Morning Markets Report
Prepared on Friday, November 29, 2013
Copyright 2013 INO.com. All Rights Reserved.
Summary
The Dow Future has gained 3 points to 16122. The US Dollar Index eased 0.049 points to 80.534. Gold is higher 1.26 dollars to 1244.57. Silver has gained 0.1503 dollars to 19.8403. The Dow Industrials moved higher by 24.53 points, at 16097.33, while the S&P 500 advanced 4.48 points, last seen at 1807.23. The Nasdaq Composite rose 26.88 points to 4044.63. Streaming charts of these markets are available 24/7 at MarketClub
Key Events for Friday
8:30 AM ET. U.S. Weekly Export Sales
Corn, In Metric Tons (previous 982.7K)
Soybeans, In Metric Tons (previous 1376.5K)
Wheat, In Metric Tons (previous 618.1K)
1:00 PM ET. U.S. financial markets close early after Thanksgiving
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock
9:00 AM ET. Nov US Manufacturing PMI
10:00 AM ET. Sept Construction Spending – Construction Put in Place
New Construction (previous +0.6%)
Residential Construction
10:00 AM ET. Oct Construction Spending – Construction Put in Place
New Construction (previous +0.6%)
Residential Construction
10:00 AM ET. Nov ISM Manufacturing Report on Business
Manufacturing PMI (previous 56.4)
Prices Index (previous 55.5)
Employment Index (previous 53.2)
Inventories (previous 52.5)
New Orders Index (previous 60.6)
Production Index (previous 60.8)
11:00 AM ET. Nov Global Manufacturing PMI
1:00 PM ET. Nov Dow Jones Economic Sentiment Indicator
DJ Economic Sentiment Indicator (previous 49.7)
The March Dollar was lower overnight. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week’s decline, the November 1st gap crossing at 80.45 is the next downside target. If March renews the rally off October’s low, the 50% retracement level of the July-October decline crossing at 82.27 is the next upside target. First resistance is the reaction high crossing at 81.73. Second resistance is the 50% retracement level of the July-October decline crossing at 82.27. First support is the reaction low crossing at 80.62. Second support is the November 1st gap crossing at 80.45.
The March Euro was higher overnight as it extends the rally off November’s low. Stochastics and the RSI are overbought remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November’s low, the reaction high crossing at 137.05 is the next upside target. Closes below the reaction low crossing at 134.02 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 136.23. Second resistance is the reaction high crossing at 137.05. First support is the reaction low crossing at 134.02. Second support is November’s low crossing at 133.00.
The March British Pound was higher overnight as it extends Wednesday’s breakout above the trading range of the past two months. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today’s trading range breakout, monthly resistance crossing at 1.6738 is the next upside target. Closes below the 20-day moving average crossing at 1.6076 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.6359. Second resistance is monthly resistance crossing at 1.6738. First support is the 20-day moving average crossing at 1.6076. Second support is November’s low crossing at 1.5840.
The March Swiss Franc was higher overnight as it extends the rally off November’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the reaction high crossing at .11156 is the next upside target. Closes below the 20-day moving average crossing at .10960 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at .11078. Second resistance is the reaction high crossing at .11156. First support is the 20-day moving average crossing at .10960. Second support is the reaction low crossing at .10891.
The March Canadian Dollar 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 this fall’s decline, July’s low crossing at 93.60 is the next downside target. Closes above the 20-day moving average crossing at 95.06 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 95.06. Second resistance is last Monday’s high crossing at 95.73. First support is Wednesday’s low crossing at 94.07. Second support is July’s low crossing at 93.60.
The March Japanese Yen was lower overnight as it extends the decline off October’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 October’s high, May’s low crossing at .9710 is the next downside target. Closes above the 20-day moving average crossing at .10007 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at .9905. Second resistance is the 20-day moving average crossing at .10007. First support is the overnight low crossing at .9753. Second support is May’s low crossing at .9710.
January Nymex crude oil was higher due to short covering overnight as it consolidates some of Wednesday’s decline. Stochastics and the RSI are diverging but are bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 91.18 is the next downside target. Closes above last Thursday’s high crossing at 95.63 are needed to confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 95.63. Second resistance is the reaction high crossing at 98.96. First support is Wednesday’s low crossing at 91.77. Second support is the 75% retracement level of the April-August rally crossing at 91.18.
January heating oil was lower overnight as it consolidates some of this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If January extends the rally off this month’s low, October’s high crossing at 306.68 is the next upside target. Closes below the 20-day moving average crossing at 293.74 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 305.45. Second resistance is October’s high crossing at 306.68. First support is the 10-day moving average crossing at 299.26. Second support is the 20-day moving average crossing at 293.73.
January unleaded gas was slightly higher overnight. Stochastics and the RSI are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 261.61 would confirm that a short-term top has been posted. If January extends the rally off November’s low, the 75% retracement level of the August-November decline crossing at 277.76 is the next upside target. First resistance is last Friday’s high crossing at 274.50. Second resistance is the 75% retracement level of the August-November decline crossing at 277.76. First support is the 10-day moving average crossing at 267.17. Second support is the 20-day moving average crossing at 261.61.
January Henry natural gas was higher overnight as it extends this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends this month’s rally, October’s high crossing at 4.092 is the next upside target. Closes below the 20-day moving average crossing at 3.687 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.943. Second resistance is October’s high crossing at 4.092. First support is the 10-day moving average crossing at 3.776. Second support is the 20-day moving average crossing at 3.687.
March coffee closed lower on Wednesday and the mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 10.53 would temper the friendly outlook. If March extends this month’s rally, October’s high crossing at 12.10 is the next upside target.
March cocoa closed higher on Wednesday. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year’s rally, monthly resistance crossing at 28.81 is the next upside target. Closes below the 20-day moving average crossing at 27.24 would confirm that a short-term top has been posted.
March sugar closed lower on Wednesday as it extends the decline off October’s high. The low-range close set 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 October’s high, the 87% retracement level of the July-October rally crossing at 17.12 is the next downside target. Closes above the 20-day moving average crossing at 17.79 would confirm that a short-term low has been posted.
March cotton closed lower on Wednesday as it extends this month’s trading range. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Wednesday’s high crossing at 79.45 would confirm that a short-term low has been posted. If March renews this year’s decline, the 75% retracement level of the 2012-2013 rally crossing at 74.62 is the next downside target.
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Grain futures will begin trading at 9:30 AM CST. this morning. Here is a recap of Wednesday’s trade.
March Corn closed up 1 3/4-cents at 4.26 1/2.
March corn closed higher on Wednesday. The mid-range close sets the stage for a steady opening when Friday’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 20-day moving average crossing at 4.33 would temper the near-term bearish outlook. Closes above the reaction high crossing at 4.49 1/2 are needed to confirm that a seasonal low has been posted. If March renews the decline off August’s high, weekly support crossing at 3.99 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 4.33. Second resistance is the reaction high crossing at 4.49 1/2. First support is last Tuesday’s low crossing at 4.20. Second support is weekly support crossing at 3.99 3/4.
March wheat closed up 7 1/2-cents at 6.63 1/2.
March wheat closed higher on Wednesday and above the 20-day moving average crossing at 6.61 1/4 confirming that a short-term low has been posted. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends today’s rally, the reaction high crossing at 6.70 1/2 is the next upside target. If March renews the decline off October’s high, August’s low crossing at 6.47 3/4 is the next downside target. First resistance is today’s high crossing at 6.67. Second resistance is the reaction high crossing at 6.70 1/2. First support is the reaction low crossing at 6.52. Second support is August’s low crossing at 6.47 3/4.
March Kansas City Wheat closed up 8-cents at 7.06 1/2.
March Kansas City wheat closed higher on Wednesday. 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. Closes above the 20-day moving average crossing at 7.09 3/4 are needed to confirm that a short-term low has been posted. If March renews this fall’s decline, weekly support crossing at 6.70 is the next downside target. First resistance is today’s high crossing at 7.06 1/2. Second resistance is the 20-day moving average crossing at 7.09 3/4. First support is last Friday’s low crossing at 6.94 3/4. Second support is weekly support crossing at 6.70.
March Minneapolis wheat closed up 3 1/2-cent at 7.06 3/4.
March Minneapolis wheat closed higher on Wednesday. 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 this fall’s decline, monthly support crossing at 6.90 is the next downside target. Closes above the 20-day moving average crossing at 7.14 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.14 3/4. Second resistance is the reaction high crossing at 7.37 1/4. First support is Tuesday’s low crossing at 7.02 1/4. Second support is monthly support crossing at 6.90.
January soybeans closed down 3 1/4-cents at 13.20.
January soybeans closed lower on Wednesday due to profit taking as it consolidated some of this month’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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends this month’s rally, the reaction high crossing at 13.63 is the next upside target. Closes below the 20-day moving average crossing at 12.89 1/2 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 13.41. Second resistance is the reaction high crossing at 13.63. First support is the 20-day moving average crossing at 12.89 1/2. Second resistance is this month’s low crossing at 12.47.
January soybean meal closed down $2.30 at 429.60.
January soybean meal posted a downside reversal on Wednesday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening when 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 January extends this month’s rally, September’s high crossing at 446.80 is the next upside target. Closes below the 20-day moving average crossing at 408.80 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 440.00. Second resistance is September’s high crossing at 446.80. First support is the 10-day moving average crossing at 415.90. Second support is the 20-day moving average crossing at 408.80.
January soybean oil closed down 35 pts. at 40.25.
January soybeans closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If January extends this week’s decline, last week’s low crossing at 40.70 is the next downside target. If January renews last week’s rally, October’s high crossing at 42.40 is the next upside target. First resistance is last Thursday’s high crossing at 42.50. Second resistance is October’s high crossing at 42.40. First support is last week’s low crossing at 40.70. Second support is October’s low crossing at 39.53.
The March NASDAQ 100 was higher overnight as it extends this year’s rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends this year’s rally, monthly resistance crossing at 3668.00 is the next upside target. Closes below the 20-day moving average crossing at 3389.26 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3480.00. Second resistance is monthly resistance crossing at 3668.00. First support is the 20-day moving average crossing at 3389.26. Second support is the reaction low crossing at 3354.00.
The December S&P 500 was higher overnight as it extends this year’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are possible. If December extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1780.45 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1809.70. Second resistance is unknown with December trading into uncharted territory. First support is the 10-day moving average crossing at 1795.89. Second support is the 20-day moving average crossing at 1780.45.
March T-bonds were lower overnight as they consolidated some of the rally off last week’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 130-30 are needed to confirm that a short-term low has been posted. If March renews the decline off October’s high, September’s low crossing at 128-11 is the next downside target. First resistance is the 20-day moving average crossing at 130-30. Second resistance is the reaction high crossing at 131-26. First support is last Thursday’s low crossing at 128-31. Second support is September’s low crossing at 128-11.
February hogs closed up $0.08 at $90.48.
February hog closed higher on Wednesday but remains below the 20-day moving average. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off October’s high, the 38% retracement level of the March-October rally crossing at 88.44 is the next downside target. Closes above the 20-day moving average crossing at 90.85 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 90.85. Second resistance is the reaction high crossing at 92.35. First support is the reaction low crossing at 89.55. Second support is the 38% retracement level of the March-October rally crossing at 88.44.
February cattle closed up $1.07 at 134.10.
February cattle closed higher on Wednesday and above the 20-day moving average crossing at 133.45 confirming that a short-term low has been posted. 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 bullish signaling that sideways to higher prices are possible near-term. If February extends this week’s rally, October’s high crossing at 135.40 is the next upside target. If February renews the decline off October’s high, the 38% retracement level of the May-October rally crossing at 131.11 is the next downside target. First resistance is this month’s high crossing at 134.90. Second resistance is October’s high crossing at 135.40. First support is last week’s low crossing at 131.27. Second support is the 38% retracement level of the May-October rally crossing at 131.11.
January feeder cattle closed up $0.95 at $165.32.
January Feeder cattle gapped up and closed higher on Wednesday as it extends the rally off last week’s low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing at 163.98 would temper the near-term friendly outlook. If January renews the decline off October’s high, the 38% retracement level of the May-October rally crossing at 161.16 is the next downside target. First resistance is the reaction high crossing at 166.00. Second resistance is the reaction high crossing at 167.20. First support is last Tuesday’s low crossing at 162.05. Second support is the 38% retracement level of the May-October rally crossing at 161.16.
February gold was higher due to short covering overnight as it consolidates some of the decline off October’s high. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1275.70 are needed to confirm that a short-term low has been posted. If February extends the decline off October’s high, the 87% retracement level of the June-August rally crossing at 1218.40 is the next downside target. First resistance is the 10-day moving average crossing at 1255.20. Second resistance is the 20-day moving average crossing at 1275.80. First support is Monday’s low crossing at 1226.40. Second support is the 87% retracement level of the June-August rally crossing at 1218.40.
January silver was higher due to short covering overnight as it consolidates some of the decline off October’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October’s high, the 87% retracement level of the June-August rally crossing at 19.423 is the next downside target. Closes above the 20-day moving average crossing at 20.700 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 20.064. Second resistance is the 20-day moving average crossing at 20.700. First support is the 87% retracement level of the June-August rally crossing at 19.423. Second support is June’s low crossing at 18.615.
January copper was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 321.79 are needed to confirm that a low has been posted. If January renews the decline off August’s high, the 75% retracement level of the June-August rally crossing at 312.66 is the next downside target. First resistance is the 20-day moving average crossing at 321.79. Second resistance is the reaction high crossing at 328.10. First support is November’s low crossing at 313.50. Second support is the 75% retracement level of the June-August rally crossing at 312.66.
|
Top Stocks |
# |
symbol |
name |
last |
net |
% |
volume |
score |
triangles |
|
1. |
BAC |
BANK of AMERICA CORP |
15.82 |
-0.06 |
-0.38% |
72,230,577 |
+90 |
|
Entry Signal |
2. |
ZNGA |
ZYNGA |
4.405 |
-0.055 |
-1.25% |
24,587,046 |
+100 |
|
Entry Signal |
3. |
MSFT |
MICROSOFT |
37.59 |
+0.24 |
+0.64% |
23,662,705 |
+90 |
|
Entry Signal |
4. |
HIMX |
HIMAX TECHNOLOGIES |
10.385 |
+0.955 |
+9.20% |
14,035,379 |
+100 |
|
Entry Signal |
5. |
ORCL |
ORACLE CORP |
35.275 |
+0.345 |
+0.98% |
14,005,646 |
+100 |
|
Entry Signal |
6. |
S |
SPRINT |
8.365 |
+0.215 |
+2.57% |
13,454,905 |
+100 |
|
Entry Signal |
7. |
C |
CITIGROUP |
53.0699 |
+0.0599 |
+0.11% |
12,250,331 |
+90 |
|
Entry Signal |
8. |
WFC |
WELLS FARGO |
44.29 |
-0.02 |
-0.05% |
12,020,836 |
+90 |
|
Entry Signal |
9. |
MRK |
MERCK |
49.855 |
+0.275 |
+0.55% |
10,491,429 |
+100 |
|
Entry Signal |
10. |
JPM |
JP MORGAN CHASE |
57.49 |
+0.32 |
+0.56% |
10,356,208 |
+90 |
|
Entry Signal |
|