KEY EVENTS TO WATCH FOR:

Friday, January 19, 2018  

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

                       Corn (Metric Tons) (previous 437.7K)

                       Soybeans (Metric Tons) (previous 616.4K)

                       Wheat (Metric Tons) (previous 71.5K)

10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data

                       Mid-Mo Sentiment (expected 97.0; previous 96.8)

                       Mid-Mo Expectations (previous 84.6)

                       Mid-Mo Current Idx (previous 115.9)

10:00 AM ET. ABA Economic Advisory Committee economic forecast

  N/A              Texas: Confederate Heroes Day

Monday, January 22, 2018  

8:30 AM ET. December CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.15)

                       NAI, 3-mo Moving Avg (previous 0.41)

 The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""

The March NASDAQ 100 closed lower on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 6601.54 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 6845.75. Second resistance is unknown. First support is the 10-day moving average crossing at 6722.90. Second support is the 20-day moving average crossing at 6601.54.  

The March S&P 500 posted an inside day with a slightly lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2726.75 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 2808.00. Second resistance is unknown. First support is the 10-day moving average crossing at 2766.64. Second support is the 20-day moving average crossing at 2726.75. 

The Dow closed lower on Thursday as it consolidated some of this month's gains but remains above 26,000. The mid-range close sets the stage for a steady 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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 25,180.14 would confirm that a short-term top has been posted. First resistance is today's high crossing at 26,153.42. Second resistance is unknown. First support is the 10-day moving average crossing at 25,576.19. Second support is the 20-day moving average crossing at 25,180.14.   

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

March T-bonds closed down 1-06/32's at 149-04.

March T-bonds closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, weekly support crossing at 145-26 is the next downside target. Closes above the 20-day moving average crossing at 151-08 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 153-03. Second resistance is December's high crossing at 154-18. First support is last Wednesday's low crossing at 149-03. Second support is weekly support crossing at 145-26.   

March T-notes closed down 90/32's at 122-120.

March T-notes closed lower on Thursday as it extends the decline off September's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, weekly support crossing at 122.070 is the next downside target. Closes above the 20-day moving average crossing at 123.122 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 123.122. Second resistance is the 50-day moving average crossing at 124.023. First support is today's low crossing at 122.120. Second support is weekly support crossing at 122.070.   

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

February crude oil closed slightly lower on Thursday as it consolidates aroundthe 50% retracement level of the 2014-2016-decline crossing at 64.11.Stochastics and the RSI are 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 to lower opening when Friday's night session begins. If February resumes this winter's rally, the 62% retracement level of the 2014-2016-decline crossing at 70.21 is the next upside target. Closes below the 20-day moving average crossing at 61.31 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 64.89. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.21. First support is the 10-day moving average crossing at 63.22. Second support is the 20-day moving average crossing at 61.31. 

February heating oil closed slightly lower on Thursday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 204.17 would confirm that a short-term top has been posted. If February renews the rally off October's low, the 87% retracement level of the 2014-2016-decline crossing at 222.40 is the next upside target. First resistance is the 75% retracement level of the 2014-2016-decline crossing at 208.60. Second resistance is the 87% retracement level of the 2014-2016-decline crossing at 222.40. First support is the 20-day moving average crossing at 204.17. Second support is the 50-day moving average crossing at 197.16.   

February unleaded gas closed higher on Thursday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, weekly resistance crossing at 192.35 is the next upside target. Closes below the 20-day moving average crossing at 180.19 would confirm that a short-term top has been posted. First resistance is today's high crossing at 188.59. Second resistance is weekly resistance crossing at 192.35. First support is the 20-day moving average crossing at 180.19. Second support is the 50-day moving average crossing at 176.64.   

February Henry natural gas closed lower on Thursday as it consolidates some of the rally off December'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, November's high crossing at 3.320 is the next upside target. Closes below the 20-day moving average crossing at 2.913 are needed to confirm that a short-term top has been posted. First resistance is November's high crossing at 3.320. Second resistance is September's high crossing at 3.446. First support is the 10-day moving average crossing at 3.029. Second support is the 20-day moving average crossing at 2.913. 

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The March Dollar closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, weekly support crossing at 87.45 is the next downside target. Closes above the 20-day moving average crossing at 91.79 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 91.23. Second resistance is the 20-day moving average crossing at 91.79. First support is Wednesday's low crossing at 89.96. Second support is weekly support crossing at 87.45.

The March Euro closed higher on Thursday. 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 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 120.61 would confirm that a short-term top has been posted. If March extends the rally off November's low, weekly resistance crossing at 125.34 is the next upside target. First resistance is Wednesday's high crossing at 123.68. Second resistance is weekly resistance crossing at 125.34. First support is the 10-day moving average crossing at 121.33. Second support is the 20-day moving average crossing at 119.39.     

The March British Pound closed higher on Thursday as it extends the rally off November'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 38% retracement level of the 2014-2016-decline crossing at 1.4057 is the next upside target. Closes below the 20-day moving average crossing at 1.3581 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.3972. Second resistance is the 38% retracement level of the 2014-2016-decline crossing at 1.4057. First support is the 10-day moving average crossing at 1.3681. Second support is the 20-day moving average crossing at 1.3581.     

The March Swiss Franc closed higher on Thursday as it extends the rally off October's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. If March extends the rally off October's low, the 75% retracement level of the July-September-decline crossing at 1.0588 is the next upside target. Closes below the 20-day moving average crossing at 1.0294 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the July-September-decline crossing at 1.0494. Second resistance is the 75% retracement level of the July-September-decline crossing at 1.0588. First support is the 10-day moving average crossing at 1.0342. Second support is the 20-day moving average crossing at 1.0294.  

The March Canadian Dollar closed higher on Thursday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, the 75% retracement level of the September-December-decline crossing at 81.41 is the next upside target. Closes below the 20-day moving average crossing at 79.67 are needed to confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 81.00. Second resistance is the 75% retracement level of the September-December-decline crossing at 81.41. First support is the 20-day moving average crossing at 79.67. Second support is the 50-day moving average crossing at 78.90.  

The March Japanese Yen closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 0.8930 would confirm that a short-term top has been posted. If March extends the rally off December's low, the 62% retracement level of the September-November-decline crossing at 0.9142 is the next upside target. First resistance is Wednesday's high crossing at 0.9104. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9142. First support is January's low crossing at 0.8849. Second support is December's low crossing at 0.8840.   

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

February gold closed lower on Thursday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower price are possible near-term. Closes below the 20-day moving average crossing at 1307.40 are needed to confirm that a short-term top has been posted. If February extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 1349.30 is the next upside target. First resistance is Tuesday's high crossing at 1345.00. Second resistance is the 87% retracement level of the September-December-decline crossing at 1349.30. First support is the 10-day moving average crossing at 1325.10. Second support is the 20-day moving average crossing at 1307.40.

March silver closed lower on Thursday. The low-range close set the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.890 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low, the 75% retracement level of the September-November-decline crossing at 17.686 is the next upside target. First resistance is the 62% retracement level of the September-December-decline crossing at 17.325. Second resistance is the 75% retracement level of the September-November-decline crossing at 17.686. First support is the 20-day moving average crossing at 16.890. Second support is the reaction low crossing at 16.140.     

March copper closed slightly higher on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 50-day moving average crossing at 314.62 is the next downside target. If March resumes the rally off December's low, the August-2013 high crossing at 334.05 is the next upside target. First resistance is December's high crossing at 332.20. Second resistance is the August-13 high crossing at 334.05. First support is Wednesday's low crossing at 317.85. Second support is the 50-day moving average crossing at 314.62.       

GRAINS? http://quotes.ino.com/ex?changes/?c=grains "

March Corn closed down 1 3/4-cents at 3.51 1/4. 

March corn closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 3.54 3/4 are needed to confirm that a short-term low has been posted. Closes below December's low crossing at 3.46 1/2 would renew the decline off last year's high while opening the door for a possible test of weekly support crossing at 3.32. First resistance is the reaction high crossing at 3.54 3/4. Second resistance is December's high crossing at 3.60 1/2. First support is December's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32. 

March wheat closed up 3 1/4-cents at 4.24 3/4. 

March wheat closed higher on Thursday.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 turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 4.37 are needed to confirm that a short-term low has been posted. If March renews the decline off last Friday's high, December's low crossing at 4.10 1/2 is the next downside target. First resistance is the reaction high crossing at 4.37. Second resistance is December's high crossing at 4.60 3/4. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.    

March Kansas City Wheat closed up 2 1/2-cents at 4.29 1/2. 

March Kansas City wheat closed higher on Thursday as it consolidates some of this week's decline but remains below the 20-day moving average crossing at 4.30. 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 sideways to lower prices are possible near-term. If March renews this week's decline, December's low crossing at 4.10 1/2 is the next downside target. If March resumes the rally off December's low, November's high crossing at 4.51 1/2 is the next upside target. First resistance is last Friday's high crossing at 4.43. Second resistance is November's high crossing at 4.51 1/2. First support is the reaction low crossing at 4.17 1/4. Second support is December's low crossing at 4.10 1/2.   

March Minneapolis wheat closed down 1 1/4-cents at 6.10 1/2. 

March Minneapolis wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, December's low crossing at 6.05 is the next downside target. If March renews the rally off December's low, the reaction high crossing at 6.51 is the next upside target. First resistance is last Wednesday's high crossing at 6.34 1/2. Second resistance is the reaction high resistance crossing at 6.51. First support is December's low crossing at 6.05. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2. 

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

March soybeans closed up 3 3/4-cents at 9.72 1/2. 

March soybeans closed higher on Thursday as it extends the rally off last Friday'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 9.77 are needed to confirm that a short-term low has been posted. If March renews the decline off December's high, August low crossing at 9.37 1/2 is the next downside target. First resistance is the reaction high crossing at 9.77. Second resistance is the 50-day moving average crossing at 9.84 1/2. First support is last Friday's low crossing at 9.44 1/2. Second support is August's low crossing at 9.37 1/2.

March soybean meal closed up $3.70 at 328.00. 

March soybean meal closed higher on Thursday as it extends the rally off last Friday'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last Friday's low, the 50% retracement level of the December-January-decline crossing at 330.80 is the next upside target. Closes below the 20-day moving average crossing at 319.10 would confirm that a short-term top has been posted. First resistance is the the 50% retracement level of the December-January-decline crossing at 330.80. Second resistance is the 62% retracement level of the December-January-decline crossing at 335.60. First support is last Friday's low crossing at 310.30. Second support is last September's low crossing at 301.10.

March soybean oil closed down 22 pts. At 32.29. 

March soybean oil closed lower on Thursday extending the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, last June's low crossing at 31.85 is the next downside target. Closes above the 20-day moving average crossing at 33.22 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.22. Second resistance is the 50-day moving average crossing at 33.83. First support is today's low crossing at 32.21. Second support is last June's low crossing at 31.85.

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

February hogs closed up $0.33 at $73.05. 

February hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, weekly resistance crossing at 76.91 is the next upside target. Closes below the 20-day moving average crossing at 70.26 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 74.25. Second resistance is weekly resistance crossing at 76.91. First support is the 20-day moving average crossing at 70.26. Second support is the 50-day moving average crossing at 69.93. 

February cattle closed up $0.98 at 121.95. 

February cattle closed higher on Thursday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, January's high crossing at 123.63 is the next upside target. If February renews the decline off November's high, the 75% retracement level of the August-November-rally crossing at 115.05 is the next downside target. First resistance is the 50-day moving average crossing at 122.15. Second resistance is January's high crossing at 123.63. First support is the 75% retracement level of the August-November-rally crossing at 115.05. Second support is the 87% retracement level of the August-November-rally crossing at 112.35.

March Feeder cattle closed up $1.20 at $147.18. 

March Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 147.08 are needed to confirm that a low has been posted. Closes below last Thursday's low crossing at 140.12 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 147.08. Second resistance is the reaction high crossing at 148.55. First support is last Tuesday's low crossing at 140.12. Second support is December's low crossing at 138.30.   

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

March coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, December's low crossing at 11.83 is the next downside target. Closes above the 50-day moving average crossing at 12.57 are needed to confirms that a short-term low has been posted. 

March cocoa closed lower on Thursday as it consolidates some of this week's gains. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 19.91 are needed to confirm that a short-term low has been posted. Closes below the 20-day moving average crossing at 19.08 would confirm that a short-term top has been posted. 

March sugar closed sharply lower on Thursday as it extended this month's decline. 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 this month's decline, the September-2015 low crossing at 12.72 is the next downside target. Closes above the 20-day moving average crossing at 14.59 would confirm that a short-term low has been posted.

March cotton closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 87.18 is the next upside target. Closes below the 20-day moving average crossing at 79.00 are needed to confirm a short-term top has been posted.