Get Ready For a Volatile 2014 – 02/02/2014

Get Ready for a Volatile 2014

by Mitch Zacks, Senior Portfolio Manager

If January is any indication, we should all prepare ourselves for large amount a stock volatility in 2014 and it may be more difficult than usual, given how little volatility we experienced in 2013. Volatility is what causes sleepless nights and that sinking feeling in your stomach. It is a terrible thing to go through, but completely normal and part of being an investor. Nobody ever said investing was a free ride and in 2014, I expect that ride to be a bumpy one due to the reasons listed below.

After the US economy grew at a blistering pace of 4.1% annualized in the third quarter of 2013, many were expecting a drop-off in the fourth quarter. However, the initial reading came in Thursday showing the economy grew at a very healthy clip of 3.2%. After all the talk of sluggish holiday sales and deep discounts not being enough to draw shoppers into stores, consumer spending rose at the fastest pace in three years. Household purchases rose at 3.3 percent rate, the best performance since 2010.

The increase was not constrained to one area of the economy. The rise in demand was broad-based as business investment accelerated, which was already showing signs of picking up as I mentioned in a previous column. Exports also grew, overcoming the damage done by the 16-day partial shutdown of federal agencies and budget cuts. Add this to the sequestration and tax hike we had at the beginning of the year and the US economy has shown itself to be remarkably resilient and healthy.

US stocks rebounded Thursday on the GDP news, completely erasing the losses of the week. However, at the time of this writing the S&P 500 is down 34 basis points to stand at 1,787. Despite some steep sell-offs recently, the S&P 500 is only down 3.3% on the year. Adding to the advance were several large companies beating earnings estimates. All 10 main sectors in the S&P 500 rose on the news of the economic growth.

Tapering Continues

On Wednesday, The Federal Reserve decided to cut its monthly asset-purchase program by another $10 billion to $65 billion ($35 billion of longer-term treasury securities and $30 billion of mortgage-backed securities).

In the statement issued after the two-day FOMC meeting, which was the last given by Ben Bernanke as Fed Chair, they said 的nformation received since the Federal Open Market Committee met in December indicates that growth in economic activity picked up in recent quarters.”

Though most believed the Fed would continue its tapering plans of cutting $10 billion each meeting, a poor December jobs number and ongoing turmoil in the emerging markets led many to believe there may be a pause in the taper schedule. Stocks sold off approximately 1% after the announcement.

After the market close on Wednesday, 44 companies in the S&P 500 have reported profit above projections of analysts. Four companies trailed projections.

Could This Be the Second Shoe to Drop?

One of my concerns is there continues to be trouble in emerging markets. Emerging market currencies have been under pressure for some time, partly as a result of the effectiveness of the monetary stimulus of the US Federal Reserve. The monetary policy of the Fed has strengthened the U.S. economy and therefore reduced the relative attractiveness of emerging markets.

However, a survey out of China signaled the first time manufacturing there shrunk in six months. The HSBC survey backs up a preliminary version earlier this month that rattled markets by raising fears that the world痴 second largest economy is slowing. Whenever China hiccups the market tends to over react and in this case, HSBC痴 Purchasing Manager Index ( PMI ) for January came it at 49.6, down from a final reading of 50.5 the previous month. A number below 50 indicates contraction. While the reading was not good, it does not portend a global economic slowdown.

While the potential for a slowdown in emerging markets causing the earnings of U.S. multinationals to decline is real, the fear is likely overblown. At the end of the day, the market was looking for a reason to sell-off after its run-up. The emerging market problems are more of an excuse than anything else.

The news overseas in Europe was better with German unemployment declining more than originally forecast as continued growing confidence in Europe痴 largest economy kept growing. Like I have said in the past, while the peripheral countries in EU are slowly exiting their economic crises, Germany is the country that will be doing the heavy lifting in Europe.

In addition to Germany, England is showing signs of increasing health. Last year it was believed that England was in for a prolonged period of stagnant growth. The Bank of England finished Quantitative Easing and GDP had fallen six of the previous 16 quarters. 2013 was supposed be a lost year. Yet the preliminary estimate of Q4 UK GDP is showing the economy grew at 0.7% q/q in Q4, which would bring the full-year growth to 1.9% – the strongest since 2007 and the first time the UK has grown four straight quarters since the third quarter of 2010. There seems little doubt the UK is headed in the right direction.

Putting it All Together

As you can see the developed economies across the globe are growing at a healthy clip or at least starting to. However, continued problems in emerging markets will most likely continue to cause jitters in the markets. We are essentially seeing a role reversal where emerging markets were growing at a brisk pace, but are now having currency and credit problems of their own. As I have said before, this could cause the correction that is long overdue, but the global economic expansion continues to pick up steam. While I expect a much more volatile year than last year, I believe developed markets will lead the way to another strong year in equities.

About Mitch Zacks

Mitch is a Senior Portfolio Manager at Zacks Investment Management. He wrote a weekly column for the Chicago Sun-Times and has published two books on quantitative investment strategies. He has a B.A. in Economics from Yale University and an M.B.A. in Analytic Finance from the University of Chicago.

Mitch also is a Portfolio Manager for the Zacks Small Cap Core Fund ( ZSCCX ).

Key Market Reports and Commentary for Wednesday 21/08/2013

Morning Markets Report
Prepared on Wednesday, August 21, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has slid 29 points to 14956. The US Dollar Index moved higher by 0.111 points to 81.056. Gold is dropping 10.65 dollars to 1361.41. Silver is declining 0.1897 dollars to 22.9183. The Dow Industrials trended lower by 7.75 points, at 15002.99, while the S&P 500 moved higher by 6.29 points, last seen at 1652.35. The Nasdaq Composite trended higher 25.80 points to 3614.89. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Know the Zone & Improve Your Gap Trading
Wednesday Aug 21st

Did You Miss Adam On CNBC’s Street Signs Today? (Updated With Video)
Tuesday Aug 20th

Poll: Where’s the market heading this week?
Tuesday Aug 20th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 471.9)

Market Composite Index Cur Chg (previous -4.7%)

Purchase Index (S.A.) (previous 182.7)

Purchase Index (S.A.) Cur Chg (previous -5.4%)

Refinance Index (previous 2145.3)

Refinance Index Cur Chg (previous -4.4%)

10:00 AM ET. July Existing Home Sales

Total Sales (previous 5.08M)

Percent Change (previous -1.2%)

Month’s Supply (previous 5.2)

Median Price (previous 214200)

Median Price – Yrly % Chg (previous +13.5%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 360.49M)

Crude Oil Stocks (Net Change) (previous -2.81M)

Gasoline Stocks (previous 222.43M)

Gasoline Stocks (Net Change) (previous -1.17M)

Distillate Stocks (previous 128.48M)

Distillate Stocks (Net Change) (previous +2.03M)

Refinery Usage (previous 89.4%)

Total Products Supplied (previous 9.09M)

Total Products Supplied (Net Change) (previous -0.6M)

2:00 PM ET. Federal Open Market Committee meeting minutes

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

Corn, In Metric Tons (previous 777K)

Soybeans, In Metric Tons (previous 1882.9K)

Wheat, In Metric Tons (previous 495.7K)

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

Weekly Jobless Claims (previous 320K)

Weekly Jobless Claims Net Change (previous -15K)

Cont Jobless Claims (prior week) (previous 2969000)

Cont Jobless Claims Net Chg (prior week) (previous -54K)

9:00 AM ET. Aug US Flash Manufacturing PMI

9:00 AM ET. 2nd Quarter U.S. Quarterly House Price Index

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

House Price Index (previous 201.8)

House Price Index (MoM) (previous +0.7%)

House Price Index (YoY) (previous +7.3%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

Leading Index (previous +0%)

Coincident Index (previous +0.2%)

Lagging Index (previous +0.3%)

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous -0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (previous 3006B)

Total Working Gas in Storage (Net Change) (previous +65B)

11:00 AM ET. Aug Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

Manufacturing Activity Index (previous 21)

Manufacturing Activity Index (6 Mon) (previous 17)

Manufacturing Composite Index (previous 6)

6-Month Composite Expectations Index (previous 7)

4:30 PM ET. Money Stock

10:00 AM ET. July Mass Layoffs

10:00 AM ET. July New Residential Sales

Overall Sales (previous 497K)

Percent Change (previous +8.3%)

Months’ Supply (previous 3.9)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.056 +0.111 +0.14%
POWERSHARES DB US DOLLAR INDEX 21.8671 -0.1029 -0.47%
US Dollar/Canadian Dollar 1.04260 +0.00080 +0.08%
Euro/US Dollar 1.34050 -0.00131 -0.10%
JAPANESE YEN Sep 2013 0.010262 -0.000024 -0.23%
SWISS FRANC Sep 2013 1.0877 -0.0030 -0.28%

CURRENCIES

September Dollar closed lower on Tuesday as it extends the decline off July’s high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging and have turned bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, June’s low crossing at 80.61 is the next downside target. Closes above last Thursday’s high crossing at 81.99 are needed to confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 81.99. Second resistance is August’s high crossing at 82.61. First support is today’s low crossing at 80.77. Second support is June’s low crossing at 80.61.

The September Euro closed higher on Tuesday as it extends the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but have turned bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off July’s low, the 75% retracement level of the February-July decline crossing at 134.65 is the next upside target. Closes below the 20-day moving average crossing at 133.01 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the February-July decline crossing at 134.65. Second resistance is the 87% retracement level of the February-July decline crossing at 135.84. First support is the 20-day moving average crossing at 133.01. Second support is the reaction low crossing at 131.87.

The September British Pound closed higher on Tuesday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’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 September extends the rally off July’s low, June’s high crossing at 1.5743 is the next upside target. Closes below the 20-day moving average crossing at 1.5425 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.5695. Second resistance is June’s high crossing at 1.5743. First support is the 20-day moving average crossing at 1.5425. Second resistance is the reaction low crossing at 1.5200.

The September Swiss Franc closed higher on Tuesday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at .10962 is the next upside target. Closes below last Thursday’s low crossing at .10644 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10936. Second resistance is June’s high crossing at .10962. First support is last Thursday’s low crossing at .10644. Second support is the reaction low crossing at .10555.

The September Canadian Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 95.64 are needed to confirm that a short-term top has been posted. If September renews the rally off August’s low, July’s high crossing at 97.49 is the next upside target. First resistance is July’s high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is the reaction low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen closed higher on Tuesday. The high-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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at .10217 would confirm that a short-term top has been posted. If September renews the rally off July’s low, June’s high crossing at .10669 is the next upside target. First resistance is the reaction high crossing at .10440. Second resistance is June’s high crossing at .10669. First support is the 20-day moving average crossing at .10217. Second support is the reaction low crossing at .10002.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 104.71 -0.40 -0.38%
NEW YORK HARBOR ULSD Oct 2013 3.0738 -0.0114 -0.37%
NATURAL GAS Nov 2013 3.636 +0.035 +0.97%
RBOB GASOLINE Oct 2013 2.8196 +0.0012 +0.04%
POWERSHARES DYNAMIC ENERGY 48.8710 +0.3224 +0.66%
UNITED STATES GASOLINE 60.1380 +0.1980 +0.33%

ENERGIES

September crude oil closed sharply lower due to profit taking on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 102.22 would confirm that a short-term top has been posted. Closes above July’s high crossing at 108.93 would renew this summer’s rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. First resistance is July’s high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is the reaction low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, August’s high crossing at 310.71 is the next upside target. Closes below the 10-day moving average crossing at 303.36 would confirm that a short-term top has been posted. First resistance is August’s high crossing at 310.71. Second resistance is July’s high crossing at 313.22. First support is the 10-day moving average crossing at 303.36. Second support is August’s low crossing at 291.93.

September unleaded gas closed lower on Tuesday as it consolidated some of the rally off August’s low. The mid-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 10-day moving average crossing at 292.83 are needed to confirm that a short-term top has been posted. If September extends the rally off August’s low, August’s high crossing at 304.56 is the next upside target. First resistance is August’s high crossing at 304.56. Second resistance is July’s high crossing at 309.17. First support is the 10-day moving average crossing at 292.83. Second support is the 50% retracement level of the June-July rally crossing at 285.24.

September Henry natural gas closed lower due to profit taking on Tuesday but remains above the 20-day moving average crossing at 3.401. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends Monday’s rally, the 38% retracement level of the May-August decline crossing at 3.662 is the next upside target. Closes below the 10-day moving average crossing at 3.339 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 3.501. Second resistance is the 38% retracement level of the May-August decline crossing at 3.662. First support is the 10-day moving average crossing at 3.339. Second support is August’s low crossing at 3.129.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2495 -25 -1.00%
COFFEE Dec 2013 119.25 +0.45 +0.38%
ORANGE JUICE-A Nov 2013 134.90 -1.00 -0.74%
IPATH DJ-UBS SUGAR TRUST 59.0201 -0.3899 -0.68%
IPATH DJ-UBS SOFTS TRUST 48.06 +0.10 +0.21%

FOOD & FIBER

September coffee closed sharply lower on Tuesday as it renewed this summer’s decline. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today’s close below the reaction low crossing at 11.93 confirms that a short-term top has been posted. Closes above the 10-day moving average crossing at 120.92 would confirm that a low has been posted.

September cocoa closed higher on Tuesday as it extended last week’s trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target. Closes below the 20-day moving average crossing at 23.89 would confirm that a short-term top has been posted.

October sugar closed lower on Tuesday and the low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends this week’s decline, the reaction low crossing at 16.09 is the next downside target. Closes above the 10-day moving average crossing at 16.93 would confirm that a low has been posted.

October cotton closed limit down on Tuesday as it consolidated some of the rally off May’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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 88.13 would confirm that a short-term top has been posted. If October renews the rally off July’s low, weekly resistance crossing at 95.00 is the next upside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 478.00 +2.50 +0.53%
OATS Dec 2013 334.25 -2.00 -0.60%
WHEAT Dec 2013 651.0 +5.0 +0.77%
TEUCRIUM CORN 36.04 -0.59 -1.64%
IPATH DJ-UBS GRAINS TRUST 47.0000 -0.3190 -0.69%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2826 -0.0874 -1.39%
SOYBEANS Nov 2013 1305.50 +15.00 +1.16%
SOYBEAN (MINI) Nov 2013 1305.625 +15.125 +1.17%
SOYBEAN MEAL Dec 2013 407.0 +5.0 +1.24%
TEUCRIUM SOYBEAN 23.8328 +0.5828 +2.47%

GRAINS

Corn closed down 10-cents at 4.75 1/2.

December corn closed lower due to profit taking on Tuesday as it consolidates some of the rally off last week’s low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends Monday’s rally, psychological resistance crossing at 5.00 is the next upside target. Closes below the 10-day moving average crossing at 4.63 1/2 would signal that a short-term top has been posted. If December renews this summer’s decline, weekly support crossing at 4.33 1/2 is the next downside target. First resistance is today’s high crossing at 4.86 3/4. Second resistance is psychological resistance crossing at 5.00. First support is the 10-day moving average crossing at 4.63 1/2. Second support is last Tuesday’s low crossing at 4.45 3/4.

December wheat closed down 7 1/2-cents at 6.46.

December wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night 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 6.57 are needed to confirm that a short-term low has been posted. If December extends this year’s decline, weekly support crossing at 6.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 6.57. Second resistance is the reaction high crossing at 6.79 3/4. First support is last Wednesday’s low crossing at 6.35 1/2. Second support is weekly support crossing at 6.25 3/4.

December Kansas City Wheat closed down 8 3/4-cents at 6.98 3/4.

December Kansas City wheat closed lower due to profit taking on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.06 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.06 3/4. Second resistance is the reaction high crossing at 7.25. First support is today’s low crossing at 6.98 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed down 6 1/2-cents at 7.39.

December Minneapolis wheat closed lower on Monday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 7.44 3/4 are needed to confirm that a low has been posted. If December renews the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.44 3/4. Second resistance is the reaction high crossing at 7.88 1/2. First support is last Wednesday’s low crossing at 7.35. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans closed down 12 3/4-cents at 12.90 1/2.

November soybeans closed lower due to profit taking on Tuesday as it consolidates some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’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 November extends the rally off last week’s low, June’s high crossing at 13.33 is the next upside target. Closes below the 20-day moving average crossing at 12.20 1/4 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 13.09 3/4. Second resistance is June’s high crossing at 13.33. First support is the 20-day moving average crossing at 12.20 1/4. Second support is August’s low crossing at 11.62 1/2.

December soybean meal closed down $2.20 at 402.00.

December soybean meal closed lower due to profit taking on Tuesday as it consolidates some of the rally off August’s low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 439.20 is the next upside target. Closes below the 20-day moving average crossing at 369.50 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 407.10. Second resistance is weekly resistance crossing at 439.20. First support is the 20-day moving average crossing at 369.50. Second support is the reaction low crossing at 354.60.

December soybean oil closed down 60 pts. at 43.18.

December soybeans closed lower on Tuesday. The low-range close sets the stage for a steady to lower 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. If December extends this month’s rally, the 25% retracement level of this year’s decline crossing at 44.75 is the next upside target. If December renews this year’s decline, weekly support crossing at 40.56 is the next downside target. First resistance is Monday’s high crossing at 43.98. Second resistance is the 25% retracement level of this year’s decline crossing at 44.75. First support is August’s low crossing at 41.85. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15002.99 -7.75 -0.05%
NASDAQ COMPOSITE INDEX (COMBINED) 3614.89 +25.80 +0.71%
S&P 500 CASH 1652.35 +6.29 +0.38%
SPDR S&P 500 165.62 +0.85 +0.51%
QQQQ VOLATILITY INDEX 14.21 -0.41 -2.88%
iShares RUSSELL 2000 INDEX 102.110 +1.462 +1.43%

U.S. STOCK INDEXES

September NASDAQ 100 closed higher due to short covering on Tuesday as it consolidates above the 25% retracement level of the June-August rally crossing at 3065.37. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August’s high, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. If September renews the rally off June’s low, monthly resistance crossing at 3329.82 is the next upside target. First resistance is August’s high crossing at 3144.25. Second resistance is monthly resistance crossing at 3329.82. First support is Monday’s low crossing at 3060.25. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 closed higher due to short covering on Tuesday as it consolidates some of this month’s decline. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August’s high, the 50% retracement level of the June-August rally crossing at 1629.45 is the next downside target. Closes above the 20-day moving average crossing at 1681.81 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1681.81. Second resistance is August’s high crossing at 1705.00. First support is today’s low crossing at 1641.20. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.

The Dow closed higher due to short covering on Tuesday as it consolidates some of the decline off this month’s high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month’s decline, the 62% retracement level of the July-August rally crossing at 14,975 is the next downside target. Closes above the 20-day moving average crossing at 15,423 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 15,285. Second resistance is the 20-day moving average crossing at 15,423. First support is the 62% retracement level of the July-August rally crossing at 14,975. Second support is the 75% retracement level of the June-July rally crossing at 14,830.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 131.21875 -0.12500 -0.10%
iShares FLOATING RATE NOTE 50.6571 +0.0071 +0.01%
5 YEAR T-NOTES Sep 2013 120.687500 -0.023438 -0.02%
ULTRA T-BONDS Sep 2013 138.9375 -0.1875 -0.13%
POWERSHARES SENIOR LOAN PORTF 24.690 +0.160 +0.65%

INTEREST RATES

T-bonds closed up 29/32 at 131-09.

September T-bonds closed higher due to short covering on Tuesday as it consolidates some of this month’s decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If September extends the decline off July’s high, weekly support crossing at 125-29 is the next downside target. Closes above the 20-day moving average crossing at 133-06 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 133-06. Second resistance is the reaction high crossing at 135-02. First support is Monday’s low crossing at 130-05. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 158.250 +0.300 +0.19%
LEAN HOGS Oct 2013 86.85 -0.10 -0.12%
LIVE CATTLE Oct 2013 128.15 +0.05 +0.04%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.2496 +0.0896 +0.33%

LIVESTOCK

hogs closed up $0.47 at $86.95.

October hog closed higher on Tuesday ending a three-day decline off last week’s high. The mid-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. 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 85.58 would confirm that a short-term top has been posted. If October extends the rally off July’s low, last November’s high crossing at 88.90 is the next upside target. First resistance is last Wednesday’s high crossing at 87.80. Second resistance is last November’s high crossing at 88.90. First support is the 10-day moving average crossing at 86.34. Second support is the 20-day moving average crossing at 85.58.

October cattle closed up $0.08 at 128.15.

October cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 126.34 are needed to confirm that a top has been posted. If October extends this month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. First resistance is the 50% retracement level of the December-May decline crossing at 128.95. Second resistance is the 62% retracement level of the December-May decline crossing at 130.76. First support is the 20-day moving average crossing at 126.34. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.35 at $160.47.

October Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off May’s low, January’s high crossing at 163.95 is the next upside target. Closes below the 20-day moving average crossing at 159.33 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 160.70. Second resistance is January’s high crossing at 163.95. First support is the 20-day moving average crossing at 159.33. Second support is the reaction low crossing at 158.70.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1367.3 -5.3 -0.39%
SPDR GOLD SHARES 132.44 +0.43 +0.32%
SILVER Sep 2013 23.060 -0.011 -0.05%
PALLADIUM Sep 2013 747.90 -1.75 -0.23%
DIREXION DAILY GOLD MINERS BEA 22.74 -2.88 -12.63%
POWERSHARES DB PRECIOUS METALS 45.41 +0.10 +0.22%

PRECIOUS METALS

October gold closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday’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 October extends the aforementioned rally, June’s high crossing at 1424.00 is the next upside target. Closes below the 20-day moving average crossing at 1325.40 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 1382.40. Second resistance is June’s high crossing at 1424.00. First support is the 20-day moving average crossing at 1325.40. Second resistance is the reaction low crossing at 1272.10.

September silver closed lower due to light profit taking on Tuesday as it consolidated some of the rally off June’s low. The high-range close set the stage for a steady to higher opening when Wednesday’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 September extends the rally off June’s low, the 38% retracement level of the September-June decline crossing at 24.704 is the next upside target. Closes below the 20-day moving average crossing at 20.746 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 23.605. Second resistance is the 38% retracement level of the September-June decline crossing at 24.704. First support is the 10-day moving average crossing at 21.703. Second support is the 20-day moving average crossing at 30.746.

September copper closed slightly higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday’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 September extends the rally off June’s low, June’s high crossing at 341.25 is the next upside target. Closes below the 20-day moving average crossing at 322.47 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 338.00. Second resistance is June’s high crossing at 341.25. First support is the 10-day moving average crossing at 330.77. Second support is the 20-day moving average crossing at 322.47.


 

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1. FB FACEBOOK 38.41 +0.60 +1.56% 47,447,750 +100    Entry Signal
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3. AAPL APPLE 501.35 -6.39 -1.28% 12,334,134 +90    Entry Signal
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6. P PANDORA MEDIA 21.335 +0.165 +0.77% 9,110,332 +90    Entry Signal
7. TJX TJX COMPANIES 54.2599 +3.5099 +6.47% 7,744,729 +100    Entry Signal
8. IAG IAMGOLD 6.455 +0.295 +4.57% 7,506,230 +90    Entry Signal
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1. EC.U13 EURO FX Sep 2013 1.3421 +0.0077 +0.57% 244,413 +100    Entry Signal
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4. SM.U13 SOYBEAN MEAL Sep 2013 413.8 -6.5 -1.57% 12,202 +90    Entry Signal
5. GE.U13.E EURODOLLAR Sep 2013 99.7325 +0.0025 0.00% 7,078 +90    Entry Signal
6. ZM.Z13.E SOYBEAN MEAL Dec 2013 407.0 +5.0 +1.24% 5,721 +100    Entry Signal
7. LC.Z13 LIVE CATTLE Dec 2013 130.575 +0.125 +0.10% 4,224 +100    Entry Signal
8. LE.Z13.E LIVE CATTLE Dec 2013 130.675 +0.100 +0.08% 194 +100    Entry Signal
9. LC.G14 LIVE CATTLE Feb 2014 132.000 -0.025 -0.02% 2,829 +100    Entry Signal
10. LE.G14.E LIVE CATTLE Feb 2014 132.000 -0.025 -0.02% 2,415 +90    Entry Signal

Key Market Reports and Commentary for Tuesday 18/06/2013

Morning Markets Report
Prepared on Tuesday, June 18, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has gained 15 points to 15205. The US Dollar Index climbed 0.130 points to 80.763. Gold is dropping 6.39 dollars to 1376.80. Silver 0.1055 dollars to 21.7700. The Dow Industrials climbed 109.67 points, at 15179.85, while the S&P 500 gained 12.31 points, last seen at 1639.04. The Nasdaq Composite rose 27.48 points to 3451.04. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Today’s Video Update: What Goes Up, Must Come Down…Right?
Monday Jun 17th

Apple details government requests for data
Monday Jun 17th

The Hindenburg Omen Is Flashing: Is It Time To Sell?
Saturday Jun 15th

Key Events for Tuesday

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -2.7%)

Chain Store Sales Index – YoY (previous +2.2%)

8:30 AM ET. May CPI

CPI (expected +0.2%; previous -0.4%)

CPI Core (expected +0.2%; previous +0.1%)

CPI Energy Index (previous -4.3%)

CPI Food Index (previous +0.2%)

CPI Real Average Weekly Earnings (previous +0%)

8:30 AM ET. May Real Earnings

8:30 AM ET. May New Residential Construction – Housing Starts and Building Permits

Total Starts (expected 950K; previous 853K)

Starts Percent Change (expected +11.4%; previous -16.5%)

Building Permits (expected 970K; previous 1.02M)

Building Permits Pe rcent Change (expected -3%; previous +14.3%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -0.5%)

12MonChgPct (previous +2.8%)

52WkChgPct (previous +2.8%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +8.97M)

Gasoline Stocks (Net Change) (previous +1.04M)

Distillate Stocks (Net Change) (previous +0.2M)

Refinery Runs (previous 87.4%)

N/A U.S. Federal Open Market Committee meeting


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 80.763 +0.130 +0.17%
POWERSHARES DB US DOLLAR INDEX 21.85 -0.03 -0.14%
US Dollar/Canadian Dollar 1.02036 +0.00206 +0.20%
Euro/US Dollar 1.33790 +0.00250 +0.19%
JAPANESE YEN Sep 2013 0.010498 -0.000049 -0.46%
SWISS FRANC Sep 2013 1.0870 +0.0043 +0.40%

CURRENCIES

The September Dollar closed higher on Monday as it consolidates some of the decline off May’s high. The high-range close sets the stage for a steady to higher opening when Tuesday’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 September extends the decline off May’s high, the 87% retracement level of the February-May rally crossing at 80.14 is the next downside target. Closes above the 20-day moving average crossing at 82.81 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.68. Second resistance is the 20-day moving average crossing at 82.81. First support is last Thursday’s low crossing at 80.71. Second support is the 87% retracement level of the February-May rally crossing at 80.14.

The September Euro closed slightly lower on Monday as it consolidates around the 62% retracement level of the February-April decline crossing at 133.47. The mid-range close sets the stage for a steady opening when Tuesday’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 September extends this month’s rally, the 75% retracement level of the February-April decline crossing at 134.70 is the next upside target. Closes below the 20-day moving average crossing at 131.05 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 133.98. Second resistance is the 75% retracement level of the February-April decline crossing at 134.70. First support is the 10-day moving average crossing at 132.63. Second support is the 20-day moving average crossing at 131.05.

The September British Pound closed slightly lower on Monday due to profit taking as it consolidated some of the rally off May’s low. The low-range close sets the stage for a steady to lower opening when Tuesday’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 September extends this month’s rally, the 75% retracement level of the February-March decline crossing at 1.5909 is the next upside target. Closes below the 20-day moving average crossing at 1.5363 are needed to confirm that a top has been posted. First resistance is today’s high crossing at 1.5743. Second resistance is the 75% retracement level of the February-March decline crossing at 1.5909. First support is the 10-day moving average crossing at 1.5577. Second support is the 20-day moving average crossing at 1.5363.

The September Swiss Franc closed lower due to profit taking on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday’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 September extends the rally off May’s low, February’s high crossing at .11048 is the next upside target. Closes below the 20-day moving average crossing at .10571 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at .10962. Second resistance is February’s high crossing at .11048. First support is the 10-day moving average crossing at .10762. Second support is the 20-day moving average crossing at .10571.

The September Canadian Dollar closed lower due to profit taking on Monday as it consolidates some of the rally off May’s low. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signalin g that sideways to higher prices are possible near-term. If September extends the rally off May’s low, the 62% retracement level of the January-May decline crossing at 99.06 is the next upside target. Closes below the 20-day moving average crossing at 97.07 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 98.46. Second resistance is the 62% retracement level of the January-May decline crossing at 99.77. First support is the 10-day moving average crossing at 97.50. Second support is the 20-day moving average crossing at 97.07.

The September Japanese Yen posted an inside day with a lower close on Monday as it consolidated some of the rally off May’s low. The mid-range close sets the stage for a steady opening when Tuesday’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 September extends the rally off May’ s low, April’s high crossing at .10810 is the next upside target. Closes below the 20-day moving average crossing at .10096 would confirm that a short-term top has been posted. First resistance is April’s high crossing at .10810. Second resistance is the 38% retracement level of the 2012-2013-decline crossing at .10914. First support is the 10-day moving average crossing at .10335. Second support is the 20-day moving average crossing at .10096.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Aug 2013 97.79 -0.24 -0.24%
NEW YORK HARBOR ULSD Jul 2013 2.9449 -0.0054 -0.18%
NATURAL GAS Sep 2013 3.911 +0.015 +0.38%
RBOB GASOLINE Jul 2013 2.8555 -0.0006 -0.02%
POWERSHARES DYNAMIC ENERGY 49.475 +0.592 +1.20%
UNITED STATES GASOLINE 57.5353 -0.0947 -0.17%

ENERGIES

July crude oil closed unchanged on Monday as it consolidated some of the rally off June’s low. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, February’s high crossing at 99.77 is the next upside target. Closes below the 20-day moving average crossing at 95.01 would temper the near-term friendly outlook. First resistance is today’s high crossing at 98.74. Second resistance is February’s high crossing at 99.77. First support is the 10-day moving average crossing at 95.72. Second support is the 20-day moving average crossing at 95.01.

July heating oil closed lower due to profit taking on Monday after testing the 5 0% retracement level of the February-April decline crossing at 297.46. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off June’s low, the 62% retracement level of the February-April decline crossing at 303.25 is the next upside target. Closes below the 20-day moving average crossing at 288.20 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the February-April decline crossing at 297.46. Second resistance is the 62% retracement level of the February-April decline crossing at 303.25. First support is the 20-day moving average crossing at 288.20. Second support is June’s low crossing at 276.40.

July unleaded gas closed lower due to profit taking on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session b egins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends today’s rally, the 50% retracement level of the February-May decline crossing at 292.76 is the next downside target. Closes below last Tuesday’s low crossing at 278.53 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 291.93. Second resistance is 50% retracement level of the February-May decline crossing at 292.76. First support is last Tuesday’s low crossing at 278.53.Second support is June’s low crossing at 273.70.

July Henry natural gas closed higher on Monday and above the 10-day moving average crossing at 3.839 signals that a short-term low might be in or is near. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving aver age crossing at 4.000 would confirm that a short-term low has been posted. If July extends the decline off May’s high, the 75% retracement level of this year’s rally crossing at 3.626 is the next downside target. First resistance is today’s high crossing at 3.899. Second resistance is the 20-day moving average crossing at 4.000. First support is last Wednesday’s low crossing at 3.710. Second support is the 75% retracement level of this year’s rally crossing at 3.626.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2013 2218 +3 +0.14%
COFFEE Sep 2013 123.15 -0.10 -0.08%
ORANGE JUICE-A Sep 2013 146.40 -0.85 -0.58%
IPATH DJ-UBS SUGAR TRUST 59.97 +0.22 +0.37%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.65%

FOOD & FIBER

September coffee closed lower on Monday and is poised to renew this year’s decline. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May’s high, weekly support crossing at 11.33 is the next downside target. Closes above the 20-day moving average crossing at 12.93 are needed to confirm that a short-term low has been posted.

September cocoa closed sharply lower on Monday as it extends last week’s decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends today’s decline, May’s low c rossing at 21.98 is the next downside target. If September renews this month’s rally, May’s high crossing at 24.43 is July’s next upside target.

October sugar closed higher on Monday as it extends last Friday’s close above the 20-day moving average crossing at 16.90 confirming that a short-term low has been posted. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible. If October extends today’s rally, May’s high crossing at 18.21 is the next upside target. If October extends this year’s decline, the contract low crossing at 16.15 is the next downside target.

July cotton closed sharply lower due to profit taking on Monday as it consolidates some of the rally off May’s low. 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 higher prices are possible near-term. If July extends this month’s rally, March’s high crossing at 94.20 is the next upside target. Closes below the 20-day moving average crossing at 84.66 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 539.00 +0.50 +0.09%
OATS Dec 2013 388.50 +3.00 +0.78%
WHEAT Sep 2013 694.75 +7.00 +1.01%
TEUCRIUM CORN 40.7500 +0.4900 +1.19%
IPATH DJ-UBS GRAINS TRUST 50.90 +0.01 +0.02%
ELEMENTS MLCX GRAINS INDEX TRUST 6.9499 +0.0531 +0.78%
SOYBEANS Nov 2013 1291.25 +5.75 +0.45%
SOYBEAN (MINI) Nov 2013 1285.500 -12.750 -0.99%
SOYBEAN MEAL Dec 2013 380.0 +3.2 +0.85%
TEUCRIUM SOYBEAN 24.511 -0.179 -0.73%

GRAINS

July Corn closed up 13 1/2-cents at 6.68 1/2.

July corn closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI and are turning neutral signaling that sideways to higher prices are possible near-term. If July renews the rally off April’s low, the April 1st gap crossing at 6.76 is the next upside target. If July renews last week’s decline, the reaction low crossing at 6.32 1/2 is the next downside target. First resistance is the reaction high crossing at 6.74. Second resistance is the April 1st gap crossing at 7.76. First support is the reaction low crossing at 6.32 1/2. Second support is the reaction low crossing at 6.25.

July wheat closed down a 1/4-cents at 6.80 1/2.

July wheat closed fractionally lower on Monday. T he mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, April’s low crossing at 6.64 3/4 is the next downside target. Closes above the 20-day moving average crossing at 6.94 1/4 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 7.14 1/2. Second resistance is the reaction high crossing at 7.27 3/4. First support is May’s low crossing at 6.74. Second support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed up 2 1/4-cents at 7.13 3/4.

July Kansas City wheat closed higher on Monday as it consolidated some of this month’s decline. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible n ear-term. If July extends the decline off April’s high, the May 2012-low crossing at 6.83 is the next downside target. Closes above the 20-day moving average crossing at 7.37 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.37 1/2. Second resistance is the reaction high crossing at 7.55 3/4. First support is last Thursday’s low crossing at 7.10 1/2. Second support is last May’s low crossing at 6.83.

July Minneapolis wheat closed down 3 3/4-cents at 8.00 1/4.

July Minneapolis wheat closed lower on Monday as it extended last week’s decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 8.00 1/4 are needed to confirm a downside breakout of May’s trading range while opening the door for additional weakness near-term. If July renews the rally off April’s low, the 38% retracement level of the July-April decline crossing at 8.53 1/4 is the next upside target. First resistance is April’s high crossing at 8.34 1/2. Second support is the 38% retracement level of the July-April decline crossing at 8.53 1/4. First support is the reaction low crossing at 8.00 1/4. Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX

July soybeans closed down 4-cents at 15.12 1/2.

July soybeans closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 15.10 1/2 would confirm that a short-term top has been posted. If July renews the rally off April’s low, the 87% retracement level of the aforementioned decline crossing at 15.73 1/2 is the next upside target. Fir st resistance is last Wednesday’s high crossing at 15.58 3/4. Second resistance is the 87% retracement level of the aforementioned decline crossing at 15.72. First support is the 20-day moving average crossing at 15.10 1/2. Second support is the reaction low crossing at 14.71 1/4.

July soybean meal closed down $1.60 at 449.10.

July soybean meal closed lower due on Monday as it extended last week’s decline. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 447.40 are needed to confirm that a short-term top has been posted. If July renews the rally off April’s low, weekly resistance crossing at 471.00 is the next upside target. First resistance is last Wednesday’s high crossing at 469.90. Second resistance is weekly resistance crossing at 471.00. First support is the 20- day moving average crossing at 447.40. Second support is the reaction low crossing at 427.00.

July soybean oil closed up 36 pts. at 48.84.

July soybean closed higher on Monday and above the 20-day moving average crossing at 48.69 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’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. If July renews this year’s decline, the 62% retracement level of the 2010-2011-rally crossing at 46.83 is the next downside target. First resistance is today’s high crossing at 48.94. Second resistance is the reaction high crossing at 50.23. First support is last Thursday’s low crossing at 47.70. Second support is the 62% retracement level of the 2010-2011-rally crossing at 46.83.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15179.85 +109.67 +0.72%
NASDAQ COMPOSITE INDEX (COMBINED) 3451.04 +27.48 +0.80%
S&P 500 CASH 1639.04 +12.31 +0.75%
SPDR S&P 500 164.3663 +1.1913 +0.72%
QQQQ VOLATILITY INDEX 15.41 -0.19 -1.23%
iShares RUSSELL 2000 INDEX 98.310 +0.599 +0.61%

U.S. STOCK INDEXES

The September NASDAQ 100 closed higher on Monday as it extends the rebound off last Thursday’s low. The mid-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2974.27 would confirm that a low has been posted. If September extends the decline off May’s high, the 38% retracement level of the November-May rally crossing at 2838.86 is the next downside target. First resistance is the 20-day moving average crossing at 2974.27. Second resistance is May’s high crossing at 3044.00. First support is the 25% retracement level of the November-May rally crossing at 2910.43. Second support is the 38% retrac ement level of the November-May rally crossing at 2838.86.

The September S&P 500 closed higher on Monday as it extends the rally off last Thursday’s low. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are diverging but have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1633.22 would confirm that a short-term low has been posted. If September renews the decline off May’s high, the 38% retracement level of the November-May rally crossing at 1545.59 is the next downside target. First resistance is the 20-day moving average crossing at 1633.22. Second resistance is May’s high crossing at 1678.00. First support is the 25% retracement level of the November-May rally crossing at 1591.35. Second support is the 38% retracement level of the November-May rally crossing at 1545.59.

The Dow closed higher on Mond ay as it extends the rebound off last Thursday’s low. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 15,211 are needed to confirm that a short-term low has been posted. If the Dow renews the decline off May’s high, the 25% retracement level of the November-May rally crossing at 14,776 is the next downside target. First resistance is the 20-day moving average crossing at 15,211. Second resistance is May’s high crossing at 15,542. First support is the reaction low crossing at 14,844. Second support is the 25% retracement level of the November-May rally crossing at 14,776.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 139.25000 -0.28125 -0.20%
iShares FLOATING RATE NOTE 50.659 -0.011 -0.02%
5 YEAR T-NOTES Sep 2013 122.429688 -0.070313 -0.06%
ULTRA T-BONDS Sep 2013 150.71875 -0.37500 -0.25%
POWERSHARES SENIOR LOAN PORTF 24.856 -0.004 -0.02%

INTEREST RATES

September T-bonds closed down 27/32’s at 139-17.

September T-bonds closed lower on Monday as it consolidated some of last week’s rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 140-20 would confirm that a short-term low has been posted. If September renews the decline off May’s high, weekly support crossing at 135-04 is the next downside target. First resistance is the 20-day moving average crossing at 140-20. Second resistance is the reaction high crossing at 142-15. First support is last Tuesday’s low crossing at 137-25. Second support is weekly support crossing at 135-04.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2013 144.525 +1.125 +0.78%
LEAN HOGS Aug 2013 96.975 +0.325 +0.34%
LIVE CATTLE Aug 2013 119.075 -0.175 -0.15%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.615 +0.145 +0.54%

LIVESTOCK

July hogs closed down $0.07 at $97.95.

July hogs closed lower on Monday as it consolidated some of the rally off March’s low. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but are turning bearish hinting that a short-term top might be in or is near. Closes below gap support crossing at 96.30 would confirm that a short-term top has been posted. If July renews the rally off March’s low, last December’s high crossing at 101.30 is the next upside target. First resistance is last Tuesday’s high crossing at 99.90. Second resistance is last December’s high crossing at 101.30. First support is the 10-day moving average crossing at 97.22. Second support is the gap crossing at 96.30.

August cattle closed up $0.92 at 119.25.

August cattle clo sed higher due to short covering on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If August renews this year’s decline, weekly support crossing at 115.44 is the next downside target. If August renews the rally off May’s low, the reaction high crossing at 121.55 is the next upside target. First resistance is the reaction high crossing at 120.90. Second resistance is the reaction high crossing at 121.55. First support is May’s low crossing at 117.90. Second support is weekly support crossing at 115.44.

August feeder cattle closed up $1.12 at $144.52.

August Feeder cattle closed higher due to short covering on Monday and the high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the rally off May’s low, the reaction high crossing at 147.47 is the next upside target. If August renews this year’s decline, weekly support crossing at 132.45 is the next downside target. First resistance is the reaction high crossing at 147.47. Second resistance is the reaction high crossing at 149.80. First support is May’s low crossing at 142.50. Second support is weekly support crossing at 132.45.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2013 1374.1 -9.0 -0.65%
SPDR GOLD SHARES 133.8300 -0.6000 -0.45%
SILVER Jul 2013 21.665 -0.093 -0.43%
PALLADIUM Sep 2013 704.70 -13.15 -1.83%
DIREXION DAILY GOLD MINERS BEA 88.1101 -0.3799 -0.43%
POWERSHARES DB PRECIOUS METALS 45.3840 -0.3160 -0.69%

PRECIOUS METALS

August gold closed lower on Monday is it extends the trading range of the past four weeks. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If August renews this month’s decline, May’s low crossing at 1338.00 is the next downside target. Closes above the reaction high crossing at 1423.30 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1423.30. Second resistance is May’s high crossing at 1487.20. First support is May’s low crossing at 1336.30. Second support is April’s low crossing at 1321.50.

July silver closed lower on Monday. The mid-range close set the stage for a steady to lower opening when Tuesday’s ni ght session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews last week’s decline, May’s low crossing at 20.250 then the 75% retracement level of the 2008-2011-rally crossing at 19.316 are the next downside target. Closes above the reaction high crossing at 23.060 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 23.060. Second resistance is the reaction high crossing at 24.835. First support is May’s low crossing at 20.250. Second support is monthly support crossing at 18.756.

July copper closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’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 July extends the decline off June’s high, May’s low crossing at 304.65 is the next downsi de target. Closes above the 20-day moving average crossing at 329.01 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 329.01. Second resistance is May’s high crossing at 341.80. First support is last Thursday’s low crossing at 316.05. Second support is May’s low crossing at 304.65.


 

Top Stocks
# symbol name last net % volume score triangles
1. KNDI KANDI TECHNOLGIES GROUP 7.7810 +1.5110 +19.40% 11,052,777 +90    Entry Signal
2. BLC BELO 14.16 +0.15 +1.06% 7,951,526 +100    Entry Signal
3. HOV HOVNANIAN ENTERPRISES 6.37 +0.09 +1.41% 7,512,919 +90    Entry Signal
4. CLWR CLEARWIRE 4.615 -0.015 -0.32% 6,510,016 +100    Entry Signal
5. XEL XCEL ENERGY 29.49 +0.07 +0.24% 6,257,901 +100    Entry Signal
6. SE SPECTRA ENERGY 34.585 +0.245 +0.71% 6,239,966 +100    Entry Signal
7. GCI GANNETT 24.95 -0.04 -0.16% 6,164,083 +100    Entry Signal
8. NVE NV ENERGY 23.61 +0.04 +0.17% 5,323,210 +100    Entry Signal
9. CPN CALPINE 21.57 -0.16 -0.74% 4,714,066 +90    Entry Signal
10. LSI LSI CORP COMMON 7.41 +0.10 +1.35% 4,710,250 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. EC.U13 EURO FX Sep 2013 1.3348 +0.0001 +0.01% 173,366 +100    Entry Signal
2. LH.V13 LEAN HOGS Oct 2013 84.85 +0.50 +0.59% 5,266 +100    Entry Signal
3. LH.Z13 LEAN HOGS Dec 2013 81.975 +0.325 +0.40% 3,639 +100    Entry Signal
4. M6E.U13.E E-MICRO EUR/USD Sep 2013 1.3380 +0.0032 +0.24% 3,691 +100    Entry Signal
5. HE.Z13.E LEAN HOGS Dec 2013 81.975 +0.325 +0.40% 2,699 +100    Entry Signal
6. SM.U13 SOYBEAN MEAL Sep 2013 398.8 -4.5 -1.12% 2,424 +100    Entry Signal
7. ZQ.F14.E 30 DAY FED FUND Jan 2014 99.880 +0.005 +0.01% 2,323 +100    Entry Signal
8. HE.M13.E LEAN HOGS Jun 2013 102.300 +0.725 +0.71% 2,033 +100    Entry Signal
9. CL.Z13.E CRUDE OIL Dec 2013 96.51 -0.28 -0.29% 1,769 +100    Entry Signal
10. E7.U13.E EURO FX (E-MINI) Sep 2013 1.3380 +0.0032 +0.24% 1,770 +100    Entry Signal

Key Market Reports and Commentary for Wednesday 22/05/2013

W E D N E S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

KEY EVENTS TO WATCH FOR:
Wednesday, May 22, 2013

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 876.6)

Market Composite Index Cur Chg (previous -7.3%)

Purchase Index (S.A.) (previous 211.6)

Purchase Index (S.A.) Cur Chg (previous -4.1%)

Refinance Index (previous 4805.8)

Refinance Index Cur Chg (previous -8.1%)

10:00 AM ET. April Mass Layoffs

10:00 AM ET. April Existing Home Sales

Total Sales (expected 4.99M; previous 4.92M)

Percent Change (expected +1.4%; previous -0.6%)

Month’s Supply (previous 4.7)

Median Price (previous 184300)

Median Price – Yearly % Chg (previous +11.8%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 394.89M)

Crude Oil Stocks (Net Change) (previous -0.62M)

Gasoline Stocks (previous 217.66M)

Gasoline Stocks (Net Change) (expected -0.1M; previous +2.59M)

Distillate Stocks (previous 119.86M)

Distillate Stocks (Net Change) (expected -0.3M; previous +2.3M)

Refinery Usage (expected 87.8%; previous 88%)

Total Products Supplied (previous 18.52M)

Total Products Supplied (Net Change) (previous -0.58M)

2:00 PM ET. Federal Open Market Committee meeting minutes published

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

U.S. STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

The June NASDAQ 100 closed higher on Tuesday as it extends the rally off
April’s low. The high-range close sets the stage for a steady to higher opening
when Wednesday’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 June extends the aforementioned rally, weekly
resistance crossing at 3084.00 is the next upside target. Closes below the
20-day moving average crossing at 2938.82 would confirm that a short-term top
has been posted. First resistance is today’s high crossing at 3036.75. Second
resistance is weekly resistance crossing near 3084.00. First support is the
10-day moving average crossing at 2994.45. Second support is the 20-day moving
average crossing at 2938.82.

The June S&P 500 closed higher on Tuesday as it extends the rally off
November’s low. The high-range close sets the stage for a steady to higher
opening when Wednesday’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 June extends this year’s rally into uncharted
territory, upside targets will be hard to project. Closes below the 20-day
moving average crossing at 1619.31 would confirm that a short-term top has been
posted. First resistance is today’s high crossing at 1673.00. Second resistance
is will be hard to project with June extending this year’s rally into uncharted
territory. First support is the 10-day moving average crossing at 1646.15.
Second support is the 20-day moving average crossing at 1619.31.

The Dow closed higher on Tuesday posting a new all-time high as it extends
this year’s rally. Stochastics and the RSI are overbought but remain neutral to
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 Wednesday. If
the Dow 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 15,025 would confirm that a short-term top has been posted. First
resistance is today’s high crossing at 15,434. Second resistance will be hard
to project with the Dow trading into uncharted territory. First support is the
10-day moving average crossing at 15,222. Second support is the 20-day moving
average crossing at 15,025.

______________________________

_______________________________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds closed up 20/32’s at 144-12.

June T-bonds closed higher due to short covering on Tuesday as it
consolidated some of this month’s decline. The high-range close sets the stage
for a steady to higher opening on Wednesday. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If June extends the decline off May’s high, the 75%
retracement level of the March-May rally crossing at 142-24 is the next
downside target. Closes above the 20-day moving average crossing at 146-14
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 144-27. Second resistance is the 20-day
moving average crossing at 146-14. First support is today’s low crossing at
143-08. Second support is the 75% retracement level of the March-May rally
crossing at 142-24.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

June crude oil posted an inside day with a lower close on Tuesday as it
consolidated some of the rally off last Wednesday’s low. The mid-range close
sets the stage for a steady opening when Wednesday’s night session begins.
Stochastics and the RSI have turned bullish signaling that sideways to higher
prices are possible near-term. If June extends renews the rally off April’s
low, April’s high crossing at 98.06 is the next upside target. Closes below
last Wednesday’s low crossing at 92.13 would confirm that a short-term top has
been posted. First resistance is May’s high crossing at 97.17. Second
resistance is April’s high crossing at 98.06. First support is last Wednesday’s
low crossing at 92.13. Second support is the reaction low crossing at 90.11.

June heating oil posted an inside day with a lower close on Tuesday due to
profit taking. The low-range close sets the stage for a steady to lower opening
when Wednesday’s night session begins trading. Stochastics and the RSI are
diverging but are bullish signaling that sideways to higher prices are possible
near-term. If June extends the rally off April’s low, the 50% retracement level
of the February-April decline crossing at 298.06 is the next upside target.
Closes below last Wednesday’s low crossing at 281.93 are needed to confirm that
a top has been posted. First resistance is the 50% retracement level of the
February-April decline crossing at 298.06. Second resistance is 62% retracement
level of the February-April decline crossing at 304.20. First support is last
Wednesday’s low crossing at 281.93. Second support is the reaction low crossing
at 275.97.

June unleaded gas closed lower on Tuesday and below the 10-day moving
average crossing at 286.60 thereby increasing the odds that a short-term top
might be in or is near. The low-range close sets the stage for a steady to
lower opening when Wednesday’s night session begins trading. Stochastics and
the RSI are overbought, diverging but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If June extends the rally off
May’s low, the 50% retracement level of the February-May decline crossing at
296.45 is the next upside target. Closes below the 20-day moving average
crossing at 282.85 would signal that a low has been posted. First resistance is
last Friday’s high crossing at 292.76. Second resistance is 50% retracement
level of the February-May decline crossing at 296.67. First support is the
20-day moving average crossing at 283.48. Second support is last Wednesday’s
low crossing at 277.04.

June Henry natural gas closed higher on Tuesday and above the 20-day moving
average crossing at 4.092 confirming that a low has been posted. The high-range
close sets the stage for a steady to higher opening on Wednesday. Stochastics
and the RSI are bullish signaling that sideways to higher prices are possible
near-term. If June extends the rally off last week’s low, the reaction high
crossing at 4.444 is the next upside target. If June renews the decline off
May’s high, the 50% retracement level of this year’s rally crossing at 3.831 is
the next downside target. First resistance is today’s high crossing at 4.210.
Second resistance is May’s high crossing at 4.444. First support is the 50%
retracement level of this year’s rally crossing at 3.831. Second support is the
62% retracement level of this year’s rally crossing at 3.683.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar closed higher on Tuesday as it consolidates below the 87%
retracement level of the 2012-2013-decline crossing at 84.52.The low-range
close sets the stage for a steady to lower opening when Wednesday’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 June extends this month’s rally, the July 2012 high crossing at
85.29 is the next upside target. Closes below the 20-day moving average
crossing at 82.90 would confirm that a short-term top has been posted. First
resistance is last Friday’s high crossing at 84.52. Second resistance is the
July 2012 high crossing at 85.29. First support is the 10-day moving average
crossing at 83.49. Second support is the 20-day moving average crossing at
82.90.

The June Euro closed higher due to short covering on Tuesday as it
consolidated some of this month’s decline. The high-range close sets the stage
for a steady to higher opening when Wednesday’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 June extends the
decline off May’s high, April’s low crossing at 127.51 is the next downside
target. Closes above the 20-day moving average crossing at 130.20 are needed to
confirm that a low has been posted. First resistance is the 20-day moving
average crossing at 130.20. Second resistance is the reaction high crossing at
131.98. First support is last Friday’s low crossing at 127.98. Second support
is April’s low crossing at 127.51.

The June British Pound closed lower on Tuesday as it extended this month’s
decline. The high-range close sets the stage for a steady to higher opening
when Wednesday’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 June extends this month’s decline, the reaction low
crossing at 1.5027 is the next downside target. Closes above the 20-day moving
average crossing at 1.5391 are needed to confirm that a low has been posted.
First resistance is the 20-day moving average crossing at 1.5391. Second
resistance is May’s high crossing at 1.5603. First support is today’s low
crossing at 1.5110. Second support is the reaction low crossing at 1.5027.

The June Swiss Franc closed lower on Tuesday. The mid-range close sets the
stage for a steady opening when Wednesday’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 June extends the
decline off last week’s high, the July 2012 low crossing at .10148 is the next
downside target. Closes above the 20-day moving average crossing at .10545
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at .10419. Second resistance is the 20-day
moving average crossing at .10545. First support is last Friday’s low crossing
at .10245. Second support is the July 2012 low crossing at .10148.

The June Canadian Dollar closed lower on Tuesday but remains above the
March-April uptrend line. The high-range close sets the stage for a steady to
higher opening when Wednesday’s night session begins trading. Stochastics and
the RSI remain neutral to bearish signaling that additional weakness is
possible near-term. If June extends the decline off last September’s high, the
87% retracement level of 2012’s rally crossing at 96.20 is the next downside
target. Closes above the 20-day moving average crossing at 98.54 are needed to
confirm that a low has been posted. First resistance is the 20-day moving
average crossing at 98.54. Second resistance is May’s high crossing at 99.77.
First support is last Friday’s low crossing at 96.73. Second support is the 87%
retracement level of 2012’s rally crossing at 96.20.

The June Japanese Yen closed lower on Tuesday as it extends the trading
range of the past six days. The mid-range close sets the stage for a steady
opening when Wednesday’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 June extends this year’s decline, monthly
support crossing at .9421 is the next downside target. Closes above the 20-day
moving average crossing at .9991 would confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at .9831. Second
resistance is the 20-day moving average crossing at .9991. First support is
last Friday’s low crossing at .9681. Second support is monthly support crossing
at .9421.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold closed lower on Tuesday as it consolidated some of Monday’s rally.
The low-range close sets the stage for a steady to lower opening when
Wednesday’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 June extends this month’s decline, April’s low crossing
at 1321.50 is the next downside target. Closes above the 20-day moving average
crossing at 1435.70 are needed to confirm that a short-term low has been
posted. First resistance is the 20-day moving average crossing at 1435.70.
Second resistance is May’s high crossing at 1487.20. First support is Monday’s
low crossing at 1336.30. Second support is April’s low crossing at 1321.50.

July silver closed lower on Tuesday and the low-range close set the stage
for a steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI are oversold, diverging and are turning bullish
signaling that a low might be in or is near. Closes above the 20-day moving
average crossing at 23.462 are needed to confirm that a low has been posted. If
July extends this month’s decline, the 75% retracement level of the
2008-2011-rally crossing at 19.316 is the next downside target. First
resistance is the 20-day moving average crossing at 23.462. Second resistance
is the reaction high crossing at 24.835. First support is Monday’s low crossing
at 20.250. Second support is monthly support crossing at 18.756.

July copper closed lower on Tuesday. The low-range close sets the stage for
a steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI have turned bullish signaling that sideways to higher
prices are possible near-term. If July renews the rally off this month’s low,
April’s high crossing at 345.95 is the next upside target. Closes below the
20-day moving average crossing at 327.04 would confirm that a short-term top
has been posted. First resistance is the reaction high crossing at 339.40.
Second resistance is April’s high crossing at 345.95. First support is the
20-day moving average crossing at 327.04. Second support is this month’s low
crossing at 304.65.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

July coffee closed lower on Tuesday as it extended the decline off May’s
high. The low-range close set the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. If July extends the aforementioned
decline, weekly support crossing at 11.33 is the next downside target. Closes
above the 10-day moving average crossing at 14.11 would confirm that a
short-term low has been posted.

July cocoa closed higher on Tuesday. The high-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. If July
extends this month’s decline, the 50% retracement level of the March-May rally
crossing at 22.41 is July’s next downside target. Closes above the 20-day
moving average crossing at 23.54 are needed to confirm that a low has been
posted.

July sugar closed slightly higher on Tuesday as it consolidates some of this
month’s decline. The high-range close set the stage for a steady to higher
opening on Wednesday. Stochastics and the RSI are oversold but remain neutral
to bearish signaling that sideways to lower prices are possible. If July
extends this year’s decline, the 87% retracement level of the 2010-2011-rally
crossing at 16.29 is the next downside target. Closes above the 20-day moving
average crossing at 17.30 are needed to confirm that a short-term low has been
posted.

July cotton closed lower on Tuesday and the low-range close sets the stage
for a steady to lower opening on Wednesday. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term. Today’s
close below the reaction low crossing at 85.00 confirms that a short-term top
has been posted. If July extends today’s decline, April’s low crossing at 82.84
is the next downside target. Closes above the 10-day moving average crossing at
86.35 are needed to confirm that a low has been posted.

——————————

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

July Corn closed down 9 1/2-cents at 6.40.

July corn closed lower on Tuesday following Monday’s bearish planting
progress report. The mid-range close sets the stage for a steady opening when
Wednesday’s night session begins trading. Closes below the reaction low
crossing at 6.26 1/2 would confirm that the rebound off April’s low has ended.
If July renews the rally off April’s low, the April 1st gap crossing at 6.76 is
the next upside target. First resistance is the reaction high crossing at 6.69.
Second resistance is the April 1st gap crossing at 7.76. First support is the
reaction low crossing at 6.25. Second support is April’s low crossing at 6.10.

July wheat closed down 4 3/4-cents at 6.80 1/2.

July wheat closed lower on Tuesday as it extended this month’s decline. The
high-range close sets the stage for a steady to higher opening when Wednesday’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 July extends this month’s decline, April’s low crossing at 6.64
3/4 is the next downside target. Closes above the 20-day moving average
crossing at 7.05 would confirm that a low has been posted. First resistance is
the 20-day moving average crossing at 7.05. Second resistance is April’s high
crossing at 7.36 3/4. First support is today’s low crossing at 6.74. Second
support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed down 6 1/2-cents at 7.38 1/2.

July Kansas City wheat closed lower on Tuesday. The high-range close sets
the stage for a steady to higher opening on Wednesday. Stochastics and the RSI
are oversold but remain neutral to bearish signaling that sideways to lower
prices are possible near-term. If July extends this month’s decline, April’s
low crossing at 7.16 1/2 is the next downside target. Closes above the 20-day
moving average crossing at 7.61 1/4 are needed to confirm that a low has been
posted. First resistance is the 20-day moving average crossing at 7.61 1/4.
Second resistance is April’s high crossing at 7.96 3/4. First support is
Monday’s low crossing at 7.32 1/2. Second support is April’s low crossing at
7.16 1/2.

July Minneapolis wheat closed up 2 1/4-cents at 8.13 1/2.

July Minneapolis wheat closed higher on Tuesday. Stochastics and the RSI are
oversold but are turning neutral to bullish signaling that sideways to higher
prices are possible near-term. If July renews the rally off April’s low, the
38% retracement level of the July-April decline crossing at 8.53 1/4 is the
next upside target. Closes below the reaction low crossing at 8.02 would
confirm that a short-term top has been posted while opening the door for
additional weakness near-term. First resistance is April’s high crossing at
8.34 1/2. Second support is the 38% retracement level of the July-April decline
crossing at 8.53 1/4. First support is the reaction low crossing at 8.02.
Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

July soybeans closed up 13 3/4-cents at 14.78 1/4.

July soybeans closed higher on Tuesday as it extends the rally off April’s
low. The high-range close sets the stage for a steady to higher opening when
Wednesday’s night session begins trading. Stochastics and the RSI are
overbought but remain bullish signaling that sideways to higher prices are
possible. If July extends the rally off April’s low, the 62% retracement level
of the aforementioned decline crossing at 15.01 is the next upside target.
Closes below the 20-day moving average crossing at 14.02 3/4 would confirm that
a short-term top has been posted. First resistance is today’s high crossing at
14.79 1/4. Second resistance is the 62% retracement level of the aforementioned
decline crossing at 15.01. First support is the 10-day moving average crossing
at 14.26 1/4. Second support is the 20-day moving average crossing at 14.02
3/4.

July soybean meal closed up $3.40 at $438.70.

July soybean meal closed higher on Tuesday and above February’s high
crossing at 437.80 as it extended the rally off April’s low. The high-range
close sets the stage for a steady to higher opening when Wednesday’s night
session begins trading. Stochastics and the RSI remain bullish signaling that
sideways to higher prices are possible near-term. If July extends the rally off
April’s low, the 75% retracement level of the September-January decline
crossing at 445.90 is the next upside target. Closes below the 20-day moving
average crossing at 411.30 are needed to confirm that a short-term top has been
posted. First resistance is today’s high crossing at 439.20. Second resistance
is the 75% retracement level of the September-January decline crossing at
445.90. First support is the 10-day moving average crossing at 417.90. Second
support is the 20-day moving average crossing at 411.30.

July soybean oil closed up 28 pts. at 49.48.

July soybean posted an inside day with a higher close on Tuesday and the
high-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 reaction high crossing at 50.23 are needed to confirm that a low has been
posted. Closes below the 20-day moving average crossing at 49.24 would temper
the near-term friendly outlook. First resistance is the reaction high crossing
at 50.23. Second resistance is March’s high crossing at 51.03. First support is
the 20-day moving average crossing at 49.24. Second support is April’s low
crossing at 48.08.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed up $0.32 at $92.40.

June hogs closed higher due to short covering on Tuesday. The high-range
close sets the stage for a steady to higher opening when Wednesday’s night
session begins trading. Stochastics and the RSI are turning neutral to bearish
hinting that sideways to lower prices are possible near-term. Closes below the
reaction low crossing at 90.00 would confirm that a short-term top has been
posted. If June extends the rally off March’s low, the 50% retracement level of
the December-March decline crossing at 94.46 is the next upside target. First
resistance is last Friday’s high crossing at 93.60. Second resistance is the
50% retracement level of the December-March decline crossing at 94.46. First
support is the reaction low crossing at 90.00. Second support is April’s low
crossing at 88.22.

June cattle closed up $0.97 at 121.10.

June cattle closed higher due to short covering on Tuesday as it
consolidated some of the decline off December’s high. The high-range close sets
the stage for a steady to higher opening when Wednesday’s night session begins
trading. Stochastics and the RSI are oversold and are turning neutral to
bullish signaling that a low might be in or is near. Closes above the 20-day
moving average crossing at 121.24 would confirm that a short-term low has been
posted. If June extends this month’s decline, weekly support crossing at 115.44
is the next downside target. First resistance is the 20-day moving average
crossing at 121.24. Second resistance is the reaction high crossing at 121.40.
First support is last Friday’s low crossing at 118.80. Second support is weekly
support crossing at 115.44.

August feeder cattle closed up $2.00 at $146.47.

August Feeder cattle gapped up and closed higher on Tuesday confirming
yesterday’s key reversal up. The high-range close sets the stage for a steady
to higher opening when Wednesday’s night session begins trading. Stochastics
and the RSI are oversold and are turning neutral to bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at
147.39 would confirm that a low has been posted. If August extends this year’s
decline, weekly support crossing at 132.45 is the next downside target. First
resistance is the 20-day moving average crossing at 147.39. Second resistance
is the reaction high crossing at 149.80. First support is Monday’s low crossing
at 142.50. Second support is weekly support crossing at 132.45.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Tuesday 19/03/2013

T U E S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )
KEY EVENTS TO WATCH FOR:
Tuesday, March 19, 2013
7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous +0.7%)

Chain Store Sales Index – YoY (previous +1.8%)

8:30 AM ET. Feb New Residential Construction – Housing Starts and Building Permits

Total Starts (previous 890K)

Starts Percent Change (previous -8.5%)

Building Permits (previous 925K)

Building Permits Percent Change (previous +1.8%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.6%)

12MonChgPct (previous +2.7%)

52WkChgPct (previous +2.7%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -1.38M)

Gasoline Stocks (Net Change) (previous -3.12M)

Distillate Stocks (Net Change) (previous -2.19M)

Refinery Runs (previous 80.5%)

N/A              U.S. Federal Open Market Committee meeting

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

U.S. STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

The June NASDAQ 100 was lower overnight and trading below the 10-day moving
average crossing at 2793.57 signaling that a short-term top is in or near.
Stochastics and the RSI are overbought and are turning bearish signaling that
sideways to lower prices are possible near-term. Closes below the 20-day moving
average crossing at 2762.77 are needed to confirm that a short-term top has
been posted. If June renews the rally off November’s low, last September’s high
crossing at 2872.50 is the next upside target. First resistance is this month’s
high crossing at 2817.00. Second resistance is last September’s high crossing
at crossing at 2872.50. First support is the 20-day moving average crossing at
2762.77. Second support is February’s low crossing at 2683.50.

The June S&P 500 index was lower overnight. Stochastics and the RSI are
overbought and 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
1525.93 are needed to confirm that a short-term top has been posted. If June
renews the rally off November’s low, weekly resistance crossing at 1586.50 is
the next upside target. First resistance is last Friday’s high crossing at
1558.60. Second resistance is weekly resistance crossing at 1586.50. First
support is the 20-day moving average crossing at 1525.93. Second support is
February’s low crossing at 1481.00.

______________________________

_______________________________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was higher overnight as it extends the rally off this month’s
low. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If June extends this week’s rally, this month’s
high crossing at 144-29 is the next upside target. Closes below the 10-day
moving average crossing at 141-29 are needed to confirm that a short-term top
has been posted. First resistance is Monday’s high crossing at 143-24. Second
resistance is this month’s high crossing at 144-29. First support is the 10-day
moving average crossing at 141-29. Second support is this month’s low crossing
at 140-14.

NYMEX CRUDE OIL

April crude oil was higher overnight as it extends the rally off this
month’s low. Stochastics and the RSI remain bullish signaling that sideways to
higher prices are possible near-term. If April extends the aforementioned rally
off this month’s low, the reaction high crossing at 94.46 is the next upside
target. Closes below the 10-day moving average crossing at 92.51 would temper
the near-term friendly outlook. First resistance is the reaction high crossing
at 94.46. Second resistance is the reaction high crossing at 97.49. First
support is the 10-day moving average crossing at 92.51. Second support is this
month’s low crossing at 89.33.

April heating oil was lower overnight as it extends the decline off
February’s high. Stochastics and the RSI are diverging but remain neutral to
bearish signaling that additional weakness is possible near-term. If April
extends the decline off February’s high, the 50% retracement level of the
December-February rally crossing at 288.66 is the next downside target. Closes
above the 20-day moving average crossing at 298.58 are needed to confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 294.75. Second resistance is the 20-day moving average crossing at
298.58. First support is the 50% retracement level of the December-February
rally crossing at 288.66. Second support is the 62% retracement level of the
December-February rally crossing at 280.52.

April unleaded gas was lower overnight. Stochastics and the RSI are neutral
signaling that sideways trading is possible near-term. If April renews the
decline off February’s high, the 38% retracement level of the June-February
rally crossing at 297.66 is the next downside target. Closes above the 20-day
moving average crossing at 316.25 are needed to confirm that a short-term low
has been posted. First resistance is last Monday’s high crossing at 326.72.
Second resistance is the reaction high crossing at 331.96. First support is the
reaction low crossing at 305.90. Second support is the 38% retracement level of
the June-February rally crossing at 297.66.

April Henry natural gas was slightly higher overnight as it extends the
rally off February’s low. 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 February’s low, November’s high
crossing at 3.997 is the next upside target. Closes below the 20-day moving
average crossing at 3.572 are needed to confirm that a short-term top has been
posted. First resistance is Monday’s high crossing at 3.938. Second resistance
is November’s high crossing at 3.997. First support is the 10-day moving
average crossing at 3.710. Second support is the 20-day moving average crossing
at 3.572.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was slightly higher overnight as it consolidates some of
last week’s decline. Stochastics and the RSI are bearish hinting that a
short-term top might be in or is near. Closes below the 20-day moving average
crossing at 82.42 are needed to confirm that a short-term top has been posted.
If June renews the rally off February’s low, the 75% retracement level of the
July-February decline crossing at 83.75 is the next upside target. First
resistance is the 75% retracement level of the July-February decline crossing
at 83.75. Second resistance is the 87% retracement level of the July-February
decline crossing at 84.52. First support is the 20-day moving average crossing
at 82.42. Second support is the reaction low crossing at 81.74.

The June Euro was lower overnight and is testing the 50% retracement level
of the November-February rally crossing at 129.28 as it extends the decline off
February’s high. Stochastics and the RSI have turned bullish hinting that a low
might be in or is near. Closes above the reaction high crossing at 131.43 are
needed to confirm that a low has been posted. If June extends the decline off
February’s high, the 62% retracement level of the November-February rally
crossing at 127.37 is the next downside target. First resistance is the 20-day
moving average crossing at 130.66. Second resistance is the reaction high
crossing at 131.43. First support is the 50% retracement level of the
November-February rally crossing at 129.28. Second support is the 62%
retracement level of the November-February rally crossing at 127.37.

The June British Pound was higher overnight and trading above the 20-day
moving average crossing at 1.5078. 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 1.5078 are needed to confirm that a
short-term low has been posted and would open the door for additional
short-term gains. If June renews this year’s decline, weekly support crossing
at 1.4346 is the next downside target. First resistance is the 20-day moving
average crossing at 1.5078. Second resistance is the reaction high crossing at
1.5311. First support is last Tuesday’s low crossing at 1.4823. Second support
is weekly support crossing at 1.4346.

The June Swiss Franc was slightly lower overnight as it consolidates some of
last Friday’s rally. Stochastics and the RSI are bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at
.10642 are needed to confirm that a short-term low has been posted. If June
renews the decline off February’s high, the 75% retracement level of the
July-February rally crossing at .10378 is the next downside target. First
resistance is the 20-day moving average crossing at .10642. Second resistance
is the reaction high crossing at .10832. First support is last Thursday’s low
crossing at .10463. Second support is the 75% retracement level of the
July-February rally crossing at .10378.

The June Canadian Dollar was lower in overnight trading as it consolidates
some of the rally off this month’s low but remains above the 20-day moving
average crossing at 97.30. Stochastics and the RSI remain bullish signaling
that sideways to higher prices are possible near-term. If June extends this
month’s rally, the reaction high crossing at 98.18 is the next upside target.
If June renews the decline off January’s high, the 87% retracement level of
2012’s rally crossing at 96.20 is the next downside target. First resistance is
the reaction high crossing at 98.18. Second resistance is the reaction high
crossing at 99.72. First support is this month’s low crossing at 96.46. Second
support is the 87% retracement level of 2012’s rally crossing at 96.20.

The June Japanese Yen was higher due to short covering overnight as it
consolidates some of this winter’s decline. Stochastics and the RSI are
oversold and are turning neutral to bullish hinting that a low might be in or
is near. Closes above the 20-day moving average crossing at .10617 are needed
to confirm that a low has been posted. If June extends this winter’s decline,
monthly support crossing at .10228 is the next downside target. First
resistance is the 20-day moving average crossing at .10617. Second resistance
is the reaction high crossing at .11009. First support is last Tuesday’s low
crossing at .10345. Second support is monthly support crossing at .10228.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

April gold was lower overnight as it consolidates some of Monday’s rally.
The low-range close sets the stage for a steady to lower opening when the day
session begins trading. Stochastics and the RSI remain bullish signaling that
sideways to higher prices are possible near-term. Closes above the reaction
high crossing at 1619.70 are needed to confirm that a short-term low has been
posted and would open the door for additional gains into the end of March. If
April renews the decline off January’s high, last May’s low crossing at 1538.70
is the next downside target. First resistance is Monday’s high crossing at
1610.40. Second resistance is the reaction high crossing at 1619.70. First
support is February’s low crossing at 1554.30. Second support is last May’s low
crossing at 1538.70.

May silver was lower overnight while extending the trading range of the past
four weeks. Stochastics and the RSI are turning neutral to bearish signaling
that sideways to lower prices are possible near-term. Closes above the reaction
high crossing at 29.495 are needed to confirm that a short-term low has been
posted. If May renews this winter’s decline, the 87% retracement level of the
June-October rally crossing at 27.529 is the next downside target. First
resistance is last Tuesday’s high crossing at 29.350. Second resistance is the
reaction high crossing at 29.495. First support is the reaction low crossing at
27.925. Second support is the 87% retracement level of the June-October rally
crossing at 27.529.

May copper was lower overnight as it extends Monday’s breakout below key
support marked by November’s low crossing at 343.75. Stochastics and the RSI
have turned bearish signaling that sideways to lower prices are possible
near-term. If May extends the decline off February’s high, last July’s low
crossing at 332.00 is the next downside target. Closes above the 20-day moving
average crossing at 352.72 would confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 350.24. Second
resistance is the 20-day moving average crossing at 352.72. First support is
the overnight low crossing at 340.25. Second support is last July’s low
crossing at 332.00.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

May coffee closed lower on Monday as it extends this winter’s decline. The
low-range close set the stage for a steady to lower opening on Tuesday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If May extends the decline off January’s high, weekly
support crossing at 13.20 is the next downside target. Closes above the 20-day
moving average crossing at 14.18 would temper the near-term bearish outlook.

May cocoa closed lower on Monday as it consolidates some of the rally off
this month’s low. The mid-range close sets the stage for a steady to lower
opening on Tuesday. Stochastics and the RSI have turned bearish signaling that
a short-term top might be in or is near. If May renews the rally off this
month’s low, the reaction high crossing at 22.60 is the next upside target. If
May renews the decline off last September’s high, weekly support crossing at
19.70 is the next downside target.

May sugar closed sharply lower on Monday and below the 20-day moving average
crossing at 18.35 confirming that a short-term top has been posted. The
low-range close set 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. If May renews
the rally off February’s low, the reaction high crossing at 19.38 is the next
upside target.

May cotton closed lower due to profit taking on Monday as it consolidated
some of this winter’s rally. The mid-range close sets the stage for a steady to
lower opening on Tuesday. Stochastics and the RSI are overbought, diverging but
are neutral to bullish signaling that sideways to higher prices is possible
near-term. If May extends this winter’s rally, the 75% retracement level of the
2011-2012-decline crossing at 96.93 is the next upside target. Closes below the
20-day moving average crossing at 86.21 would confirm that a top has been
posted.
——————————

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

May corn was higher overnight and testing the August-February downtrend line
crossing near 7.24 3/4. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above the August-February downtrend line crossing near 7.24
3/4 would confirm a trend change while opening the door for additional
short-term gains. Closes below the 20-day moving average crossing at 7.03 would
signal that a short-term top has been posted. First resistance is the
August-February downtrend line crossing near 7.24 3/4. Second resistance is the
38% retracement level of the August-January decline crossing at 7.39 1/2. First
support is the 20-day moving average crossing at 7.03. Second support is
March’s low crossing at 6.82.

May wheat was higher overnight and the high-range close sets the stage for a
steady to higher opening when the day session begins trading. Stochastics and
the RSI remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If May extends the rally off this month’s low, the reaction
high crossing at 7.52 1/2 is the next upside target. Closes below the 10-day
moving average crossing at 7.06 1/2 would temper the near-term friendly
outlook. First resistance is last Thursday’s high crossing at 7.25 1/2. Second
resistance is the reaction high crossing at 7.52 1/2. First support is the
10-day moving average crossing at 7.06 1/2. Second support is this month’s low
crossing at 6.81.

May Kansas City Wheat closed down 7 1/4-cents at 7.44 1/4.

May Kansas City wheat closed lower on Monday as it consolidates some of the
rally off this month’s low. The mid-range close sets the stage for a steady
opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways
to higher prices are possible near-term. Multiple closes above the 20-day
moving average crossing at 7.48 are needed to confirm that a short-term low has
been posted. If May renews the decline off January’s high, the 87% retracement
level of 2012’s rally crossing at 7.10 1/2 is the next downside target. First
resistance is the reaction high crossing at 7.59 1/2. Second resistance is the
reaction high crossing at 7.92. First support is this month’s low crossing at
7.24 1/2. Second support is the 87% retracement level of 2012’s rally crossing
at 7.10 1/2.

May Minneapolis wheat was higher overnight as it consolidates above the 87%
retracement level of the June-July rally crossing at 7.86 3/4. The high-range
close sets the stage for a steady to higher opening when the day session begins
to trade. Stochastics and the RSI are neutral to bullish hinting that a
short-term low might be in or is near. Closes above the reaction high crossing
at 8.11 1/2 are needed to confirm that a short-term low has been posted. If May
renews this winter’s decline, last May’s low crossing at 7.53 1/2 is the next
downside target. First resistance is the 20-day moving average crossing at
7.99. Second resistance is the reaction high crossing at 8.11 1/2. First
support is this month’s low crossing at 7.80. Second support is last May’s low
crossing at 7.53 1/2.

SOYBEAN COMPLEX

May soybeans were higher due to short covering overnight as it consolidates
some of this month’s decline. The high-range close sets the stage for steady to
higher opening when the day session begins trading later this morning.
Stochastics and the RSI remain bearish signaling that sideways to lower prices
are possible near-term. If May extends this month’s decline, February’s low
crossing at 13.93 1/2 is the next downside target. Closes above the 20-day
moving average crossing at 14.50 would temper the near-term bearish outlook.
Closes above November’s high crossing at 14.99 1/4 or below the reaction low
crossing at 13.37 3/4 are needed to confirm a breakout of this winter’s trading
range and point the direction of the next trending move. First resistance is
the 20-day moving average crossing at 14.50. Second resistance is February’s
high crossing at 14.97. First support is Monday’s low crossing at 14.04 1/4.
Second support is February’s low crossing at 13.93 1/2.

May soybean meal was higher due to short covering overnight as it
consolidates some of this month’s decline. The mid-range close sets the stage
for a steady to higher 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 May extends this month’s decline, February’s
low crossing at 402.10 is the next downside target. Closes above the 20-day
moving average crossing at 429.50 would confirm that a short-term low has been
posted. First resistance is the 20-day moving average crossing at 429.50.
Second resistance is February’s high crossing at 443.90. First support is
Monday’s low crossing at 412.30. Second support is February’s low crossing at
402.10.

May soybean oil was slightly higher overnight as it extends the trading
range of the past four days. The low-range close sets the stage for a steady to
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 reaction high crossing at 50.78 are needed to confirm that a low has
been posted. If May renews the decline off February’s high, December’s low
crossing at 48.40 is the next downside target. First resistance is the 10-day
moving average crossing at 49.98. Second resistance is the 20-day moving
average crossing at 50.16. First support is this month’s low crossing at 48.67.
Second support is December’s low crossing at 48.40.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

April hogs closed down $0.27 at $79.40.

April hogs closed lower on Monday. The mid-range close sets the stage for a
steady to lower opening when Tuesday’s night session begins trading.
Stochastics and the RSI are turning bearish signaling that sideways to lower
prices are possible near-term. If April renews this winter’s decline, weekly
support crossing at 76.65 is the next downside target. Closes above the
reaction high crossing at 82.25 are needed to confirm that a short-term low has
been posted. First resistance is the 20-day moving average crossing at 81.12.
Second resistance is the reaction high crossing at 82.25. First support is this
month’s low crossing at 78.25. Second resistance is weekly support crossing at
76.65.

April cattle closed up $0.27 at 126.05.

April cattle closed higher due to short covering on Monday. The mid-range
close sets the stage for a steady opening when Tuesday’s night session begins
trading. Stochastics and the RSI are bearish signaling that sideways to lower
prices are possible near-term. If April extends this year’s decline, weekly
support crossing at 124.25 is the next downside target. Closes above last
Wednesday’s high crossing at 129.42 are needed to confirm that a low has been
posted. First resistance is last Wednesday’s high crossing at 129.42. Second
resistance is the reaction high crossing at 130.80. First support is today’s
low crossing at 125.75. Second support is weekly support crossing at 124.25.

April feeder cattle closed up $0.30 at $139.40.

April Feeder cattle closed higher due to short covering on Monday as it
consolidated some of this year’s decline. The high-range close sets the stage
for a steady to higher opening when Tuesday’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 April extends this
year’s decline, weekly support crossing at 138.48 is the next downside target.
Closes above the 20-day moving average crossing at 142.94 are needed to confirm
that a short-term low has been posted. First resistance is the 10-day moving
average crossing at 141.61. Second resistance is the 20-day moving average
crossing at 142.94. First support is today’s low crossing at 138.85. Second
support is weekly support crossing at 138.48.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

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Key Market Reports and Commentary for Friday 04/01/2013

F R I D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

KEY EVENTS TO WATCH FOR:
Thursday, January 3, 2013
7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 817)

Market Composite Index Cur Chg (previous -12.3%)

Purchase Index (S.A.) (previous 198)

Purchase Index (S.A.) Cur Chg (previous -4.8%)

Refinance Index (previous 4519.1)

Refinance Index Cur Chg (previous -13.8%)

7:30 AM ET. Dec Challenger Job-Cut Report Job Cuts, M/M

8:15 AM ET. Dec ADP National Employment Report

Private Payrolls Forecast (expected +150000; previous +118000)

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

Weekly Jobless Claims (expected 363K; previous 350K)

Weekly Jobless Claims Net Change (previous -12K)

Cont Jobless Claims (prior week) (previous 3206000)

Cont Jobless Claims Net Chg (prior week) (previous -32K)

9:45 AM ET. Dec ISM-NY Report on Business

US ISM-NY Business Index (previous 52.5)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous +1.8%)

DJ-BTMU Business Barometer (52 Wk) (previous +1%)

12:00 AM ET. Dec ICSC Chain Store Sales Trends

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

4:00 PM ET. Dec Domestic Auto Industry Sales Vehicle Sales

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings (previous 26M)

Primary Credit Borrowings W/E Daily Avg. (previous 17M)

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings (previous 613M)

Discount Window Borrowings W/E Daily Avg. (previous 640M)

4:30 PM ET. Money Stock Measures

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -1.17M)

Gasoline Stocks (Net Change) (previous +2.41M)

Distillate Stocks (Net Change) (previous +2.95M)

Refinery Runs (previous 91.6%)

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings (previous 3.24T)

US Foreign Agency Holdings (previous 311.05B)

Foreign Treasury Holdings (previous 2.89T)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The March NASDAQ 100 closed lower on Thursday due to profit taking as it
consolidated some of this week’s rally. The low-range close sets the stage for
a steady to lower opening when Friday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If March extends the aforementioned rally, the reaction
high crossing at 2773.25 is the next upside target. Closes below Monday’s low
crossing at 2580.00 are needed to confirm that a short-term top has been
posted. First resistance is Thursday’s high crossing at 2747.00. Second
resistance is the reaction high crossing at 2773.25. First support is the
20-day moving average crossing at 2659.56. Second support is Monday’s low
crossing at 2580.00.

The March S&P 500 closed lower due to light profit taking on Thursday as it
consolidates some of the rally off November’s low. The mid-range close sets the
stage for a steady to lower opening when Friday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If March extends the rally off November’s low, weekly
resistance crossing at 1467.50 is the next upside target. Closes below last
Friday’s low crossing at 1383.00 would confirm that a short-term top has been
posted. First resistance is today’s high crossing at 1460.50. Second resistance
is weekly resistance crossing at 1467.50. First support is the 20-day moving
average crossing at 1421.39. Second support is last Friday’s low crossing at
1383.00.

The Dow close slightly lower on Thursday consolidating some of the rally off
Monday’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 the Dow extends the rally
off November’s low, the reaction high crossing at 13,588 is the next upside
target. Closes below Monday’s low crossing at 12,883 are needed to confirm that
a short-term top has been posted. First resistance is Thursday’s high crossing
at 13,430. Second resistance is the reaction high crossing at 13,558. First
support is Monday’s low crossing at 12,883. Second support is the reaction low
crossing at 12,765.

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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

March T-bonds closed down 1-08/32’s at 144-16.

March T-bonds closed sharply lower for the second day in a row on Thursday
extending the decline off November’s high. The low-range close sets the stage
for a steady to lower opening on Friday. Stochastics and the RSI are turning
bearish signaling that sideways to lower prices are possible near-term. If
March extends the aforementioned decline, September’s low crossing at 143-08 is
the next downside target. Closes above last Friday’s high crossing at 148-25
would confirm that a short-term low has been posted. First resistance is
Wednesday’s gap crossing at 146-23. Second resistance is last Friday’s high
crossing at 148-25. First support is today’s low crossing at 144-16. Second
support is September’s low crossing at 143-08.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

February crude oil closed lower due to profit taking on Thursday as it
consolidated some of the rally off December’s low. The low-range close sets the
stage for a steady to lower opening when Friday’s night session begins.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If February extends the
aforementioned rally, the reaction high crossing at 94.42 is the next upside
target. Closes below the 20-day moving average crossing at 88.95 would confirm
that a short-term top has been posted. First resistance is Wednesday’s high
crossing at 93.87. Second resistance is the reaction high crossing at 94.42.
First support is the 10-day moving average crossing at 90.77. Second support is
the 20-day moving average crossing at 88.95.

February heating oil closed lower on Thursday. The mid-range close sets the
stage for a steady opening when Friday’s night session begins trading.
Stochastics and the RSI are overbought and are turning neutral to bearish
hinting that a short-term top is in or is near. Closes below the 20-day moving
average crossing at 299.15 would signal that a short-term top has been posted.
If February extends the rally off December’s low, December’s high crossing at
309.61 is the next upside target. First resistance is Wednesday’s high crossing
at 307.02. Second resistance is December’s high crossing at 309.61. First
support is the 20-day moving average crossing at 299.15. Second support is
December’s low crossing at 290.27.

February unleaded gas posted an inside day with a lower close on Thursday.
The mid-range close sets the stage for a steady to higher opening when Friday’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 February extends the rally off November’s low, September’s high
crossing at 286.60 is the next upside target. Closes below the 20-day moving
average crossing at 269.71 would signal that a short-term top has been posted.
First resistance is Wednesday’s high crossing at 281.36. Second resistance is
September’s high crossing at 286.60. First support is the 20-day moving average
crossing at 269.71. Second support is December’s low crossing at 259.59.

February Henry natural gas closed lower on Thursday as it extends the
decline off November’s high. The mid-range close sets the stage for a steady
opening on Friday. Stochastics and the RSI are diverging but are turning
neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes above the 20-day moving average crossing at 3.436 are needed
to confirm that a short-term low has been posted. If February extends the
decline off November’s high, weekly support crossing at 2.923 is the next
downside target. First resistance is the 20-day moving average crossing at
3.436. Second resistance is the December 10th gap crossing at 3.569. First
support is Wednesday’s low crossing at 3.050. Second support is weekly support
crossing at 2.923.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The March Dollar closed sharply higher on Thursday as it extends the rally
off December’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 March extends today’s rally,
December’s low crossing at 81.05 is the next upside target. Closes below
Wednesday’s low crossing at 79.46 are needed to confirm that a short-term top
has been posted. First resistance is today’s high crossing at 80.57. Second
resistance is December’s high crossing at 81.05. First support is Wednesday’s
low crossing at 79.46. Second support is December’s low crossing at 79.01.

The March Euro closed lower on Thursday and below the 20-day moving average
crossing at 131.39 confirming that a short-term top has been posted while
opening the door for a larger-degree decline during the first half of January.
The low-range close sets the stage for a steady to lower opening on Friday.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If March extends today’s decline, December’s low
crossing at 128.92 is the next downside target. Closes above Wednesday’s high
crossing at 132.89 are needed to confirm that a short-term top has been posted.
First resistance is Wednesday’s high crossing at 132.89. Second resistance is
December’s high crossing at 133.21. First support is today’s low crossing at
130.61. Second support is December’s low crossing at 128.92.

The March British Pound closed sharply lower on Thursday as it consolidated
some of this week’s rally. The low-range close sets the stage for a steady to
lower opening when Friday’s night session begins trading. Stochastics and the
RSI are turning neutral to bullish signaling that sideways to higher prices are
possible near-term. If March extends the rally off November’s low, weekly
resistance crossing at 1.6353 is the next upside target. Closes below last
Thursday’s low crossing at 1.6065 would confirm that a short-term top has been
posted. First resistance is Wednesday’s high crossing at 1.6314. Second
resistance is weekly resistance crossing at 1.6353. First support is last
Thursday’s low crossing at 1.6065. Second support is the reaction low crossing
at 1.5998.

The March Swiss Franc closed lower on Thursday and below the 20-day moving
average crossing at .10879 confirming that a short-term top has been posted.
The low-range close sets the stage for a steady to lower opening when Friday’s
night session begins trading. Stochastics and the RSI are turning bearish
signaling that sideways to lower prices are possible near-term. If March
extends today’s decline, December’s low crossing at .10678 is the next downside
target. Closes above Wednesday’s high crossing at .10998 are needed to confirm
that a short-term low has been posted. First resistance is December’s high
crossing at .11026. Second resistance is the 62% retracement level of this
year’s decline crossing at .11153. First support is today’s low crossing at
.10801. Second support is December’s low crossing at .10678.

The March Canadian Dollar 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 when Friday’s night session begins trading. Stochastics and the RSI are
turning bullish signaling that sideways to higher prices are possible
near-term. If March extends Wednesday’s rally, the reaction high crossing at
102.10 is the next upside target. Closes below last Friday’s low crossing at
100.11 would confirm that a short-term top has been posted. First resistance is
December’s high crossing at 101.58. Second resistance is the reaction high
crossing at 102.10. First support is last Friday’s low crossing at 100.14.
Second support is November’s low crossing at 99.19.

The March Japanese Yen closed lower on Thursday as it extends the decline
off September’s high. The low-range close sets the stage for a steady to lower
opening when Friday’s night session begins trading. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that additional weakness is
possible near-term. If March extends the decline off September’s high, monthly
support crossing at .11307 is the next downside target. Closes above the 20-day
moving average crossing at .11870 are needed to confirm that a short-term top
has been posted. First resistance is the 10-day moving average crossing at
.11684. Second resistance is the 20-day moving average crossing at .11870.
First support is Wednesday’s low crossing at .11470. Second support is monthly
support crossing at .11307.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

February gold closed lower on Thursday 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 Friday’s night session begins trading. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
February extends the rally off December’s, the reaction high crossing at
1725.00 is the next upside target. Closes below the 10-day moving average
crossing at 1664.20 would temper the near-term friendly outlook. First
resistance is the reaction high crossing at 1704.40. Second resistance is the
reaction high crossing at 1725.00. First support is the 62% retracement level
of the May-October rally crossing at 1638.00. Second support is the 75%
retracement level of the May-October rally crossing at 1603.30.

March silver closed lower due to profit taking on Thursday as it
consolidates some of the rally off December’s low. The low-range close set the
stage for a steady to lower opening when Friday’s night session begins trading.
Stochastics and the RSI are oversold and are turning neutral to bullish hinting
that sideways to higher prices are possible near-term. Closes above the 20-day
moving average crossing at 31.525 are needed to confirm that a short-term low
has been posted. If March renews the decline off November’s high, the 75%
retracement level of the June-October rally crossing at 28 670 is the next
downside target. First resistance is the 20-day moving average crossing at
31.525. Second resistance is the reaction high crossing at 32.600. First
support is the reaction low crossing at 29.635. Second support is the 75%
retracement level of the June-October rally crossing at 28 670.

March copper closed lower on Thursday as it consolidated some of this week’s
rally. The low-range close sets the stage for a steady to lower opening when
Friday’s night session begins trading. Stochastics and the RSI remain bullish
signaling that sideways to higher prices are possible near-term. If March
extends the rally off last week’s low, October’s high crossing at 382.90 is the
next upside target. Closes below Monday’s low crossing at 358.15 would confirm
that a short-term top has been posted. First resistance is today’s high
crossing at 375.90. Second resistance is October’s high crossing at 382.90.
First support is Monday’s low crossing at 358.15. Second support is December’s
low crossing at 352.30.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

March coffee close lower on Thursday as it consolidated some of Wednesday’s
rally. The low-range close set the stage for a steady to lower opening on
Friday. Stochastics and the RSI are neutral to bullish signaling that sideways
to higher prices are possible near-term. If March extends Wednesday’s rally,
the reaction high crossing at 15.51 is the next upside target. If March renews
the decline off October’s high, weekly support crossing at 12.90 is the next
downside target.

March cocoa closed lower on Thursday as it consolidates 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 oversold and are turning neutral to bullish
signaling that a short-term low might be in or is near. Closes above the 20-day
moving average crossing at 23.46 are needed to confirm that a short-term low
has been posted. If March extends the aforementioned decline, the 87%
retracement level of the June-September rally crossing at 21.45 is the next
downside target.

March sugar closed sharply lower due to profit taking on Thursday and below
the 20-day moving average crossing at 19.18 tempering the near-term friendly
outlook. The low-range close set the stage for a steady to lower opening on
Friday. Stochastics and the RSI are overbought and are turning neutral hinting
that a short-term top might be in or is near. If March renews this year’s
decline, the 75% retracement level of the 2010-2011 rally crossing at 17.38 is
the next downside target. If March extends the rally off December’s low,
December’s high crossing at 19.94 is the next upside target.

March cotton closed slightly higher on Thursday. However, the low-range
close sets the stage for a steady to lower opening on Friday. Stochastics and
the RSI are bearish signaling that sideways to lower prices are possible
near-term. If March renews last week’s decline, the reaction low crossing at
73.37 is the next downside target. Closes above the 10-day moving average
crossing at 75.79 would temper the near-term bearish outlook.

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

March Corn closed down 1 1/2-cents at 6.89 1/4.

March corn closed lower on Thursday as it extends the decline off November’s
high. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. The mid-range
close sets the stage for a steady to lower opening when Friday’s night session
begins trading. If March extends the decline off November’s high, the 50%
retracement level of the May-August rally crossing at 6.78 3/4 is the next
downside target. Closes above the 20-day moving average crossing at 7.14 1/4
are needed to confirm that a short-term low has been posted. First resistance
is the 10-day moving average crossing at 6.96 1/4. Second resistance is the
20-day moving average crossing at 7.14 1/4. First support is today’s low
crossing at 6.85. Second support is the 50% retracement level of the May-August
rally crossing at 6.78 3/4.

March wheat closed up a 1/4-cent at 7.55 1/2.

March wheat closed fractionally higher on Thursday as it consolidated some
of Wednesday’s decline but remains below the 62% retracement level of this
year’s rally crossing at 7.65 3/4. The mid-range close sets the stage for a
steady opening when Friday’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 March extends the decline off the
late-November high, the 75% retracement level of this year’s rally crossing at
7.25 3/4 is the next downside target. Closes above the 20-day moving average
crossing at 8.05 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 7.79 1/2. Second resistance
is the 20-day moving average crossing at 8.05. First support is today’s low
crossing at 7.49 3/4. Second support is the 75% retracement level of this
year’s rally crossing at 7.25 3/4.

March Kansas City Wheat closed up a 1/4-cent at 8.11 1/4.

March Kansas City wheat closed fractionally higher on Thursday as it
consolidated some of the decline off November’s high. The low-range close sets
the stage for a steady to lower 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 March extends the decline off the late-November
high, the 62% retracement level of this year’s rally crossing at 7.76 3/4 is
the next downside target. Closes above the 20-day moving average crossing at
8.56 3/4 would confirm that a short-term low has been posted. First resistance
is the 10-day moving average crossing at 8.31 1/2. Second resistance is the
20-day moving average crossing at 8.56 3/4. First support is Wednesday’s low
crossing at 8.10 1/2. Second support is the 62% retracement level of this
year’s rally crossing at 7.76 3/4.

March Minneapolis wheat closed up 5-cents at 8.46 1/2.

March Minneapolis wheat closed higher due to short covering on Thursday as
it consolidates some of the decline off November’s high. The mid-range close
sets the stage for a steady opening when Friday’s night session begins to
trade. 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 the late-November high, the 75% retracement level of
this year’s rally crossing at 8.15 1/2 is the next downside target. Closes
above the 20-day moving average crossing at 8.92 are needed to confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 8.69 3/4. Second resistance is the 20-day moving average crossing
at 8.92. First support is Wednesday’s low crossing at 8.40 3/4. Second support
is the 75% retracement level of this summer’s rally crossing at 8.15 1/2.

SOYBEAN COMPLEX

March soybeans closed down 5 3/4-cents at 13.86 1/2.

March soybeans closed lower on Thursday extending the decline off December’s
high. A short covering rally tempered early losses and the mid-range close sets
the stage for a steady opening when Friday’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 March renews the
decline off December’s high, November’s low crossing at 13.56 is the next
downside target. Closes above the 20-day moving average crossing at 14.45 would
signal that a short-term low has been posted. First resistance is the 20-day
moving average crossing at 14.45. Second resistance is December’s high crossing
at 15.01 1/4. First support is today’s low crossing at 13.72 1/2. Second
support is November’s low crossing at 13.56.

March soybean meal closed down $1.50 at $404.20.

March soybean meal closed lower on Thursday extending the decline off
December’s high. A short covering rally tempered early losses and the
high-range close sets the stage for a steady to higher opening when Friday’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 March extends the decline off December’s high, the reaction low
crossing at 393.00 is the next downside target. Closes above the 20-day moving
average crossing at 434.00 would signal that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 434.00. Second
resistance is December’s high crossing at 457.90. First support is today’s low
crossing at 397.70. Second support is the reaction low crossing at 393.00.

March soybean oil closed down 35-pts. at 50.70.

March soybean closed lower due to profit taking on Thursday as it
consolidated some of Wednesday’s rally. The low-range close sets the stage for
a steady to lower opening when Friday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If March extends the rally off December’s low,
December’s high crossing at 51.85 is the next upside target. Closes below the
10-day moving average crossing at 49.38 would signal that a short-term top has
been posted. First resistance is December’s high crossing at 51.85. Second
resistance is October’s high crossing at 53.31. First support is the 10-day
moving average crossing at 49.38. Second support is December’s low crossing at
47.92.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

February hogs closed up $0.22 at $86.40.

February hogs closed higher due to short covering on Thursday. The low-range
close sets the stage for a steady to lower opening when Friday’s night session
begins trading. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. Closes below the 20-day moving average
crossing at 85.76 are needed to confirm that a short-term top has been posted.
If February renews the rally off December’s low, November’s high crossing at
88.25 is the next upside target. First resistance is the 10-day moving average
crossing at 86.66. Second resistance is the reaction high crossing at 87.77.
First support is the reaction low crossing at 84.45. Second resistance is
December’s low crossing at 83.20.

February cattle closed up $1.47 at 133.85.

February cattle closed higher due to short covering on Thursday as it
consolidates some of the decline off December’s high. The high-range close sets
the stage for a steady to higher opening when Friday’s night session begins
trading. Stochastics and the RSI are bearish hinting that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at
132.50 are needed to confirm that a short-term top has been posted. If February
renews the rally off November’s low, last February’s high crossing at 135.90 is
the next upside target. First resistance is December’s high crossing at 134.40.
Second resistance is last February’s high crossing at 135.90. First support is
the 20-day moving average crossing at 132.50. Second support is the reaction
low crossing at 131.32.

March feeder cattle closed up $1.00 at $154.90.

March Feeder cattle closed higher on Thursday and the high-range close sets
the stage for a steady to higher opening when Friday’s night session begins
trading. Stochastics and the RSI are bearish signaling that sideways to lower
prices are possible near-term. Closes below the 20-day moving average crossing
at 153.95 would confirm that a short-term top has been posted while opening the
door for additional weakness near-term. If March renews the rally off
November’s low, the 62% retracement level of the May-July decline crossing at
157.34 is the next upside target. First resistance is December’s high crossing
at 157.07. Second resistance is the 62% retracement level of the May-July
decline crossing at 157.34. First support is the 20-day moving average crossing
at 153.95. Second support is the reaction low crossing at 147.82.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Thursday 03/01/2013

T H U R S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

KEY EVENTS TO WATCH FOR:
Thursday, January 3, 2013
7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 817)

Market Composite Index Cur Chg (previous -12.3%)

Purchase Index (S.A.) (previous 198)

Purchase Index (S.A.) Cur Chg (previous -4.8%)

Refinance Index (previous 4519.1)

Refinance Index Cur Chg (previous -13.8%)

7:30 AM ET. Dec Challenger Job-Cut Report

Job Cuts, M/M

8:15 AM ET. Dec ADP National Employment Report

Private Payrolls Forecast (expected +150000; previous +118000)

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

Weekly Jobless Claims (expected 363K; previous 350K)

Weekly Jobless Claims Net Change (previous -12K)

Cont Jobless Claims (prior week) (previous 3206000)

Cont Jobless Claims Net Chg (prior week) (previous -32K)

9:45 AM ET. Dec ISM-NY Report on Business

US ISM-NY Business Index (previous 52.5)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous +1.8%)

DJ-BTMU Business Barometer (52 Wk) (previous +1%)

12:00 PM ET. Dec ICSC Chain Store Sales Trends

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

4:00 PM ET. Dec Domestic Auto Industry Sales Vehicle Sales

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings (previous 26M)

Primary Credit Borrowings W/E Daily Avg. (previous 17M)

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings (previous 613M)

Discount Window Borrowings W/E Daily Avg. (previous 640M)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -1.17M)

Gasoline Stocks (Net Change) (previous +2.41M)

Distillate Stocks (Net Change) (previous +2.95M)

Refinery Runs (previous 91.6%)

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings (previous 3.24T)

US Foreign Agency Holdings (previous 311.05B)

Foreign Treasury Holdings (previous 2.89T)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The March NASDAQ 100 was lower due to light profit taking overnight as it
consolidates some of this week’s rally. Stochastics are bullish signaling that
sideways to higher prices are possible near-term. If March extends this week’s
rally, the reaction high crossing at crossing at 2773.25 is the next upside
target. Closes below the 20-day moving average crossing at 2659.57 would
confirm that a short-term top has been posted. First resistance is the reaction
high crossing at 2773.25. Second resistance is the 87% retracement level of the
September-November decline crossing at 2804.15. First support is the 20-day
moving average crossing at 2659.57. Second support is Monday’s low crossing at
2580.00.

The March S&P 500 index was lower due to profit taking overnight as it
consolidates some of this week’s rally. Stochastics and the RSI have turned
bullish signaling that sideways to higher prices are possible near-term. If
March extends the rally off November’s low, weekly resistance crossing at
1467.50 is the next upside target. Closes below the 20-day moving average
crossing at 1421.30 would confirm that a short-term top has been posted. First
resistance is Wednesday’s high crossing at 1458.00. Second resistance is weekly
resistance crossing at 1467.50. First support is the 20-day moving average
crossing at 1421.30. Second support is last Friday’s low crossing at 1383.00.

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March T-bonds was slightly higher due to short covering overnight as it
consolidates some of Wednesday’s decline. Stochastics and the RSI have turned
bearish signaling that sideways to lower prices are possible near-term. If
March extends the decline off December’s high, the 75% retracement level of the
September-November rally crossing at 145-09 is the next downside target. Closes
above the 20-day moving average crossing at 147-28 are needed to confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 147-03. Second resistance is the 20-day moving average crossing at
147-28. First support is the 75% retracement level of the September-November
rally crossing at 145-09. Second support is the 87% retracement level of the
September-November rally crossing at 144-09.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

February crude oil was lower due to profit taking overnight as it
consolidates some of the rally off December’s low. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If February extends the rally off December’s
low, the reaction high crossing at 94.42 is the next upside target. Closes
below the 20-day moving average crossing at 88.94 would confirm that a
short-term top has been posted. First resistance is Wednesday’s high crossing
at 93.87. Second resistance is the reaction high crossing at 94.42. First
support is the 10-day moving average crossing at 90.75. Second support is the
20-day moving average crossing at 88.94.

February heating oil was lower due to profit taking overnight while
extending the trading range of the past two weeks. 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, December’s high
crossing at 310.26 is the next upside target. Closes below the 20-day moving
average crossing at 299.13 would temper the near-term friendly outlook. First
resistance is December’s high crossing at 310.26. Second resistance is
October’s high crossing at 317.98. First support is the 50% retracement level
of the June-September rally crossing at 289.15. Second support is the 62%
retracement level of the June-September rally crossing at 281.23.

February unleaded gas was slightly lower overnight as it consolidates some
of Wednesday’s rally. Stochastics and the RSI are overbought but are neutral to
bullish signaling that sideways to higher prices are possible near-term. If
February extends the rally off November’s low, September’s high crossing at
286.60 is the next upside target. Closes below the 20-day moving average
crossing at 269.66 are needed to confirm that a short-term top has been posted.
First resistance is Wednesday’s high crossing at 281.36. Second resistance is
September’s high crossing at 286.60. First support is the 20-day moving average
crossing at 269.66. Second support is December’s low crossing at 259.59.

February Henry natural gas was lower overnight and testing the 87%
retracement level of the April-October rally crossing at 3.211. Stochastics and
the RSI are diverging but are turning neutral to bearish signaling that
sideways to lower prices are possible near-term. If February extends the
decline off November’s high, weekly support crossing at 2.923 is the next
downside target. Closes above the 20-day moving average crossing at 3.437 are
needed to confirm that a short-term top has been posted. First resistance is
the 10-day moving average crossing at 3.383. Second resistance is the 20-day
moving average crossing at 3.438. First support is Wednesday’s low crossing at
3.305. Second support is weekly support crossing at 2.923.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The March Dollar was higher overnight as it extends the rally off December’s
low. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If March extends the aforementioned rally,
December’s high crossing at 81.05 is the next upside target. Closes below
Wednesday’s low crossing at 79.46 would confirm that a short-term top has been
posted. First resistance is the overnight high crossing at 80.28. Second
resistance is December’s high crossing at 81.05. First support is Wednesday’s
low crossing at 79.46. Second support is December’s low crossing at 79.01.

The March Euro was lower overnight and trading below the 20-day moving
average crossing at 131.42. Stochastics and the RSI are turning bearish
signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at 131.42 would confirm that a short-term
top has been posted while opening the door for additional weakness near-term.
If March renews the rally off November’s low, weekly resistance crossing at
133.91 is the next upside target. First resistance is December’s high crossing
at 133.21. Second resistance is weekly resistance crossing at 133.91. First
support is the 20-day moving average crossing at 131.42. Second support is the
November-December uptrend line crossing near 131.00.

The March British Pound was lower due to profit taking overnight as it
consolidates some of the rally off November’s low. Stochastics and the RSI are
turning bullish signaling that sideways to higher prices are possible
near-term. If March extends the rally off November’s low, weekly resistance
crossing at 1.6348 is the next downside target. Closes below last Thursday’s
low crossing at 1.6065 would confirm that a short-term top has been posted.
First resistance is Wednesday’s high crossing at 1.6314. Second resistance is
weekly resistance crossing at 1.6348. First support is last Thursday’s low
crossing at 1.6065. Second support is the reaction low crossing at 1.5998.

The March Swiss Franc was lower overnight and trading below the 20-day
moving average crossing at .10881. Stochastics and the RSI are turning bearish
signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at .10881 would confirm that a short-term
top has been posted while opening the door for additional weakness near-term.
If March renews the rally off November’s low, the 62% retracement level of the
2011-2012 decline crossing at .11153 is the next upside target. First
resistance is December’s high crossing at .11026. Second is the 62% retracement
level of the 2011-2012 decline crossing at .11153. First support is the 20-day
moving average crossing at .10881. Second support is December’s low crossing at
.10678.

The March Canadian Dollar was lower due to profit taking overnight as it
consolidates some of this week’s rally. Stochastics and the RSI have turned
bullish signaling that sideways to higher prices are possible near-term. If
March extends this week’s rally, December’s high crossing at 101.58 then the
reaction high crossing at 102.10 are the next upside targets. Closes below the
10-day moving average crossing at 100.70 would confirm that a short-term top
has been posted. If March renews the decline off December’s high, November’s
low crossing at 99.19 is the next downside target. First resistance is
December’s high crossing at 101.58. Second resistance is the reaction high
crossing at 102.10. First support is last Friday’s low crossing at 100.11.
Second support is November’s low crossing at 99.19.

The March Japanese Yen was higher due to short covering overnight as it
consolidates some of the decline off September’s high. 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 September’s
high, monthly support crossing at .11307 is the next downside target. Closes
above the 20-day moving average crossing at .11873 are needed to confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at .11689. Second resistance is the 20-day moving average crossing at
.11873. First support is Wednesday’s low crossing at .11453. Second support is
monthly support crossing at .11307.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

February gold was lower overnight as it consolidates some of the rebound off
December’s low. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. Multiple closes above the 20-day moving
average crossing at 1683.10 are needed to confirm that a short-term low has
been posted. If February renews the decline off November’s high, the 75%
retracement level of this year’s rally crossing at 1603.50 is the next downside
target. First resistance is the 20-day moving average crossing at 1683.10.
Second resistance is the reaction high crossing at 1704.40. First support is
December’s low crossing at 1636.00. Second support is the 75% retracement level
of this year’s rally crossing at 1603.50 is the next downside target.

March silver was lower due to light profit taking overnight as it
consolidates some of Wednesday’s rally. 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 31.562 are needed
to confirm that a short-term low has been posted. If March renews the decline
off November’s high, the 75% retracement level of the June-October rally
crossing at 28.687 is the next downside target. First resistance is the 20-day
moving average crossing at 31.562. Second resistance is the reaction high
crossing at 32.600. First support is the reaction low crossing at 29.635.
Second support is the 75% retracement level of the June-October rally crossing
at 28.687.

March copper was higher overnight as it extends the rally off December’s
low. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If March extends the rally off December’s low,
October’s high crossing at 382.90 is the next upside target. Closes below
Monday’s low crossing at 358.15 would confirm that a short-term top has been
posted. First resistance is the reaction high crossing at 377.10. Second
resistance is October’s high crossing at 382.90. First support is Monday’s low
crossing at 358.15. Second support is December’s low crossing at 352.30.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

March coffee close higher on Wednesday and above the 20-day moving average
crossing at 14.69 confirming that a short-term low has been posted. The
high-range close set 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, the
reaction high crossing at 15.51 is the next upside target. If March renews the
decline off October’s high, weekly support crossing at 12.90 is the next
downside target.

March cocoa closed higher due to short covering on Wednesday as it
consolidates some of the decline off December’s high. 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 bearish signaling that additional weakness
is possible near-term. If March extends the aforementioned decline, the 87%
retracement level of the June-September rally crossing at 21.45 is the next
downside target. Closes above the 20-day moving average crossing at 23.55 are
needed to confirm that a short-term low has been posted.

March sugar closed higher on Wednesday as it extends the rally off
December’s low. The high-range close set the stage for a steady to higher
opening on Thursday. Stochastics and the RSI are overbought but remain bullish
signaling that sideways to higher prices are possible near-term. If March
extends the rally off December’s low, December’s high crossing at 19.94 is the
next upside target. Closes below the 20-day moving average crossing at 19.19
would temper the near-term friendly outlook. If March renews this year’s
decline, the 75% retracement level of the 2010-2011 rally crossing at 17.38 is
the next downside target.

March cotton closed higher due to short covering on Wednesday as it
consolidates some of last week’s decline. The low-range close sets the stage
for a steady to lower opening on Thursday. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If March
extends last week’s decline, the reaction low crossing at 73.37 is the next
downside target. Closes above the 10-day moving average crossing at 75.84 would
temper the near-term bearish outlook.

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

March corn was lower overnight as it extends the decline off November’s
high. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. The high-range
close sets the stage for a steady to lower opening when the day session begins
trading. If March extends the decline off November’s high, the 50% retracement
level of the May-August rally crossing at 6.78 3/4 is the next downside target.
Closes above the 20-day moving average crossing at 7.14 1/4 are needed to
confirm that a short-term low has been posted. First resistance is the 10-day
moving average crossing at 6.96. Second resistance is the 20-day moving average
crossing at 7.14 1/4. First support is the overnight low crossing at 6.85.
Second support is the 50% retracement level of the May-August rally crossing at
6.78 3/4.

March wheat closed lower overnight as it extends Wednesday’s decline below
the 62% retracement level of this year’s rally crossing at 7.65 3/4. The
low-range close sets the stage for a steady to 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 the late-November high, the 75% retracement level
of this year’s rally crossing at 7.25 3/4 is the next downside target. Closes
above the 20-day moving average crossing at 8.05 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 7.79 1/2. Second resistance is the 20-day moving average crossing
at 8.05. First support is the overnight low crossing at 7.49 3/4. Second
support is the 75% retracement level of this year’s rally crossing at 7.25 3/4.

March Kansas City Wheat closed down 20-cents at 8.11.

March Kansas City wheat closed lower on Wednesday extending the decline off
November’s high. The low-range close sets the stage for a steady to lower
opening on Thursday. 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 the late-November high, the 62% retracement level
of this year’s rally crossing at 7.76 3/4 is the next downside target. Closes
above the 20-day moving average crossing at 8.61 1/2 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 8.36 1/2. Second resistance is the 20-day moving average crossing
at 8.61 1/2. First support is today’s low crossing at 8.10 1/2. Second support
is the 62% retracement level of this year’s rally crossing at 7.76 3/4.

March Minneapolis wheat was higher due to short covering overnight as it
consolidates some of Wednesday’s decline. The high-range close sets the stage
for a steady to higher opening when the day session begins to trade.
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 the late-November high, the 75% retracement level of this year’s
rally crossing at 8.15 1/2 is the next downside target. Closes above the 20-day
moving average crossing at 8.92 are needed to confirm that a short-term low has
been posted. First resistance is the 10-day moving average crossing at 8.69
3/4. Second resistance is the 20-day moving average crossing at 8.92. First
support is Wednesday’s low crossing at 8.40 3/4. Second support is the 75%
retracement level of this summer’s rally crossing at 8.15 1/2.

SOYBEAN COMPLEX

March soybeans were lower overnight as it extends Wednesday’s decline. The
low-range close sets the stage for a steady to lower opening when the day
session begins trading. Stochastics and the RSI are 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 13.56 is the next downside
target. Closes above the 20-day moving average crossing at 14.44 3/4 are needed
to confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 14.44 3/4. Second resistance is December’s
high crossing at 15.01 1/4. First support is the overnight low crossing at
13.72 1/2. Second support is November’s low crossing at 13.56.

March soybean meal was lower overnight as it extends the decline off
December’s high. The low-range close sets the stage for a steady to 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 December’s high, the
62% retracement level of the 2010-2012 rally crossing at 379.10 is the next
downside target. Closes above the 20-day moving average crossing at 433.80 are
needed to confirm that a low has been posted. First resistance is the 10-day
moving average crossing at 422.70. Second resistance is the 20-day moving
average crossing at 433.80. First support is the overnight low crossing at
398.00. Second support is the 62% retracement level of the 2010-2012-rally
crossing at 379.10.

March soybean was lower due to profit taking overnight. The low-range close
sets the stage for a steady to lower opening when the day session begins
trading. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If March extends this week’s rally, December’s
high crossing at 51.85 is the next upside target. Closes below the 10-day
moving average crossing at 49.40 would confirm that a short-term top has been
posted. First resistance is December’s high crossing at 51.85. Second
resistance is the reaction high crossing at 53.31. First support is December’s
low crossing at 47.92. Second support is November’s low crossing at 47.35.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

February hogs closed up $0.45 at $86.17.

February hogs closed higher due to short covering on Wednesday filling
Monday’s gap. 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 bearish signaling that sideways to lower prices are possible near-term.
Closes below the 20-day moving average crossing at 85.71 are needed to confirm
that a short-term top has been posted. If February renews the rally off
December’s low, November’s high crossing at 88.25 is the next upside target.
First resistance is the 10-day moving average crossing at 86.55. Second
resistance is the reaction high crossing at 87.77. First support is the
reaction low crossing at 84.45. Second resistance is December’s low crossing at
83.20.

February cattle closed up $0.07 at 132.37.

February cattle closed higher due to short covering on Wednesday as it
consolidates some of the decline off December’s high. 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 bearish hinting that a short-term
top might be in or is near. Closes below the 20-day moving average crossing at
132.31 are needed to confirm that a short-term top has been posted. If February
renews the rally off November’s low, last February’s high crossing at 135.90 is
the next upside target. First resistance is December’s high crossing at 134.40.
Second resistance is last February’s high crossing at 135.90. First support is
the 20-day moving average crossing at 132.31. Second support is the reaction
low crossing at 131.32.

March feeder cattle closed down $0.37 at $153.90.

March Feeder cattle closed lower on Wednesday and 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 bearish signaling that sideways to lower
prices are possible near-term. Closes below the 20-day moving average crossing
at 153.62 would confirm that a short-term top has been posted while opening the
door for additional weakness near-term. If March renews the rally off
November’s low, the 62% retracement level of the May-July decline crossing at
157.34 is the next upside target. First resistance is December’s high crossing
at 157.07. Second resistance is the 62% retracement level of the May-July
decline crossing at 157.34. First support is the 20-day moving average crossing
at 153.62. Second support is the reaction low crossing at 147.82.

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