KEY EVENTS TO WATCH FOR:

Monday, January 15, 2018  

  N/A              U.S: Martin Luther King Day. Financial markets closed

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The March NASDAQ 100 closed higher on Friday as it extended this year's rally to record highs. The high-range close sets the stage for a steady to higher opening when Tuesday'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 6552.56 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 6769.50. Second resistance is unknown. First support is the 10-day moving average crossing at 6629.43. Second support is the 20-day moving average crossing at 6552.56.  

The March S&P 500 closed higher on Friday as it extended this winter's rally into record territory. Today’s gains were broad, with nine of the 11 primary S&P 500 sectors ralling on the day.The high-range close sets the stage for a steady to higher opening when Tuesday'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 2708.54 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 2785.50. Second resistance is unknown. First support is the 10-day moving average crossing at 2734.15. Second support is the 20-day moving average crossing at 2708.54. 

The Dow gapped up and closed sharply higher on Friday as it extends this winter's rally into record territory. U.S. stocks added to their recent string of records as optimism continued to grow over the economy and the state of American corporations as the fourth-quarter earnings season began.  Financial stocks were among the biggest gainers, following high-profile results from that group. Energy stocks rose as crude oil traded near a three-year high. However, a sharp decline for Facebook shares cast shadow over an otherwise day. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to higher prices are possible near-term. With the Dow trading in uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 24,977.48 would confirm that a short-term top has been posted. First resistance is today's high crossing at 25,789.79. Second resistance is unknown. First support is the 10-day moving average crossing at 25,221.89. Second support is the 20-day moving average crossing at 24,977.48.    

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March T-bonds closed up 1/32's at 150-15.

March T-bonds closed higher on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Tuesday'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 20-day moving average crossing at 152-26 would confirm that a short-term low has been posted. If March resumes the decline off December's high, weekly support crossing at 145-26 is the next downside target.First resistance is the reaction high crossing at 153-03. Second resistance is December's high crossing at 154-18. First support is Wednesday's low crossing at 149-03. Second support is weekly support crossing at 145-26.   

March T-notes closed down 60/32's at 122-305.

March T-notes closed lower on Friday as it extended the decline off September's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 123.203 are needed to confirm that a low has been posted. If March extends the aforementioned decline, weekly support crossing at 122.145 is the next downside target. First resistance is the 20-day moving average crossing at 123.203. Second resistance is the 50-day moving average crossing at 124.064. First support is today's low crossing at 122.200. Second support is weekly support crossing at 122.145.   

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February crude oil closed higher on Friday and above the 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 high-range close sets the stage for a steady to lower opening when Tuesday's night session begins. If February extends 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 60.31 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 64.77. 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 62.26. Second support is the 20-day moving average crossing at 60.31. 

February heating oil closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. 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 October's low, the 87% retracement level of the 2014-2016-decline crossing at 222.40 is the next upside target. Closes below the 20-day moving average crossing at 201.92 would confirm that a short-term top has been posted. 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 201.92. Second support is the 50-day moving average crossing at 195.97.   

February unleaded gas 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 when Tuesday'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 50-day moving average crossing at 175.82 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 186.02. Second resistance is weekly resistance crossing at 192.35. First support is the 50-day moving average crossing at 175.82. Second support is December's low crossing at 166.19.   

February Henry natural gas 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 when Tuesday's night session begins trading. Stochastics and the RSI are becoming 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 2.837 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 reaction low crossing at 2.746. Second support is December's low crossing at 2.562. 

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The March Dollar closed sharply lower for the second day in a row on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, September's low crossing at 90.68 is the next downside target. Closes above the 20-day moving average crossing at 92.35 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 92.35. Second resistance is the 50-day moving average crossing at 92.99. First support is September's low crossing at 90.68.

The March Euro closed higher on Friday as it renewed the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, weekly resistance crossing at 125.34 is the next upside target. Closes below the 20-day moving average crossing at 119.97 would confirm that a short-term top has been posted. First resistance is today's high crossing at 122.32. Second resistance is weekly resistance crossing at 125.34. First support is the 20-day moving average crossing at 119.97. Second support is the 50-day moving average crossing at 119.06.     

The March British Pound closed sharply higher on Friday as it renewed the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 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 1.3517 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.3766. Second resistance is the 38% retracement level of the 2014-2016-decline crossing at 1.4057. First support is the 20-day moving average crossing at 1.3517. Second support is the 50-day moving average crossing at 1.3408.     

The March Swiss Franc closed higher on Friday. Stochastics and the RSI have turned 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 Tuesday's night session begins trading. If March extends the rally off October's low, the 50% retracement level of the July-September-decline crossing at 1.0412 is the next upside target. Closes below the 50-day moving average crossing at 1.0212 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0375. Second resistance is the 50% retracement level of the July-September-decline crossing at 1.0412. First support is the 50-day moving average crossing at 1.0212. Second support is the reaction low crossing at 1.0159.  

The March Canadian Dollar closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 79.29 are needed to confirm that a short-term top has been posted. 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. 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 79.29. Second support is the 50-day moving average crossing at 78.75.  

The March Japanese Yen closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday’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 December's low, November's high crossing at 0.9073 is the next upside target. Closes below the 50-day moving average crossing at 0.8917 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.9046. Second resistance is November's high crossing at 0.9073. First support is December's low crossing at 0.8840. Second support is November's low crossing at 0.8782.  

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February gold closed higher on Friday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher price are possible near-term. If February extends the aforementioned rally, the 87% retracement level of the September-December-decline crossing at 1349.30 is the next upside target. Closes below the 20-day moving average crossing at 1296.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1340.00. 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 1319.80. Second support is the 20-day moving average crossing at 1296.80.

March silver closed higher on Friday. The high-range close set the stage for a steady to higher opening when Tuesday'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 extends the rally off December's low, November's high crossing at 17.485 is the next upside target. Closes below the 20-day moving average crossing at 16.745 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the September-December-decline crossing at 17.325. Second resistance is November's high crossing at 17.485. First support is the 20-day moving average crossing at 16.745. Second support is the reaction low crossing at 16.140.     

March copper closed slightly lower on Friday.The low-range close sets the stage for a steady to lower opening when Tuesday'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 322.43 would confirm that a short-term top has been posted. 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 the 20-day moving average crossing at 322.43. Second support is the 50-day moving average crossing at 314.30.       

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March Corn closed down 1 1/2-cents at 3.47 1/4. 

March corn closed lower on Friday as it reacted negatively to today's WASDE reports. The USDA raised its production estimates of the 2017 U.S. harvest from 14.578 billion bushels to 14.604 billion bushels with a record-breaking yield of 176.6 bpa. Ending corn stocks moved higher from USDA December estimates of 2.437 billion to 2.477 billion bushels. World ending stocks were also noticeably higher, moving from 8.0351 billion bushels to 8.1335 billion bushels. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the reaction high crossing at 3.54 3/4 are needed to confirm that a short-term low has been posted. 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 down 12 3/4-cents at 4.20 1/2. 

March wheat closed lower on Friday. Wheat feed and residual use for 2017/18 was lowered by 20 million bushels, and total supplies rose bu 5 million bushels due to higher imports. Production estimates remained unchanged. Acres for winter wheat came in at 32.608 million acres, which is the lowest in 99 years but still higher than analyst predictions. World production for wheat were raised by 66.1 million bushels as increases to Russian and Pakistan output more than offset reductions in the EU. Russia also showed increased exports due to ample supplies plus competitive prices. Export reductions were reported in Australia and the EU, meantime. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI turned neutral to bearish with today's decline signaling that sideways to lower prices are possible near-term. If March extends today's decline, December's low crossing at 4.10 1/2 is the next downside target. Closes above the reaction high crossing at 4.37 are needed to confirm that a short-term low has been posted. 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 down 14-cents at 4.26 1/4. 

March Kansas City wheat posted a key reversal down and closed lower on Friday following today's bearish WASDE supply-demand report. Today's close below the 20-day moving average crossing at 4.28 3/4 confirms that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today'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 today'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 16 1/4-cents at 6.12 3/4. 

March Minneapolis wheat closed sharply lower on Friday and below the 20-day moving average crossing at 6.20 1/2 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI turned neutral to bearish today's decline signaling that sideways to lower prices are possible near-term. If March extends today'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 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. 

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March soybeans closed up 12 1/2-cents at 9.62 1/2. 

March soybeans posted a key reversal up and closed higher on Friday following today's release of a friendly USDA supply-demand report. The USDA lowering its 2017 U.S. production estimates from 4.425 billion bushels to 4.392 billion bushels. Average yields were dropped slightly, from 49.5 bpa to 49.1 bpa. U.S. soybean ending stocks for 2017/18 were raised from USDA December estimates of 445 million bushels to 470 million bushels. World ending stocks also edged higher, from 3.6119 billion bushels to 3.6229 billion bushels. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging and are turning 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 extends 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 9.86 1/2. First support is today'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 $4.60 at 317.70. 

March soybean meal posted an upside reversal as it closed higher on Friday following a friendly USDA supply-demand report. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 323.90 are needed to confirm that a low has been posted. If March extends the decline off December's high, the 87% retracement level of the August-December-rally crossing at 305.70 is the next downside target. First resistance is the 50-day moving average crossing at 323.90. Second resistance is the reaction high crossing at 331.20. First support is the 75% retracement level of the August-December-rally crossing at 312.00. Second support is the 87% retracement level of the August-December-rally crossing at 305.70.

March soybean oil closed up 1 pts. At 33.16. 

March soybean oil closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, December's low crossing at 32.52 is the next downside target. If March resumes the rally off December's low, the 50-day moving average crossing at 33.98 is the next upside target. First resistance is the 50-day moving average crossing at 33.98. Second resistance is the reaction high crossing at 34.89. First support is December's low crossing at 32.52. Second support is the 87% retracement level of the June-September-rally crossing at 32.44. 

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February hogs closed up $0.60 at $71.58. 

February hogs posted an inside day with a higher close on Friday as it consolidated some of this week's losses. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 70.45 would confirm that a short-term top has been posted. If February extends the rally off December's low, weekly resistance crossing at 76.91 is the next upside target. First resistance is Wednesday's high crossing at 73.68. Second resistance is weekly resistance crossing at 76.91. First support is the 20-day moving average crossing at 70.45. Second support is the 50-day moving average crossing at 69.86. 

February cattle closed up $0.30 at 117.38. 

February cattle closed higher on Friday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Tuesday'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 February extends the aforementioned decline, the 75% retracement level of the August-November-rally crossing at 115.05 is the next downside target. Closes above the 20-day moving average crossing at 119.94 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.94. Second resistance is the 50-day moving average crossing at 122.74. 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 $1.28 at $142.65. 

March Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are 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 138.30 is the next downside target. Closes above the 50-day moving average crossing at 147.76 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 147.76. Second resistance is the reaction high crossing at 154.05. First support is Tuesday's low crossing at 140.12. Second support is December's low crossing at 138.30.   

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March coffee closed lower on Friday as it extends this month's decline. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If March extends this month's decline, the reaction low crossing at 11.95 is the next downside target. Closes above the 10-day moving average crossing at 12.08 are needed to confirms that a short-term low has been posted. 

March cocoa closed slightly higher on Friday. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 50-day moving average crossing at 19.97 is the next upside target. If March renews the decline off November's high, weekly support crossing at 17.91 is the next downside target. 

March sugar closed unchanged on Friday as it consolidates some of this month's decline. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are 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 13.64 is the next downside target. Closes above the 10-day moving average crossing at 14.87 would confirm that a short-term low has been posted.

March cotton posted a downside reversal as it closed lower on Friday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 October's low, weekly resistance crossing at 87.18 is the next upside target. Closes below the 20-day moving average crossing at 78.01 are needed to confirm a short-term top has been posted.