Summary
The Dow Future has gained 101 points to 35688. The US Dollar Index climbed 0.452 points to 103.217. Gold is down 5.290 dollars to 2038.240. Silver has gained 0.08050 dollars to 25.05100. The Dow Industrials edged higher by 13.44 points, at 35430.42, while the S&P 500 moved lower 4.31 points, last seen at 4550.58. The Nasdaq Composite softened 23.27 points to 14258.49. Streaming charts of these markets are available at MarketClub
Key Events for Thursday
7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx Composite Idx, W/W% Purchase Idx-SA Purchase Idx-SA, W/W% Refinance Idx Refinance Idx, W/W% 8:30 AM ET. 3rd Quarter Preliminary Corporate Profits 8:30 AM ET. 3rd Quarter 2nd estimate GDP Annual Rate, Q/Q% (previous +4.9%) Chain-Weighted Price Idx, Q/Q% (previous +3.5%) Corporate Profits, Q/Q% PCE Price Idx, Q/Q% (previous +2.9%) Purchase Price Idx, Q/Q% (previous +3.0%) Real Final Sales, Q/Q% (previous +3.5%) Core PCE Price Idx, Q/Q% (previous +2.4%) Consumer Spending, Q/Q% (previous +4.0%) 8:30 AM ET. October Advance Economic Indicators Report 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) Crude Oil Stocks, Net Chg (Bbl) Gasoline Stocks (Bbl) Gasoline Stocks, Net Chg (Bbl) Distillate Stocks (Bbl) Distillate Stocks, Net Chg (Bbl) Refinery Usage Total Prod Supplied (Bbl/day) Total Prod Supplied, Net Chg (Bbl/day) 2:00 PM ET. U.S. Federal Reserve Beige 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. U.S. Weekly Export Sales 8:30 AM ET. October Personal Income and Outlays Personal Income, M/M% (previous +0.3%) Consumer Spending, M/M% (previous +0.7%) PCE Price Idx, M/M% (previous +0.4%) PCE Price Idx, Y/Y% (previous +3.4%) PCE Core Price Idx, M/M% (previous +0.3%) PCE Core Price Idx, Y/Y% (previous +3.7%) 9:45 AM ET. November Chicago Business Barometer - ISM-Chicago Business Survey -Chicago PMI PMI-Adj (previous 44.0) 10:00 AM ET. October Pending Home Sales Index Pending Home Sales (previous 72.6) Pending Home Sales Idx, M/M% (previous +1.1%) Pending Home Sales Idx , Y/Y% (previous -11.0%) 10:00 AM ET. October Metropolitan Area Employment and Unemployment 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index 2:15 PM ET. SEC Closed Meeting 3:00 PM ET. October Agricultural Prices Farm Prices, M/M% (previous -2.9%) 4:30 PM ET Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window 9:45 AM ET. November US Manufacturing PMI PMI, Mfg (previous 50.0) 10:00 AM ET. October Construction Spending - Construction Put in Place New Construction (expected +0.4%; previous +0.4%) Residential Construction 10:00 AM ET. November ISM Report On Business Manufacturing PMI Manufacturing PMI (expected 47.6; previous 46.7) Prices Idx (previous 45.1) Employment Idx (previous 46.8) Inventories (previous 43.3) New Orders Idx (previous 45.5) Production Idx (previous 50.4) 11:00 AM ET. November Global Manufacturing PMI PMI, Mfg (previous 48.8) 4:00 PM ET. November Domestic Auto Industry 10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3) Total Orders, M/M% (previous +2.8%) Orders, Ex-Defense, M/M% (previous +3.2%) Orders, Ex-Transport, M/M% (previous +0.8%) Durable Goods, M/M% Durable Goods, 8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% Latest Wk, Y/Y% 9:45 AM ET. November US Services PMI PMI, Services (previous 50.6) 10:00 AM ET. November ISM Report On Business Services PMI Services PMI (previous 51.8) Business Activity Idx (previous 54.1) Prices Idx (previous 58.6) Employment Idx (previous 50.2) New Orders Idx (previous 55.5) 10:00 AM ET. December RCM/TIPP Economic Optimism Index Economic Optimism Idx (previous 44.5) 6-Mo Economic Outlook (previous 39.1) 10:00 AM ET. October Job Openings & Labor Turnover Survey 11:00 AM ET. November Global Services PMI PMI, Services (previous 50.4) 4:30 PM ETl API Weekly Statistical Bulletin Crude Stocks, Net Chg 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx Composite Idx, W/W% Purchase Idx-SA Purchase Idx-SA, W/W% Refinance Idx Refinance Idx, W/W% 8:15 AM ET. November ADP National Employment Report Private Sector Jobs, Net Chg (previous +113000) 8:30 AM ET. 3rd Quarter Revised Productivity and Costs Non-Farm Productivity (previous +3.5%) Unit Labor Costs (previous +2.2%) 8:30 AM ET. October U.S. International Trade in Goods & Services Trade Balance (USD) (previous -61.54B) Exports (USD) (previous 261.11B) Exports, M/M% (previous +2.2%) Imports (USD) (previous 322.66B) Imports, M/M% (previous +2.7%) 10:00 AM ET. 3rd Quarter Quarterly Financial Report - Retail Trade 10:00 AM ET. 3rd Quarter Quarterly Financial Report - Industry 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) Crude Oil Stocks, Net Chg (Bbl) Gasoline Stocks (Bbl) Gasoline Stocks, Net Chg (Bbl) Distillate Stocks (Bbl) Distillate Stocks, Net Chg (Bbl) Refinery Usage Total Prod Supplied (Bbl/day) Total Prod Supplied, Net Chg 7:30 AM ET. November Challenger Job-Cut Report Job Cuts, M/M% (previous -22%) 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. U.S. Weekly Export Sales 10:00 AM ET. October Monthly Wholesale Trade Inventories, M/M% (previous +0.2%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) Working Gas In Storage, Net Chg (Cbf) 3:00 PM ET. October Consumer Credit Consumer Credit Net Chg (USD) (previous +9.0B) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window Borrowings N/A SEC Investor Advisory Committee Quarterly Meeting
The December Dollar closed slightly higher on Wednesday as it consolidates some of the decline off this month's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 decline off the October 27th high, the 62% retracement level of the July-October rally crossing at 102.036 is the next downside target. Closes above the 20-day moving average crossing at 104.307 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 103.425. Second resistance is the 20-day moving average crossing at 104.307. First support is the 62% retracement level of the July-October rally crossing at 102.036. Second support is the 75% retracement level of the July-October rally crossing at 100.962. The December Euro closed lower on Wednesday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.11376 is the next upside target. Closes below the 20-day moving average crossing at 1.08225 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the July-October decline crossing at 1.10215. Second resistance is the 75% retracement level of the July-October decline crossing at 1.11376. First support is the 10-day moving average crossing at 1.09323. Second support is the 20-day moving average crossing at 1.08225. The December British Pound closed slightly lower on Wednesday as it consolidated some of the rally off October's low. The mid-range close sets the stage for a steady to slightly lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.2856 is the next upside target. Closes below the 20-day moving average crossing at 1.2419 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the July-October decline crossing at 1.2712. Second resistance is the 75% retracement level of the July-October decline crossing at 1.2856. First support is the 10-day moving average crossing at 1.2548. Second support is the 20-day moving average crossing at 1.2419. The December Swiss Franc closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's 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 December extends the rally off October's low, the August 30th high crossing at 1.15700 is the next upside target. Closes below the 20-day moving average crossing at 1.12531 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 1.14927. Second resistance is the 75% retracement level of the August-October decline crossing at 1.16191. First support is the 10-day moving average crossing at 1.13583. Second support is 20-day moving average crossing at 1.12531. The December Canadian Dollar posted a downside reversal as it closed lower on Wednesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to slightly lower opening when Thursday's 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 December extends the aforementioned rally, the September 29th high crossing at 74.62 is the next upside target. Closes below the 20-day moving average crossing at 72.93 would signal that a short-term top has been posted. First resistance is today's high crossing at 73.87. Second resistance is the September 29th high crossing at 74.62. First support the 20-day moving average crossing at 72.93. Second support is the November 10th low crossing at 72.21. The December Japanese Yen closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to slightly higher opening when Thursday'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 renews the rally off November's low, October's high crossing at 0.068740 is the next upside target. If December renews the decline below the October-2022 low on the weekly continuation chart crossing at 0.066235 is the next downside target. Closes below this support level opens the door into uncharted territory. First resistance is today's high crossing at 0.068385. Second resistance is October's high crossing at 0.068740. First support is November's low crossing at 0.066110. Second support is unknown.
January crude oil closed higher on Wednesday and appears to be breaking out to the top side of a symmetrical triangle. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at $78.46 would signal that a short-term low has been posted while opening the door for additional gains near-term. If January renews the decline off September's high, the 75% retracement level of the May-September rally crossing at $70.86 is the next downside target. First resistance is the 20-day moving average crossing at $77.41. Second resistance is the November 14th high crossing at $79.65. First support is the 75% retracement level of the May-September rally crossing at $70.36. Second support is the 87% retracement level of the May-September rally crossing at $66.82. January heating oil closed lower on Wednesday. The high-range close sets the stage for a steady to slightly higher opening when Thursday's day trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off November's low, the 50-day moving average crossing at 2.8891 is the next upside target. If January resumes the decline off the November 3rd high, the 62% retracement level of the May-September rally crossing at 2.6896 is the next downside target. First resistance is the 50-day moving average crossing at 2.8891. Second resistance is November's high crossing at 2.9713. First support is the November 17th low crossing at 2.6460. Second support is the 62% retracement level of the May-September rally crossing at 2.5736. January unleaded gas closed higher on Wednesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the November 14th high crossing at 2.2455 would confirm that a short-term low has been posted. If January renews the decline off September's high, the 87% retracement level of the May-September rally crossing at 2.0255 is the next downside target. First resistance is the 50-day moving average crossing at 2.2437. Second resistance is the October 20th high crossing at 2.3617. First support is the 87% retracement level of the May-September rally crossing at 2.0255. Second support is May's low crossing at 1.9480. January Henry natural closed lower on Wednesday as it extends the decline off August's high. The low-range close sets the stage for a steady to lower when Thursday'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 January extends the decline off October's high, the June-2020 low crossing at 2.643 is the next downside target. Closes above the 10-day moving average crossing at 3.039 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.039. Second resistance is the 20-day moving average crossing at 3.272. First support today's low crossing at 2.760. Second support is the June-2020 low crossing at 2.643.
March coffee closed slightly lower on Wednesday. The high-range close sets the stage for a steady to slightly lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the 38% retracement level of the 2022-2023 decline crossing at 18.35 is the next upside target. Closes below last-Monday's low crossing at $16.53 would signal that a short-term top has been posted. First resistance is November's high crossing at 17.64. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at 18.38. First support is last-Monday's low crossing at $16.53. Second support is the 50-day moving average crossing at $16.08. March cocoa closed higher on Wednesday as it extends the rally into uncharted territory. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to 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 40.27 would signal that a short-term top has been posted. March sugar closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 25% retracement level of the June-November rally crossing at 26.62 is the next downside target. If March renews the rally off October's low, monthly resistance on the continuation chart crossing at 29.36 is the next upside target. March cotton closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Monday's decline, November's low crossing at 77.66 is the next downside target. Closes above the November 17th crossing at 81.87 would signal that a short-term low has been posted. First resistance is the November 17th high crossing at 81.87. Second resistance is the 50-day moving average crossing at 84.34. First support is November's low crossing at 77.66. Second support is the June 26th low crossing at 77.01.
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March Corn closed up $0.02 1/4-cents at $4.75 3/4. March corn closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 March extends the decline off October's high, the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4 is the next downside target. Closes above the 50-day moving average crossing at $4.94 3/4 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at $4.94 3/4. Second resistance is October's high crossing at $5.21 1/2. First support is psychological support crossing at $4.75. Second support is the 75% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at $4.50 3/4. March wheat closed up $0.13 3/4-cents at $5.85 3/4. March wheat closed higher on Wednesday as it consolidates some of the decline off the November 8th high. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the the 50-day moving average crossing at $5.97 would signal that a short-term low has been posted. If March extends the decline off November's high, psychological support crossing at $5.50 is the next possible downside target. First resistance is the 20-day moving average crossing at $5.89. Second resistance is the 50-day moving average crossing at $5.97. Third resistance is the November 8th high crossing at $6.22. First support is Monday's low crossing at $5.56 1/4. Second support is psychological support crossing at $5.50. March Kansas City Wheat closed up $0.16 1/2-cents at $6.34 1/4. March Kansas City wheat closed sharply higher on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the decline off July's high, psychological support crossing at $5.75 on the monthly continuation chart is the next downside target. Closes above the November 8th high crossing at $6.70 1/2 would confirm that a short-term low has been posted. First resistance is the November 8th high crossing at $6.70 1/2. Second resistance is the October 20th high crossing at $6.96 1/4. First support is Tuesday's low crossing at $5.95. Second support is psychological support on the monthly continuation chart crossing at $5.75. March Minneapolis wheat closed up $0.12-cents crossing at $7.25 1/4. March Minneapolis wheat closed higher on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday'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 50-day moving average crossing at $7.46 are needed to confirm that a low has been posted. If March renews this year's decline, psychological support crossing at $6.75 is the next downside target. First resistance is the 50-day moving average crossing at $7.46. Second resistance is October's high crossing at $7.68 1/4. First support is Monday's low crossing at $6.97 1/2. Second support is psychological support crossing at $6.75. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " January soybeans closed up $0.00 1/2-cents at $13.47. January soybeans closed fractionally higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If January renews the rally off October's low, the August 28th high crossing at $14.20 is the next upside target. Closes below the 50-day moving average crossing at $13.26 would signal that a short-term top has been posted. First resistance is the November 15th high crossing at $13.98 1/2. Second resistance is the August 28th high crossing at $14.20. First support is the 50-day moving average crossing at $13.26. Second support is the October 25th low crossing at $12.97 1/2. January soybean meal closed down $3.50 at $427.00. January soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the November 20th low crossing at $425.10 would confirm that a short-term top has been posted. If January renews the rally off October's low, the 75% retracement level of the 2012-2016 decline on the weekly continuation chart crossing at $478.80 is the next upside target. First resistance is the November 13th high crossing at $445.10. Second resistance is the 75% retracement level of the 2012-2016 decline on the weekly continuation chart crossing at $478.80. First support is the November 20th low crossing at $425.10. Second support is the 50-day moving average crossing at $410.70. January soybean oil closed down 30-pts. at 52.64. January soybean oil closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 52.98 would open the door for a test of the October 16th high crossing at 55.40. If January extends the decline off August's high, November's low crossing at 48.53 is the next downside target. First resistance is the 50-day moving average crossing at 52.98. Second resistance is the October 16th high crossing at 55.40. First support is Monday's low crossing at 50.09. Second support is November's low crossing at 48.53.
The Dow closed slightly higher on Wednesday as it extends the rally off October's low. The low-range close sets the stage for a steady to slightly higher opening when Thursday's 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 Dow extends the aforementioned rally, August's high crossing at 35,679.13 is the next upside target. Closes below the 10-day moving average crossing at 35,201.16 would signal that a short-term top has been posted. First resistance is today's high crossing at 35,579.13. Second resistance is August's high crossing at 35,679.13. First support is the 10-day moving average crossing at 35,201.16. Second support is the 20-day moving average crossing at 34,644.90. The December NASDAQ 100 closed slightly higher on Wednesday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to slightly higher opening when Thursday's night 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 December extends the rally off October's low, July's high crossing at 16,264.25 is the next upside target. Closes below the 20-day moving average crossing at 15,657.00 would signal that a short-term top has been posted. First resistance is today's high crossing at 16,208.50. Second resistance is July's high crossing at 16,264.25. First support is the 10-day moving average crossing at 15,994.70. Second support is the 20-day moving average crossing at 15,657.00. The December S&P 500 closed slightly higher on Wednesday as it extends last-week's trading range. The low-range close sets the stage for a steady to slightly higher opening when Thursday's night 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 December extends the rally off October's low, the 87% retracement level of the July-October decline crossing at 4612.32 is the next upside target. Closes below the 10-day moving average crossing at 4551.02 would signal that a short-term top has been posted. First resistance is September's high crossing at 4597.50. Second resistance is the 87% retracement level of the July-October decline crossing at 4612.32. First support is the 10-day moving average crossing at 4551.02. Second support is the 20-day moving average crossing at 4469.35.
December T-bonds closed up 1-02/32's at 117-14. December T-bonds closed higher on Wednesday and above the 38% retracement level of this year's decline crossing at 117-12. The high-range close sets the stage for a steady to higher opening when Thursday's 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 December extends the rally off October's low, the 50% retracement level of this year's decline crossing at 120-17 is the next upside target. Closes below the 20-day moving average crossing at 114-15 would signal that a short-term top has been posted. First resistance is the 38% retracement level of this year's decline crossing at 117-12. Second resistance is the 50% retracement level of this year's decline crossing at 120-17. First support is the 20-day moving average crossing at 114-15. Second support is the November 9th low crossing at 112-12. December T-notes closed up 150-pts. at 110.000. December T-notes closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 38% retracement level of this year's decline crossing at 110.079. Closes below the 20-day moving average crossing at 108.117 would signal that a short-term top has been posted. First resistance is today's high crossing at 110.040. Second resistance is the 38% retracement level of this year's decline crossing at 110.079. First support is the 20-day moving average crossing at 108.117. Second support is the November 13th low crossing at 107.000.
February hogs closed up $1.08 at $70.10. February hogs closed higher on Wednesday following Tuesday's upside reversal as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Friday's gap crossing at $71.58 would signal that a short-term low has been posted. If February renews this month's decline, the October low on the weekly continuation chart crossing at $65.40 is the next downside target. First resistance is last-Friday's gap crossing at $71.58. Second resistance is the 50-day moving average crossing at $74.13. First support is Tuesday's low crossing at $65.80. Second support is the October low on the weekly continuation chart crossing at $65.40. February cattle closed up $0.65 at $173.48. February cattle closed higher on Wednesday as it consolidates some of this fall's decline. The high-range close sets the stage for a steady to higher opening on Thursday. 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 $177.71 would signal that a short-term low has been posted. If February extends the decline off September's high, the 87% retracement level of the 2022-2023 rally crossing at $165.46 is the next downside target. First resistance is the 20-day moving average crossing at $177.15. Second resistance is the 50-day moving average crossing at $184.58. First support is the 75% retracement level of the 2022-2023 rally crossing at $169.76. Second support is the 87% retracement level of the 2022-2023 rally crossing at $165.46. January Feeder cattle closed up $1.15 at $222.20. January Feeder cattle closed higher on Wednesday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $228.82 would signal that a low has been posted. If November extends the decline off September's high, the contract low crossing at $210.45 is the next downside target. First resistance is the 20-day moving average crossing at $228.82. Second resistance is the November 3rd high crossing at $242.38. First support is Monday's low crossing at $212.13. Second support is the contract low crossing at $210.45.
February gold closed slightly higher on Wednesday as it extends the rally off October's low. The mid-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off November's low, the 87% retracement level of the May-October decline crossing at $2102.00 is the next upside target. Closes below the 20-day moving average crossing at $2007.00 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the May-October decline crossing at $2066.20. Second resistance is the 87% retracement level of the May-October decline crossing at $2102.00. First support is the 10-day moving average crossing at $2021.40. Second support is the 20-day moving average crossing at 2007.00. March silver closed slightly higher on Wednesday as it extends that rally off October's low. The mid-range close sets the stage for a steady to lower opening when Thursday's 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 August 30th high crossing at 25.775 is the next upside target. Closes below the 20-day moving average crossing at 23.826 would signal that a short-term top has been posted. First resistance is the August 30th high crossing at 25.775. Second resistance is the July 20th high crossing at 26.100. First support is the 10-day moving average crossing at 24.500. Second support is the 20-day moving average crossing at 23.826. December copper closed slightly lower on Wednesday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady to higher opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. If December resumes the rally off October's low, the September 15th high crossing at 3.8515 is the next upside target. Closes below the 20-day moving average crossing at 3.7154 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 3.8325. Second resistance is the September 15th high crossing at 3.8515. First support is the 20-day moving average crossing at 3.7154. Second support is the 50-day moving average crossing at 3.6643.
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