Summary
The Dow Future has advanced 120 points to 33143. The US Dollar Index edged lower 0.088 points to 106.032. Gold has advanced 6.555 dollars to 1999.285. Silver has advanced 0.0815 dollars to 23.2670. The Dow Industrials advanced 511.37 points, at 32928.96, while the S&P 500 trended higher 49.45 points, last seen at 4166.82. The Nasdaq Composite rose 146.47 points to 12789.48. Streaming charts of these markets are available at MarketClub
Key Events for Tuesday
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 10:00 AMET. October Employment Trends Index ETI (previous 114.66) ETI, Y/Y% 11:00 AM ET. October Global Services PMI PMI, Services (previous 8:30 AM ET. September U.S. International Trade in Goods & Services Trade Balance (USD) (previous -58.30B) Exports (USD) (previous 256.03B) Exports, M/M% (previous +1.6%) Imports (USD) (previous 314.33B) Imports, M/M% (previous -0.7%) 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% Latest Wk, Y/Y% 10:00 AM ET. November IBD/TIPP Economic Optimism Index Economic Optimism Idx (previous 36.3) 6-Mo Economic Outlook (previous 28.7) 3:00 PM ET. September Consumer Credit Consumer Credit Net Chg (USD) (previous -15.6B) 4:30 PM ET. API Weekly Statistical Bulletin Crude Stocks, Net Chg (Bbls) Gasoline Stocks, Net Chg (Bbls) Distillate Stocks, Net Chg (Bbls)
The December Dollar was lower overnight as it extends the decline off last-Thursday's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $105.155 would mark a downside breakout of this month's trading range while opening the door for additional weakness near-term. If December renews last-week's rally, October's high crossing at $107.050 is the next upside target. First resistance is October's high crossing at $107.050. Second resistance is the November 21st -2022 high on the continuation chart crossing at $107.895. First support is last-Tuesday's low crossing at $105.155. Second support is the 38% retracement level of the July-October rally crossing at $103.954. The December Euro was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $1.07215 would open the door for additional gains near-term. If December renews last-week's decline, the October 13th low crossing at 1.05870 is the next downside target. First resistance is last-Tuesday's high crossing at $1.07215. Second resistance is the September 20th high crossing at 1.07780. First support is the October 13th low crossing at 1.05235. Second support is October's low crossing at 1.04820. Third support is the 62% retracement level of the 2022-2023 decline crossing at 1.04303. The December British Pound was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to higher prices near-term. Closes above the 20-day moving average crossing at 1.2188 would temper the near-term bearish outlook. If December renews the decline off last-Tuesday's high, October's low crossing at 1.2043 is the next downside target. First resistance is last-Tuesday's high crossing at 1.2292. Second resistance is the October 11th high crossing at 1.2342. First support is October's low crossing at 1.2043. Second support is the 50% retracement level of the 2022-2023 crossing at 1.1863. The December Swiss Franc was steady to slightly lower overnight and trading below the 20-day moving average. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends last-week's decline, the October 12th low crossing at 1.10795 is the next downside target. Closes above the 50-day moving average crossing at 1.12283 would signal that a short-term low has been posted. First resistance is the October 24th high crossing at 1.13160. Second resistance is the 50% retracement level of the July-October decline crossing at 1.13797. First support is the October 12th low crossing at 1.10795. Second support is October's low crossing at 1.0935. The December Canadian Dollar was slightly lower overnight and sets the stage for a slightly 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. If December extends the decline off October's high, the 75% retracement level of the 2020-2021 rally crossing at $71.87 is the next downside target. Closes above the 20-day moving average crossing at $73.00 would signal that a short-term low has been posted and that additional short covering gains are possible near-term. First resistance is the 10-day moving average crossing at $72.70. Second resistance is the 20-day moving average crossing at $73.00. First support is the 75% retracement level of the 2020-2021 rally crossing at $71.87. Second support is the 87% retracement level of the 2020-2021 rally crossing at $70.17. The December Japanese Yen was sharply lower overnight and posted a new contract low. Overnight trading sets the stage for a 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. If December extends the decline off the July 14th high, the October-2022 low on the weekly continuation chart crossing at 0.066235 is the next downside target. Closes above the 50-day moving average crossing at 0.068333 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.067530. Second resistance is the 50-day moving average crossing at 0.068333. First support is the overnight low crossing at 0.066800. Second support is the October-2022 low on the weekly continuation chart crossing at 0.066235. PRECIOUS METALS https://quotes.ino.com/ex changes/?c=metals" Precious Metals: December gold was steady to slightly higher overnight. Overnight trading sets the stage for a slightly 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 December extends this month's rally, the July 20th high crossing at $2028.60 is the next upside target. Closes below last-Tuesday's low crossing at $1964.60 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the May-October decline crossing at $2014.10. Second resistance is the July 20th high crossing at $2028.60. First support is last-Tuesday's low crossing at $1964.60. Second support is the 20-day moving average crossing at $1937.70. December silver was steady to slightly lower overnight and sets the stage for a slightly 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. If December renews this month's rally, the September 22nd high crossing at $24.050 is the next upside target. Closes below the 20-day moving average crossing at $22.604 would signal that a short-term top has been posted. First resistance is the September 22nd high crossing at $24.050. Second resistance is August's high crossing at $25.425. First support is the 20-day moving average crossing at $22.604. Second support is the October 12th low crossing at $21.880. December copper was slightly higher overnight. Overnight trading sets the stage for a 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 50-day moving average crossing at 3.6986 would open the door for a possible test of the September 29th high crossing at 3.7860. 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 3.6986. Second resistance is the September 29th high crossing at 3.7860. First support is last-Monday's low crossing at 3.5195. Second support is the 75% retracement level of the 2022-2023 rally crossing at 3.4783.
December crude oil was higher overnight as it consolidates some of the decline off the October 20th high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the October 6th low crossing at $80.20 is the next downside target. Closes above the 10-day moving average crossing at $85.25 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $85.25. Second resistance is the October 20th high crossing at $89.85. First support is the October 12th low crossing at $81.31. Second support is October's low crossing at $80.20. December heating oil was higher overnight and is working on a possible inside day as it extends the trading range of the past four-days. Overnight trading sets the stage for a 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. If December extends the decline off the October 20th high, October's low crossing at 2.7683 is the next downside target. Closes above the 50-day moving average crossing at 3.0260 would signal that a short-term low has been posted. First resistance is the October 20th high crossing at 3.1247. Second resistance is the September 29th high crossing at 3.2218. First support is the 38% retracement level of the May-September rally crossing at 2.8580. Second support is October's low crossing at 2.7683. December unleaded gas was slightly higher overnight and sets the stage for a slightly 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. If December resumes the decline off the October 20th high, October's low crossing at $2.1357 is the next downside target. Closes above the 50-day moving average crossing at 2.3703 would renew the rally off October's low. First resistance is the 50-day moving average crossing at $2.3703. Second resistance is the September 27th high crossing at $2.5068. First support is last-Wednesday's low crossing at $2.2119. Second support is October's low crossing at $2.1357. Third support is the 75% retracement level of the May-September rally crossing at $2.1180. December natural gas was was higher overnight following Monday's gap down. Overnight trading sets the stage for a higher 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. If December extends the decline off last-Friday's high, last-Monday's low crossing at 3.216 is the next downside target. If December fills Monday's gap crossing at 3.435 would temper the near-term bearish outlook. First resistance is last-Friday's high crossing at 3.643. Second resistance is October's high crossing at 3.756. First support is last-Monday's low crossing at 3.216. Second support is the 87% retracement level of the 2020-2022 rally crossing at 3.025.
SOFTS: March sugar closed down 51 points at 26.83 cents today. Prices closed nearer the session low today on profit taking after hitting a contract high last week. The sugar bulls still have the firm overall near-term technical advantage. Prices are still in an uptrend on the daily bar chart but the bulls need to show fresh power soon to keep it alive. Bulls' next upside price objective is to close prices above solid technical resistance at 29.00 cents. December coffee closed down 205 points at 158.90 cents today. Prices closed nearer the session low today. The coffee bulls have lost their slight overall near-term technical advantage. A price uptrend on the daily bar chart has been negated. The next upside objective for the bulls is to close prices above solid technical resistance at 175.00 cents. December cocoa closed down $29 at $3,823 a ton today. Prices closed nearer the session low on profit taking after hitting a contract high early on. The cocoa bulls have the solid overall near- term technical advantage. Prices are in an uptrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $4,000. December cotton closed down 93 points at 83.43 cents today and near the session low. The bears have the overall near-term technical advantage. A four-week-old downtrend on the daily bar chart is still in place. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 87.00 cents. January orange juice closed up the 1,000-point limit at $4.0080 today. Prices hit another contract high. The FCOJ bulls have the strong overall near-term technical advantage. The next upside price objective for the FCOJ bulls is pushing and closing prices above technical resistance at $4.1500.
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December corn was steady to fractionally higher overnight as it extends the trading range of the past four-days. Overnight trading sets the stage for a fractionally higher opening when the day sessions begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off the October 20th high, September's low crossing at $4.67 3/4 is the next downside target. Closes above the 20-day moving average crossing at $4.88 1/4 would temper the near-term bearish outlook in the market. 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 the 25% retracement level of the June-September rally crossing at $5.08. Second resistance is the the 38% retracement level of the June-September decline crossing at $5.29 1/2. First support is the September 19th low crossing at $4.67 3/4. Second support is psychological support crossing at $4.50. December wheat was lower overnight as it extends the decline off the October 20th high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off the October 20th high, the October 12th low crossing at $5.47 1/4 is the next downside target. Closes above the 50-day moving average crossing at $5.86 1/4 would temper the near-term bearish outlook. First resistance is the 25% retracement level of the July-September decline crossing at $6.02 3/4. Second resistance is the 38% retracement level of the July-September decline crossing at $6.37. First support is the October 12th low crossing at $5.47 1/4. Second support is the September 29th low crossing at $5.40. December Kansas City wheat was lower overnight as it extends the decline off July's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. 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 $6.65 1/2 would temper the near-term bearish outlook. First resistance is the October 6th high crossing at $6.92 1/2. Second resistance is the 50-day moving average crossing at $7.01 1/2. First support is Monday's low crossing at $6.32 1/4. Second support is the July 2021 low crossing at $6.21. December Minneapolis wheat was lower overnight as it extends the decline off the October 20th high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off the October 20th high, psychological support crossing at $7.00 is the next downside target. Closes above the 50-day moving average crossing at $7.52 3/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $7.52 3/4. Second resistance is September's high crossing at $7.91. First support is the is October's low crossing at $7.07 1/2. Second support is psychological support crossing at $7.00. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " January soybeans were steady to fractionally lower overnight as they extend last-week's trading range. Overnight trading sets the stage for a fractionally lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at $13.34 3/4 would open the door for a larger-degree rebound off October's low. Multiple closes below the 20-day moving average crossing at $13.04 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 50-day moving average crossing at $13.34 3/4. Second resistance is the September 15th high crossing at $13.83. First support is the October 11th low crossing at $12.70 1/4. Second support is the 62% retracement level of the May-July rally crossing at $12.56. December soybean meal was higher overnight as it consolidates some of Monday's sharp decline. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought and are poised to turn neutral to bearish with additional weakness that would signal that sideways to lower prices are possible near-term. Closes below the October 24th low crossing at $413.40 would signal that a short-term top has been posted. If December extends this month's rally, July's high on the weekly continuation chart crossing at $472.50 is the next potential upside target. First resistance is last-Friday's high crossing at $448.40. Second resistance is July's high on the weekly continuation chart crossing at $472.50. First support is last-Thursday's low crossing at $422.10. Second support is the October 24th low crossing at $413.40. December soybean oil was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 53.56 would signal that a short-term low has been posted while opening the door for additional gains near-term. If December extends the decline off August's high, the 75% retracement level of the May-July rally crossing at 49.74 is the next downside target. First resistance is the 20-day moving average crossing at 53.56. Second resistance is the October 16th high crossing at 56.16. 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 December NASDAQ 100 was steady to slightly higher overnight overnight as it consolidates some of the decline off October's high. Overnight trading sets the stage a slightly 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 December extends the decline off October's high, the May 24th low crossing at 13,900.00 is the next downside target. Closes above the 20-day moving average crossing at 14,880.70 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 14,591.35. Second resistance is the 20-day moving average crossing at 14,880.73. First support is the 38% retracement level of the 2022-2023 rally crossing at 14,267.84. Second support is the May 24th low crossing at 13,900.00. The December S&P 500 was higher overnight as it consolidates some of the decline off October's high. Overnight trading sets the stage for a 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 December extends the decline off October's high, 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 4296.54 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4229.05. Second resistance is the 20-day moving average crossing at 4296.54. First support is last-Friday's low crossing at 4122.25. Second support is the 62% retracement level of the 2022-2023 rally crossing at 4081.68.
December T-bonds were higher overnight and sets the stage for a 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 110-14 would signal that a short-term low has been posted. If December resumes the decline off September's high, the April-2007 low on the monthly continuation chart crossing at 104-16 is the next downside target. First resistance is the 20-day moving average crossing at 110-14. Second resistance is the October 12th high crossing at 114-10. First support is last-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 were slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is likely near-term. Closes above the 20-day moving average crossing at 106.231 would signal that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at 108.095. If December renews this year's decline the 50% retracement level of the 1980-2022 rally on the weekly continuation chart crossing at 104.113 is the next downside target. First resistance is the 20-day moving average crossing at 106.231. Second resistance is the 50-day moving average crossing at 108.095. First support is the October 19th low crossing at 105.105. Second support is the 50% retracement level of the 1980-2022 rally on the weekly continuation chart crossing at 104.113.
LIVESTOCK: December live cattle closed up $0.925 at $183.15 today and near mid-range. The bears have the overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to close December futures above solid resistance at $184.425, which is the top of a downside price gap on the daily bar chart. November feeder cattle closed up $1.125 at $238.025 today. Prices closed near mid-range today. The bears have the firm overall near-term technical advantage. A steep five-week-old downtrend is in place on the daily bar chart. A bearish pennant pattern has formed on the daily bar chart. The next upside price objective for the feeder bulls is to close November futures prices above technical resistance at $245.00. December lean hogs closed up $0.85 at $71.325 today. Prices closed nearer the session high and hit a three-week high today. The bears still have the overall near-term technical advantage. However, a price downtrend on the daily bar chart has been negated. The next upside price objective for the hog bulls is to close December prices above solid chart resistance at $74.00.
December gold was steady to slightly higher overnight. Overnight trading sets the stage for a slightly 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 December extends this month's rally, the July 20th high crossing at $2028.60 is the next upside target. Closes below last-Tuesday's low crossing at $1964.60 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the May-October decline crossing at $2014.10. Second resistance is the July 20th high crossing at $2028.60. First support is last-Tuesday's low crossing at $1964.60. Second support is the 20-day moving average crossing at $1937.70. December silver was steady to slightly lower overnight and sets the stage for a slightly 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. If December renews this month's rally, the September 22nd high crossing at $24.050 is the next upside target. Closes below the 20-day moving average crossing at $22.604 would signal that a short-term top has been posted. First resistance is the September 22nd high crossing at $24.050. Second resistance is August's high crossing at $25.425. First support is the 20-day moving average crossing at $22.604. Second support is the October 12th low crossing at $21.880. December copper was slightly higher overnight. Overnight trading sets the stage for a 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 50-day moving average crossing at 3.6986 would open the door for a possible test of the September 29th high crossing at 3.7860. 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 3.6986. Second resistance is the September 29th high crossing at 3.7860. First support is last-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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