KEY EVENTS TO WATCH FOR:

Monday, March 5, 2018   

9:45 AM ET. February US Services PMI

                       PMI, Services (previous 53.3)

10:00 AM ET. February ISM Non-Manufacturing Report on Business

                       Non-Mfg Composite Idx (expected 59.0; previous 59.9)

                       Non-Mfg Business Idx (previous 59.8)

                       Prices Idx (previous 61.9)

                       Employment Idx (previous 61.6)

                       New Orders Idx (previous 62.7)

11:00 AM ET. February Global Services PMI

                       PMI, Services (previous 54.1)

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

The STOCK INDEXES:The March NASDAQ 100 was higher overnight as it extends last Friday's rally. U.S. stock futures shook off an earlier pre-market decline despite worries about a global trade war continued to surround the markets. Nevertheless, stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 6718.27 are needed to confirm that a short-term top has been posted. If March renews the rally off February's low, January's high crossing at 7047.25 is the next upside target. First resistance is last Tuesday's high crossing at 7009.00. Second resistance is January's high crossing at 7047.25. First support is the 50-day moving average crossing at 6718.27. Second support is the 25% retracement level of the 2016-2018-rally crossing at 6504.28.  

The March S&P 500 was slightly lower overnight as it consolidates above minor support marked by the 25% retracement level of the 2016-2018-rally crossing at 2651.19. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off the late-February high, the reaction low crossing at 2627.50 is the next downside target. Closes above the 50-day moving average crossing at 2736.21 would confirm that a short-term low has been posted. First resistance is the late-February high crossing at 2789.50. Second resistance is the reaction high crossing at 2839.00. First support is the reaction low crossing at 2627.50. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2530.47.   

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

INTEREST RATES: March T-bonds were steady overnight. Stochastics and the RSI are turning neutral to bearish signaling that the corrective rebound off February's low might be coming to an end. Closes below the 10-day moving average crossing at 144-01 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off February's low, the 38% retracement level of the December-February-decline crossing at 147-01 is the next upside target. First resistance is the 25% retracement level of the December-February-decline crossing at 145-14. Second resistance is the 38% retracement level of the December-February-decline crossing at 147-01. First support is February's low crossing at 142-14. Second support is weekly support crossing at 140-03.  

March T-notes were slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the 50-day moving average crossing at 122.003 is the next upside target. Closes below the 10-day moving average crossing at 120.206 would temper the near-term friendly outlook. First resistance is last Friday's high crossing at 121.095. Second resistance is the 50-day moving average crossing at 122.003. First support is February's low crossing at 120.010. Second support is weekly support crossing at 119.170. 

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

ENERGY MARKETS: AprilNymex crude oil was steady to slightly lower overnight.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 60.75 are needed to confirm that a short-term top has been posted. If April renews the rally off February's low, January's high crossing at 66.39 is the next upside target. First resistance is last Monday's high crossing at 64.24. Second resistance is January's high crossing at 66.39. First support is the reaction low crossing at 60.75. Second support is February's low crossing at 7.90.  

April heating oil was lower overnight as it extends the decline from last week's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, February's low crossing at 180.97 is the next downside target. Multiple closes above the 50-day moving average crossing at 198.57 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 198.57. Second resistance is the reaction high crossing at 208.80. First support is last Friday's low crossing at 185.00. Second support is February's low crossing at 180.97. 

April unleaded gas was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off the late-February high, February's low crossing at 165.19 is the next downside target. Closes above the 10-day moving average crossing at 194.21 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 194.21. Second resistance is the 50-day moving average crossing at 198.74. First support is last Friday's low crossing at 185.66. Second support is February's low crossing at 165.19. 

April Henry natural gas was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 2.723 are needed to confirm that a short-term low has been posted. If April renews the decline off January's high, the 87% retracement level of the December-January-rally crossing at 2.551. First resistance is the 50-day moving average crossing at 2.723. Second resistance is the reaction high crossing at 2.833. First support is the 87% retracement level of the December-January-rally crossing at 2.551. Second support is December's low crossing at 2.487.

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

CURRENCIES:The March Dollar was higher overnight. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 89.75 would confirm that a short-term top has been posted. If March extends the rally off February's low, the 50% retracement level of the November-February-decline crossing at 91.46. First resistance is the 38% retracement level of the November-February-decline crossing at 90.67. Second resistance is the 50% retracement level of the November-February-decline crossing at 91.46. First support is last Monday's low crossing at 89.43. Second support is February's low crossing at 88.15.

The March Euro was lower overnight following a two-day short covering rally off last Thursday's low. However, stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 123.42 are needed to confirm that a short-term low has been posted. If March renews the decline off February's high, the 50% retracement level of the November-February-rally crossing at 121.15 is the next downside target. First resistance is the 20-day moving average crossing at 123.42. Second resistance is February's high crossing at 125.80. First support is last Thursday's low crossing at 121.66. Second support is the 50% retracement level of the November-February-decline crossing at 121.15. 

The March British Pound was slightly higher overnight as it consolidates some of the decline off January's high.Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 38% retracement level of the 2016-2017-rally crossing at 1.3568 is the next downside target. Closes above the 20-day moving average crossing at 1.3927 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.4160. Second high is January's high crossing at 1.4370. First support is last Thursday's low crossing at 1.3719. Second support is the 38% retracement level of the 2016-2017-rally crossing at 1.3568.  

The March Swiss Franc were steady to slightly lower overnight. Stochastics and the RSI have turned neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1.0703 are needed to confirm that a short-term low has been posted. If March resumes the decline off February's high, the 50-day moving average crossing at 1.0538 is the next downside target. First resistance is the 20-day moving average crossing at 1.0703. Second resistance is February's high crossing at 1.0908. First support is last Thursday's low crossing at 1.0550. Second support is the 50-day moving average crossing at 1.0538.     

The March Canadian Dollar was lower overnight as it extends the decline off January's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50% retracement level of the 2016-2017-rally crossing at 76.04 is the next downside target. Closes above the 20-day moving average crossing at 79.05 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 78.38. Second resistance is the 20-day moving average crossing at 79.05. First support is the overnight low crossing at 77.34. Second support is the 50% retracement level of the 2016-2017-rally crossing at 76.04.

The March Japanese Yen was slightly higher overnight as it extends the rally off November's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the 62% retracement level of the 2016 decline crossing at 0.9680 is the next upside target. Closes below the 20-day moving average crossing at 0.9323 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2016 decline crossing at 0.9491. Second resistance is the 62% retracement level of the 2016 decline crossing at 0.9680. First support is the 20-day moving average crossing at 0.9323. Second support is the 50-day moving average crossing at 0.9137.  

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

PRECIOUS METALS: April gold was higher overnight as it consolidates some of the decline off February's high. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above last Monday's high crossing at 1342.90 are needed to confirm that a short-term low has been posted. If April resumes the decline off February's high, the 62% retracement level of the December-January-rally crossing at 1291.60 is the next downside target. First resistance is February's high crossing at 1364.40. Second resistance is January's high crossing at 1370.50. First support is the 50% retracement level of the December-January-rally crossing at 1306.70. Second support is the 62% retracement level of the December-January-rally crossing at 1291.60.

May silver was steady to slightly lower overnight. 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 17.025 are needed to confirm that a short-term low has been posted and would open the door for additional gains near-term. If May extends the decline off January's high, December's low crossing at 15.705 is the next downside target. First resistance is the reaction high crossing at 17.025. Second resistance is January's high crossing at 17.785. First support is last Thursday's low crossing at 16.160. Second support is December's low crossing at 15.705. 

May copper was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, February's low crossing at 304.65 is the next downside target. Closes above the 50-day moving average crossing at 321.66 would confirm that a short-term low has been posted. First resistance is February's high crossing at 329.05. Second resistance is December's high crossing at 333.35. First support is last Thursday's low crossing at 309.80. Second support is February's low crossing at 304.65. 

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

May corn was steady to fractionally higher overnight as it extends the rally off January's low. The mid-range trade overnight sets the stage for a steady to higher opening when the day 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 May extends the rally off January's low, the 50% retracement level of the July-January-decline crossing at 3.91 3/4 is the next upside target. Closes below the 20-day moving average crossing at 3.75 3/4 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the July-January-decline crossing at 3.91 3/4. Second resistance is the 62% retracement level of the July-January-decline crossing at 4.01. First support is the 20-day moving average crossing at 3.75 3/4. Second support is the 50-day moving average crossing at 3.67.  

May wheat was steady to fractionally higher overnight. 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 4.73 would confirm that a short-term top has been posted. If May extends the rally off January's low, the 62% retracement level of 2017's decline crossing at 5.38 1/4 is the next upside target. First resistance is the 50% retracement level of 2017's decline crossing at 5.16 1/4. Second resistance is the 62% retracement level of 2017's decline crossing at 5.38 1/4. First support is the 10-day moving average crossing at 4.80 3/4. Second support is the 20-day moving average crossing at 4.74 1/2.    

May Kansas City Wheat closed down 9 3/4-cents at 5.33 3/4. 

May Kansas City wheat closed lower due to profit taking on Friday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's high, the 75% retracement level of 2017's decline crossing at 5.70 3/4. Closes below the 20-day moving average crossing at 4.94 3/4 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of 2017's decline crossing at 5.44 3/4. Second resistance is the 75% retracement level of 2017's decline crossing at 5.70 3/4. First support is the 10-day moving average crossing at 5.03. Second support is the 20-day moving average crossing at 4.94 3/4.  

May Minneapolis wheat was lower overnight as it consolidates some of last week's rally. The low-range overnight trade sets the stage for a lower opening when the day 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 May extends last week's rally, January's high crossing at 6.39 3/4 is the next upside target. If May renews the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/4 is the next downside target. First resistance is January's high crossing at 6.39 3/4. Second resistance is the reaction high crossing at 6.57. First support is last Wednesday's low crossing at 6.08. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/4. 

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

May soybeans were higher overnight and is poised to challenge weekly resistance crossing at 10.80. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 May extends the rally off January's low, weekly resistance crossing at 10.91 1/2 is the next upside target. Closes below the 20-day moving average crossing at 10.31 1/2 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 10.82 1/2. Second resistance is weekly resistance crossing at 10.91 1/2. First support is the 10-day moving average crossing at 10.53. Second support is the 20-day moving average crossing at 10.31 1/2.

May soybean meal was lower overnight as it consolidates some of the rally off January's low. The low-range trade overnight sets the stage for a steady to lower opening when the day 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 10-day moving average crossing at 385.60 would confirm that a short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 414.70 is the next upside target. First resistance is last Friday's high crossing at 404.00. Second resistance is weekly resistance crossing at 414.70. First support is the 10-day moving average crossing at 386.10. Second support is the 20-day moving average crossing at 370.50.

May soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 32.84 are needed to confirm that a short-term low has been posted. If May resumes the decline off November's high, the July-2016 low crossing at 31.37 is the next downside target. First resistance is the 50-day moving average crossing at 32.84. Second resistance is February's high crossing at 33.50. First support is February's low crossing at 31.61. Second support is the July-2016-low crossing at 31.37.

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

April hogs closed up $0.60 at $67.58. 

April hogs closed higher on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Monday's 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 April extends the decline off January's high, the 87% retracement level of the August-January-rally crossing at 66.60 is the next downside target. Closes above the 20-day moving average crossing at 69.88 are needed to confirm that a short-term low has been posted. First resistance is Monday's high crossing at 71.95. Second resistance is the 50-day moving average crossing at 72.79. First support is the 87% retracement level of the August-January-rally crossing at 66.60. Second support is last-August low crossing at 65.03.

April cattle closed down $1.15 at 122.18. 

April cattle closed lower on Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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. Today's close below reaction low crossing at 122.80 confirms that a short-term top has been posted while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at 124.93 would confirm that a short-term low has been posted. First resistance is February's high crossing at 127.95. Second resistance is November's high crossing at 130.10. First support is today's low crossing at 121.90. Second support is January's low crossing at 118.05.

April Feeder cattle closed down $1.47 at $145.27. 

April Feeder cattle closed lower on Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, the reaction low crossing at 143.20 is the next downside target. Closes above Tuesday's high crossing at 150.13 are needed to confirm that a short-term low has been posted. First resistance is February's high crossing at 153.10. Second resistance is November's high crossing at 158.73. First support is the reaction low crossing at 143.20. Second support is January's low crossing at 140.25.   

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

May coffee closed lower on Friday. 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. If May extends the rally off February's low, the reaction high crossing at 128.15 is the next upside target. If May renews the decline off January's high, weekly support crossing at 11.55 is the next downside target.   

May cocoa closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, the 50% retracement level of the 2016-2017-decline crossing at 24.40 is the next upside target. Closes below the 20-day moving average crossing at 21.32 would confirm that a short-term top has been posted. 

May sugar closed lower on Friday. The low-range close set 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. If May extends this week's rally, the 50-day moving average crossing at 13.92 is the next upside target. If May renews this year's decline, the September-2015 low crossing at 12.74 is the next downside target. 

May cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, January's high crossing at 84.45 is the next upside target. Closes below the 20-day moving average crossing at 79.18 would confirm that a short-term top has been posted.