KEY EVENTS TO WATCH FOR:

Thursday, February 7, 2019  

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

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)

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

                       Jobless Claims (expected 225K; previous 253K)

                       Jobless Claims, Net Chg (previous +53K)

                       Continuing Claims (previous 1782000)

                       Continuing Claims, Net Chg (previous +69K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 2197B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -173B)

12:00 PM ET. January Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. SEC Closed Meeting

3:00 PM ET. December Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +17.5B; previous +22.15B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

Friday, February 8, 2019  

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

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

The March NASDAQ 100 closed lower on Wednesday as it consolidated some of the rally off December's low The mid-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 March extends the rally off December's low, December's high crossing at 7169.00 is the next upside target. Closes below the 20-day moving average crossing at 6753.27 are needed to confirm that a short-term top has been posted. First resistance is December's high crossing at 7169.00. Second resistance is the 75% retracement level of the October-December-decline crossing at 7280.27. First support is the 20-day moving average crossing at 6753.27. Second support is the 50-day moving average crossing at 6639.41.  

The March S&P 500 closed lower on Wednesday. Stocks were pressured today ending a five-day winning streak for the S&P 500, after President Donald Trump’s State of the Union address offered few details on his economic agenda. The president, however, insisted China commit real, structural reforms before a trade deal can be reached. 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 March extends the rally off December's low, the 75% retracement level of the September-December-decline crossing at 2789.62 is the next upside target. Closes below the 20-day moving average crossing at 2650.89 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the September-December-decline crossing at 2789.62. Second resistance is the 87% retracement level of the September-December-decline crossing at 2865.28. First support is the 20-day moving average crossing at 2650.89. Second support is the 50-day moving average crossing at 2615.43.  

The Dow closed lower on Thursday due to profit taking as President Donald Trump’s State of the Union address offered few details for his economic agenda. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 25,663.83 is the next upside target. Closes below the 20-day moving average crossing at 24,580.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at 25,439.04. Second resistance is the 75% retracement level of the October-December-decline crossing at 25,661.68. First support is the 20-day moving average crossing at 24,580.60. Second support is the 50-day moving average crossing at 24,212.48.

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March T-bonds closed up 4/32's at 145-26.

March T-bonds closed slightly higher 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. If March resumes the decline off January's high, the 38% retracement level of the November-January-rally crossing at 144-00 is the next downside target. If March renews the rally off January's low, January's high crossing at 148-27 is the next upside target. First resistance is last-Thursday's high crossing at 146-30. Second resistance is January's high crossing at 148-27. First support is the 38% retracement level of the November-January-rally crossing at 144-30. Second support is the 50% retracement level of the November-January-rally crossing at 142-16.         

March T-notes closed up 025 points at 121.300.

March T-notes closed higher 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. 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. If March resumes the rally off January's low, January's high crossing at 123.055 is the next upside target. First resistance is last-Thursday's high crossing at 122.165. Second resistance is January's high crossing at 123.055. First support is the 38% retracement level of the October-December-rally crossing at 120.301. Second support is the 50% retracement level of the October-December-decline crossing at 120.071.        

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March crude oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 50.66 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at 59.53 is the next upside target. First resistance is the 38% retracement level of the October-December-decline crossing at 55.55. Second resistance is the 50% retracement level of the October-December-decline crossing at 59.53. First support is the reaction low crossing at 50.66. Second support is December's low crossing at 45.13.

March heating oil closed higher on Wednesday while extending the trading range of the past four-weeks. 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 diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, the 50% retracement level of the October-December-decline crossing at 203.52 is the next upside target. Closes below the reaction low crossing at 182.80 would confirm that a short-term top has been posted. 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 reaction low crossing at 182.80. Second support is December's low crossing at 162.35. 

March unleaded gas closed higher on Wednesday while extending the trading range of the past five-weeks. 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 renews the rally off December's low, the 38% retracement level of the October-December-decline crossing at 160.10 is the next upside target. Closes below last-Monday's low crossing at 134.13 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the October-December-decline crossing at 147.65. Second resistance is the 38% retracement level of the October-December-decline crossing at 160.10. First support is last-Monday's low crossing at 134.13. Second support is December's low crossing at 124.24. 

March Henry natural gas closed slightly 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 the decline off January's high, weekly support crossing at 2.565 is the next downside target. Closes above the 20-day moving average crossing at 2.947 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 3.090. Second resistance is January's high crossing at 3.406. First support is Tuesday's low crossing at 2.639. Second support is weekly support crossing at 2.565.     

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

The March Dollar closed higher for the fifth-day in a row on Wednesday as it extends the rally off last-Thursday'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 rally off last-Thursday's low, January's high crossing at 94.38 is the next upside target. Closes below last-Thursday's low crossing at 94.87 would confirm that a short-term top has been posted. First resistance is January's high crossing at 96.38. Second resistance is December's high crossing at 97.20. 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 closed  lower on Wednesday as it extends the decline off last-Thursday'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, January's low crossing at 113.38 is the next downside target. If March renews the rally off January's low, January's high crossing at 116.33 is the next upside target. First resistance is January's high crossing at 116.33. Second resistance is October's high crossing at 117.70. First support is January's low crossing at 113.38. Second support is the 87% retracement level of the 2016-2018 rally crossing at 111.94.      

The March British Pound closed lower on Wednesday as it extended Tuesday's breakout below the 20-day moving average crossing at 1.3014 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 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 50-day moving average crossing at 1.2853 is the next downside target. If March resumes the rally off January's low, October's high crossing at 1.3356 is the next upside target. First resistance is November's high crossing at 1.3257. Second resistance is October's high crossing at 1.3356. First support is the 50-day moving average crossing at 1.2853. Second support is the reaction low crossing at 1.2707.   

The March Swiss Franc closed lower on Wednesday and below support marked by November's low crossing at 1.0018.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 1.0000 is the next downside target. Closes above the 50-day moving average crossing at 1.0154 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0154. Second resistance is January's high crossing at 1.0354. First support is today's low crossing at 1.0011. Second support is weekly support crossing at 1.0000.

The March Canadian Dollar closed sharply lower on Wednesday as it consolidates some of the rally off December'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 75.66 would confirm that a short-term top has been posted. If March renews the rally off December's low, the 75% retracement level of the October-December-decline crossing at 77.18 is the next upside target. First resistance is the 62% retracement level of the October-December-decline crossing at 76.49. Second resistance is the 75% retracement level of the October-December-decline crossing at 77.18. First support is the 20-day moving average crossing at 75.66. Second support is the reaction low crossing at 74.85.  

The March Japanese Yen closed unchanged 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 the decline off January's high, the 50-day moving average crossing at 0.0909 is the next downside target. Closes above last-Thursday's high crossing at 0.0925 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 0.0925. Second resistance is the reaction high crossing at 0.0933. First support is Monday's low crossing at 0.0911. Second support is the 50-day moving average crossing at 0.0909.  

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April gold closed lower on Wednesday due to a strong rally by the US Dollar. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1304.40 would confirm that a short-term top has been posted. If April renews the rally off November's low, the 75% retracement level of the April-August-Decline crossing at 1349.50 is the next upside target. First resistance is last-Thursday's high crossing at 1331.10. Second resistance is the 75% retracement level of the April-August-decline crossing at 1349.50. First support is the 20-day moving average crossing at 1304.40. Second support is January's low crossing at 1281.50.

March silver closed lower on Wednesday as it consolidates some of the rally off November's low. The low-range close set 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 a short-term top might be in or is near. Today's close below the 20-day moving average crossing at 15.687 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off November's low, the 50% retracement level of the 2017-2018-decline crossing at 16.279 is the next upside target. First resistance is last-Thursday's high crossing at 16.200. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support is the 50-day moving average crossing at 15.204. Second support is January's low crossing at 15.195.          

March copper closed higher on Wednesday as it extends 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 March extends the rally, December's high crossing at 285.80 is the next upside target. Closes below the 20-day moving average crossing at 270.86 would confirm that a short-term top has been posted. First resistance is December's high crossing at 285.80. Second resistance is September's high crossing at 288.80. First support is the reaction low crossing at 263.45. Second support is January's low crossing at 254.30. 

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March Corn closed down 3/4-cents at 3.80. 

March corn closed fractionally lower on Wednesday while extending the August-January trading range. The corn market will remain locked in the narrowing trading range for the past six-weeks as the market awaits Friday's release of January and February's supply-demand data and 2018's final production data.Today's mid-range close sets the stage for a steady opening when Thursday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above January's high crossing at 3.84 1/2 are needed to confirm that a short-term low has been posted. Closes below January's low crossing at 3.71 would open the door for additional weakness and a possible test of November's low crossing at 3.67 1/4. 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 January's low crossing at 3.71. Second support is November's low crossing at 3.67 1/4.  

March wheat closed down 3-cents at 5.24 1/4. 

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 overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 5.08 would confirm that a short-term top has been posted. If March extends the rally off January's low, December's high crossing at 5.38 1/2 is the next upside target. First resistance is December's high crossing at 5.38 1/2. Second resistance is October's high crossing at 5.46 1/2. First support is the reaction low crossing at 5.08. Second support is January's low crossing at 5.01 1/4.     

March Kansas City Wheat closed down 2-cents at 5.09 1/4.

March Kansas City wheat closed lower on Wednesday as it extends this year's symmetrical triangle. A breakout in either direction of this consolidation pattern should point the direction of the next possible trending move. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews 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 are needed to 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 closed down 1 3/4-cents at 5.73 1/4. 

March Minneapolis wheat closed lower on Wednesday while extending the trading range of the past five-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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off December's low, December's high crossing at 5.89 1/2 is the next upside target. Closes below the reaction low crossing at 5.61 are needed to confirm that a short-term top has been posted. First resistance is December's high crossing at 5.89 1/2. Second resistance is November's high crossing at 5.93. First support is the reaction low crossing at 5.61. Second support is December's low crossing at 5.44 1/2.    

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March soybeans closed up 1-cents at 9.21 1/4.

March soybeans closed higher 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 bearish signaling that a short-term top might be in or is near. Close below the 50-day moving average crossing at 9.11 3/4 would confirm that a short-term top has been posted. If March extends the rally off September's low, December's high crossing at 9.41 is the next upside target. First resistance is December's high crossing at 9.41. Second resistance is the 50% retracement level of the April-September-2018 decline crossing at 9.46 1/2. First support is January's low crossing at 8.91 1/4. Second support is December's low crossing at 8.80 1/4.  

March soybean meal closed down $0.60 at 308.90. 

March soybean meal closed lower on Wednesday as it extends the August-February trading range. 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 January's high, December's low crossing at 307.10 is the next downside target. Closes above the reaction high crossing at 317.00 would temper the bearish outlook. First resistance is January's high crossing at 324.60. Second resistance is October's high crossing at 327.40. First support is December's low crossing at 307.10. Second support is November's low crossing at 305.30.  

March soybean oil closed up 46 pts. at 30.84. 

March soybean oil closed higher on Wednesday as it renewed the rally off November'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 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 50% retracement level of the 2017-2018-decline crossing at 31.69 is the next upside target. Closes below the 20-day moving average crossing at 29.40 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 30.91. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 31.69. First support is the 20-day moving average crossing at 29.40. Second support is the 50-day moving average crossing at 28.82.    

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

April hogs closed down $0.70 at $60.90. 

April hogs 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 64.10 are needed to confirm that a short-term low has been posted. If April extends the decline off November's high, August's low crossing at 58.22 is the next downside target. First resistance is the 20-day moving average crossing at 64.10. Second resistance is the 50-day moving average crossing at 67.20. First support is the 87% retracement level of the July-November-rally crossing at 59.81. Second support is August's low crossing at 58.22.   

April cattle closed down $0.48 at 127.15. 

April cattle 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 bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. Closes below the 50-day moving average crossing at 125.30 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 129.48. Second resistance is weekly resistance crossing at 134.55. First support is the reaction low crossing at 125.48. Second support is the 50-day moving average crossing at 125.30.   

March Feeder cattle closed down $0.65 at $143.18. 

March Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 145.58 would temper the bearish outlook. If March renews the decline off December's high, 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 January'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 Wednesday while extending the trading range for the past two-months. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 10.72 are needed to confirm an upside breakout of the December-January trading range. Closes below December's low crossing at 9.86 would confirm a downside breakout of the aforementioned trading range. 

March cocoa closed higher on Wednesday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 22.66 would confirm that a short-term low has been posted. If March resumes the decline off December's high, December's low crossing at 20.95 is the next downside target.      

March sugar closed higher on Wednesday. The high-range close set 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 renews the rally off January's low, the reaction high crossing at 13.54 is the next upside target. If March renews the decline off January's high, January's low crossing at 11.69 is the next downside target. 

March cotton closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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, the 75% retracement level of the 2016-2018-rally crossing at 74.04 is the next downside target. If March extends the rally off January's low, the 50-day moving average crossing at 75.28 is the next upside target.