Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
Trading Natural Gas As The Season Changes - 16th Sep 19
Cameco Crash, Uranium Sector Won’t Catch a break - 16th Sep 19
These Indicators Point to an Early 2020 Economic Downturn - 16th Sep 19
Gold When Global Insanity Prevails - 16th Sep 19
Stock Market Looking Toppy - 16th Sep 19
Is the Stocks Bull Market Nearing an End? - 16th Sep 19
US Stock Market Indexes Continue to Rally Within A Defined Range - 16th Sep 19
What If Gold Is NOT In A New Bull Market? - 16th Sep 19
A History Lesson For Pundits Who Don’t Believe Stocks Are Overvalued - 16th Sep 19
The Disconnect Between Millennials and Real Estate - 16th Sep 19
Tech Giants Will Crash in the Next Stock Market Downturn - 15th Sep 19
Will Draghi’s Swan Song Revive the Eurozone? And Gold? - 15th Sep 19
The Race to Depreciate Fiat Currencies Is Accelerating - 15th Sep 19
Can Crypto casino beat Hybrid casino - 15th Sep 19
British Pound GBP vs Brexit Chaos Timeline - 14th Sep 19
Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - 14th Sep 19
War Gaming the US-China Trade War - 14th Sep 19
Buying a Budgie, Parakeet for the First Time from a Pet Shop - Jollyes UK - 14th Sep 19
Crude Oil Price Setting Up For A Downside Price Rotation - 13th Sep 19
A “Looming” Recession Is a Gold Golden Opportunity - 13th Sep 19
Is 2019 Similar to 2007? What Does It Mean For Gold? - 13th Sep 19
How Did the Philippines Establish Itself as a World Leader in Call Centre Outsourcing? - 13th Sep 19
UK General Election Forecast 2019 - Betting Market Odds - 13th Sep 19
Energy Sector Reaches Key Low Point – Start Looking For The Next Move - 13th Sep 19
Weakening Shale Productivity "VERY Bullish" For Oil Prices - 13th Sep 19
Stock Market Dow to 38,000 by 2022 - 13th Sep 19 - readtheticker
Gold under NIRP? | Negative Interest Rates vs Bullion - 12th Sep 19
Land Rover Discovery Sport Brake Pads and Discs's Replace, Dealer Check and Cost - 12th Sep 19
Stock Market Crash Black Swan Event Set Up Sept 12th? - 12th Sep 19
Increased Pension Liabilities During the Coming Stock Market Crash - 12th Sep 19
Gold at Support: the Upcoming Move - 12th Sep 19
Precious Metals, US Dollar, Stocks – How It All Relates – Part II - 12th Sep 19
Boris Johnson's "Do or Die, Dead in a Ditch" Brexit Strategy - 11th Sep 19
Precious Metals, US Dollar: How It All Relates – Part I - 11th Sep 19
Bank of England’s Carney Delivers Dollar Shocker at Jackson Hole meeting - 11th Sep 19
Gold and Silver Wounded Animals, Indeed - 11th Sep 19
Boris Johnson a Crippled Prime Minister - 11th Sep 19
Gold Significant Correction Has Started - 11th Sep 19
Reasons To Follow Experienced Traders In Automated Trading - 11th Sep 19
Silver's Sharp Reaction Back - 11th Sep 19
2020 Will Be the Most Volatile Market Year in History - 11th Sep 19
Westminister BrExit Extreme Chaos Puts Britain into a Pre-Civil War State - 10th Sep 19
Gold to Correct as Stocks Rally - 10th Sep 19
Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - 10th Sep 19
Stock Market Sector Rotation Giving Mixed Signals About The Future - 10th Sep 19
The Online Gaming Industry is Going Up - 10th Sep 19
The Unknown Tech Stock Transforming The Internet - 10th Sep 19
More Wall Street Propaganda - 10th Sep 19
Stock Market Price Structure Still Suggests We Are Within Volatile Rotation - 9th Sep 19
Stock Market Still Treading Water - 9th Sep 19
Buying Pullbacks in Silver & Gold - 9th Sep 19
Government Spending - The High Price of a "Free Lunch" - 9th Sep 19
Don't Worry About a Recession - 9th Sep 19
Large Drop in Stocks, Big Rally in Gold and Silver - 9th Sep 19

Market Oracle FREE Newsletter

The No1 Tech Stock for 2019

Stock, Commodities and Currency Futures Markets Analysis 12th December

Stock-Markets / Futures Trading Dec 12, 2008 - 07:46 AM GMT

By: INO

Stock-Markets Best Financial Markets Analysis ArticleThe March NASDAQ 100 was sharply lower overnight due to profit taking triggered by disappointment over the senate's failure to pass a bailout bill for the auto industry. The overnight sell off has led to a decline below the 20-day moving average crossing at 1154.67. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1154.67 would confirm that a short- term top has been posted while opening the door for sideways to lower prices possibly into the end of this year.


If March extends the rally off November's low, the reaction high crossing at 1321.75 is the next upside target. The March NASDAQ 100 was down 46.25 pts. at 1143.75 as of 5:58 AM CST. First resistance is Tuesday's high crossing at 1254.00. Second resistance is the reaction high crossing at 1321.75. First support is the overnight low crossing at 1135.00. Second support is the reaction low crossing at 1093.00. Overnight action sets the stage for a lower opening by March NASDAQ 100 when the day session begins later this morning.

The March S&P 500 index was sharply lower overnight and trading below support marked by the 20-day moving average crossing at 852.15. The overnight sell off was triggered by the senate's failure to pass some kind of bailout bill for the auto industry. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. If December extends the overnight decline, the reaction low crossing at 813.50 is the next downside target. First resistance is Monday's high crossing at 919.00. Second resistance is the reaction high crossing at 962.30. First support is the overnight low crossing at 828.60. Second support is the reaction low crossing at 813.50. The March S&P 500 Index was down 39.00 pts. at 835.50 as of 6:02 AM CST. Overnight action sets the stage for a lower opening by the December S&P 500 index when the day session begins later this morning.

INTEREST RATES
March T-bonds were higher overnight due to weakness in the equity markets overnight. At the same time they continue to extend this week's trading range. Stochastics and the RSI are overbought but are neutral hinting that sideways to higher prices are still possible near-term. Closes below the 10-day moving average crossing at 133-06 are needed to confirm that a short-
term top has been posted. First resistance is the overnight high crossing at 135-27. First support is the 10-day moving average crossing at 133-06. Second support is the 20-day moving average crossing at 128-02.

ENERGY MARKETS
January crude oil was lower overnight due to profit taking as it consolidates some of this week's short covering rally. Stochastics and the RSI have turned bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 49.26 are needed to confirm that a short-term low has been posted. If January renews this fall's decline, psychological support crossing at 40.00 is the next downside target. First resistance is Thursday's high crossing at 49.12. Second resistance is the 20-day moving average crossing at 49.26. First support is last Friday's low crossing at 40.50. Second support is psychological support crossing at 40.00.

January heating oil was lower overnight due to profit taking as it consolidates some of Thursday's rally. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. However, closes above the 20-day moving average crossing at 163.08 are needed to confirm that a short-term low has been posted. If January extends this fall's decline, monthly support marked by the 75% retracement level of the 1999-2008-rally crossing at 126.32 is the next downside target. First resistance is the 10-day moving average crossing at 150.13. Second resistance is the 20-day moving average crossing at 163.08. First support is Wednesday's low crossing at 138.45. Second support is monthly support crossing at 126.32.

January unleaded gas was lower overnight due to profit taking as it consolidates some of Thursday's short covering rally. However, stochastics and the RSI have turned bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 108.38 are needed to confirm that a short-term low has been posted. If January renews this fall's decline, the 87% retracement level of the 1999-2008 rally on the weekly continuation chart crossing at 73.73 is the next downside target. First resistance is the 20-day moving average crossing at 108.38. Second resistance is the reaction high crossing at 124.20. First support is last Friday's low crossing at 89.50. Second support is the 87% retracement level of the 1999-2008 rally on the weekly continuation chart crossing at 73.73.

January Henry natural gas was lower overnight and is poised to renew this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends this fall's decline, monthly support crossing at 5.249 is the next downside target. Closes above the 20-day moving average crossing at 6.252 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.903. Second resistance is the 20-day moving average crossing at 6.252. First support is Tuesday's low crossing at 5.458. Second support is monthly support crossing at 5.249.

NEW! INO TV - http://tv.ino.com/ - Watch From Your Computer for Free

NEW! INO TV - http://tv.ino.com/ - Watch From Your Computer for Free

Here are the newest authors: Jack Schwager, John Murphy, Jake Bernstein, and Ron Ianieri. All experts, all well recognized, and highly trafficked by our current members. http://tv.ino.com/

CURRENCIES

The March Dollar was lower overnight as it extends this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 38% retracement level of the July-November rally crossing at 83.06 is the next downside target. Closes above the 20-day moving average crossing at 87.11 are needed to confirm that a short-term low has been posted. First resistance is broken support marked by the reaction low crossing at 85.34. Second resistance is the 10-day moving average crossing at 86.73. First support is Thursday's low crossing at 83.99. Second support is the 38% retracement level crossing at 83.06.

The March Euro was steady to slightly higher overnight as it extends this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Thursday's close above the reaction high crossing at 132.350 confirms that a bottom has been posted. If March extends this week's rally, the reaction high crossing at 137.720 is the next upside target. Closes below the 20-day moving average crossing at 127.938 would temper the near-term friendly outlook in the market. First resistance is the overnight high crossing at 133.720. Second resistance is the reaction high crossing at 137.720. First support is the 10-day moving average crossing at 128.813. Second support is the 20-day moving average crossing at 127.938.

The March British Pound was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the reaction high crossing at 1.5544 are needed to confirm that a short-term low has been posted. If March renews this fall's decline, monthly support crossing at 1.4004 is the next downside target. First resistance is the overnight high crossing at 1.5100. Second resistance is the reaction high crossing at 1.5544. First support is last Thursday's low crossing at 1.4500. Second support is monthly support crossing at 1.4004.

The March Swiss Franc was higher overnight as it extends Wednesday's rally above moving average resistance. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .8495 are needed to confirm that a bottom has been posted. If March renews this fall's decline, monthly support crossing at .8071 is the next downside target. First resistance is the overnight high crossing at .8541. Second resistance is the reaction high crossing at .8944. First support is the 10-day moving average crossing at .8364. Second support is last Friday's low crossing at .8201.

The March Canadian Dollar was lower overnight due to profit taking as it consolidates some of Thursday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 82.54 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 79.67 would temper the near-term friendly outlook in the market. First resistance is Thursday's high crossing at 82.28. Second resistance is the reaction high crossing at 82.54. First support is the 10-day moving average crossing at 79.67. Second support is November's low crossing at 77.00.

The March Japanese Yen was higher overnight as it extends the rally and has broken out above October's high crossing at .11055. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low,.11500 is the next upside target. Closes below the 20-day moving average crossing at .10667 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at .11373. Second resistance is .11500. First support is the 10-day moving average crossing at .10850. Second support is the 20-day moving average crossing at .10667.

NEW! INO TV - http://tv.ino.com/ - Watch From Your Computer for Free

NEW! INO TV - http://tv.ino.com/ - Watch From Your Computer for Free

Here are the newest authors: Jack Schwager, John Murphy, Jake Bernstein, and Ron Ianieri. All experts, all well recognized, and highly trafficked by our current members. http://tv.ino.com/

PRECIOUS METALS
February gold was lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, the reaction high crossing at 862.00 is the next upside target. Closes below the 20-day moving average crossing at 780.60 are needed to confirm that a short- term top has been posted. First resistance is Thursday's high crossing at 835.30. Second resistance is reaction high crossing at 862.00. First support is the 10-day moving average crossing at 784.10. Second support is the 20-day moving average crossing at 780.60.

March silver was lower overnight due to profit taking as it consolidates some of this week's rally but remains above the 10-day moving average crossing at 9.807. From a broad perspective, March remains locked in this fall's trading range. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 10.775 are needed to confirm that a short-term low has been posted. If December renews last week's decline, October's low crossing at 8.510 is the next downside target. First resistance is Thursday's high crossing at 10.540. Second resistance is the reaction high crossing at 10.705. First support is the 10-day moving average crossing at 9.807. Second support is last Friday's low crossing at 9.125.

March copper was lower overnight as it consolidates some of this week's minor gains. 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 173.35 are needed to confirm that a bottom has been posted. If March extends this fall's decline, monthly support crossing at 106.78 is the next downside target. First resistance is the 10-day moving average crossing at 149.80. Second resistance is the 20-day moving average crossing at 157.34. First support is last Friday's low crossing at 135.60. Second support is monthly support crossing at 106.78.

FOOD & FIBER
March coffee closed higher on Thursday and closed above the 20-day moving average crossing at 112.30 signaling that a short-
term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends week's rally, the reaction high crossing at 11.750 is the next upside target. Closes below the 10-day moving average crossing at 11.054 would temper the near- term friendly outlook.

March cocoa closed higher on Thursday as it extended this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends November's rally, this summer's downtrend line crossing near 24.86 is the next upside target. Closes below the 20-day moving average crossing at 21.52 are needed to confirm that a short-term top has been posted.

March sugar closed higher on Thursday as it extended Wednesday's rally above the 20-day moving average crossing at 11.48. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the reaction high crossing at 12.35 is the next upside target. Closes below the 10-day moving average crossing at 11.36 would temper the near-term friendly outlook in the market.

March cotton closed higher on Wednesday and above the 20-day moving average crossing at 43.73. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible near-term. If December renews last week's decline, November's low crossing at 39.23 is the next downside target. Closes above the reaction high crossing at 48.00 would confirm that a bottom has been posted.

Complimentary Starter Kit | Introduction to Futures Trading

Access to over 60 pages of professional futures guidance and education -Organization of a futures exchange and mechanics of futures
-Types of orders and how to place them -Using fundamental and technical analysis, and understanding charts

Trading futures and options involves the risk of loss.

GRAINS Agricultural Commodities Analysis

March corn was lower overnight due to profit taking as it consolidates some of this week's rally. The fact that March corn was able to rally despite yesterday's bearish supply-demand report strongly suggests that a seasonal low has finally been posted. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 3.59 would signal that a short-term low has been posted.

If March renews this fall's decline, the 87% retracement level of the 2005-2008-rally crossing at 2.59 3/4 is the next downside target. First resistance is Thursday's high crossing at 3.57 3/4. Second resistance is the 20-day moving average crossing at 3.59. First support is last Friday's low crossing at 3.05 1/2. Second support is the 87% retracement level of the 2005-2008-rally crossing at 2.59 3/4.

March wheat was lower overnight due to profit taking as it consolidates some of Wednesday's rally. Thursday's monthly supply-demand report showed an increase in carryout as fundamentals remain bearish and will limit rallies until late-winter or next spring. Stochastics and the RSI have turned bullish signaling that a short-term low might be in or is near. The low-range close overnight sets the stage for a steady to lower opening when the day session opens later this morning. Multiple closes above the 20-day moving average crossing at 5.26 1/2 are needed to confirm that a short-term low has been posted. If March renews the decline off August's high, the May 2007 low on the continuation chart crossing at 4.68 is the next downside target.

March Kansas City Wheat closed up 2 3/4-cents at 5.34.

Kansas City Wheat closed higher on Thursday as it extends this week's short covering rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 5.56 1/2 are needed to confirm that a bottom has been posted. If March renews this summer's decline, the May 2007 low crossing at 4.90 is the next downside target.

March Minneapolis wheat closed down 2 1/2-cents at 5.88 3/4.

March Minneapolis wheat closed lower on Thursday as it consolidated some of Wednesday's rally but remains above the 10-day moving average crossing at 5.81 1/4. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 6.00 1/4 are needed to confirm that a short-term low has been posted. If March renews this fall's decline, monthly support crossing at 5.22 is the next downside target.

SOYBEAN COMPLEX
January soybeans were lower overnight due to profit taking as it consolidates some of this week's rally. Stochastics and the RSI remain bullish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 8.54 1/4 are needed confirm that a short-term low has been posted. If January renews this fall's decline, the 75% retracement level of the 1999-2008-rally crossing at 7.14 is the next downside target. First resistance is Thursday's high crossing at 8.65 3/4. Second resistance is the reaction high crossing at 8.98 3/4. First support is the 10-day moving average crossing at 8.25 1/4. Second support is last Friday's low crossing at 7.79 1/4.

March soybean meal was lower overnight due to profit taking as it consolidates some of this week's rally but remains above the 10-day moving average. The low-range overnight close set the stage for a steady to lower opening when the day session begins later this morning. Stochastics and the RSI remain bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 255.90 are needed to confirm that a low has been posted and that a trend change has taken place. If March renews last week's decline, monthly support marking the 75% retracement level of the 2004-2008-rally crossing at 221.90 is the next downside target.

March soybean oil was lower overnight due to profit taking triggered by spillover weakness from crude oil. Stochastics and the RSI remain bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 31.80 are needed to confirm that a short-term low has been posted. If March renews this fall's decline, the 75% retracement level of the 2001-2008-rally crossing at 28.43 is the next downside target.

LIVESTOCK
February hogs closed down $0.75 at $62.37.

February hogs gapped down and closed lower on Thursday as it extended this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If February extends this week's decline, October's low crossing at 60.50 is the next downside target. Closes above Monday's high crossing at 65.40 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 64.03. Second resistance is the 10-day moving average crossing at 64.38. First support is today's low crossing at 61.55. Second support is October's low crossing at 60.50.

February bellies closed down $2.07 at $82.42.

February bellies gapped down and closed below November's low crossing at 82.82 on Thursday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If February extends today's decline, psychological support crossing at 80.00 is the next downside target. Closes above the 10-day moving average crossing at 89.39 are needed to confirm that a short-term low has been posted.

February cattle closed up $0.02 at 83.82.

February cattle closed slightly higher on Thursday as it extends this week's short covering rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. However, closes above the 20-day moving average crossing at 85.94 are needed to confirm that a short-term low has been posted. If February renews last week's decline, weekly support crossing at 80.00 is the next downside target.

January feeder cattle closed up $0.25 at $87.60.

January Feeder cattle closed higher on Thursday due to short covering as it consolidated some of Tuesday's decline. The low-
range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 90.18 are needed to confirm that a short-term low has been posted. If January extends this fall's decline, weekly support crossing at 84.35 is the next downside target.

By INO.com

INO and Quote Providers furnish quotes and market analysis without responsibility for accuracy and is accepted by the site visitor on the condition that transmission or omissions shall not be made the basis for any claim, demand or cause for action. The information and data was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options..

INO Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules