KEY EVENTS TO WATCH FOR:

Friday, March 2, 2018 

9:45 AM ET. February ISM-NY Report on Business

                       Business Index (previous 72.5)

10:00 AM ET. February University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (previous 95.7)

                       End-Mo Expectations Idx (previous 86.3)

                       12-Month Inflation Forecast (previous 2.7%)

                       5-Year Inflation Forecast (previous 2.5%)

                       End-Mo Current Idx (previous 110.5)

  N/A              Texas Independence Day

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

The March NASDAQ 100 closed sharply lower on Thursday as it extended this week's decline. 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 a short-term top might be in or is near. Closes below the 50-day moving average crossing at 6706.17 would confirm that a short-term top has been posted. If March extends the rally off February's low, January's high crossing at 7047.25 is the next upside target. First resistance is 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 6706.17. Second support is the 25% retracement level of the 2017-2018-rally crossing at 6504.28. 

The March S&P 500 closed sharply lower on Thursday as it extends this week's decline. 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. Today's close below last Thursday's low crossing at 2684.00 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off February's low, the reaction high crossing at 2839.00 is the next upside target. First resistance is Tuesday's high crossing at 2789.50. Second resistance is the reaction high crossing at 2839.00. First support is the 25% retracement level of the 2016-2018-rally crossing at 2651.19. Second support is the reaction low crossing at 2627.50 is the next downside target.

The Dow closed sharply lower on Thursday amid reports that President Donald Trump would impose tariffs on steel and aluminum imports. We're going to be instituting tariffs next week," the president said. President Trump's comments from a White House gathering with leaders in the steel and aluminum business, raise the specter of protectionist trade policies that could unsettle investors--at least in the short term. 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 a short-term top might be in or is near. Today's close below last Wednesday's low crossing at 24,792.99 confirm that a short-term top has been posted while opening the door for additional weakness near-term. If the Dow extends this week's decline, February's low crossing at 23,360.29 is the next downside target. Closes above the 50-day moving average crossing at 25,278.33 would temper the near-term bearish outlook. First resistance is Tuesday's high crossing at 25,800.35. Second resistance is the reaction high crossing at 26,338.03. First support is today's low crossing at 24,477.80. Second support is February's low crossing at 23,360.29.     

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March T-bonds closed up 28/32's at 145-10.

March T-bonds closed higher on Thursday and above the 20-day moving average crossing at 144-14 confirming that a short-term low has been posted. 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 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. If March renews the decline off December's high, weekly support crossing at 140-03 is the next downside 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 142-24. Second support is weekly support crossing at 140-03.   

March T-notes closed up 170/32's at 121-060.

March T-notes closed higher on Thursday and above the 20-day moving average crossing at 120.259 confirming that a low has been posted. 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 March extends today's rally, the 50-day moving average crossing at 122-042 is the next upside target. If March resumes this winter's decline, weekly support crossing at 119.170 is the next downside target. First resistance is today's high crossing at 121.095. Second resistance is the 50-day moving average crossing at 122.042. 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 ""

April crude oil closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Thursday's low crossing at 60.75 would confirm that a short-term top has been posted. If April renews the rally off February's low, January's high crossing at 66.66 is the next upside target. First resistance is Monday's high crossing at 64.24. Second resistance is January's high crossing at 66.66. First support is last Thursday's low crossing at 60.75. Second support is February's low crossing at 57.90.

April heating oil closed lower on Thursday as it extends this week's decline. The mid-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this week's decline, February's low crossing at 180.97 is the next downside target. Multiple closes above the 50-day moving average crossing at 198.68 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 198.68. Second resistance is February's high crossing at 208.80. First support is February's low crossing at 180.97. Second support is the 38% retracement level of the 2016-2018-rally crossing at 176.89.

April unleaded gas closed lower on Thursday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below last Wednesday's low crossing at 191.34 confirmed that a short-term top has been posted while opening the door for additional weakness near-term. If April renews the rally off February's low, February's high crossing at 208.46 is the next upside target. First resistance is Monday's high crossing at 201.22. Second resistance is February's high crossing at 208.46. First support is February's low crossing at 183.84. Second support is the 38% retracement level of the 2016-2018-rally crossing at 179.34. 

April Henry natural gas closed higher on Thursday as it extends the corrective rebound off February'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 50-day moving average crossing at 2.720 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 2.720. Second resistance is the reaction high crossing at 2.833. First support is February'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 lower due to profit taking on Thursday as it consolidated some of the rally off February'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the 50% retracement level of the November-February-decline crossing at 91.46 is the next upside target. Closes below the 20-day moving average crossing at 89.69 would confirm that a short-term top has been posted. 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 the 20-day moving average crossing at 89.69. Second support is February's low crossing at 88.15. 

The March Euro closed higher due to short covering on Thursday as it consolidated some of this month's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 122.37 are needed to confirm a downside breakout of February's trading range. Closes above the 20-day moving average crossing at 123.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 123.60. Second resistance is February's high crossing at 125.80. First support is the 50-day moving average crossing at 122.37. Second resistance is the 50% retracement level of the November-February-rally crossing at 121.15.     

The March British Pound closed lower on Thursday as it extends this week's decline. 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 this week's decline, January's low crossing at 1.3486 is the next downside target. Closes above Monday's high crossing at 1.4082 would confirm that a short-term low has been posted. First resistance is the reaction high high crossing at 1.4160. Second resistance is February's high crossing at 1.4300. First support is today's low crossing at 1.3719. Second support is January's low crossing at 1.3486.     

The March Swiss Franc closed slightly higher on Thursday after spiking below support marked by February's low crossing at 1.0589. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at 1.0589 would open the door for additional weakness and a possible test of the 50-day moving average crossing at 1.0520. Closes above the 20-day moving average crossing at 1.0716 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0716. Second resistance is February's high crossing at 1.0908. First support is today's low crossing at 1.0550. Second support is the 50-day moving average crossing at 1.0520. 

The March Canadian Dollar closed lower on Thursday as it extends this month's decline. 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 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, December's low crossing at 77.53 is the next downside target. Closes above the 20-day moving average crossing at 79.41 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 78.87. Second resistance is the 20-day moving average crossing at 79.41. First support is today's low crossing at 77.56. Second support is December's low crossing at 77.53.  

The March Japanese Yen 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 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. Closes below the 20-day moving average crossing at 0.9290 are needed to confirm that a short-term top has been posted. 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 20-day moving average crossing at 0.9290. Second support is the 50-day moving average crossing at 0.9115.   

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

April gold closed slightly lower on Thursday as it extends this week's decline below the 50-day moving average crossing at 1325.70. 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 bearish signaling that sideways to lower prices are possible near-term. If April extends this week's decline, the 62% retracement level of the December-January-rally crossing at 1291.60 is the next downside target. Closes above Monday's high crossing at 1342.90 would confirm that a short-term low has been posted. 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 closed slightly higher on Thursday after spiking below key support marked by February's low crossing 16.210. The high-range close set the stage for a steady to higher 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 May extends the decline off January's high, December's low crossing at 15.705 is the next downside target. Closes above the reaction high crossing at 17.025 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 17.025. Second resistance is January's high crossing at 17.785. First support is today's low crossing at 16.160. Second support is December's low crossing at 15.705.     

May copper closed lower on Thursday as it extends this week's decline.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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, February's low crossing at 304.65 is the next downside target. Closes above the 50-day moving average crossing at 321.79 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 330.65. Second resistance is December's high crossing at 333.35. First support is today'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 closed up 4 1/4-cents at 3.86 1/4. 

May corn closed higher on Thursday as it extends the rally off January'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 May extends the rally off January's low, the 50% retracement level of 2017's decline crossing at 3.91 3/4 is the next upside target. Closes below the 20-day moving average crossing at 3.74 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.86 1/2. Second resistance is the 50% retracement level of the July-January-decline crossing at 3.91 3/4. First support is the 20-day moving average crossing at 3.74 1/4. Second support is the reaction low crossing at 3.69 1/4.  

May wheat closed up 20 3/4-cents at 5.15 3/4. 

May wheat closed sharply higher on Thursday as it extends 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 becoming 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 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 4.75 1/2. Second support is the 20-day moving average crossing at 4.70 3/4.     

May Kansas City Wheat closed up 21 1/4-cents at 5.43 1/2. 

May Kansas City wheat closed sharply higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 62% retracement level of 2017's decline crossing at 5.44 3/4. Closes below the 20-day moving average crossing at 4.92 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 4.99. Second support is the 20-day moving average crossing at 4.92.   

May Minneapolis wheat closed up 13-cents at 6.34 3/4. 

May Minneapolis wheat closed higher on Thursday and above the 50-day moving average crossing at 6.21 3/4 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday'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 May extends today's rally, January's high crossing at 6.39 3/4 is the next upside target. If May resumes 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 Tuesday'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 closed up 12-cents at 10.67 1/2. 

May soybeans closed higher on Thursday as it extends the rally off January'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 May extends the rally off January's low, weekly resistance crossing at 10.80 is the next upside target. Closes below the 20-day moving average crossing at 10.23 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.68 3/4. Second resistance is weekly resistance crossing at 10.80. First support is the 10-day moving average crossing at 10.45 3/4. Second support is the 20-day moving average crossing at 10.23 1/2. 

May soybean meal closed up $2.50 at 397.20. 

May soybean meal closed higher on Thursday as it extends the rally off January'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 May extends the rally off January's low, weekly resistance crossing at 414.70 is the next upside target. Closes below the 10-day moving average crossing at 383.00 would confirm a short-term top has been posted. First resistance is Wednesday's high crossing at 399.20. Second resistance is weekly resistance crossing at 414.70. First support is the 10-day moving average crossing at 383.00. Second support is the 20-day moving average crossing at 365.00.  

May soybean oil closed up 17 pts. At 32.40. 

May soybean oil 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. Closes above the 50-day moving average crossing at 32.88 are needed to confirm that a short-term low has been posted. If May renews the decline off January'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 32.88. 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 down $0.25 at $66.98. 

April hogs closed lower on Thursday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday'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 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 70.15 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 72.88. 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 up $0.05 at 123.33. 

April cattle closed slightly higher on Thursday as it consolidates some of the decline off February's high. 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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below reaction low crossing at 122.80 are needed to confirm that a short-term top has been posted. If April resumes the rally off January's low, November's high crossing at 130.10 is the next upside target. First resistance is February'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.

April Feeder cattle closed down $0.25 at $146.75. 

April Feeder cattle closed lower on Thursday as it extends the decline off February's high. 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 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. If April renews the rally off February's low, the reaction high crossing at 153.88 is the next upside target. First resistance is February's high crossing at 153.10. Second resistance is November's high crossing at 158.73. First support is February's low crossing at 145.63. Second support is the reaction low crossing at 143.20.   

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

May coffee closed higher on Thursday and above the 50-day moving average crossing at 12.48 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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 Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 38% retracement level of the 2016-2017-decline crossing at 22.91 is the next upside target. Closes below the 20-day moving average crossing at 21.18 would confirm that a short-term top has been posted. 

May sugar closed higher and above last Thursday's high crossing at 13.63 confirming that a low has been posted. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned 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 13.93 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 lower due to profit taking on Thursday as it consolidates some of the rally off February's low. The mid-range close sets the stage for a steady opening on Friday. 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 79.04 would confirm that a short-term top has been posted.