The Dow Future has advanced 78 points to 23996. The US Dollar Index edged higher by 0.056 points to 93.314. Gold is declining 2.635 dollars to 1281.700. Silver is declining 0.04250 dollars to 16.53850. The Dow Industrials gained 103.97 points, at 23940.68, while the S&P 500 moved lower 0.97 points, last seen at 2626.07. The Nasdaq Composite retreated 88.44 points to 6823.92. Streaming charts of these markets are available 24/7 at MarketClub
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8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1106.4K)
Soybeans (Metric Tons) (previous 903.6K)
Wheat (Metric Tons) (previous 200.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 240K; previous 239K)
Jobless Claims, Net Chg (previous -13K)
Continuing Claims (previous 1904000)
Continuing Claims, Net Chg (previous +36K)
8:30 AM ET. October Personal Income & Outlays
Personal Income, M/M% (expected +0.3%; previous +0.4%)
Consumer Spending, M/M% (expected +0.2%; previous +1.0%)
PCE Price Idx, M/M% (previous +0.4%)
PCE Price Idx, Y/Y% (previous +1.6%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)
PCE Core Price Idx, Y/Y% (previous +1.3%)
9:30 AM ET. IMF regular press briefing
9:45 AM ET. November ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 63.0; previous 66.2)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. October Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3726B)
Working Gas In Storage, Net Chg (Cbf) (previous -46B)
12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index
3:00 PM ET. November Agricultural Prices
Farm Prices, M/M% (previous -1.7%)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock
9:45 AM ET. November US Manufacturing PMI
PMI, Mfg (previous 54.6)
10:00 AM ET. October Construction Spending - Construction Put in Place
New Construction (expected +0.5%; previous +0.3%)
Residential Construction
10:00 AM ET. November ISM Manufacturing Report on Business
Manufacturing PMI (expected 58.0; previous 58.7)
Prices Idx (previous 68.5)
Employment Idx (previous 59.8)
Inventories (previous 48.0)
New Orders Idx (previous 63.4)
Production Idx (previous 61.0)
11:00 AM ET. November Global Manufacturing PMI
PMI, Mfg (previous 53.5)
12:00 PM ET. SEC Closed Meeting
4:00 PM ET. November Domestic Auto Industry Sales
Auto Sales Annualized (expected 17.5M; previous 18.09M)
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CURRENCIES
The March Dollar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 93.57 would confirm that a short-term low has been posted. If March resumes the decline off November's high, the 75% retracement level of the September-November-rally crossing at 91.69 is the next downside target. First resistance is the 20-day moving average crossing at 93.57. Second resistance is November's high crossing at 95.07. First support is the 62% retracement level of the September-November-rally crossing at 92.23. Second support is the 75% retracement level of the September-November-rally crossing at 91.69.
The March Euro closed slightly higher on Wednesday. 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 118.20 would confirm that a short-term top has been posted. If March extends this month's rally, the reaction high crossing at 121.49 is the next upside target. First resistance is the reaction high crossing at 121.49. Second resistance is September high crossing at 122.11. First support is the 10-day moving average crossing at 119.03. Second support is the 20-day moving average crossing at 118.20.
The March British Pound closed higher on Wednesday as it extends this month's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher possible near-term. If March extends this month's rally, the reaction high crossing at 1.3525 is the next upside target. Closes below the 20-day moving average crossing at 1.3265 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.3525. Second resistance is September's high crossing at 1.3695. First support is the 20-day moving average crossing at 1.3265. Second support is November's low crossing at 1.3098.
The March Swiss Franc closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.0172 would confirm that a short-term top has been posted. If March extends the rally off November's low, the reaction high crossing at 1.0396 is the next upside target. First resistance is the reaction high crossing at 1.0396. Second resistance is October's high crossing at 1.0415. First support is the 20-day moving average crossing at 1.0172. Second support is November's low crossing at 0.9991.
The March Canadian Dollar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the reaction low crossing at 78.13 confirms that a short-term top has been posted. If March extends today's decline, October's low crossing at 77.54 is the next downside target. If March resumes the rally off October's low, the 50-day moving average crossing at 80.32 is the next upside target. First resistance is the 50-day moving average crossing at 80.32. Second resistance is October's high crossing at 80.42. First support is October's low crossing at 77.54. Second support is the July's low crossing at 77.16.
The March Japanese Yen closed lower on Wednesday as it consolidated some of the rally off November's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 0.8916 would confirm that a short-term top has been posted. If March extends the rally off November's low, the 62% retracement level of the September-November-decline crossing at 0.9141 is the next downside target. First resistance is the 50% retracement level of the September-November-decline crossing at 0.9072. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is the 10-day moving average crossing at 0.8983. Second support is the 20-day moving average crossing at 0.8916.
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ENERGIES
January crude oil closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 56.74 would confirm that a short-term top has been posted. If January renews the rally off June's low, weekly resistance crossing at 60.00 is the next upside target. First resistance is last Friday's high crossing at 59.05. Second resistance is weekly resistance crossing at 60.00. First support is the 20-day moving average crossing at 56.74. Second support is the reaction low crossing at 55.00.
January heating oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 192.47 would confirm that a short-term top has been posted. If January extends the rally off October's low, the 50% retracement level of the 2014-2016-decline crossing at 198.69 is the next upside target. First resistance is Monday's high crossing at 196.52. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 198.69. First support is the 20-day moving average crossing at 192.47. Second support is the reaction low crossing at 188.70.
January unleaded gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off November's high, the 50-day moving average crossing at 166.72 is the next downside target. If January renews last week's rally, November's high crossing at 181.51 is the next upside target. First resistance is November's high crossing at 181.51. Second resistance is the May-2015 high crossing at 185.71. First support is the reaction low crossing at 171.20. Second support is the 50-day moving average crossing at 166.72.
January Henry natural gas closed higher on Wednesday as it extended the rally off last Friday's low. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 3.153 confirms that a short-term low has been posted. If January renews this month's decline, the January-2016-low crossing at 2.720 is the next downside target. First resistance is the 50-day moving average crossing at 3.197. Second resistance is November's high crossing at 3.321. First support is last Friday's low crossing at 2.903. Second support is the January-2016-low crossing at 2.720.
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FOOD & FIBER
March coffee closed higher on Wednesday and above the 50-day moving average crossing at 13.03 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, October's high crossing at 13.62 is the next upside target. Closes below Tuesday's low crossing at 12.67 would temper the near-term friendly outlook.
March cocoa closed higher due to short covering on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 21.24 would confirm that a short-term low has been posted. If March extends the decline off November's high, the reaction low crossing at 19.68 is the next downside target.
March sugar closed slightly higher on Wednesday. The mid-range close set the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.96 would confirm that a short-term top has been posted. If March extends the rally off September's low, August's high crossing at 15.82 is the next upside target.
March cotton closed higher on Wednesday as it extends the rally off October's high. 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. If March extends the rally off October's low, September's high crossing at 74.00 is the next upside target. Closes below the 20-day moving average crossing at 69.80 would confirm a short-term top has been posted.
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March Corn closed up 4-cents at 3.53 3/4.
March corn closed higher on Wednesday as it consolidated some of this week's decline. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.60 1/2 are needed to confirm that a short-term low has been posted. If March renews this month's decline, weekly support crossing at 3.32 is the next downside target. First resistance is the 50-day moving average crossing at 3.60 1/2. Second resistance is the reaction high crossing at 3.69 1/4. First support is November's low crossing at 3.48 3/4. Second support is weekly support crossing at 3.32.
March wheat closed up 6-cents at 4.35 1/4.
March wheat closed higher on Wednesday. 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.51 1/4 are needed to confirm that a short-term low has been posted. If March extends the decline off September's high, weekly support crossing at 4.11 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 4.51 1/4. Second resistance is the reaction high crossing at 4.60 3/4. First support is Monday's low crossing at 4.24 1/4. Second support is weekly support crossing at 4.11 1/4.
March Kansas City Wheat closed up 3 3/4-cents at 4.31 1/2.
March Kansas City 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 on Thursday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 4.48 are needed to confirm that a short-term low has been posted. If March extends the decline off September's high, weekly support crossing at 4.11 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 4.48. Second resistance is reaction high crossing at 4.56 1/2. First support is Monday's low crossing at 4.22. Second support is weekly support crossing at 4.11 1/4.
March Minneapolis wheat closed up 1 1/4-cents at 6.23 1/4.
March Minneapolis wheat closed higher on Wednesday. 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. Closes below October's low crossing at 6.20 would confirm a downside breakout of this fall's trading range. Closes above trading range resistance crossing at 6.66 would confirm an upside breakout of this fall's trading range. First resistance is November's high resistance crossing at 6.66. Second resistance is the reaction high crossing at 6.81. First support is October's low crossing at 6.20. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2.
SOYBEAN COMPLEX?
January soybeans closed unchanged at 9.93.
January soybeans closed lower on Wednesday. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. 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, November's high crossing at 10.08 1/4 is the next upside target. Closes below the 50-day moving average crossing at 9.86 would confirm that a short-term top has been posted. First resistance is October's high crossing at 10.13. Second resistance is the reaction high crossing at 10.28 1/4. First support is November's low crossing at 9.67. Second support is October's low crossing at 9.63 1/4.
January soybean meal closed up $1.80 at 327.60.
January soybean meal closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends this month's rally, the 75% retracement level of the July-August-decline crossing at 336.50 is the next upside target. Closes below the 20-day moving average crossing at 319.40 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 331.90. Second resistance is the 75% retracement level of the July-August-decline crossing at 336.50. First support is the 20-day moving average crossing at 319.40. Second support is November's low crossing at 311.60.
January soybean oil closed up 10-points at 34.03.
January soybean oil closed higher on Wednesday 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 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 January extends the decline off November's high, the reaction low crossing at 33.43 is the next downside target. Closes above the reaction high crossing at 34.99 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 34.99. Second resistance is November's high crossing at 35.61. First support is the reaction low crossing at 33.43. Second support is the reaction low crossing at 33.04.
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U.S. STOCK INDEXES
The December NASDAQ 100 closed sharply lower on Wednesday due to a selloff in technology stocks such as Facebook Inc., Apple Inc., and Amazon.com Inc.. Today's close below the 20-day moving average crossing at 6326.86 has confirmed that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today's decline, the 50-day moving average crossing at 6161.58 is the next downside target. If December renews this year's rally into record territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 6427.50. Second resistance is unknown. First support is the reaction low crossing at 6230.75. Second support is the 50-day moving average crossing at 6161.58.
The December S&P 500 closed slightly lower on Wednesday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower 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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2588.62 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2633.00. Second resistance is unknown. First support is the 20-day moving average crossing at 2588.62. Second support is the reaction low crossing at 2556.70.
The Dow gapped up and closed higher on Wednesday as it extended this year's rally into record territory. The mid-range close sets the stage for a steady 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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the November 21st gap crossing at 23,456.88 would confirm that a short-term top has been posted. First resistance is today's high crossing at 23,959.76. Second resistance is unknown. First support is the November 21st gap crossing at 23,456.88. Second support is the November 16th gap crossing at 23,344.99.
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INTEREST RATES
December T-bonds closed down 1-03/32's at 153-06.
December T-bonds closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top has likely been posted. Closes below the 50-day moving average crossing at 153-06 would confirm that a short-term top has been posted. If December renews the rally off November's low, the reaction high crossing at 155-04 is the next upside target. First resistance is November's high crossing at 154-26. Second resistance is the reaction high crossing at 155-04. First support is the reaction low crossing at 151-31. Second support is October's low crossing at 150-10.
December T-notes closed down 105/32's at 124-205.
December T-notes closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off November's high, October's low crossing at 124.060 is the next downside target. Closes above the 50-day moving average crossing at 125.044 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 125.044. Second resistance is October's high crossing at 125.255. First support is November's low crossing at 124.270. Second support is October's low crossing at 124.060.
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LIVESTOCK
February hogs closed down $0.63 at $70.90.
February hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off November's low, November's high crossing at 73.30 is the next upside target. Closes below the 50-day moving average crossing at 68.14 would confirm that a short-term top has been posted. First resistance is today's high crossing at 72.25. Second resistance is November's high crossing at 73.30. First support is the 50-day moving average crossing at 68.14. Second support is November's low crossing at 66.25.
February cattle closed up $0.93 at 126.60.
February cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 126.89 would confirm that a short-term low has been posted. If February extends the decline off November's high, the reaction low crossing at 119.05 is the next downside target. First resistance is November's high crossing at 131.95. Second resistance is weekly resistance crossing at 134.55. First support is the reaction low crossing at 119.05. Second support is October's low crossing at 116.83.
January Feeder cattle closed up $1.08 at $155.58.
January Feeder cattle 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 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 155.81 would confirm that a short-term low has been posted. If January renews this month's decline, October's low crossing at 148.18 is the next downside target. First resistance is November's high crossing at 162.08. Second resistance is weekly resistance crossing at 166.73. First support is last Monday's low crossing at 149.30. Second support is October's low crossing at 148.18.
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PRECIOUS METALS
February gold closed lower on Wednesday while extending the trading range of the past two-months. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower price are possible near-term. Closes below the 20-day moving average crossing at 1286.40 would confirm that a short-term top has been posted. From a broad perspective, closes above October's high crossing at 1312.70 or below October's low crossing at 1267.00 are needed to confirm a breakout of this fall's trading range. First resistance is October's high crossing at 1312.70. Second resistance is the reaction high crossing at 1323.50. First support is the reaction low crossing at 1268.10. Second support is October's low crossing at 1267.00.
March silver closed sharply lower on Wednesday and below the reaction low crossing at 16.705 confirming a downside breakout of this fall's trading range. The low-range close set the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, October's low crossing at 16.435 is the next downside target. Closes above October's high crossing at 17.590 would confirm an upside breakout of the aforementioned trading range. First resistance is October's high crossing at 17.590. Second resistance is the reaction high crossing at 18.160. First support is today's low crossing at 16.555. Second support is October's low crossing at 16.435.
March copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, October's low crossing at 294.55 is the next downside target. If March renews the rally off November's low, the reaction high crossing at 319.35 is the next upside target. First resistance is the reaction high crossing at 320.15. Second resistance is October's high crossing at 327.90. First support is the reaction low crossing at 305.50. Second support is October's low crossing at 294.55.
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