Stock, Commodities and Currency Futures Markets Analysis 10th December

By: INO

The March NASDAQ 100 was higher overnight as it extends this week's rally above the 20-day moving average. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the reaction high crossing at 1321.75 is the next upside target. Closes below the 20-day moving average crossing at 1158.76 would temper the near-term friendly outlook in the index.

The March NASDAQ 100 was up 15.50 pts. at 1234.50 as of 5:57 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 10-day moving average crossing at 1176.15. Second support is the 20-day moving average crossing at 1158.76. Overnight action sets the stage for a higher opening by March NASDAQ 100 when the day session begins later this morning.

The December S&P 500 index was higher overnight as it extends Monday's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends Monday's rally, the reaction high crossing at 962.30 is the next upside 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 10-day moving average crossing at 873.10. Second support is the 20-day moving average crossing at 856.26. The December S&P 500 Index was up 12.60 pts. at 902.10 as of 6:01 AM CST. Overnight action sets the stage for a higher opening by the December S&P 500 index when the day session begins later this morning.


INTEREST RATES
March T-bonds were lower overnight as they consolidate some of Tuesday's rally. Stochastics and the RSI are overbought and have turned neutral hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 131-24 are needed to confirm that a short-
term top has been posted. First resistance is last Friday's high crossing at 135-02. First support is the 10-day moving average crossing at 131-24. Second support is the 20-day moving average crossing at 126-07.

ENERGY MARKETS
January crude oil was slightly higher overnight as it extends this week's narrow trading range above psychological support crossing at 40.00. Stochastics and the RSI are oversold and are turning bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 50.40 are needed to confirm that a short-term low has been posted. If January extends the decline, psychological support crossing at 40.00 is the next downside target. First resistance is the 10-day moving average crossing at 46.53. Second resistance is the 20-day moving average crossing at 50.40. First support is last Friday's low crossing at 40.50. Second support is psychological support crossing at 40.00.

January heating oil was slightly higher overnight due to light short covering as it extends this week's narrow trading range. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 170.88 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 160.93. Second resistance is the 20-day moving average crossing at 170.88. First support is last Friday's low crossing at 141.85. Second support is monthly support crossing at 126.32.

January unleaded gas was slightly higher overnight due to light short covering as it extends this week's narrow trading range. Stochastics and the RSI are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 118.67 are needed to confirm that a short-term low has been posted. If January extends 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 10-day moving average crossing at 112.27. Second resistance is the 20-day moving average crossing at 118.67. 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 steady to slightly higher overnight as it consolidates some of 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 6.346 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.126. Second resistance is the 20-day moving average crossing at 6.346. First support is Tuesday's low crossing at 5.458. Second support is monthly support crossing at 5.249.

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CURRENCIES

The March Dollar was higher overnight due to short covering as it consolidates some of Monday's decline but remains below the 10-day moving average crossing at 87.24. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 85.34 are needed to confirm that a double top with October's high has been posted. If March renews the rally off November's low, November's high crossing at 89.74 then weekly resistance crossing at 90.27 are the next upside targets. First resistance is the 20-day moving average crossing at 87.46. Second resistance is last Thursday's high crossing at 88.71. First support is Monday's low crossing at 86.41. Second support is the reaction low crossing at 85.34.

The March Euro was higher overnight as it extends this week's rally above the 10-day moving average crossing at 127.726. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 132.350 are needed to confirm that a bottom low has been posted. If March renews last week's decline, October's low crossing at 123.510 is the next downside target. First resistance is the overnight high crossing at 129.690. Second resistance is the reaction high crossing at 130.680. First support is the 10-day moving average crossing at 127.725. Second support is last Thursday's low crossing at 125.420.

The March British Pound was higher overnight due to short covering as it consolidates some of Tuesday's decline. 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 10-day moving average crossing at 1.4923. 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 lower overnight as it continues to extend the trading range off November's low. Stochastics and the RSI are neutral to bullish hinting 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 .8368. Second resistance is the reaction high crossing at .8495. First support is last Friday's low crossing at .8201. Second support is November's low crossing at .8185.

The March Canadian Dollar was higher overnight as it consolidates some of Tuesday's decline but remains below the 20-day moving average crossing at 80.14. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 80.14 are needed to confirm that a short-term low has been posted. Closes below November's low crossing at 77.00 would renew this fall's decline while opening the door for additional weakness into early-December. First resistance is the 20-day moving average crossing at 80.14. Second resistance is the reaction high crossing at 82.54 First support is November's low crossing at 77.00. Second support is last Friday's low crossing at 76.93.

The March Japanese Yen was lower overnight due to profit taking as it consolidates some of Tuesday's rally. 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 .10602 are needed to confirm that a short-term top has been posted. If March extends the rally off November's low, October's high crossing at .11055 is the next upside target. First resistance is last Friday's high crossing at .10954. Second resistance is October's high crossing at .11055. First support is the 10-day moving average crossing at .10752. Second support is the 20-day moving average crossing at .10602.

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PRECIOUS METALS
February gold was higher overnight due to short covering and is trading above the 10-day moving average crossing at 781.10. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average would temper the near-term bearish outlook while opening the door for a possible test of November's high crossing at 834.50. Multiple closes below last Friday's low crossing at 741.20 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 790.30. Second resistance is November's high crossing at 834.50. First support is the 20-day moving average crossing at 768.80. Second support is last Friday's low crossing at 741.20.

March silver was higher overnight as it consolidates above the 10-day moving average crossing at 9.783. From a broad perspective, March remains locked in this fall's trading range. Stochastics and the RSI have turned 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 extends last week's decline, October's low crossing at 8.510 is the next downside target. First resistance is Monday's high crossing at 10.400. Second resistance is the reaction high crossing at 10.705. First support is the 20-day moving average crossing at 9.661. Second support is last Friday's low crossing at 9.125.

March copper was higher overnight due to short covering as it consolidates some of Tuesday's decline. 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 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 153.87. Second resistance is the 20-day moving average crossing at 159.13. 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 slightly higher on Tuesday due to short covering as it consolidated some of last week's decline. The mid-
range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold and are turning bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 11.275 are needed to confirm that a low has been posted. If March extends last week's decline, monthly support crossing at 9.133 is the next downside target.

March cocoa closed lower on Tuesday due to profit taking as it consolidated some of Monday's rally. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral hinting that sideways to higher prices are possible near-term. If March extends November's rally, the reaction high crossing at 23.56 is the next upside target. Closes below the 20-day moving average crossing at 21.07 are needed to confirm that a short-term top has been posted.

March sugar closed slightly higher on Tuesday due to short covering as it consolidated some of last week's decline. The mid-
range close set the stage for a steady opening on Wednesday. Stochastics are oversold and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 11.48 would signal that a short-term low has been posted. If March renews last week's decline, October's low crossing at 10.44 is the next downside target.

March cotton closed lower on Tuesday and below the 20-day moving average crossing at 43.53. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bearish signaling that additional weakness is possible near-term. If December extends last week's decline, November's low crossing at 39.23 is the next downside target. Closes above the reaction high crossing at 47.91 would temper the bearish outlook.

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GRAINS Agricultural Commodities Analysis

March corn was higher overnight due to short covering as it extends this week's rally. 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 3.63 1/4 would signal that a short-term low has been posted. If March extends 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 the 10-day moving average crossing at 3.42. Second resistance is the 20-day moving average crossing at 3.63 1/4. 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 higher overnight due to short covering as it extends Monday's rally. Stochastics and the RSI are oversold and are turning bullish signaling that a short-term low might be in or is near. The high-range close overnight sets the stage for a steady to higher opening when the day session opens later this morning. Multiple closes above the 20-day moving average crossing at 5.33 3/4 are needed to confirm that a short-term low has been posted. If March extends 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 down 2-cents at 5.15.

Kansas City Wheat closed lower on Tuesday due to profit taking but left a one-day island bottom on the daily chart. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but 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 5.65 are needed to confirm that a bottom has been posted. If March extends this summer's decline, the May 2007 low crossing at 4.90 is the next downside target.
March Minneapolis wheat closed up a 1/4-cent at 5.68 1/2.

March Minneapolis wheat closed fractionally higher on Tuesday as it consolidates above Monday's island bottom on the daily chart. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but are turning neutral hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 6.08 1/4 are needed to confirm that a short-term low has been posted. If March extends this fall's decline, monthly support crossing at 5.22 is the next downside target.

SOYBEAN COMPLEX
January soybeans were higher overnight due to short covering as it extends Monday's rally. 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 8.59 1/2 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 the overnight high crossing at 8.39 1/4. Second resistance is the 20-day moving average crossing at 8.59 1/2. First support is last Friday's low crossing at 7.79 1/4. Second support is monthly support crossing at 7.14.

March soybean meal was higher overnight due to short covering as it extends this week's short covering rally and is trading above the 10-day moving average crossing at 249.10. The high-range overnight close set the stage for a steady to higher opening when the day session begins later this morning. Stochastics and the RSI are turning bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 257.70 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 higher overnight due to short covering as it extends this week's short covering rally. Stochastics and the RSI are turning bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 31.98 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 unchanged at $64.12.

February hogs closed unchanged on Tuesday as it consolidates above the 20-day moving average crossing at 64.02. The mid-
range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Friday's low crossing at 63.00 are needed to confirm that a short-term top has been posted. If February renews November's rally, the reaction high crossing at 67.80 is the next upside target. First resistance is the 10-day moving average crossing at 64.87. Second resistance is Monday's high crossing at 65.40. First support is last Friday's low crossing at 63.00. Second support is the reaction low crossing at 61.65.

February bellies closed down $1.95 at $87.50.

February bellies closed lower on Tuesday and below the 20-day moving average crossing at 88.82 confirming that a short-term top has been posted. The low-range close sets 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 February extends today's decline, November's low crossing at 82.82 is the next downside target. Closes above the 10-day moving average crossing at 91.26 are needed to confirm that a short-term low has been posted.
February cattle closed down $0.40 at 82.27.

February cattle closed lower on Tuesday filling yesterday's gap crossing at 82.30. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 86.78 are needed to confirm that a short-term low has been posted. If February extends last week's decline, weekly support crossing at 80.00 is the next downside target.
January feeder cattle closed down $1.35 at $86.55.

January Feeder cattle closed lower on Tuesday due to profit taking as it consolidated some of Monday's rally. 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 January extends this fall's decline, weekly support crossing at 84.35 is the next downside target. Closes above the 20-day moving average crossing at 91.10 are needed to confirm that a short-term low has been posted.

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