Summary
The Dow Future is higher 201 points to 32705. The US Dollar Index eased 0.128 points to 106.431. Gold is dropping 8.535 dollars to 1993.855. Silver is trending higher 0.05675 dollars to 23.16875. The Dow Industrials dropped 366.71 points, at 32417.59, while the S&P 500 moved lower 19.86 points, last seen at 4117.37. The Nasdaq Composite rose 47.40 points to 12643.01. Streaming charts of these markets are available at MarketClub
Key Events for Monday
8:30 AM ET. September Personal Income and Outlays Personal Income, M/M% (previous +0.4%) Consumer Spending, M/M% (previous +0.4%) PCE Price Idx, M/M% (previous +0.4%) PCE Price Idx, Y/Y% (previous +3.5%) PCE Core Price Idx, M/M% (previous +0.1%) PCE Core Price Idx, Y/Y% (previous +3.9%) 10:00 AM ET. October University of Michigan Survey of Consumers - final End-Mo Sentiment Idx (previous 68.1) End-Mo Expectations Idx (previous 66.0) 12-Month Inflation Forecast (previous 3.2%) 5-Year Inflation Forecast (previous 2.8%) End-Mo Current Idx (previous 10:30 AM ET. October Texas Manufacturing Outlook Survey Business Activity (previous -18.1) Mfg Production Idx (previous 8:30 AM ET. 3rd Quarter Employment Cost Index ECI, Q/Q% (previous +1.0%) ECI, Y/Y% (previous +4.5%) 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% (previous +4.5%) Latest Wk, Y/Y% (previous +5.0%) 9:00 AM ET. August U.S. Monthly House Price Index 9:00 AM ET. August S&P CoreLogic Case-Shiller Indices 10-City Idx, M/M% (previous +0.6%) 10-City Idx, Y/Y% (previous +0.9%) 20-City Idx, M/M% (previous +0.6%) 20-City Idx, Y/Y% (previous +0.1%) National Idx, M/M% (previous +0.6%) National Idx, Y/Y% (previous +1.0%) 9:45 AM ET. October Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI PMI-Adj (previous 44.1) 10:00 AM ET. October Consumer Confidence Index Cons Conf Idx (previous 103.0) Expectation Idx (previous 73.7) Present Situation Idx (previous 147.1) 10:00 AM ET. 3rd Quarter U.S. Housing Vacancies 3:00 PM ET. September Agricultural Prices Farm Prices, M/M% (previous +0.3%) 4:00 PM ET. U.S. portfolio holdings of foreign securities final results 4:30 PM ET. API Weekly Statistical Bulletin Crude Stocks, Net Chg (Bbls) Gasoline Stocks, Net Chg (Bbls) Distillate Stocks, Net Chg (Bbls) N/A U.S. Federal Open Market Committee 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 165.2) Composite Idx, W/W% (previous -1.0%) Purchase Idx-SA (previous 127) Purchase Idx-SA, W/W% (previous -2.2%) Refinance Idx (previous 354) Refinance Idx, W/W% (previous +1.8%) 8:15 AM ET. October ADP National Employment Report Private Sector Jobs, Net Chg (previous +89000) 9:45 AM ET. October US Manufacturing PMI PMI, Mfg (previous 49.8) 10:00 AM ET. October ISM Report On Business Manufacturing PMI Manufacturing PMI (previous 49.0) Prices Idx (previous 43.8) Employment Idx (previous 51.2) Inventories (previous 45.8) New Orders Idx (previous 49.2) Production Idx (previous 52.5) 10:00 AM ET. September Construction Spending - Construction Put in Place New Construction (previous +0.5%) Residential Construction 10:00 AM ET. September Job Openings & Labor Turnover Survey 10:00 AM ET. September Metropolitan Area Employment and Unemployment 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 421.12M) Crude Oil Stocks, Net Chg (Bbl) (previous +1.372M) Gasoline Stocks (Bbl) (previous 223.457M) Gasoline Stocks, Net Chg (Bbl) (previous +0.156M) Distillate Stocks (Bbl) (previous 112.087M) Distillate Stocks, Net Chg (Bbl) (previous -1.686M) Refinery Usage (previous 85.6%) Total Prod Supplied (Bbl/day) (previous 20.102M) Total Prod Supplied, Net Chg (Bbl/day) (previous -1.795M) 2:00 PM ET. U.S. interest rate decision Federal Funds Rate Federal Funds Rate Change (Pts) Fed Funds Rate-Range High (previous 5.50) Fed Funds Rate-Range Low (previous 5.25) FOMC Vote For Action (previous 12) FOMC Vote Against Action (previous 0) Discount Rate (previous 5.50) Discount Rate Change (Pts) (previous +0) Discount Rate-Range High Discount Rate-Range Low 4:00 PM ET. October Domestic Auto Industry 7:30 AM ET. October Challenger Job-Cut Report Job Cuts, M/M% (previous -37%) 8:30 AM ET. U.S. Weekly Export Sales 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims Jobless Claims, Net Chg Continuing Claims Continuing Claims, Net Chg 8:30 AM ET. 3rd Quarter Preliminary Productivity and Costs Non-Farm Productivity, Q/Q% Unit Labor Costs (previous +1.6%) 10:00 AM ET. September Manufacturers' Shipments, Inventories & Orders (M3) Total Orders, M/M% (previous +1.2%) Orders, Ex-Defense, M/M% (previous +0.8%) Orders, Ex-Transport, M/M% (previous +1.4%) Durable Goods, M/M% Durable Goods, M/M% 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 11:00 AM ET. October Global Manufacturing PMI PMI, Mfg (previous 49.1) 12:00 PM ET. October Monthly U.S. Retail Chain Store Sales Index 4:30 PM ET. Federal Discount Window Borrowings 4:30 PM ET. Foreign Central Bank 8:30 AM ET. October U.S. Employment Report Non-Farm Payrolls (previous +336K) Unemployment Rate (previous 3.8%) Avg Hourly Earnings (USD) (previous 33.88) Avg Hourly Earnings-Net Chg (USD) (previous +0.07) Avg Hourly Earnings, M/M% (previous +0.21%) Avg Hourly Earnings, Y/Y% (previous +4.15%) Overall Workweek (previous 34.4) Overall Workweek Net Chg (previous +0) Government Payrolls (previous +73K) Private Payroll (previous +263K) Participation Rate (previous 62.8%) Non-Farm Payrolls Bench Net Chg 9:45 AM ET. October US Services PMI PMI, Services (previous 50.1) 10:00 AM ET. October ISM Report On Business Services PMI Services PMI (previous 53.6) Business Activity Idx (previous 58.8) Prices Idx (previous 58.9) Employment Idx (previous 53.4) New Orders Idx (previous 10:30 AM ET. October Texas Manufacturing Outlook Survey Business Activity (previous -18.1) Mfg Production Idx (previous 7.9)
The Dow closed sharply lower on Friday as the sell off was fueled by mixed earning from mega-cap techs. The low-range close sets the stage for a steady to lower opening when Monday's 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 the Dow renews the decline off the August 31st high, the 87% retracement level of the March-July rally crossing at 31,983.57 is the next downside target. Closes above the 20-day moving average crossing at 33,349.55 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33,349.55. Second resistance is the 50-day moving average crossing at 33,971.05. First support is today's low crossing at 32,331.08. Second support is the 87% retracement level of the March-July rally crossing at 31,993.57. The December NASDAQ 100 posted an inside day with a higher close on Friday as it consolidated some of the decline off July's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50% retracement level of the 2022-2023 rally crossing at 13,651.90 is the next downside target. Closes above the 20-day moving average crossing at 14,922.81 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 14,922.81. Second resistance is the 50-day moving average crossing at 15,144.15. First support is the 38% retracement level of the 2022-2023 rally crossing at 14,267.84. Second support is the 50% retracement level of the 2022-2023 rally crossing at 13,651.90. The December S&P 500 closed lower on Friday as it extends the decline off July's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 62% retracement level of the 2022-2023 rally crossing at 4081.68 is the next downside target. Closes above the 20-day moving average crossing at 4306.61 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at 4306.61. Second resistance is the 50-day moving average crossing at 4403.52. First support is today's low crossing at 4122.75. Second support is the 62% retracement level of the 2022-2023 rally crossing at 4081.68.
December crude oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's day session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off September's high, the 50% retracement level of the May-September rally crossing at $77.81 is the next downside target. Closes above the 10-day moving average crossing at $85.73 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $85.73. Second resistance is the October 20th high crossing at $89.85. First support is the 50% retracement level of the May-September rally crossing at $77.81. Second support is the August 23rd low crossing at $77.04. December heating oil closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's day trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Friday's high, the 50% retracement level of the May-September rally crossing at 2.7316 is the next downside target. Close above the 50-day moving average crossing at 3.0265 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 3.1247. Second resistance is the September 29th high crossing at 3.2218. First support is the October 6th low crossing at 2.7683. Second support is the 50% retracement level of the May-September rally crossing at 2.7316. December unleaded gas closed higher on Friday as it extends the rebound off Wednesday's low. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are poised to turn neutral to bullish with additional strength on Monday that would signal that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 2.3796 would signal that a short-term low has been posted. If December resumes the decline off last-Friday high, the 75% retracement level of the May-September rally crossing at 2.1180 is the next downside target. First resistance is last-Friday's high crossing at 2.3796. Second resistance is the September 27th high crossing at 2.5068. First support is the 75% retracement level of the May-September rally crossing at 2.1180. Second support is the 87% retracement level of the May-September rally crossing at 2.0390. December Henry natural gas posted a downside reversal as it closed lower on Friday to consolidate some of the rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally. October's high crossing at 3.756 is the next upside target. Closes below the 10-day moving average crossing at 3.390 would temper the friendly outlook. First resistance is today's high crossing at 3.643. Second resistance is the August 15th high crossing at 3.901. First support is the 10-day moving average crossing at 3.390. Second support is Monday's low crossing at 3.216.
December coffee closed slightly lower on Friday as it extended Wednesday's key reversal down. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 10-day moving average crossing at $16.17 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 16.94. Second resistance is weekly resistance crossing at 18.30. First support is the 10-day moving average crossing at $16.17. Second support is the 20-day moving average crossing at $15.49. December cocoa closed higher on Friday and posted a new all-time high as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. With cocoa trading in uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 35.81 would signal that a short-term top has been posted. March sugar closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 26.47 would confirm that a short-term top has been posted while opening the door for a test of October's low crossing at 25.28. If March renews the rally off August's low, monthly resistance on the continuation chart crossing at 29.36 is the next upside target. December cotton 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 85.15 would signal that a short-term low has been posted. If December renews the decline off the September 28th high crossing at 89.89, the July 14th low crossing at 80.75 is the next downside target. First resistance is the October 9th high crossing at 88.76. Second resistance is the September 28th high crossing at 89.89. First support is the October 20th low crossing at 81.51. Second support is the July 14th low crossing at 80.75.
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December Corn closed up $0.01 1/2-cents at $4.80 3/4. December corn posted an inside day with a high close on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last-Friday's high, the September 29th low crossing at $4.75 1/2 is the next downside target. If December renews the rally off September's low, the 38% retracement level of the June-September decline crossing at $5.29 1/2 is the next upside target. First resistance is last-Friday's high crossing at $5.09 1/2. Second resistance is the 38% retracement level of the June-September decline crossing at $5.29 1/2. First support is the September 29th low crossing at $4.75 1/2. Second support is the September 19th low crossing at $4.67 3/4. December wheat closed down $0.04-cents at $5.75 1/2. December wheat closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, the 87% retracement level of the 2016-2022 rally on the weekly continuation chart crossing at $5.13 is the next downside target. Closes above the September 15th high crossing at $6.07 1/2 would confirm that a short-term low has been posted. First resistance is the September 15th high crossing at $6.07 1/2. Second resistance is the August 21st high crossing at $6.46 1/2. First support is the October 12th low crossing at $5.47 1/4. Second support is September's low crossing at $5.40. December Kansas City Wheat closed down $0.11 3/4-cents at $6.43. December Kansas City wheat closed lower on Friday as it extended the decline off July's high. The low-range close sets the stage for a steady to lower opening when Monday's 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 December extends the decline off July's high, the contract low crossing at $6.21 is the next downside target. Closes above the 20-day moving average crossing at $6.69 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.69 1/2. Second resistance is the 50-day moving average crossing at $7.06. First support is today's low crossing at $6.39 1/2. Second support is the contract low crossing at $6.21. December Minneapolis wheat closed down $0.04 1/2-cents crossing at $7.19 3/4. December Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, psychological support crossing at $7.00 is the next downside target. Closes above the 50-day moving average crossing at $7.56 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $7.56 1/2. Second resistance is September's high crossing at $7.91. First support is psychological support crossing at $7.00. Second support is psychological support crossing at $6.75. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " January soybeans closed up $0.19 1/4-cents at $13.19 1/2. November soybeans closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November resumes the decline off August's high, the the 62% retracement level of the May-September rally crossing at $12.46 3/4 is the next downside target. Closes above the 50-day moving average crossing at $13.20 3/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $13.20 3/4. Second resistance is the September 15th high crossing at $13.67 3/4. First support is the 62% retracement level of the May-September rally crossing at $12.46 3/4. Second support is the 75% retracement level of the May-September rally crossing at $12.06 1/2. December soybean meal closed up $12.90 at $442.40. December soybean meal closed sharply higher on Friday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the July-2023 high on the weekly continuation chart crossing at $472.50 is the next upside target. Closes below Tuesday's low crossing at $413.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $448.40. Second resistance is the July-2023 high on the weekly continuation chart crossing at $472.50. First support is Tuesday's low crossing at $413.40. Second support is the 20-day moving average crossing at $399.30. December soybean oil closed up 53 pts. at 52.27. December soybean oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 54.06 would signal that a short-term low has been posted. If December renews the decline off August's high, the 75% retracement level of the May-July rally crossing at 49.54 is the next downside target. First resistance is the 20-day moving average crossing at 54.06. Second resistance is the 50-day moving average crossing at 58.24. First support is the 75% retracement level of the May-July rally crossing at 49.74. Second support is the 87% retracement level of the May-July rally crossing at 47.21.
The Dow closed sharply lower on Friday as the sell off was fueled by mixed earning from mega-cap techs. The low-range close sets the stage for a steady to lower opening when Monday's 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 the Dow renews the decline off the August 31st high, the 87% retracement level of the March-July rally crossing at 31,983.57 is the next downside target. Closes above the 20-day moving average crossing at 33,349.55 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33,349.55. Second resistance is the 50-day moving average crossing at 33,971.05. First support is today's low crossing at 32,331.08. Second support is the 87% retracement level of the March-July rally crossing at 31,993.57. The December NASDAQ 100 posted an inside day with a higher close on Friday as it consolidated some of the decline off July's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 50% retracement level of the 2022-2023 rally crossing at 13,651.90 is the next downside target. Closes above the 20-day moving average crossing at 14,922.81 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 14,922.81. Second resistance is the 50-day moving average crossing at 15,144.15. First support is the 38% retracement level of the 2022-2023 rally crossing at 14,267.84. Second support is the 50% retracement level of the 2022-2023 rally crossing at 13,651.90. The December S&P 500 closed lower on Friday as it extends the decline off July's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 62% retracement level of the 2022-2023 rally crossing at 4081.68 is the next downside target. Closes above the 20-day moving average crossing at 4306.61 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at 4306.61. Second resistance is the 50-day moving average crossing at 4403.52. First support is today's low crossing at 4122.75. Second support is the 62% retracement level of the 2022-2023 rally crossing at 4081.68.
December T-bonds closed down 11/32's at 109-17. December T-bonds closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews the decline off September's high, the April-2007 low on the monthly continuation chart crossing at 104-16 is the next downside target. Closes above the 20-day moving average crossing at 110-20 would signal that a short-term low has been posted. First resistance the 20-day moving average crossing at 110-20. Second resistance is the October 12th high crossing at 114-10. First support is Monday's low crossing at 107-04. Second support is the April-2007 low on the monthly continuation chart crossing at 104-16. December T-notes closed up 40-pts. at 106.150. December T-notes closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's 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 106.252 would signal that a short-term low has been posted. If December renews the decline off September's high, the April-2007 low on the weekly continuation chart crossing at 103.205 is the next downside target. First resistance is the 20-day moving average crossing at 106.252. Second resistance is the 50-day moving average crossing at 108.139. First support is last-Thursday's low crossing at 105.105. Second support is the April-2007 low on the weekly continuation chart crossing at 103.205.
December hogs closed up $1.80 at $70.43. December hogs closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 50-day moving average crossing at $72.15 is the next upside target. If December renews the decline off September's high, May's low crossing at $67.33 is the next downside target. First resistance is the 50-day moving average crossing at $72.15. Second resistance is the October 6th high crossing at $73.68. First support is October's low crossing at $68.00. Second support is May's low crossing at $67.33. December cattle closed up $2.58 at $181.90. December cattle closed higher on Friday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening on Monday. 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 $184.61 would signal that a short-term low has been posted. If December renews the decline off September's high, the 50% retracement level of the 2022-2023 rally crossing at $172.72 is the next downside target. First resistance is the 10-day moving average crossing at $182.82. Second resistance is the 20-day moving average crossing at $184.61. First support is the 38% retracement level of the 2022-2023 rally crossing at $177.30. Second support is the 50% retracement level of the 2022-2023 rally crossing at $172.72. November Feeder cattle closed up $0.13 at $236.63. November Feeder cattle closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November renews the decline off September's high, the 62% retracement level of the 2022-2023 rally crossing at $227.99 is the next downside target. Closes above the 20-day moving average crossing at $246.70 would signal that a low has been posted. First resistance is the 10-day moving average crossing at $241.92. Second resistance is the 20-day moving average crossing at $246.70. First support is Tuesday's low crossing at $234.23. Second support is the 62% retracement level of the 2022-2023 rally crossing at $227.99.
December gold closed higher on Friday as it extends the rally off October's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 75% retracement level of the May-October decline crossing at $2054.80. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Closes below Tuesday's low crossing at $1964.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $2019.70. Second resistance is the 75% retracement level of the May-October decline crossing at $2054.80. First support is Tuesday's low crossing at $1964.60. Second support is the 50-day moving average crossing at 1931.80. December silver closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the rally off October's low, August's high crossing at 25.425 is the next upside target. Closes below the 20-day moving average crossing at 22.420 would confirm that a short-term top has been posted. First resistance is last-Friday high crossing at 23.880. Second resistance is the September 22nd high crossing at 24.050. First support is the 20-day moving average crossing at 22.420. Second support is October's low crossing at 20.850. December copper closed higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday's 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 50-day moving average crossing at 3.7019 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If December renews the decline off August's high, the 75% retracement level of the 2022-2023 rally crossing at 3.4783 is the next downside target. First resistance is the 50-day moving average crossing at 3.7019. Second resistance is the September 29th high crossing at 3.7860. First support is Monday's low crossing at 3.5195. Second support is the 75% retracement level of the 2022-2023 rally crossing at 3.4783.
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