Sector Analysis and Key Events for Wednesday

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Summary
The Dow Future is higher 46 points to 29952. The US Dollar Index retreated 0.215 points to 90.439. Gold has eased 6.050 dollars to 1860.900. Silver has eased 0.0025 dollars to 25.3450. The Dow Industrials softened 200.94 points, at 30015.51, while the S&P 500 retreated 7.66 points, last seen at 3687.26. The Nasdaq Composite advanced 65.40 points to 12807.92. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Tech Stocks - A "Win-Win-Win"?
Tuesday Dec 22nd

ARK Investments ETFs Have Been Top Performers
Monday Dec 21st

Futures Market Continues To Push Higher
Sunday Dec 20th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx (previous 857.3)

Composite Idx, W/W% (previous +1.1%)

Purchase Idx-SA (previous 331.6)

Purchase Idx-SA, W/W% (previous +1.8%)

Refinance Idx (previous 4014.5)

Refinance Idx, W/W% (previous +1.4%)

8:30 AM ET. November Personal Income & Outlays

Personal Income, M/M% (expected -0.3%; previous -0.7%)

Consumer Spending, M/M% (expected -0.3%; previous +0.5%)

PCE Price Idx, M/M% (previous +0%)

PCE Price Idx, Y/Y% (previous +1.2%)

PCE Core Price Idx, M/M% (expected +0.1%; previous +0%)

PCE Core Price Idx, Y/Y% (expected +1.5%; previous +1.4%)

8:30 AM ET. November Advance Report on Durable Goods

Durable Goods-SA, M/M% (expected +0.6%; previous +1.3%)

Dur Goods, Ex-Defense, M/M% (previous +0.2%)

Dur Goods, Ex-Transport, M/M% (previous +1.3%)

Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.7%)

Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous +2.3%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

Jobless Claims (expected 900K; previous 885K)

Jobless Claims, Net Chg (previous +23K)

Continuing Claims (previous 5508000)

Continuing Claims, Net Chg (previous -273K)

8:30 AM ET. U.S. Weekly Export Sales

Corn (Metric Tons) (previous 1934.5K)

Soybeans (Metric Tons) (previous 1016.3K)

Wheat (Metric Tons) (previous 561.4K)

9:00 AM ET. October U.S. Monthly House Price Index

10:00 AM ET. December University of Michigan Survey of Consumers - final

End-Mo Sentiment Idx (expected 80.7; previous 76.9)

End-Mo Expectations Idx (previous 70.5)

12-Month Inflation Forecast (previous 2.8%)

5-Year Inflation Forecast (previous 2.5%)

End-Mo Current Idx (previous 87.0)

10:00 AM ET. 3rd Quarter GDP by State

10:00 AM ET. November New Residential Sales

New Home Sales (expected 990K; previous 999K)

New Home Sales, M/M% (expected -0.9%; previous -0.3%)

New Home Sales Months Supply (previous 3.3)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 500.096M)

Crude Oil Stocks, Net Chg (Bbl) (previous -3.135M)

Gasoline Stocks (Bbl) (previous 238.879M)

Gasoline Stocks, Net Chg (Bbl) (previous +1.02M)

Distillate Stocks (Bbl) (previous 151.259M)

Distillate Stocks, Net Chg (Bbl) (previous +0.167M)

Refinery Usage (previous 79.1%)

Total Prod Supplied (Bbl/day) (previous 19.335M)

Total Prod Supplied, Net Chg (Bbl/day) (previous +0.801M)

12:00 PM ET. EIA Weekly Natural Gas Storage Report

Working Gas In Storage (Cbf) (previous 3726B)

Working Gas In Storage, Net Chg (Cbf) (previous

9:45 PM ET. Bloomberg Consumer Comfort Index

N/A U.S. federal offices closed on Christmas Eve as financial markets close

N/A Marianas: Christmas Day

N/A U.S.: Christmas Day. Financial markets

10:30 AM ET. December Texas Manufacturing Outlook Survey

Business Activity (previous 12.0)

Mfg Production Idx (previous 7.2)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings




 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 90.439 -0.215 -0.24%
Invesco DB US Dollar Index 24.44 +0.13 +0.51%
US Dollar/Canadian Dollar 1.28736 -0.00177 -0.14%
Euro/US Dollar 1.218720 -0.000035 -0.00%
JAPANESE YEN Jan 2021 0.009676 +0.000015 +0.16%
SWISS FRANC Mar 2021 1.1265 -0.0011 -0.10%
US Dollar/Hong Kong Dollar 7.75285 +0.00045 +0.01%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The March Dollar was slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower 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 $90.73 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, monthly support crossing at $88.15 is the next downside target. First resistance is the 20-day moving average crossing at $90.73. Second resistance is the 50-day moving average crossing at $92.04. First support is last-Thursday's low crossing at $89.64. Second support is monthly support crossing at $88.15.

The March Euro was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $121.52 would signal that a short-term top has been posted. If March extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $125.38 is the next upside target. First resistance is last-Thursday's high crossing at $123.04. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the 20-day moving average crossing at $121.52. Second support is the 50-day moving average crossing at $119.60.

The March British Pound was higher overnight as it consolidates some of the decline off last-Thursday's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3234 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is last-Thursday's high crossing at 1.3643. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3234. Second support is November's low crossing at 1.2876.

The March Swiss Franc was steady to slightly lower overnight as it extends this week's decline. The low-range overnight trade sets the stage for a steady to lower 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. Closes below the 20-day moving average crossing at 1.1252 would signal that a short-term top has been posted. If March renews the rally off November's low, the September-2018 high crossing at 1.1408 is the next upside target. First resistance is last-Thursday's high crossing at 1.1371. Second resistance is the September-2018 high crossing at 1.1408. First support is the 20-day moving average crossing at 1.1252. Second support is the 50-day moving average crossing at 1.1111.

The March Canadian Dollar was steady to higher overnight as it consolidates some of its losses off last-Thursday's high. The high-range trade sets the stage for a steady to 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 March extends this week's decline, the 50-day moving average crossing at $76.87 is the next downside target. Closes above the 10-day moving average crossing at $78.27 would temper the near-term bearish outlook. If March renews this year's rally, the October-2018 high crossing at $79.05 is the next upside target. First resistance is last-Tuesday's high crossing at $78.85. Second resistance is the October-2018 high crossing at $79.05. First support is the 50-day moving average crossing at $76.87. Second support is the November 13th low crossing at $75.96.

The March Japanese Yen was steady to higher overnight. The high-range overnight trade sets the stage for a steady to 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. Closes below the 20-day moving average crossing at 0.0964 would signal that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of March's decline crossing at 0.0981 is the next upside target. First resistance is last-Thursday's high crossing at 0.0974. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. First support is the 20-day moving average crossing at 0.0964. Second support is the 50-day moving average crossing at 0.0960.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Feb 2021 47.05 +0.25 +0.63%
NY HARBOR ULSD HEATING OIL Jan 2021 1.4651 +0.0080 +0.68%
NATURAL GAS Jan 2021 2.735 -0.036 -1.13%
RBOB GASOLINE Jan 2021 1.3462 +0.0084 +0.76%
Invesco DWA Energy Momentum ETF 17.2798 -0.2607 -2.06%
United States Gasoline 22.9999 -0.2267 -1.22%

ENERGIES

February crude oil was higher overnight as it consolidates some the decline off last-Friday's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top is in or near. Closes below the 20-day moving average crossing at $46.64 would confirm that a short-term top has been posted. If February extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $52.41 is the next upside target. First resistance is last-Friday's high crossing at $49.43. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $52.41. First support is the 20-day moving average crossing at $46.64. Second support is the 50-day moving average crossing at $43.07.

February heating oil was steady to slightly higher overnight as it consolidates some of this week's decline. The high-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $143.10 would signal that a short-term top has been posted. If February extends the rally off November's low, the 38% retracement level of the 2018-2020-decline crossing at $152.86 is the next upside target. First resistance is last-Friday's high crossing at $151.88. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at $152.86. First support is the 20-day moving average crossing at $143.10. Second support is the December 2nd low crossing at $134.29.

February unleaded gas was steady to slightly higher overnight as it consolidates some of this week's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $130.41 would confirm that a short-term top has been posted. If February extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $152.11 is the next upside target. First resistance is last-Friday's high crossing at $139.69. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $152.11. First support is the 20-day moving average crossing at $130.41. Second support is the 50-day moving average crossing at $120.56.

February Henry natural gas was lower in late-overnight trading as it consolidates some of Tuesday's rally. The low-range overnight trade sets the stage for a steady to lower 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. If February extends the rally off December's low, the 50-day moving average crossing at 2.951 is the next upside target. Closes below the 10-day moving average crossing at 2.669 would temper the near-term friendly outlook. First resistance resistance is the 38% retracement level of the October-December-decline crossing at 2.797. Second resistance is the 50-day moving average crossing at 2.951. First support is December's low crossing at 2.393. Second support is weekly support crossing at 2.179.



 
Food Snapshot
Symbol Last Change %
COFFEE MARCH 2021 125.35 +1.15 +0.93%
SUGAR #11 WORLD MARCH 2021 14.66 +0.12 +0.83%
SUGAR #16 MARCH 2021 28.20 -0.05 -0.18%
ORANGE JUICE - A JANUARY 2021 118.5 +0.6 +0.51%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 43.460 -0.175 -0.40%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 41.520 +0.505 +1.30%

FOOD & FIBER

March coffee closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 12.15 are needed to confirm that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of the September-November decline crossing at 13.17 is the next upside target.

March cocoa closed lower on Tuesday leaving yesterday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 26.19 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 25.01 would open the door for a larger-degree decline.

March sugar closed slightly higher on Tuesday. The mid-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 15.07 would confirm that a short-term low has been posted. If March extends the decline off November's high, the October 30th low crossing at 13.94 is the next downside target.

March cotton closed slightly higher on Tuesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 73.64 would confirm that a short-term top has been posted. If March extends the rally off April's low, the July-2018 high crossing at 79.56 is the next upside target.



Trade With Certainty

VantagePoint's artificial intelligence is trained to analyze different stock behaviors like movement, volume, and intermarkets, up to 3 days in advance. After helping traders through a vast number of trades for over 30 years, this brilliant technology is still an untapped resource to some.


 
Grains Snapshot
Symbol Last Change %
CORN Mar 2021 446.00 +3.50 +0.85%
OATS Mar 2021 332.75 -3.25 -1.09%
WHEAT Mar 2021 616.50 +0.50 +0.08%
Teucrium Corn Fund ETV 14.550 +0.045 +0.33%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 51.55 +0.15 +0.32%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.3400 +0.0705 +2.21%
SOYBEANS Jan 2021 1257.25 +8.25 +0.76%
SOYBEAN (MINI) Jan 2021 1256.125 +8.000 +0.74%
SOYBEAN MEAL Jan 2021 418.0 +2.8 +0.74%
Teucrium Soybean Fund ETV 18.780 0.000 0.00%

GRAINS

March corn was higher overnight as it extends this month's rally. The high-range close sets the stage for a steady to higher opening when the day sessions 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 April's low, weekly resistance marked by the June-2019 high on the weekly continuation chart crossing at $4.64 1/4 is the next upside target. Closes below the 50-day moving average crossing at $4.21 would signal that a short-term top has been posted. First resistance is the June-2016 high crossing at $4.43 1/2. Second resistance is the June-2019 high on the weekly continuation chart crossing at $4.64 1/4. First support is the 50-day moving average crossing at $4.21. Second support is December's low crossing at $4.14 1/2.

March wheat was steady to fractionally lower in late-overnight trading. The high-range close sets the stage for a steady to higher 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 resumes the rally off December's low, November's high crossing at $6.28 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.95 3/4 would signal that a short-term top has been posted. First resistance is the November 25th high crossing at $6.22 3/4. Second resistance is November's high crossing at $6.28 3/4. First support is the 20-day moving average crossing at $5.95 3/4. Second support is the December 7th low crossing at $5.65 1/2.

March Kansas City wheat was lower overnight. The high-range close sets the stage for a steady to slightly lower 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. If March resumes this month's rally, the 87% retracement level of the 2018-2020-decline crossing at $6.12 is the next upside target. Closes below the 20-day moving average crossing at $5.59 1/4 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2018-2020-decline crossing at $5.87 1/4. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $6.12. First support is the 20-day moving average crossing at $5.59 1/4. Second support is the December 7th low crossing at $5.30 3/4.

March Minneapolis wheat was lower overnight. The high-range close sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are becoming 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, November's high crossing at $5.86 is the next upside target. Closes below the 20-day moving average crossing at crossing at $5.59 3/4 would signal that a short-term top has been posted. First resistance is the reaction high crossing at $5.74. Second resistance is November's high crossing at $5.86. First support is the 20-day moving average crossing at crossing at $5.59 3/4. Second support is the December 9th low crossing at $5.42 1/2.

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

March soybeans were higher overnight as it extends the rally off December's low. The high-range close sets the stage for a steady to higher 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 August's low, the 50% retracement level of the 2012-2019-decline crossing at $12.89 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.87 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at $11.34 1/2. First resistance is the overnight high crossing at $12.61 1/2. Second resistance is the 50% retracement level of the 2012-2019-decline crossing at $12.89 1/2. First support is the 20-day moving average crossing at $11.87. Second support is the December 2nd low crossing at $11.43.

March soybean meal was higher overnight as it extends this month's rally. The high-range close sets the stage for a steady to higher 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 August's low, monthly resistance crossing at $432.50 is the next upside target. Closes below the 50-day moving average crossing at $380.40 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $416.90. Second resistance is monthly resistance crossing at $432.50. First support is the 20-day moving average crossing at $391.80. Second support is the 50-day moving average crossing at $380.40.

March soybean oil was higher overnight as it extends the rally off October's low. The high-range close sets the stage for a steady to higher 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, monthly resistance crossing at 41.25 is the next upside target. Closes below the 20-day moving average crossing at 38.34 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 41.00. Second resistance is monthly resistance crossing at 41.25. First support is the 20-day moving average crossing at 38.34. Second support is the December 2nd low crossing at 36.42.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 30015.51 -200.94 -0.73%
NASDAQ Composite 12807.92 +65.40 +0.59%
S&P 500 3687.26 -7.66 -0.23%
SPDR S&P 500 367.0800 -0.7800 -0.23%
iShares Russell 2000 ETF 197.37 +2.13 +1.33%

U.S. STOCK INDEXES

The March NASDAQ 100 was slightly higher overnight. The high-range trade sets the stage for a steady to higher 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 the NASDAQ 100 extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,515.75 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 12,789.75. Second resistance is unknown. First support is the 20-day moving average crossing at 12,515.75. Second is the 50-day moving average crossing at 12,039.68.

The March S&P 500 was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to 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 extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below Monday's low crossing at 3637.20 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3720.00. Second resistance is unknown. First support is below Monday's low crossing at 3637.20. Second support is the 50-day moving average crossing at 3542.23.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Mar 2021 172.90625 -0.12500 -0.07%
iShares Floating Rate Bond ETF 50.718 -0.002 -0.00%
5 YEAR T-NOTES Dec 2020 125.726563 +0.031250 +0.02%
ULTRA T-BONDS Mar 2021 212.90625 -0.34375 -0.16%
Invesco Senior Loan Portf 22.120 -0.020 -0.09%

INTEREST RATES

March T-bonds were steady to lower overnight. The low-range overnight trade sets the stage for a steady to lower 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 173-29 would signal that a low has been open while opening the door for a possible test of November's high crossing at 177-06. If March renews the decline off the November 20th high, November's low crossing at 170-22 is the next downside target. First resistance is the 50-day moving average crossing at 173-29. Second resistance is the November 20th high crossing at 175-21. First support is the December 4th low crossing at 171-04. Second support is November's low crossing at 170-22.

March T-notes were steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to slightly lower opening with the 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 December 11th high crossing at 138.070 would open the door for additional gains near-term. Closes below last-Wednesday's low crossing at 137.195 would signal that a short-term top has been posted. First resistance is the December 11th high crossing at 138.070. Second resistance is November's high crossing at 138.300. First support is the December 4th low crossing at 137.075. Second support is November's low crossing at 136.265.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Jan 2021 140.025 -0.500 -0.37%
LEAN HOGS Feb 2021 66.125 +0.125 +0.19%
LIVE CATTLE Dec 2020 110.275 -0.125 -0.12%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 33.7550 -0.2693 -0.80%

LIVESTOCK

February hogs closed up $0.18 at $66.10.

February hogs closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night 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 $66.82 would confirm that a short-term low has been posted. If February resumes this month's decline, November's low crossing at $62.75 is the next downside target. First resistance is the 50-day moving average crossing at $66.82. Second resistance is December's high crossing at $69.60. First support is November's low crossing at $62.75. Second support is September's crossing at $61.55.

February cattle closed down $1.33 at $113.33

February cattle closed lower on Tuesday 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 Wednesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a double top with November's high might have been posted with Monday's high. Closes below the 50-day moving average crossing at $111.88 would signal that a short-term top has been posted. If February extends this week's rally, September's high crossing at $116.63 is the next upside target. If First resistance is November's high crossing at $115.45. Second resistance is September's high crossing at $116.63. First support is the 50-day moving average crossing at $111.88. Second support is the December 8th low crossing at $110.55.

March Feeder cattle closed down $1.23 at $141.90.

March Feeder cattle closed lower on Tuesday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Wednesday's 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, August's high crossing at $145.30 is the next upside target. Closes below the 20-day moving average crossing at $140.25 would signal that a short-term top has been posted. First resistance is today's high crossing at $143.43. Second resistance is August's high crossing at $145.30. First support is the 20-day moving average crossing at $140.25. Second support is the December 7th low crossing at $137.25.



 
Metals Snapshot
Symbol Last Change %
GOLD Dec 2020 1867.0 +5.2 +0.27%
SPDR Gold Trust 174.53 -1.35 -0.75%
SILVER Dec 2020 25.555 +0.280 +1.17%
PALLADIUM Dec 2020 2304.5 -56.4 -2.46%
Direxion Daily Gold Miners Index Bear 2X Shares 20.82 +1.16 +6.41%
Invesco DB Precious Metals Fund 51.4800 -0.7779 -1.49%

PRECIOUS METALS

February gold was lower overnight as it consolidates some of the rally off November's low. The low-range overnight trade sets the stage for a steady to lower 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. Closes below last-Monday's low crossing at $1820.00 would confirm that a short-term top has been posted. Closes above the November 16th high crossing at $1904.30 would open the door for a possible test of November's high. First resistance is the November 16th high crossing at $1904.30. Second resistance is November's high crossing at $1973.30. First support is last-Monday's low crossing at $1820.00. Second support is November's low crossing at $1767.20.

March silver was was steady to slightly higher overnight as it consolidates some of Tuesday's decline. The mid-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $24.522 would signal that a short-term top has been posted. If March extends the rally off November's low, the September 15th high crossing at $28.015 is the next upside target. First resistance is the September 15th high crossing at $28.015. Second resistance is September's high crossing at $29.380. First support is the 50-day moving average crossing at $24.522. Second support is November's low crossing at $21.960.

March copper was higher overnight as it consolidates some of this week's decline. The high-range overnight trade sets the stage for a steady to 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. Closes below the 20-day moving average crossing at 3.5186 would confirm that a short-term top has been posted. If March resumes the rally off October's low, the February-2013 high on the monthly continuation chart crossing at 3.7925 is the next upside target. First resistance is last-Friday's high crossing at 3.6455. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the 20-day moving average crossing at 3.5186. Second support is the 50-day moving average crossing at 3.2966.



 
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