Summary
The Dow Future is trending higher points to . The US Dollar Index edged lower 0.135 points to 103.474. Gold is higher 2.850 dollars to 2034.550. Silver has retreated 0.024 dollars to 23.117. The Dow Industrials rose 224.02 points, at 38333.45, while the S&P 500 gained 36.96 points, last seen at 4927.93. The Nasdaq Composite trended higher 172.69 points to 15628.05. Streaming charts of these markets are available at MarketClub
Key Events for Tuesday
8:55 AM ET. Johnson Redbook Retail Sales Index Ret Sales Mo-to-Date, Y/Y% (previous +5.4%) Latest Wk, Y/Y% (previous +5.2%) 9:00 AM ET. November U.S. Monthly House Price Index 9:00 AM ET. November S&P CoreLogic Case-Shiller Indices 10-City Idx, M/M% (previous +0.2%) 10-City Idx, Y/Y% (previous +5.7%) 20-City Idx, M/M% (previous +0.1%) 20-City Idx, Y/Y% (previous +4.9%) National Idx, M/M% (previous +0.2%) National Idx, Y/Y% (previous +4.8%) 10:00 AM ET. January Consumer Confidence Index Cons Conf Idx (previous 110.7) Expectation Idx Present Situation Idx (previous 148.5) 10:00 AM ET. 4th Quarter U.S. Housing Vacancies 10:00 AM ET. December Job Openings & Labor Turnover Survey 4:30 PM ET. API Weekly Statistical Bulletin N/A U.S. Federal Open Market Committee 7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 218.2) Composite Idx, W/W% (previous +3.7%) Purchase Idx-SA (previous 174.3) Purchase Idx-SA, W/W% (previous +7.5%) Refinance Idx (previous 438.4) Refinance Idx, W/W% (previous -7.0%) 8:15 AM ET. January ADP National Employment Report Private Sector Jobs, Net Chg (previous +164000) 8:30 AM ET. 4th Quarter Employment Cost Index ECI, Q/Q% (previous +1.1%) ECI, Y/Y% (previous +4.3%) 9:45 AM ET. January Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI PMI-Adj (previous 46.9) 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 420.678M) Crude Oil Stocks, Net Chg (Bbl) (previous -9.233M) Gasoline Stocks (Bbl) (previous 252.977M) Gasoline Stocks, Net Chg (Bbl) (previous +4.912M) Distillate Stocks (Bbl) (previous 133.336M) Distillate Stocks, Net Chg (Bbl) (previous -1.417M) Refinery Usage (previous 85.5%) Total Prod Supplied (Bbl/day) (previous 19.556M) Total Prod Supplied, Net Chg (Bbl/day) (previous -0.313M) 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 3:00 PM ET. December Agricultural Prices Farm Prices, M/M% (previous -0.1%)
The March Dollar was slightly lower overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, December's high crossing at $103.875 is the next upside target. Closes below the 20-day moving average crossing at $102.730 would signal that a short-term top has been posted. First resistance is the December's high crossing at $103.875. Second resistance is the November 10th high crossing at $105.500. First support is the 20-day moving average crossing at $102.730. Second support is the January 5th low crossing at $101.615. The March Euro was slightly higher overnight and sets the stage for 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 March renews the decline off December's high, December's low crossing at 1.07700 is the next downside target. Closes above the 50-day moving average crossing at 1.09512 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.09512. Second resistance is the January 11th high crossing at 1.10405. First support is Monday's low crossing at 1.08175. Second support is December's low crossing at 1.07700. The March British Pound was slightly lower while extending the December-January trading range. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the January 17th low crossing at 1.2601 would mark a potential downside breakout of the aforementioned trading range opening the door for a test of December's low crossing at 1.2509. If March renews the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.2846 is the next upside target. First resistance is the 75% retracement level of the July-October decline crossing at 1.2846. Second resistance is the 87% retracement level of the July-October decline crossing at 1.2971. First support is the January 17th low crossing at 1.2601. Second support is December's low crossing at 1.2509. The March Swiss Franc was steady to slightly lower overnight as it consolidates above the 50% retracement level of the October-December rally crossing at 1.15648. Overnight trading sets the stage for a slightly lower 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 the 20-day moving average crossing at 1.17106 would signal that a short-term low has been posted. If March renews the decline off December's high, the 62% retracement level of the October-December rally crossing at 1.14392 is the next downside target. First resistance is the 20-day moving average crossing at 1.17106. Second resistance is the January 5th high crossing at 1.19155. First support is the 50% retracement level of the October-December rally crossing at 1.15648. Second support is the 62% retracement level of the October-December rally crossing at 1.14392. The March Canadian Dollar was slightly higher overnight and sets the stage for a slightly 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 the 20-day moving average crossing at $74.52 would signal that a short-term low has been posted. If March resumes the decline off December's high, the 62% retracement level of the November-December rally crossing at $73.60 is the next downside target. First resistance is the 20-day moving average crossing at $74.52. Second resistance is the January 5th high crossing at $75.34. First support is the 50% retracement level of the November-December rally crossing at $74.05. Second support is the 62% retracement level of the November-December rally crossing at $73.60. The March Japanese Yen was steady to slightly higher overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for 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 March extends the decline off December's high, November's low crossing at 0.067200 is the next downside target. Closes above the 20-day moving average crossing at 0.068927 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.068927. Second resistance is January 9th high crossing at 0.070490. First support is the January 19th low crossing at 0.067810. Second support is November's low crossing at 0.067200.
March crude oil was slightly higher overnight. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. However, stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $75.28 would signal that a short-term top has been posted. If March extends the rally off December's low, the November 30th high crossing at $79.56 is the next upside target. First resistance is the November 30th high crossing at $79.56. Second resistance is November's high crossing at $82.04. First support is the 10-day moving average crossing at $75.28. Second support is the 20-day moving average crossing at $73.73. March heating oil was lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 2.7005 would signal that a short-term top has been posted. If March resumes the rally off January's low, November's high crossing at 2.8707 is the next upside target. First resistance is November's high crossing at 2.8707. Second resistance is the 75% retracement level of the September-December decline crossing at 2.8962. First support is the 10-day moving average crossing at 2.7005. Second support is the 20-day moving average crossing at 2.6365. March unleaded gas was slightly lower overnight after posting a key reversal on Monday. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning bearish signal sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $2.2403 would signal that a short-term top has been posted. If March renews the rally off January's low, the 75% retracement level of the September-December decline crossing at $2.4128 is the next upside target. First resistance is the October 20th high crossing at $2.3679. Second resistance is the 75% retracement level of the September-December decline crossing at $2.4128. First support is the 10-day moving average crossing at $2.2403. Second support is the 20-day moving average crossing at $2.1820. March natural 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the March-2023 low on the monthly continuation chart crossing at $1.944 is the next downside target. Closes above the 20-day moving average crossing at $2.385 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $2.385. Second resistance is the 50-day moving average crossing at $2.445. First support is the overnight low crossing at $2.046. Second support is the March-2023 low on the monthly continuation chart crossing at $1.944.
March coffee posted an inside day with a lower close on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews the rally off January's low, the December 28th high crossing at $19.32 is the next upside target. Closes below the 50-day moving average crossing at 18.38 would signal that a short-term top has been posted. First resistance is the December 28th high crossing at $19.32. Second resistance is December's high crossing at 20.39. First support is the 50-day moving average crossing at 18.38. Second support is the 50% retracement level of the October-December rally crossing at 17.45. March cocoa closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 44.14 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 48.40. Second resistance is unknown. First support is the 10-day moving average crossing at 45.93. Second support is the 20-day moving average crossing at 44.14. March sugar closed lower on Monday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 22.27 would signal that a short-term top has been posted. If March extends the rally off December's low, the 62% retracement level of the November-December decline crossing at 25.05 is the next upside target. March cotton closed slightly lower on Monday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 82.24 would signal that a short-term top has been posted. If March extends the rally off November's low, the 75% retracement level of the October-November decline crossing at 87.15 is the next upside target. First resistance is the 62% retracement level of the October-November decline crossing at 85.47. Second resistance is the 75% retracement level of the October-November decline crossing at 87.15. First support is the 10-day moving average crossing at 83.87. Second support is the 20-day moving average crossing at 82.24.
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March corn was lower overnight and poised to renew the decline off last-June's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off last-June's high, the 75% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at $4.30 3/4 is the next downside target. Closes above the 20-day moving average crossing at $4.51 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $4.51 1/4. Second resistance is the 50-day moving average crossing at $4.69. First support is the January 18th low crossing at $4.36 3/4. Second support is the 75% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at $4.30 3/4. March wheat 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. Stochastics and the RSI have turning bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Thursday's high, the January 18th low crossing at $5.73 1/4 is the next downside target. If March renews the rally off January's low, the December 26th high crossing at $6.39 3/4 is the next upside target. First resistance is last-Thursday's high crossing at $6.17 1/4. Second resistance is the December 26th high crossing at $6.39 3/4. First support is the January 18th low crossing at $5.73 1/4. Second support is November's low crossing at $5.56 1/4. March Kansas City wheat was lower overnight as it extends the decline off last-Friday'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. If March extends the decline off last-Friday's high, psychological support crossing at $5.75 is the next downside target. Multiple closes above last-Friday's high crossing at $6.41 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $6.41. Second resistance is the December 29th high crossing at $6.48 1/2. First support is the January 18th low crossing at $5.86 3/4. Second support is psychological support crossing at $5.75. March Minneapolis wheat was lower overnight trading 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. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Thursday's high, psychological support crossing at $6.75 is the next downside target. Closes above the 50-day moving average crossing at $7.15 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $7.15. Second resistance is the December 26th high crossing at $7.31 3/4. First support is the January 18th low crossing at $6.78 3/4. Second support is psychological support crossing at $6.75. SOYBEAN COMPLEX https://quotes.ino.com/exchanges/?c=grains " March soybeans were steady to slightly lower overnight as it extends the decline off November's high. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off the December 12th high, the 87% retracement level of the May-July rally crossing at $11.82 1/4 is the next downside target. Closes above last-Thursday's high crossing at $12.47 1/2 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $12.47 1/2. Second resistance is the January 2nd gap crossing at $12.96 3/4. First support is the overnight low crossing at $11.87 3/4. Second support is the 87% retracement level of the May-July rally crossing at $11.82 1/4. March soybean meal was slightly higher overnight following Monday's upside reversal that suggest a short-term low might have been posted. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the January 17th high crossing at $373.60 would signal that a short-term low has been posted. If March extends the decline off November's high, the December-2021 low crossing at $336.80 is the next downside target. First resistance is the January 17th high crossing at $373.60. Second resistance is the 50-day moving average crossing at $388.60. First support is the July-2022 low crossing at $347.30. Second support is the December-2021 low crossing at $336.80. March soybean oil was lower overnight as it extends Monday's downside breakout of this month's trading range. Overnight trading sets the stage for a 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 March extends the decline off November's high, the May 31st low crossing at 44.49 is the next downside target. Closes above the 20-day moving average crossing at 47.57 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 47.57. Second resistance is the 50-day moving average crossing at 49.34. First support is the overnight low crossing at 45.08. Second is the May 31st low crossing at 44.49.
The March NASDAQ 100 was steady to slightly lower overnight and sets the stage a slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low into uncharted territory upside targets will be hard to project. Closes below the 20-day moving average crossing at 17,124.40 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 17,793.50. Second resistance is unknown. First support is the 10-day moving average crossing at 17,459.17. Second support is the 20-day moving average crossing at 17,124.40. The March S&P 500 was slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the next projected upside target is around the 4981.00 area. Closes below the 20-day moving average crossing at 4835.54 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4957.25. Second resistance is 4981.00. First support is the 10-day moving average crossing at 4886.80. Second support is the 20-day moving average crossing at 4835.54.
March T-bonds were higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 121-10 would signal that a short-term low has been posted. If March extends the decline off December's high, the 38% retracement level of the October-December rally crossing at 118-24 is the next downside target. First resistance is the 20-day moving average crossing at 121-10. Second resistance is the January 11th high crossing at 123-15. First support is the 38% retracement level of the October-December rally crossing at 118-24. Second support is the 50% retracement level of the October-December rally crossing at 116-17. March 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 turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 111.227 would signal that a short-term low has been posted. If March extends the decline off December's high, the 38% retracement level of the October-December rally crossing at 110.143 is the next downside target. First resistance is the 20-day moving average crossing at 111.227. Second resistance is the January 12th high crossing at 112.265. First support is the January 19th low crossing at 110.260. Second support is the 38% retracement level of the October-December rally crossing at 110.143.
April hogs closed up $0.18 at $83.43. April hogs posted an inside day with a higher close on Monday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 April extends the rally off January's low, September's high crossing at $86.05 is the next upside target. Closes below the 20-day moving average crossing at $78.24 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2023-2024 decline crossing at $83.99. Second resistance is September's high crossing at $86.05. First support is the 10-day moving average crossing at $80.14. Second support is the 20-day moving average crossing at $78.24. April cattle closed down $0.53-cents at $181.15. April cattle posted a downside reversal and closed lower on Monday hinting that a short-term top might have been posted with today's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned rally, the 62% retracement level of the September-December decline crossing at $186.71 is the next upside target. Closes below the 20-day moving average crossing at $176.03 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the September-December decline crossing at $182.62. Second resistance is the 62% retracement level of the September-December decline crossing at $186.71. First support is the 10-day moving average crossing at $178.24. Second support is the 20-day moving average crossing at $176.03. March Feeder cattle closed down $1.18 at $238.53. March Feeder cattle closed lower on Monday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 December's low, the 62% retracement level of the September-December decline crossing at $247.44 is the next upside target. Closes below the 20-day moving average crossing at $229.79 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the September-December decline crossing at $240.38. Second resistance is the 62% retracement level of the September-December decline crossing at $247.44. First support is the 20-day moving average crossing at $229.79. Second support the 50-day moving average crossing at $225.46.
April gold was slightly higher overnight as it extends this month's trading range. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the January 12th high crossing at $2086.70 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If April renews the decline off the late-December high, December's low crossing at $2007.60 is the next downside target. First resistance is the January 12th high crossing at $2086.70. Second resistance is the December 28th high crossing at $2118.00. First support is last-Thursday's low crossing at $2023.30. Second support is December's low crossing at $2007.60. March silver was slightly lower overnight as it consolidates some of the rally off January's low. Overnight trading sets the stage for a slightly lower opening when the day session begins trading later this morning. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 50-day moving average crossing at $23.807 is the next upside target. Closes below the 10-day moving average crossing at $22.808 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $23.807. Second resistance is the December 22nd high crossing at $24.895. First support is the 10-day moving average crossing at $22.808. Second support is January's low crossing at $22.040. March copper was steady to slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at 3.9740 is the next upside target. Closes below the 20-day moving average crossing at 3.8057 would signal that a short-term top has been posted. First resistance is the last-Thursday's high crossing at 3.8935. Second resistance is December's high crossing at 3.9740. First support is the 20-day moving average crossing at 3.8057. Second support is the 62% retracement level of the October-December rally crossing at 3.717.
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