The December Dollar posted a new low for the year on Thursday as it extends this year's decline. A short covering rally tempered early session losses and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December renews September's decline, monthly support crossing at 73.39 is the next downside target. Closes above the reaction high crossing at 77.73 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 76.81. Second resistance is the 10-day moving average crossing at 76.93. First support is today's low crossing at 75.68. Second resistance is monthly support crossing at 73.39.
The December Euro closed higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, September's high crossing at 148.440 is the next upside target. Closes below last Friday's low crossing at 144.790 are needed to confirm that a top has been posted. First resistance is today's high crossing at 148.160. Second resistance is September's high crossing at 148.220. First support is the 10-day moving average crossing at 146.412. Second support is last Friday's low crossing at 144.790.
The December British Pound close higher on Thursday and above broken support marked by the lower boundary of this summer's trading range crossing at 1.6022. The high-range close sets the stage for a steady to higher opening on Friday. 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 1.6171 would temper the near-term bearish outlook in the market. If December renews the decline off September's high, the 50% retracement level of this year's rally crossing at 1.5394 is the next downside target. First resistance is today's high crossing at 1.6117. Second resistance is the 20-day moving average crossing at 1.6171. First support is last Monday's low crossing at 1.5766. Second support is the 50% retracement level crossing at 1.5394.
The December Swiss Franc closed higher on Thursday as it extends the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, September's high crossing at .9920 is the next upside target. Closes below the reaction low crossing at .9522 would confirm that a short-term top has been posted. First resistance is today's high crossing at .9785. Second resistance is September's high crossing at .9920. First support is last Monday's low crossing at .9522. Second support is September's low crossing at .9348.
The December Canadian Dollar closed higher on Thursday and above September's high crossing at 94.44 as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 87% retracement level of the 2008-decline crossing at 96.84 is the next upside target. Closes below the 20-day moving average crossing at 93.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at 95.15. Second resistance is the 87% retracement level of the 2008-decline crossing at 96.84. First support is the 20-day moving average crossing at 93.10. Second support is the reaction low crossing at 91.24.
The December Japanese Yen closed higher on Thursday and above the 87% retracement level of the 2008-2009-decline crossing at .11269. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, the 2008 high crossing at .11472 is the next upside target. Closes below the 20-day moving average crossing at .11080 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at .11368. Second resistance is the 2008 high crossing at .11472. First support is the 10-day moving average crossing at .11188. Second support is the 20-day moving average crossing at .11080.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy
November crude oil closed sharply higher on Thursday as it extends this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening on Friday. If November extends this week's rally, September's high crossing at 73.58 is the next upside target. Closes below Monday's low crossing at 68.05 would temper the near-term friendly outlook in the market. First resistance is today's high crossing at 72.55. Second resistance is September's high crossing at 73.58. First support is Monday's low crossing at 68.05. Second support is September's low crossing at 65.05.
November heating oil closed higher on Thursday as it extended the rally off September's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing at 173.77 would temper the friendly outlook. If November renews the rally off September's low, September's high crossing at 188.78 is the next upside target. First resistance is today's high crossing at 186.15. Second resistance is September's high crossing at 188.78. First support is Monday's low crossing at 173.77. Second support is September's low crossing at 168.66.
November unleaded gas closed higher on Thursday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If November extends the current rally, September's high crossing at 187.36 is the next upside target. Closes below Monday's low crossing at 168.85 would temper the near-term friendly outlook. First resistance is today's high crossing at 180.86. Second resistance is September's high crossing at 187.36. First support is Monday's low crossing at 168.85. Second support is the 38% retracement level of this year's rally crossing at 162.10.
November Henry natural gas closed higher on Thursday as it consolidates above the 10-day moving average crossing at 4.840. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off September's low, August's high crossing at 5.133 is the next upside target. Closes below the 20-day moving average crossing at 4.672 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 5.120. Second resistance the August's high crossing at 5.133. First support is the 10-day moving average crossing at 4.840. Second support is the 20-day moving average crossing at 4.673.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
December coffee closed higher on Thursday and spiked above September's high as it extends the rally off last week's low. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, August's high crossing at 14.17 is the next upside target. Closes below the 10-day moving average crossing at 12.99 would temper the near-term friendly outlook in the market.
December cocoa closed higher on Thursday as it extends this week's rally. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low, weekly resistance crossing at 32.90 is the next upside target. Closes below Monday's low crossing at 29.67 would confirm that a short-term top has been posted.
March sugar closed lower on Thursday as it extends yesterday's breakout below the 20-day moving average crossing at 23.68. A short covering rally tempered early session gains and the mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below September's low crossing at 21.95 would confirm this summer's head and shoulders top while opening the door for a larger-degree decline this fall.
December cotton closed higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. From a broad perspective, December needs to close above the reaction high crossing at 65.47 or below the reaction low crossing at 54.77 to confirm a breakout of this year's trading range and point the direction of the next trending move.
GRAINS http://quotes.ino.com/exchanges/?c=grains
December wheat closed up 10 3/4-cents at 4.74.
September wheat gapped up and closed higher on Thursday as it extended this week's above the 20-day moving average. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 4.80 are needed to confirm that a short-term low has been posted. If December renews this summer's decline, weekly support crossing at 4.33 is the next downside target. First resistance is the reaction high crossing at 4.80. Second resistance is today's high crossing at 4.81 1/2. First support is Tuesday's gap crossing at 4.51 1/4. Second support is last Wednesday's low crossing at 4.39 1/2.
December Kansas City Wheat closed up 9 1/2-cents at 4.89 3/4.
December Kansas City Wheat gapped up and closed higher on Thursday as it extended this week's breakout above the 20-day moving average. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 4.93 are needed to confirm that a short-term low has been posted. If December renews this summer's decline, monthly support crossing at 4.50 then 4.33 are the next downside targets. First resistance is the reaction high crossing at 4.93. Second resistance is today's high crossing at 4.99. First support is the 10-day moving average crossing at 4.72 1/2.Second support is last Friday's low crossing at 4.58 3/4.
December Minneapolis wheat closed up 10 3/4-cents at 5.06 1/4.
December Minneapolis wheat closed higher on Thursday as it extends this week's rally but remains locked in September's narrow trading range. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 5.12 3/4 are needed to confirm that a short-term low has been posted. If December renews this summer's decline, weekly support crossing at 4.64 is the next downside target. First resistance is the reaction high crossing at 5.12 3/4. Second resistance is today's high crossing at 5.13. First support is the 10-day moving average crossing at 4.89 1/2. Second support is last Wednesday's low crossing at 4.77.
SOYBEAN COMPLEX
November soybeans closed up 24-cents at 9.36.
November soybeans gapped up and closed above the reaction high crossing at 9.31 1/2 on Thursday confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If November extends this week's rally, the reaction high crossing at 9.58 is the next upside target. Closes below the 10-day moving average crossing at 9.13 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9.42. Second resistance is the reaction high crossing at 9.58. First support is the 10-day moving average crossing at 9.13 1/2. Second support is Tuesday's gap crossing at 8.97.
December soybean meal closed up $8.70 at $289.40.
December soybean meal gapped up and closed above the 20-day moving average crossing at 282.20 on Thursday confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the reaction high crossing at 298.80 is the next upside target. Closes below the 10-day moving average crossing at 280.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at 298.80. Second resistance is the reaction high crossing at 298.80. First support is today's gap crossing at 281.50. Second support is Tuesday's gap crossing at 273.20.
December soybean oil closed up 53 pts. at 34.57.
December soybean oil closed higher on Thursday as it extends this week's trading range. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the decline off August's high, the reaction low crossing at 33.75 is the next downside target. Closes above the reaction high crossing at 35.65 are needed to confirm that a short-term low has been posted. First resistance is last Thursday's high crossing at 34.83. Second resistance is the reaction high crossing at 35.65. First support is last Tuesday's low crossing at 33.29. Second support is July's low crossing at 32.82.
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes
The December NASDAQ 100 Closed higher on Thursday as it extends this week's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Monday's high crossing at 1732.50 are needed to confirm that a low has been posted. If December renews the decline off September's high, the 25% retracement level of this year's rally crossing at 1578.56 is the next downside target. First resistance is today's high crossing at 1730.75. Second resistance is last Monday's high crossing at 1732.50. First support is the 10-day moving average crossing at 1698.95. Second support is last Friday's low crossing at 1649.75.
The December S&P 500 index closed higher on Tuesday as it extends the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Tuesday's high crossing at 1065.50 are needed to confirm that a low has been posted. If December renews the decline off September's high, September's low crossing at 987.00 is the next downside target. First resistance is last Tuesday's high crossing at 1065.50. Second resistance is today's high crossing at 1067.20. First support is the 10-day moving average crossing at 1045.93. Second support is last Friday's low crossing at 1012.10.
The Dow closed higher on Thursday as it extends the rally off last week's low. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Tuesday's high crossing at 9834 are needed to confirm that a short-term low has been posted. If the Dow renews the decline off September's high, September's low crossing at 9252 is the next downside target. First resistance is last Tuesday's high crossing at 9834. Second resistance is Thursday's high crossing at 9836. First support is the 10-day moving average crossing at 9676. Second support is last Friday's low crossing at 9430.
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest
December T-bonds closed down 1-05/32's at 121-23.
December T-bonds closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 120-25 are needed to confirm that a short-term top has been posted. If December renews the rally off June's low, the 50% retracement level of the 2008-2009-decline crossing at 124-17 is the next upside target. First resistance is last Friday's high crossing at 123-25. Second resistance is the 50% retracement level of the 2008-2009-decline crossing at 124-17. First support is today's low crossing at 121-22. Second support is the 20-day moving average crossing at 120-24.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
December hogs closed up $1.77 at $53.53.
December hogs closed higher on Thursday and above September's high crossing at 53.05 thereby renewing the rally off August's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 25% retracement level of the 2008-2009-decline crossing at 55.69 is the next upside target. Today's close below Monday's low crossing at 47.50 would confirm that a short-term top has been posted. First resistance is today's high crossing at 53.95. Second resistance is the 25% retracement level of the 2008-2009-decline crossing at 55.69. First support is the 10-day moving average crossing at 49.77. Second support is Monday's low crossing at 47.50.
February bellies closed up $2.38 at $82.77.
February bellies closed higher on Thursday and above the 20-day moving average crossing at 83.05 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, September's high crossing at 89.40 is the next upside target. Closes below Wednesday's gap crossing at 80.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at 84.80. Second resistance is September's high crossing at 89.40. First support is the 10-day moving average crossing at 81.60. Second support is Wednesday's gap crossing at 80.70.
December cattle closed up $0.25 at 84.32.
December cattle closed higher on Thursday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady opening on Friday. 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 May's high, psychological support crossing at 80.00 is the next downside target. Closes above the 20-day moving average crossing at 85.25 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 84.77. Second resistance is the 20-day moving average crossing at 85.25. First support is Tuesday's low crossing at 83.50. Second support is psychological support crossing at 80.00.
November feeder cattle closed up $0.62 at $93.80.
November Feeder cattle closed higher due to short covering on Thursday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 96.34 are needed to confirm that a short-term low has been posted. If November extends this year's decline, the 87% retracement level of the 2008-2009-rally crossing at 91.11 is the next downside target.
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
December gold posted a new all-time high on Thursday in a flight to quality move on the part of investors due to continued weakness in the Dollar. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1012.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1062.70. First support is the 10-day moving average crossing at 1015.10. Second support is the 20-day moving average crossing at 1012.10.
December silver closed higher on Thursday and above September's high crossing at 17.690 thereby renewing the rally off July's low. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the 75% retracement level of 2008's decline crossing at 18.180 is the next upside target. Closes below the 10-day moving average crossing at 16.685 would confirm that a short-term top has been posted. First resistance is today's high crossing at 17.955. Second resistance is the 75% retracement level of 2008's decline crossing at 18.180. First support is the 20-day moving average crossing at 16.806. Second support is the 10-day moving average crossing at 16.685.
December copper closed sharply higher on Thursday and the 20-day moving average crossing at 279.53 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the reaction high crossing at 295.50 is the next upside target. Closes below the 10-day moving average crossing at 276.05 would temper the near-term friendly outlook in the market. First resistance is today's high crossing at 290.10. Second resistance is the reaction high crossing at 295.50. First support is the 10-day moving average crossing at 276.05. Second support is last Friday's low crossing at 264.00.
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