KEY EVENTS TO WATCH FOR:
Friday, January 25, 2019
8:30 AM ET. U.S. Weekly Export Sales * This data will not be released if the partial U.S. Govt
shutdown remains in effect
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
8:30 AM ET. December Advance Report on Durable Goods * This data will not be
released if the partial U.S. Govt shutdown remains in effect
Durable Goods-SA, M/M% (expected +1.0%; previous +0.8%)
Dur Goods, Ex-Defense, M/M% (previous -0.1%)
Dur Goods, Ex-Transport, M/M% (previous -0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.6%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)
10:00 AM ET. December New Residential Sales * This data will not be released if the
partial U.S. Govt shutdown remains in effect
New Home Sales (previous 570K)
New Home Sales, M/M% (previous +4.8%)
New Home Sales Months Supply
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 was 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 6545.36 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 7023.35 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at 6793.68. Second resistance is the 62% retracement level of the October-December-decline crossing at 7023.35. First support is the 20-day moving average crossing at 6545.36. Second support is the reaction low crossing at 6136.50.
The March S&P 500 was higher overnight. 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 62% retracement level of the September-December-decline crossing at 2706.38 is the next upside target. Closes below the 20-day moving average crossing at 2557.57 would confirm that a short-term top has been posted.First resistance is the reaction high crossing at 2683.00. Second resistance is the 62% retracement level of the September-December-decline crossing at 2706.38. First support is the 20-day moving average crossing at 2557.57. Second support is the reaction low crossing at 2439.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds was slightly lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 146.11 would confirm that a short-term low has been posted. If March renews the aforementioned decline, the 38% retracement level of the November-January-rally crossing at 144-00 is the next downside target. First resistance is last-Monday's high crossing at 146.11. Second resistance is January's high crossing at 148-27. First support is the 38% retracement level of the November-January rally crossing at 144-00. Second support is the 50% retracement level of the November-January rally crossing at 142.16.
March T-notes was lower overnight. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above last-Monday's high crossing at 122.090 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the 38% retracement level of the October-January-rally crossing at 120.301 is the next downside target. First resistance is last-Monday's high crossing at 122.090. Second resistance is January's high crossing at 123.080. First support is the 38% retracement level of the October-January rally crossing at 120.301. Second support is the 50% retracement level of the October-January-rally crossing at 120.071.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
March crude oil was slightly higher overnight. The low-range overnight trade 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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 50.51 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, the 38% retracement level of the October-December-decline crossing at 55.55 is the next upside target. First resistance is the the 38% retracement level of the October-December-decline crossing at 55.55. Second resistance is the reaction high crossing at 58.55. First support is the 20-day moving average crossing at 50.51. Second support is December's low crossing at 42.67.
March heating oil was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 181.71 are needed to confirm that a short-term top has been posted. If March resumes the rally off December's low, the 38% retracement level of the October-December-decline crossing at 193.75 is the next upside target. First resistance is the 38% retracement level of the October-December-decline crossing at 193.75. Second resistance is the 50% retracement level of the October-December-decline crossing at 203.52. First support is the 20-day moving average crossing at 181.71. Second support is December's low crossing at 162.35.
March unleaded gas was steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 138.93 would confirm that a short-term top has been posted. If March renews the rally off December's low, December's high crossing at 153.48 is the next upside target. First resistance is the 25% retracement level of the October-December-decline crossing at 147.65. Second resistance is December's high crossing at 153.48. First support is the 20-day moving average crossing at 138.93. Second support is December's low crossing at 124.24.
March Henry natural gas was steady to slightly lower overnight. The low-range overnight 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 last week's high, January's low crossing at 2.771 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at 3.508 is the next upside target. First resistance is the 38% retracement level of the November-January-decline crossing at 3.472. Second resistance is the 50-day moving average crossing at 3.508. First support is Wednesday's low crossing at 2.897. Second support is January's low crossing at 2.771.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was lower overnight. Stochastics and the RSI are becoming 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, the reaction high crossing at 96.65 is the next upside target. Closes below the 20-day moving average crossing at 96.43 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 96.65. Second resistance is December's high crossing at 97.19. First support is the 62% retracement level of the September-December-rally crossing at 94.54. Second support is the 75% retracement level of the September-December-rally crossing at 93.97.
The March Euro was 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 decline off January's high, January's low crossing at 113.77 is the next downside target. Closes above the 20-day moving average crossing at 114.79 would confirm that a short-term top has been posted. First resistance is January's high crossing at 116.33. Second resistance is the reaction high crossing at 117.00. First support is Thursday's low crossing at 113.37. Second support is the 87% retracement level of the 2016-2018-rally crossing at 111.94.
The March British Pound was higher overnight as it extends the rally off January's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day session beings 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, November's high crossing at 1.3257 is the next upside target. Closes below the 20-day moving average crossing at 1.2872 would confirm that a short-term top has been posted. First resistance is November's high crossing at 1.3257. Second resistance is October's high crossing at 1.3356. First support is the 20-day moving average crossing at 1.2872. Second support is the reaction low crossing at 1.2707.
The March Swiss Franc was steady to slightly higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, November's low crossing at 1.0018 is the next downside target. Closes above the 20-day moving average crossing at 1.0187 would confirm that a short-term low has been posted. First resistance is the 50% retracement level of the September-November decline crossing at 1.0330. Second resistance is the 62% retracement level of the September-November decline crossing at 1.0405. First support is Wednesday's low crossing at 1.0061. Second support is November's low crossing at 1.0018.
The March Canadian Dollar was higher overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 74.94 are needed to confirm that a short-term top has been posted.If March resumes the rally off December's low, the 62% retracement level of the October-December-decline crossing at 76.49 is the next upside target. First resistance is January's high crossing at 75.99. Second resistance is the 62% retracement level of the October-December-decline crossing at 76.49. First support is the 20-day moving average crossing at 74.94. Second support is December's low crossing at 73.30.
The March Japanese Yen was lower overnight. 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-day moving average crossing at 0.0905 is the next downside target. Closes above the 20-day moving average crossing at 0.0921 would confirm that a short-term low has been posted. First resistance is the 62% retracement level of the March-November-decline crossing at 0.0944. Second resistance is the 75% retracement level of the March-November-decline crossing at 0.0957. First support is Thursday's low crossing at 0.0913. Second support is the 50-day moving average crossing at 0.0905.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: April gold was higher 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 1284.60 would open the door for additional weakness and a possible test of the 50-day moving average crossing at 1264.90. If April resumes the rally off November's low, the 62% retracement level of the January-August-decline crossing at 1320.10 is the next upside target. First resistance is the reaction high crossing at 1306.50. Second resistance is the 62% retracement level of the January-August-decline crossing at 1320.10. First support is the reaction low crossing at 1284.60. Second support is the 50-day moving average crossing at 1264.90.
March silver was higher overnight as it consolidates some of the decline off January's high. 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 50-day moving average crossing at 14.959 is the next downside target. Closes above the 20-day moving average crossing at 15.558 are needed to confirm that a short-term low has been posted. First resistance is January's high crossing at 15.955. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support Tuesday's low crossing at 15.195. Second support is the 50-day moving average crossing at 14.959.
March copper was steady to slightly higher 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 resumes the decline off December's high, January's low crossing at 254.30 then the 62% retracement level of the 2016-2018-rally crossing at 251.75 are the next downside targets. Closes above the 50-day moving average crossing at 270.91 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 270.91. Second resistance is the reaction high crossing at 280.35. First support is the reaction low crossing at 261.65. Second support is January's low crossing at 254.30.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to fractionally higher overnight as it continues to extend the September-January trading range. The high-range close sets the stage for a steady to higher 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. Closes above last-Friday's high crossing at 3.83 are needed to temper the near-term bearish outlook. If March resumes the decline off January's high, November's low crossing at 3.67 1/4 is the next downside target. First resistance is January's high crossing at 3.84 1/2. Second resistance is December's high crossing at 3.87 3/4. First support is last-Tuesday's low crossing at 3.71. Second support is Nov.'s low crossing at 3.67 1/4.
March wheat was lower overnight while extending the September-January trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, psychological support crossing at 5.00 is the next downside target. If March extends the rally off January's low, December's high crossing at 5.38 1/2 is the next upside target. First resistance is December's high crossing at 5.38 1/2. Second resistance is the 38% retracement level of the August-November-decline crossing at 5.50 1/2. First support is the reaction low crossing at 5.08. Second support is Jan.'s low crossing at 5.01 1/4.
March Kansas City Wheat closed down 3 1/2-cents at 5.11 1/2.
March Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, December's high crossing at 5.24 1/2 is the next upside target. Closes below the reaction low crossing at 4.92 1/4 would confirm that a short-term top has been posted. First resistance is December's high crossing at 5.24 1/2. Second resistance is November's high crossing at 5.33 3/4. First support is December's low crossing at 4.87 1/4. Second support is November's low crossing at 4.82 1/4.
March Minneapolis wheat was lower overnight. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. 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 5.65 3/4 would confirm that a short-term top has been posted. If March extends the rally off January's low, December's high crossing at 5.89 1/2 is the next upside target. First resistance is Thursday's high crossing at 5.80. Second resistance is December's high crossing at 5.89 1/2. First support is the reaction low crossing at 5.61. Second support is December's low crossing at 5.44 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans was steady overnight. The mid-range overnight trade sets the stage for a steady 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. If March extends the rally off last week's low, January's high crossing at 9.27 3/4 is the next upside target. Closes below last-Wednesday's low crossing at 8.91 1/4 would confirm that a short-term top has been posted. First resistance is January's high crossing at 9.27 3/4. Second resistance is December's high crossing at 9.41. First support is last-Wednesday's low crossing at 8.91 1/4. Second support is December's low crossing at 8.80 1/2.
March soybean meal was steady to slightly lower overnight. The low-range close 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 sideways to lower prices are possible near-term. If March resumes the decline off January's high, December's low crossing at 307.10 is the next downside target. Closes above last-Friday's high crossing at 316.50 would temper the near-term bearish outlook. First resistance is last-Friday's high crossing at 316.50. Second resistance is January's high crossing at 323.60. First support is January's low crossing at 309.10. Second support is December's low crossing at 307.10.
March soybean oil was higher overnight as it extends the rally off December's low. 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 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 75% retracement level of the October-November-decline crossing at 29.74 is the next upside target. Closes below the 20-day moving average crossing at 28.54 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the October-November-decline crossing at 29.74. Second resistance is the 87% retracement level of the October-November-decline crossing at 30.12. First support is the 10-day moving average crossing at 28.86. Second support is the 20-day moving average crossing at 28.54.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $1.35 at $63.50.
April hogs closed lower on Thursday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off November's high, the 75% retracement level of the July-November-rally crossing at 61.69 is the next downside target. Closes above the reaction high crossing at 68.28 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 68.73. Second resistance is the reaction high crossing at 69.03. First support is today's low crossing at 63.42. Second support is the 75% retracement level of the July-November-rally crossing at 61.69.
April cattle closed down $0.03 at 126.47.
April cattle closed lower 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 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 126.17 would confirm that a short-term top has been posted. If April resumes the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. First resistance is last-Wednesday's high crossing at 127.80. Second resistance is weekly resistance crossing at 134.55. First support is the 20-day moving average crossing at 126.17. Second support is the 50-day moving average crossing at 124.27.
March Feeder cattle closed up $0.68 at $144.33.
March Feeder cattle closed higher on Thursday as it consolidates some of the decline off December'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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 144.63 would temper the near-term bearish outlook. If March resumes this month's decline, December's low crossing at 140.35 is the next downside target. First resistance is the reaction high crossing at 146.47. Second resistance is December's high crossing at 147.58. First support is Tuesday's low crossing at 141.20. Second support is December's low crossing at 140.35.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Thursday. 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. Closes above the 50-day moving average crossing at 10.60 would confirm that a short-term low has been posted. Closes below the reaction low crossing at 10.04 would temper the near-term bearish outlook.
March cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, December's low crossing at 20.95 is the next downside target. Closes above last-Thursday's high crossing at 23.68 would confirm that a short-term low has been posted.
March sugar closed slightly higher on Thursday. The mid-range close set the stage for a steady to higher opening on Friday. 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 12.61 would confirm that a short-term top has been posted. If March renews this month's rally, the reaction high crossing at 13.54 is the next upside target.
March cotton closed lower on Thursday while extending that trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, the 75% retracement level of the 2016-2018-rally crossing at 74.04 is the next downside target. If March renews the rally off January's low, the 50-day moving average crossing at 76.04 is the next upside target.