KEY EVENTS TO WATCH FOR:

Thursday, February 22, 2018 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 230K)

                       Jobless Claims, Net Chg (previous +7K)

                       Continuing Claims (previous 1942000)

                       Continuing Claims, Net Chg (previous +15K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. January Leading Indicators

                       Leading Index (previous +0.6%)

                       Coincident Index (previous +0.3%)

                       Lagging Index (previous +0.7%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1884B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -194B)

11:00 AM ET. February Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 16)

                       6-Mo Exp Prod Idx (previous 37)

                       Mfg Composite Idx (previous 16)

                       6-Mo Exp Composite Idx (previous 29)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 422.095M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +1.841M)

                       Gasoline Stocks (Bbl) (previous 249.073M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +3.599M)

                       Distillate Stocks (Bbl) (previous 141.367M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.459M)

                       Refinery Usage (previous 89.8%)

                       Total Prod Supplied (Bbl/day) (previous 20.284M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.559M)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, February 23, 2018  

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

                       Corn (Metric Tons) (previous 2072K)

                       Soybeans (Metric Tons) (previous 837.5K)

                       Wheat (Metric Tons) (previous 421.9K)

  N/A              Trump meets Australian PM at the White House

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

The March NASDAQ 100 posted a downside reversal as it closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, January's high crossing at 7047.25 is the next upside target. Closes below the 10-day moving average crossing at 6621.13 would temper the near-term friendly outlook. First resistance is today's high crossing at 6885.50. Second resistance is January's high crossing at 7047.25. First support is the 10-day moving average crossing at 6621.13. Second support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75. 

The March S&P 500 closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2735.91 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 2677.48 would temper the near-term friendly outlook. First resistance is the 20-day moving average crossing at 2735.91. Second resistance is the reaction high crossing at 2839.00. First support is the 10-day moving average crossing at 2677.48. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20. 

The Dow closed lower on Wednesday ending a volatile session on a bearish note as this afternoon rally evaporated in the wake of the Federal Reserve releasing the minutes to its most recent meeting. The Dow retreated as investors struggled to digest the minutes, which pointed to a strong economy, but also increased the likelihood of more rate hikes are likely in the coming months. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 25,307.74 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 24,726.13 would temper the near-term friendly outlook. First resistance is the 20-day moving average crossing at 25,307.74. Second resistance is the reaction high crossing at 26,338.03. First support is the 10-day moving average crossing at 24,726.13. Second support is February's low crossing at 23,360.29.     

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

March T-bonds closed down 1-05/32's at 142-23.

March T-bonds closed lower on Wednesday as it broke out to the downside of the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Thursday'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 140-03 is the next downside target. Closes above the 20-day moving average crossing at 145-23 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 145-09. Second resistance is the 20-day moving average crossing at 145-23. First support is today's low crossing at 142-24. Second support is weekly support crossing at 140-03.   

March T-notes closed down 90/32's at 120-065.

March T-notes closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 winter's decline, weekly support crossing at 119.170 is the next downside target. Closes above the 20-day moving average crossing at 121.065 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 121.065. Second resistance is the 50-day moving average crossing at 122.184. First support is last Thursday'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 ""

April crude oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 62.62 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 56.05 is the next downside target. First resistance is the 20-day moving average crossing at 62.62. Second resistance is January's high crossing at 66.66. First support is February's low crossing at 57.90. Second support is the 38% retracement level of the 2016-2018-rally crossing at 56.05.

April heating oil closed higher on Wednesday as it extended the rebound off February's low. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 197.15 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 176.89 is the next downside target. First resistance is Tuesday's high crossing at 194.14. Second resistance is the 20-day moving average crossing at 197.15. First support is the 38% retracement level of the 2016-2018-rally crossing at 176.89. Second support is the 50% retracement level of the 2016-2018-rally crossing at 166.36.   

April unleaded gas closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 180.52 are needed to confirm that a short-term low has been posted. If April renews the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 179.34 is the next downside target. First resistance is the 50-day moving average crossing at 180.40. Second resistance is the 20-day moving average crossing at 180.52. First support is the 38% retracement level of the 2016-2018-rally crossing at 179.34. Second support is the 50% retracement level of the 2016-2018-rally crossing at 169.88.   

April Henry natural gas closed higher on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI 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 2.747 would confirm that a short-term low has been posted. If April renews this year's decline, the 87% retracement level of the December-January-rally crossing at 2.551 is the next downside target. First resistance is the 50-day moving average crossing at 2.715. Second resistance is the 20-day moving average crossing at 2.747. First support is last Monday's low crossing at 2.565. Second support is the 87% retracement level of the December-January-rally crossing at 2.551. 

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

The March Dollar closed higher on Wednesday as it extended the rebound off last Friday's low.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rebound off last Friday's low, February's high crossing at 90.46 is the next upside target. If March extends the decline off November's high, weekly support crossing at 87.45 is the next downside target. First resistance is February's high crossing at 90.46. Second resistance is the 50-day moving average crossing at 90.84. First support is last Friday's low crossing at 88.15. Second support is weekly support crossing at 87.45.

The March Euro closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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, February's low crossing at 122.33 is the next downside target. If March renews the rally off February's low, weekly resistance crossing at 126.74 is the next upside target. First resistance is last Friday's high crossing at 125.80. Second resistance is weekly resistance crossing at 126.74. First support is February's low crossing at 122.33. Second support is the 50-day moving average crossing at 121.85.     

The March British Pound closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, the 50-day moving average crossing at 1.3771 is the next downside target. If March renews the rally off February's low, February's high crossing at 1.4300 is the next upside target. First resistance is last Friday's high crossing at 1.4160. Second resistance is February's high crossing at 1.4300. First support is February's low crossing at 1.3780. Second support is the 50-day moving average crossing at 1.3771.     

The March Swiss Franc closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 February's low crossing at 1.0589 are needed to confirm that a short-term top has been posted. If March renews the rally off last October's low, the 38% retracement level of the 2015-2016-decline crossing at 1.0994 is the next upside target. First resistance is last Friday's high crossing at 1.0908. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is February's low crossing at 1.0589. Second support is the 50-day moving average crossing at 1.0462. 

The March Canadian Dollar closed lower on Wednesday and has renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off January's high, the 75% retracement level of the December-January-rally crossing at 78.56 is the next downside target. Closes above the 20-day moving average crossing at 80.19 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 80.19. Second resistance is January's high crossing at 81.68. First support is the 75% retracement level of the December-January-rally crossing at 78.56. Second support is the 87% retracement level of the December-January-rally crossing at 78.05.  

The March Japanese Yen closed lower on Wednesday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. 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 0.9236 are needed to confirm that a short-term top has been posted. If March renews the rally off January's low, the 62% retracement level of 2016's trading range crossing at 0.9680 is the next upside target. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9491. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9680. First support is the 10-day moving average crossing at 0.9295. Second support is the 20-day moving average crossing at 0.9236.   

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

April gold closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at 1317.30 would confirm that a short-term top has been posted. If April renews the rally off February's low, January's high crossing at 1370.50 is the next upside target. First resistance is last Friday's high crossing at 1364.40. Second resistance is January's high crossing at 1370.50. First support is the 50-day moving average crossing at 1317.30. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.

March silver closed slightly higher on Wednesday. The low-range close set the stage for a steady to lower opening when Thursday'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 January's high, December's low crossing at 15.635 is the next downside target. Closes above the 20-day moving average crossing at 16.799 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 16.799. Second resistance is January's high crossing at 17.705. First support is February's low crossing at 16.130. Second support is December's low crossing at 15.635.     

March copper closed higher on Wednesday.The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top is in or near. Closes below the 10-day moving average crossing at 315.78 would confirm that a short-term top has been posted. If March resumes the rally off February's low, the reaction high crossing at 329.10 is the next upside target. First resistance is the reaction high crossing at 329.10. Second resistance is December's high crossing at 332.20.First support is the 10-day moving average crossing at 315.78. Second support is the 75% retracement level of December's rally crossing at 303.58.

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

March Corn closed unchanged at 3.65 1/2. 

March corn closed unchanged on Wednesday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.62 1/2 would confirm that a short-term top has been posted. If March extends the rally off January's low, last September's high crossing at 3.74 1/2 is the next upside target. First resistance is last September's high crossing at 3.74 1/2. Second resistance is the 38% retracement level of the July-January-decline crossing at 3.76 1/4. First support is the 20-day moving average crossing at 3.62 1/2. Second support is the reaction low crossing at 3.56 1/4.  

March wheat closed down 1 3/4-cents at 4.47 1/2. 

March wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 4.50 3/4 confirm that a short-term top has been posted while opening the door for additional weakness is possible near-term. If March renews the rally off January's low, last September's high crossing at 4.82 is the next upside target. First resistance is February's high crossing at 4.67 1/4. Second resistance is September's high crossing at 4.82. First support is the reaction low crossing at 4.38 3/4. Second support is the 50-day moving average crossing at 4.34 3/4.      

March Kansas City Wheat closed down 6-cents at 4.65 3/4. 

March Kansas City wheat closed lower on Wednesday confirming yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.65 are needed to confirm that a short-term top has been posted. If March renews the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First resistance is Tuesday's high crossing at 4.85 1/2. Second resistance is the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First support is the 20-day moving average crossing at 4.65. Second support is the reaction low crossing at 4.54 1/2.    

March Minneapolis wheat closed down 1 1/4-cents at 6.01 1/4. 

March Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. Closes above the 50-day moving average crossing at 6.13 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 6.21 1/2. Second resistance is January's high crossing at 6.34 1/2. First support is today's low crossing at 5.98 1/2. 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 7 1/2-cents at 10.34. 

March soybeans closed higher on Wednesday as it extends this year's rally above December's high crossing at 10.27.The high-range close sets the stage for a steady to higher opening when Thursday'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 January's low, last July's high crossing at 10.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 9.98 1/4 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 10.39. Second resistance is last July's high crossing at 10.50 1/2. First support is the 10-day moving average crossing at 10.08 3/4. Second support is the 20-day moving average crossing at 9.98 1/4. 

March soybean meal closed up $2.10 at 378.60. 

March soybean meal closed lower on Wednesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday'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 January's low, weekly resistance crossing at 397.30 is the next upside target. Closes below the 10-day moving average crossing at 361.60 would confirm a short-term top has been posted. First resistance is Tuesday's high crossing at 385.50. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 361.60. Second support is the 20-day moving average crossing at 348.60.  

March soybean oil closed up 16 pts. At 32.02. 

March soybean oil closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI 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 32.36 are needed to confirm that a short-term low has been posted. If March extends the decline off January's high, the July-2016 low crossing at 31.19 is the next downside target. First resistance is the 20-day moving average crossing at 32.36. Second resistance is the 50-day moving average crossing at 32.85. First support is last Tuesday's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.

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

April hogs closed up $0.70 at $69.90. 

April hogs closed higher on Wednesday. The mid-range close sets the stage for a steady opening when Thursday'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 71.41 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 71.41. Second resistance is the 50-day moving average crossing at 73.21. First support is the 75% retracement level of the August-January-rally crossing at 68.07. Second support is the 87% retracement level of the August-January-rally crossing at 66.60.

April cattle closed down $1.50 at 126.23. 

April cattle closed lower on Wednesday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 April extends the rally off January's low, November's high crossing at 130.10 is the next upside target. Multiple closes below reaction low crossing at 122.80 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 127.95. Second resistance is November's high crossing at 130.10. First support is the reaction low crossing at 122.80. Second support is January's low crossing at 118.05.

March Feeder cattle closed down $3.15 at $146.65. 

March Feeder cattle closed sharply lower on Wednesday and below the 20-day moving average crossing at 147.80 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, February's low crossing at 144.20 is the next downside target. If March renews the rally off February's low, February's high crossing at 151.95 is the next upside target. First resistance is February's high crossing at 151.95. Second resistance is the reaction high crossing at 154.05. First support is February's low crossing at 144.20. Second support is the reaction low crossing at 142.42.   

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

March coffee closed lower on Wednesday as it extends this week's breakout below the lower boundary of a three-month old trading range crossing at 118.30. The low-range close sets the stage for a steady to lower opening on Thursday. 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, weekly support crossing at 11.55 is the next downside target. Multiple closes above the 50-day moving average crossing at 12.26 are needed to confirms that a short-term low has been posted.  

March cocoa closed higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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, the 87% retracement level of the November-December-decline crossing at 21.71 is the next upside target. Closes below the 20-day moving average crossing at 20.33 would confirm that a short-term top has been posted. 

March sugar closed slightly higher on Wednesday. The mid-range close set the stage for a steady opening on Thursday. 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, the reaction low crossing at 13.17 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at 13.98 is the next upside target. 

March cotton closed higher on Wednesday and above the 20-day moving average crossing at 77.55 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the reaction high crossing at 79.93 is the next upside target. If March renews the decline off January's high, the 62% retracement level of the October-January-rally crossing at 73.52 is the next downside target.