STOCK INDEXES
The December NASDAQ 100 closed sharply higher on Friday as it consolidated some of this week's decline but remains below the 10-day moving average crossing at 1299.02. The high-range close sets the stage for a steady to higher opening on Monday. However, stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near term. If December extends this week's decline, October's low crossing at 1136.75 is the next downside target. Closes below this support level would renew this fall's decline while opening the door for a possible test of the 87% retracement level of the 2002-2007 rally crossing at 979.84. Closes above Wednesday's high crossing at 1389.00 are needed to renew the rally off October's low. First resistance is the 10 day moving average crossing at 1298.92. Second resistance is Wednesday's high crossing at 1389.00. First support is Thursday's low crossing at 1235.00. Second support is October's low crossing at 1136.75.
The December S&P 500 index closed higher on Friday as it consolidated some of this week's decline but remains below the 10 day moving average crossing at 938.74. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, October's low crossing at 825.00 is the next downside target. Closes above the reaction high crossing at 1066.50 are needed to confirming that an important low has been posted. First resistance is the 10-day moving average crossing at 938.77. Second resistance is Wednesday's high crossing at 1008.00. First support is Thursday's low crossing at 900.50. Second support is October's low crossing at 825.00.
The Dow posted an inside day with a higher close on Friday as it consolidated some of this week's decline but remains below the 20 day moving average crossing at 8967 confirming that a short term top has been posted. The mid range close sets the stage for a steady opening on Monday. If the Dow extends this week's decline, the reaction low crossing at 8143 then October's low crossing at 7882 are the next downside targets. Closes below October's low would renew this fall's decline while opening the door for a possible test of the 87% retracement level of the 2002-2007 rally crossing at 8072 then the 2002 low crossing at 7197 later this year. First resistance is the 20 day moving average crossing at 8967. Second resistance is Tuesday's high crossing at 9653. First support is Thursday's low crossing at 8684.96. Second support is the reaction low crossing at 8143.
INTEREST RATES
December T-bonds closed down 14/32's at 116-12. December T-bonds closed lower on Friday due to profit taking as it consolidated some of this week's rally but remains above the 10 day moving average crossing at 115-16. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the reaction high crossing at 119-12 is the next upside target. Closes above 119-12 would renew the rally off October's low. First resistance is today's high crossing at 117-09. Second resistance is the reaction high crossing at 119-12. First support is the 10 day moving average crossing at 115-16. Second support is the 20 day moving average crossing at 115-09.
ENERGY MARKETS
December crude oil closed slightly higher on Friday due to short covering as it consolidated some of this week's decline. Today's mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If December extends this fall's decline, the 75% retracement level crossing at 51.81 is the next downside target. Closes above the 20-day moving average crossing at 68.60 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 64.89. Second resistance is the 20-day moving average crossing at 68.60. First support is today's low crossing at 59.97. Second support is the 75% retracement level crossing at 51.81.
December heating oil closed higher on Friday due to short covering as it consolidated some of Thursday's decline but remains below the 10 day moving average crossing at 201.06. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If December extends this fall's decline, monthly support marked by the 62% retracement level of the 1999-2008 rally crossing at 176.90 is the next downside target. Closes above Tuesday's high crossing at 221.13 are needed to confirm that a short-term low has been posted. First resistance is the 10 day moving average crossing at 201.06. Second resistance is the 20 day moving average crossing at 208.78. First support is Thursday's low crossing at 193.55. Second support is October's low crossing at 190.89.
December unleaded gas closed slightly higher due to light short covering on Friday as it consolidated some of Thursday's decline. The mid range close sets the stage for a steady opening on Monday. Despite today's rebound, stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. If December extends this fall's decline, monthly support crossing at 103.50 is the next downside target. Closes above the 20-day moving average crossing at 154.92 are needed to confirm that a short-term low has been posted. First resistance is the 10 day moving average crossing at 142.89. Second resistance is the 20 day moving average crossing at 154.92. First support is Thursday's low crossing at 132.40. Second support is monthly support crossing at 103.50.
December Henry natural closed below the 10 day moving average crossing at 6.779 on Friday confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral hinting that sideways to lower prices are possible near-term. If December extends today's decline, the reaction low crossing at 6.330 is the next downside target. Closes below October's low crossing at 6.240 would renew this year's decline while opening the door for a possible test of the 2007 September low crossing at 5.249. Closes above the reaction high crossing at 7.332 are needed to confirm that a low has been posted. First resistance is Tuesday's low crossing at 7.36. Second resistance is the reaction high crossing at 7.332. First support is today's low crossing at 6.720. Second support is the reaction low crossing at 6.330.
CURRENCIES
The December Dollar closed slightly higher on Friday as it consolidated some of this week's decline. The mid range close sets the stage for a steady opening on Monday. Despite today's rally, stochastics and the RSI remain bearish signaling that a short-
term top is in or is near. Closes below the 20-day moving average crossing at 85.05 are needed to confirm that a short-term top has been posted. If December renews this fall's rally, weekly resistance crossing at 90.26 is the next upside target. First resistance is Tuesday's high crossing at 88.49. Second resistance is weekly resistance crossing at 90.26. First support is the 20 day moving average crossing at 85.05. Second support is the reaction low crossing at 83.75.
The December Euro closed slightly higher on Friday due to light short covering but remains below the 10 day moving average crossing at 127.597. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that a short-term low might be in or is near. Closes above the reaction high crossing at 132.770 are needed to confirm that a short-term low has been posted. If December renews this fall's decline, weekly support crossing at 121.770 is the next downside target. First resistance is the 20 day moving average crossing at 129.992. Second resistance is the reaction high crossing at 132.770. First support is Tuesday's low crossing at 125.070. Second support is October's low crossing at 123.260.
The December British Pound closed lower on Friday as it extended this week's decline below the 10 day moving average crossing at 1.5912. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this fall's decline, the 87% retracement level of the 2001-2007 rally crossing at 1.4574 is the next downside target. Closes above the reaction high crossing at 1.6634 are needed to confirm that a short term low has been posted. First resistance is the 10 day moving average crossing at 1.5912. Second resistance is the 20 day moving average crossing at 1.6392. First support is today's low crossing at 1.5511. Second support is October's low crossing at 1.5224.
The December Swiss Franc closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20
day moving average crossing at .8683 would confirm that a short-term low has been posted. If December extends this fall's decline, weekly support crossing at .8071 is the next downside target. First resistance is the 10-day moving average crossing at .8630. Second resistance is the 20 day moving average crossing at .8683. First support is Thursday's low crossing at .8303. Second support is weekly support crossing at .8071.
The December Canadian Dollar closed lower on Friday as it consolidates some of this week's rally but remains above the 20 day moving average crossing at 82.89. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady opening on Monday. If December renews the rally off October's low, the reaction high crossing at 88.42 is the next upside target. Closes below the 10 day moving average crossing at 82.74 are needed to confirm that a short term top has been posted. First resistance is Wednesday's high crossing at 87.24. Second resistance is the reaction high crossing at 88.42. First support is the 20-day moving average crossing at 82.89. Second support is the 10-day moving average crossing at 82.74.
The December Japanese Yen closed lower on Friday as it consolidates below the 10 day moving average crossing at .10228. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10 day moving average crossing at .10228 are needed to confirm that a short term low has been posted. If December extends the decline off October's high, the reaction low crossing at .9800 is the next downside target. First resistance is today's high crossing at .10347. Second resistance is last Friday's high crossing at .10396. First support is the 20-day moving average crossing at .10153. Second support is Tuesday's low crossing at .9953.
PRECIOUS METALS
December gold closed higher on Friday as it consolidated some of Thursday's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-
term. Closes above the 20 day moving average crossing at 761.90 are needed to confirm that a low has been posted. If December renews this fall's decline, the 62% retracement level of the 2004-2008 rally crossing at 651.10 is the next downside target. First resistance is the 20-day moving average crossing at 761.90. Second resistance is the reaction high crossing at 778.30. First support is last Friday's low crossing at 717.10. Second support is October's low crossing at 681.00.
December silver closed lower on Friday due to profit taking as it consolidates some of this week's rally but remains above the 20 day moving average crossing at 9.834. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, the reaction high crossing at 12.355 is the next upside target. Closes below the 10 day moving average crossing at 9.767 are needed to confirm that a short-term low has been posted. First resistance is Thursday's high crossing at 10.800. Second resistance is the reaction high crossing at 12.355. First support is the 20-day moving average crossing at 9.834. Second support is the 10-day moving average crossing at 9.767.
December copper closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December renews this fall's decline, monthly support crossing at 152.15 is the next downside target. Closes above the reaction high crossing at 217.20 are needed to confirm that a short-term low has been posted. First resistance is the 10 day moving average crossing at 185.01. Second resistance is the 20-day moving average crossing at 195.82. First support is today's low crossing at 168.80. Second support is October's low crossing at 162.65.
FOOD & FIBER
December coffee closed higher on Friday due to short covering as it consolidated some of Thursday's decline. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral hinting that sideways to lower prices are possible near-term. If December renews this fall's decline, monthly support crossing at 10.335 is the next downside target. Closes above the reaction high crossing at 12.1100 are needed to confirm that a low has been posted.
December cocoa closed higher on Friday due to short covering as it consolidated some of this week's decline but remains below the 10-day moving average crossing at 19.98. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December renews this fall's decline, the 2007 low crossing at 18.45 is the next downside target. Closes above the reaction high crossing at 21.96 are needed to confirm that a short-term low has been posted.
March sugar closed higher on Friday due to short covering as it consolidated some of Thursday's decline. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bearish signaling that a short-term top is in or is near. Closes below the 20 day moving average crossing at 11.61 would confirm that a short-term top has been posted. If March extends the rally off October's low, the reaction high crossing at 14.72 is the next upside target.
December cotton closed lower on Friday and posted a new contract low as it extends this fall's decline. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term. If December extends this year's decline, monthly support crossing at 41.72 is the next downside target. Closes above the 20 day moving average crossing at 47.28 are needed to confirm that a short-term low has been posted.
GRAINS
December corn closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, October's low crossing at 3.68 3/4 is the next downside target. Closes below this support level would renew this fall's decline while opening the door for a possible test of the 87% retracement level of the 2006-2008 rally crossing at 3.27. First resistance is Thursday's gap crossing at 3.90. Second resistance is the 20-day moving average crossing at 3.97. First support is Thursday's low crossing at 3.74 1/2. Second support is October's low crossing at 3.68 3/4.
December wheat closed down 1 1/2-cent at 5.21. December wheat closed lower on Friday and below the 87% retracement level of the 2007-2008 rally crossing at 5.36 3/4. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December renews this fall's decline, the May 2007 low crossing at 4.90 is the next downside target. Closes above Tuesday's high crossing at 5.86 would confirm that a short-term bottom has been posted.
December Kansas City Wheat closed up 5-cents at 5.68. December Kansas City Wheat closed higher on Friday due to short covering as it consolidated some of Thursday's decline but remains below the 10-day moving average crossing at 5.77 1/2. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December renews this summer's decline, the May 2007 low crossing at 4.96 is the next downside target. Closes above Tuesday's high crossing at 6.22 1/2 are needed to confirm that a bottom has been posted.
December Minneapolis wheat closed up 6-cents at 6.40. December Minneapolis wheat closed higher on Friday as it consolidated some of this week's decline but remains below the 10 day moving average crossing at 6.44 3/4. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, October's low crossing at 5.89 is the next downside target. Closes above the reaction high crossing at 7.10 are needed to confirm that a seasonal bottom has been posted.
SOYBEAN COMPLEX
January soybeans closed up 15-cents at 9.21. January soybeans closed higher on Friday due to short covering as it consolidates some of Wednesday's decline but remains below the 10 day moving average crossing at 9.23 1/2. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If January renews this fall's decline, the 2007 low crossing at 8.15 is the next downside target. Closes above the reaction high crossing at 10.03 are needed to confirm that a seasonal low has been posted.
December soybean meal closed up $8.90 at $271.70. December soybean meal closed higher on Friday as it consolidated some of this week's decline and closed above the 20 day moving average crossing at 266.00. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, October's low crossing at 237.00 is the next downside target. Closes above the reaction high crossing at 289.00 are needed to renew the rally off October's low.
December soybean oil closed down 27 pts. at 33.90. December soybean oil closed lower on Friday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near term. If December renews this fall's decline, the 2007 low crossing at 27.50 is the next downside target. Closes above Tuesday's high crossing at 37.07 are needed to confirm that a short-term low has been posted.
LIVESTOCK
December hogs closed up $0.57 at $55.40. December hogs gapped up and closed higher on Friday due to short covering. The mid-range close sets the stage for a steady opening on Monday. 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 56.93 are needed to confirm that a short-term low has been posted. If December extends this fall's decline, monthly support crossing at 50.65 is the next downside target. First resistance is the 10 day moving average crossing at 55.85. Second resistance is the 20 day moving average crossing at 56.93. First support is Wednesday's low crossing at 53.90. Second support is monthly support crossing at 50.65.
February bellies closed up $2.30 at $86.10. February bellies gapped up and closed sharply higher on Friday as it rebounds off Wednesday's low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold and are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20-day moving average crossing at 86.20 are needed to confirm that a short-term low has been posted. If February extends this week's decline, weekly support crossing at 80.67 is the next downside target.
December cattle closed down $0.50 at 92.80.
December cattle closed lower on Friday as it consolidates some of this week's rally but remains above the 20 day moving average crossing at 91.76. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral hinting that a short term top might be in or is near. Closes below the 20-day moving average crossing at 91.76 would confirm that a short term top has been posted. If December extends this week's rally, gap resistance crossing at 97.50 is the next upside target.
November feeder cattle closed up $0.07 at $98.95.
October Feeder cattle closed higher on Friday but the low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20 day moving average crossing at 97.73 would confirm that a short-term top has been posted. If November extends this week's rally, gap resistance crossing at 105.25 is the next upside target.
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