. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.64. First support is the 10-day moving average crossing at $49.66. Second support is last-Monday's low crossing at $47.31.

March heating oil was lower overnight as it consolidates some of the rally off November's low. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.80 is the next upside target. Closes below last-Monday's low crossing at $145.40 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $158.84. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.43. First support is last-Monday's low crossing at $145.40. Second support is the 50-day moving average crossing at $137.74.

March unleaded gas was lower overnight as it consolidates some of the rally off November's low. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $170.66 is the next upside target. Closes below last-Monday's low crossing at $136.97 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2020-decline crossing at $153.51. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $170.66. First support is last-Monday's low crossing at $136.97. Second support is the December 21st low crossing at $131.52.

March Henry natural gas was lower overnight as it consolidates some of the rally off the December 28th low crossing at 2.268. 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 a short-term top might be in or is near. Closes below the 10-day moving average crossing at 2.557 would signal that a short-term top has been posted. If February extends the rally off December's low, the 50-day moving average crossing at 2.733 is the next upside target. First resistance resistance is the 50-day moving average crossing at 2.733. Second resistance is the November 30th high crossing at 2.910. First support is last-Monday's gap crossing at 2.537. Second support is the December 28th low crossing at 2.268.



 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 122.20 -1.50 -1.21%
SUGAR #11 WORLD MARCH 2021 15.52 -0.08 -0.51%
SUGAR #16 MARCH 2021 28.50 -0.15 -0.52%
ORANGE JUICE - A MARCH 2021 125.05 -1.35 -1.07%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 47.00 +0.26 +0.59%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 43.41 -0.44 -1.13%

FOOD & FIBER

March coffee posted a key reversal up with today's higher close as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold and are poised to turn neutral to bullish with additional strength. Closes above the 10-day moving average crossing at 12.45 would signal that a short-term low has been posted. If March extends this week's decline, the 50-day moving average crossing at 11.86 is the next downside target.

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

March sugar closed unchanged on Friday as it consolidates some of the rally off December's low. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 15.00 would signal that a short-term top has been posted. If March extends the rally off December's low, weekly resistance crossing at 17.23 is the next upside target.

March cotton closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off April's low, monthly resistance crossing at 84.47 is the next upside target. Closes below the 20-day moving average crossing at 76.94 would confirm that a short-term top has been posted.



"Do This" Before January 20th

Man who predicted the 2020 crash now says "Do This" before January 20, 2021... They called the 2020 crash 45 days early. Nobody expects what they're predicting now...


 
Grains Snapshot
Symbol Last Change %
CORN Mar 2021 496.75 +0.50 +0.12%
OATS Mar 2021 355.75 -2.00 -0.67%
WHEAT Mar 2021 644.75 +6.00 +0.98%
Teucrium Corn Fund ETV 15.92 +0.02 +0.15%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 56.0445 -0.2555 -0.54%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.5240 +0.0739 +2.31%
SOYBEANS Jan 2021 1381.50 +5.75 +0.53%
SOYBEAN (MINI) Jan 2021 1381.00 +19.75 +1.82%
SOYBEAN MEAL Jan 2021 444.6 +5.3 +1.39%
Teucrium Soybean Fund ETV 20.4400 +0.2400 +1.48%

GRAINS

March corn was steady to fractionally higher overnight. The high-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off April's low, the 38% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $5.08 is the next upside target. Closes below the 20-day moving average crossing at $4.59 3/4 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $5.08. Second resistance is the May-2014 high on the weekly continuation chart crossing at $5.22 1/2. First support is the 10-day moving average crossing at $4.84 1/2. Second support is the 20-day moving average crossing at $4.59 3/4.

March wheat was higher overnight as it consolidates some of last-week's decline. The high-range close 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. Closes below the 20-day moving average crossing at $6.25 would signal that a short-term top has been posted. If March extends the rally off December's low, the 50% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $6.67 3/4 is the next upside target. First resistance is last-Tuesday's high crossing at $6.64 1/2. Second resistance is the 50% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $6.67 3/4. First support is the 20-day moving average crossing at $6.25. Second support is the 50-day moving average crossing at $6.09.

March Kansas City wheat was higher overnight as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to higher 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 $5.85 3/4 would confirm that a short-term top has been posted. If March extends the rally off August's low, the October-2018 high crossing at $6.38 1/2 is the next upside target. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $6.12. Second resistance is the October-2018 high crossing at $6.38 1/2. First support is the 20-day moving average crossing at $5.85 3/4. Second support is the 50-day moving average crossing at $5.68 1/2.

March Minneapolis wheat was steady to higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the June-2019 high crossing at $6.19 is the next upside target. Closes below the 20-day moving average crossing at crossing at $5.83 1/2 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $6.13 3/4. Second resistance is the June-2019 high crossing at $6.19. First support is the 10-day moving average crossing at crossing at $5.98 1/2. Second support is the 20-day moving average crossing at $5.83 1/2.

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

March soybeans were higher overnight as it extends this winter's rally. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off August's low, the 62% retracement level of the 2012-2019-decline crossing at $14.07 1/2 is the next upside target. Closes below the 20-day moving average crossing at $12.73 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $13.88 3/4. Second resistance is the 62% retracement level of the 2012-2019-decline crossing at $14.07 1/2. First support is the 10-day moving average crossing at $13.30 1/2. Second support is the 20-day moving average crossing at $12.73 3/4.

March soybean meal was higher overnight as it extends the rally off August's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off August's low, monthly resistance crossing at $478.40 is the next upside target. Closes below the 20-day moving average crossing at $415.70 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $445.80. Second resistance is monthly resistance crossing at $478.40. First support is the 10-day moving average crossing at $430.60. Second support is the 20-day moving average crossing at $415.70.

March soybean oil was lower overnight as it consolidates some of this winter's rally. The low-range close 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 March extends the rally off October's low, the March 2014 high on the monthly continuation chart crossing at 45.05 is the next upside target. Closes below the 20-day moving average crossing at 41.11 would confirm that a short-term top has been posted. First resistance is last-Wednesday'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 the 10-day moving average crossing at 42.76. Second support is the 20-day moving average crossing at 41.11.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 31097.97 +56.84 +0.21%
NASDAQ Composite 13201.98 +134.50 +1.21%
S&P 500 3824.68 +20.89 +0.62%
SPDR S&P 500 381.36 +2.26 +0.67%
iShares Russell 2000 ETF 207.7300 -0.4400 -0.27%

U.S. STOCK INDEXES

The March NASDAQ 100 was lower overnight as it consolidates some of last-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 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 last-Wednesday's low crossing at 12,491.25 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 13,125.00. Second resistance is unknown. First support is last-Wednesday's low crossing at 12,491.25. Second is the 50-day moving average crossing at 12,303.37.

The March S&P 500 was lower overnight as it consolidates some of last-week's rally. 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 December 21st low crossing at 3637.20 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3817.50. Second resistance is unknown. First support is the December 21st low crossing at 3637.20. Second support is the 50-day moving average crossing at 3607.80.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 168.81250 +0.06250 +0.04%
iShares Floating Rate Bond ETF 50.749 +0.005 +0.01%
5 YEAR T-NOTES Mar 2021 125.609375 +0.015625 +0.01%
ULTRA T-BONDS Mar 2021 205.06250 +0.28125 +0.13%
Invesco Senior Loan Portf 22.435 +0.055 +0.25%

INTEREST RATES

March T-bonds were higher due to short covering overnight as it consolidates some of this month's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends 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. Closes above the 50-day moving average crossing at 173-01 would signal that a low has been open while opening the door for a possible test of November's high crossing at 177-06. First resistance is the 10-day moving average crossing at 171-08. Second resistance is the 20-day moving average crossing at 172-02. First support is the overnight low crossing at 168-02. 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 higher due to short covering overnight as it consolidates some of this month's decline. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the overnight decline, monthly support crossing at 134.298 is the next downside target. Closes above the January 4th high crossing at 138.055 would confirm that a short-term low has been posted. First resistance is the January 4th high crossing at 138.055. Second resistance is November's high crossing at 138.300. First support is the overnight low crossing at 136.145. Second support is monthly support crossing at 134.298.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Jan 2021 136.200 -0.750 -0.55%
LEAN HOGS Feb 2021 68.750 -0.450 -0.67%
LIVE CATTLE Feb 2021 114.525 -0.650 -0.59%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 34.550 -0.208 -0.62%

LIVESTOCK

February hogs closed down $0.30 at $68.83.

February hogs closed lower on Friday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Monday's night 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 $67.31 would confirm that a short-term top has been posted. If February extends the rally off December's low, the 87% retracement level of the 2019-2020-decline crossing at $73.83 is the next upside target. First resistance is Monday's high crossing at $72.00. Second resistance is the 87% retracement level of the 2019-2020-decline crossing at $73.83. First support is the 10-day moving average crossing at $68.88. Second support is the 20-day moving average crossing at $67.31.

February cattle closed down $0.48 at $114.50

February cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. If February resumes the rally off October's low, September's high crossing at $116.63 is the next upside target. If February extends 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 December's low crossing at $110.55. Second support is November's low crossing at $109.00.

March Feeder cattle closed down $0.38 at $137.20.

March Feeder cattle closed lower on Friday as it extended this week's trading range. The mid-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the November 20th low crossing at $132.45 is the next downside target. Closes above the 20-day moving average crossing at $140.27 would signal that a short-term low has been posted. First resistance is December's high crossing at $143.70. Second resistance is August's high crossing at $145.30. First support is Tuesday's low crossing at $134.85. Second support is the November 20th low crossing at $132.45.



 
Metals Snapshot
Symbol Last Change %
GOLD Jan 2021 1835.4 +1.3 +0.07%
SPDR Gold Trust 173.3000 -6.1800 -3.45%
SILVER Jan 2021 25.165 +0.583 +2.43%
PALLADIUM Mar 2021 2365.5 +0.5 +0.02%
Direxion Daily Gold Miners Index Bear 2X Shares 18.915 +1.635 +9.04%
Invesco DB Precious Metals Fund 51.0700 -2.2731 -4.36%

PRECIOUS METALS

February gold was lower overnight as it consolidates some of the rally off November's low. The high-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 bearish signaling that sideways to lower prices are possible near-term. If February extends last-week's decline, November's low crossing at $1767.20 is the next downside target. Closes above the 10-day moving average crossing at $1899.30 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $1962.50. Second resistance is November's high crossing at $1973.30. First support is the overnight low crossing at $1817.10. Second support is November's low crossing at $1767.20.

March silver was was lower overnight as it extends last-week's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $24.949 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at $26.626 are needed to signal that a short-term low has been posted. First resistance is September's high crossing at $29.380. Second resistance is August's high crossing at $30.365. First support is the 50-day moving average crossing at $24.949. Second support is November's low crossing at $21.960.

March copper was lower due to profit taking overnight as it consolidates some of this winter's rally. 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 but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the December 23rd low crossing at 3.4780 would confirm that a short-term top has been posted. If March extends 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 last-Friday's high crossing at 3.7340. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the December 23rd low crossing at 3.4780. Second support is the 50-day moving average crossing at 3.4058.



 
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