KEY EVENTS TO WATCH FOR:

Monday, February 24, 2020  

8:30 AM ET. January CFNAI Chicago Fed National Activity Index

                       NAI (previous -0.35)

                       NAI, 3-mo Moving Avg (previous -0.23)

10:30 AM ET. February Texas Manufacturing Outlook Survey

                       Business Activity (previous -0.2)

                       Mfg Production Idx (previous 10.5)

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

The March NASDAQ 100 closed sharply lower on Friday confirming yesterday's key reversal down signaling that a short-term top has likely been posted. The low-range close sets the stage for a steady to lower opening when Monday'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 9383.21 are needed to confirm that a short-term top has been posted. If March resumes the rally off last-October's low, upside targets will be hard to project. First resistance is Thursday's high crossing at 9763.00. Second resistance is unknown. First support is the 20-day moving average crossing at 9383.21. Second support is the 50-day moving average crossing at 9055.07.   

The March S&P 500 closed lower on Friday confirming yesterday's key reversal down signaling that a short-term top might be in or is near. Energy stocks led the S&P 500 index lower as the sector was down 1.8% on a lack of an agreement to cut oil production by Saudi Arabia and Russia. Today's decline failed ignored falling demand resulting from the corornavirus. The low-range close sets the stage for a steady to lower opening when Monday'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 3323.55 would confirm that a short-term top has been posted. If March extends the rally off October's low into uncharted territory, upside targets will be hard to project. First resistance is Thursday's high crossing at 3394.90. Second resistance is unknown. First support is the 20-day moving average crossing at 3323.55. Second support is the 50-day moving average crossing at 3275.42.  

The Dow closed lower on Fridayas U.S. services purchasing managers index fell to 49.4 in February from 53.4 in January. A number below 50 indicates a contraction in activity. The U.S. manufacturing purchasing managers index fell to 50.8 in February down from 51.9 in January, signaling a slowdown in activity growth. The mid-range close that sets the stage for a steady to lower opening is possible when Monday'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 50-day moving average crossing at 28,802.61 would confirm that a short-term top has been posted. If the Dow resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 29,535.98. Second resistance is unknown. First support is the 50-day moving average crossing at 28,802.91. Second support is January's low crossing at 28,169.53. 

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March T-bonds closed up 1-02/32's at 165-00.

March T-bonds closed higher on Friday as it extends the rally off January's low. The mid-range close sets the stage for a steady to higher opening when Monday'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 January's low, weekly resistance crossing at 167-18 is the next upside target. Closes below the 20-day moving average crossing at 162-14 are needed to confirm a short-term top has been posted. First resistance is August's high crossing at 165-23. Second resistance is weekly resistance crossing at 167-18. First support is the 20-day moving average crossing at 162-14. Second support is the February 6^th low crossing at 160-15. 

March T-notes closed up 135-pts. at 131.275.

March T-notes closed higher on Friday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Monday'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 December's low, September's high crossing at 132.095 is the next upside target. Closes below the 20-day moving average crossing at 130.319 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 132.045. Second resistance is September's high crossing at 132.095. First support is the 20-day moving average crossing at 130.319. Second support is the 50-day moving average crossing at 129.226.        

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

April crude oil closed lower on Friday on investor disappointment about the lack of and agreement to cut oil production by Saudi Arabia and Russia.The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's high, the 50-day moving average crossing at 56.53 is the next upside target. Closes below the 10-day moving average crossing at 52.01 would temper the near-term friendly outlook. First resistance is Thursday's high crossing at 54.66. Second resistance is the 50-day moving average crossing at 56.53 is the next upside target. First support is the 10-day moving average crossing at 52.01. Second support is February's low crossing at 49.50.   

April heating oil closed lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, the January 29^th high crossing at 173.54 is the next upside target. If April resumes this year's decline, the June 2017-low crossing at 155.89 is the next downside target. First resistance is the January 29^th high crossing at 173.55.Second resistance is the 50-day moving average crossing at 183.76. First support is February's low crossing at 157.24 Second support is the June 2017-low crossing at 155.89.

April unleaded gas closed lower due to profit taking on Friday as it consolidates some of the rally off February's low. The mid-range close sets the stage for a steady opening when Monday'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 February's low, the January 21st high crossing at 186.74 is the next upside target. Closes below the 20-day moving average crossing at 169.93 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 179.89. Second resistance is the January 21st high crossing at 186.74. First support is the 20-day moving average crossing at 20-day moving average crossing at 169.93. Second support is February's low crossing at 160.32. 

April Henry natural gas closed lower on Friday following yesterday's key reversal down thereby signaling that a short-term top might be in or is near. The high-range close sets the stage for a steady to higher opening when Monday'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 10-day moving average crossing at 1.888 would confirm that a short-term top has been posted. If April renews the rally off February's low, the 50-day moving average crossing at 2.033 is the next upside target. First resistance is the 50-day moving average crossing at 2.033. Second resistance is January's high crossing at 2.196. First support is the 10-day moving average crossing at 1.888. Second support is February's low crossing at 1.788.         

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

The March Dollar closed sharply lower on Friday 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 Monday'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, weekly resistance crossing at 99.90 is the next upside target. Closes below the 20-day moving average crossing at 98.49 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 99.82. Second resistance is weekly resistance crossing at 99.90. First support is the 10-day moving average crossing at 99.09. Second support is the 20-day moving average crossing at 98.49.

The March Euro closed higher due to short covering on Friday as it consolidates some of the decline off the December 31^st high. The high-range close sets the stage for a steady to higher opening when Monday'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, monthly support crossing at 106.55 is the next downside target. Closes above the 20-day moving average crossing at 109.66 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 108.75. Second resistance is the 20-day moving average crossing at 109.66. First support is Thursday's low crossing at 107.93. Second support is monthly support crossing at 106.55.

The March British Pound closed higher on Friday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are becoming oversold, diverging and poised to turn neutral to bullish with additional strength on Monday. Closes above the 50-day moving average crossing at 1.3082 would confirm that a short-term low has been posted. If March extends the decline off December's high, the 50% retracement level of the September-December-2019 rally crossing at 1.2801 is the next downside target. First resistance is the February 13th high crossing at 1.3080. Second resistance is the December 31st high crossing at 1.3225. First support is Thursday's low crossing at 1.2857. Second support is the 50% retracement level of the September-December-2019 rally crossing at 1.2801.

The March Swiss Franc closed higher on Friday as it consolidated some of the decline off February's high.The high-range close sets the stage for a steady to higher opening when Monday'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 month's decline, the 75% retracement level of the December-January-rally crossing at 1.0156 is the next downside target. Close above the 20-day moving average crossing at 1.0281 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0281. Second resistance is the 50-day moving average crossing at 1.0302. First support is Thursday's low crossing at 1.0170. Second support is the 75% retracement level of the December-January-rally crossing at 1.0156.

The March Canadian Dollar closed higher on Friday as it extends the rally off February's low.The high-range close sets the stage for a steady to higher opening when Monday'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 50-day moving average crossing at 76.05 is the next upside target. If March resumes the decline off December's high, last-September's low crossing at 74.90 is the next downside target.First resistance is today's high crossing at 75.75. Second resistance is the 50-day moving average crossing at 76.05. First support is February's low crossing at 75.01. Second support is last-September's low crossing at 74.90. 

The March Japanese Yen posted an inside day with a higher close on Friday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday’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 year's decline, weekly support crossing at 0.0881 is the next downside target. Closes above the 20-day moving average crossing at 0.0913 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 0.0907. Second resistance is the 20-day moving average crossing at 0.0913. First support is today's low crossing 0.0892. Second support is weekly support crossing at 0.0881.  

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

April gold closed sharply higher on Friday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Monday'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, weekly resistance crossing at $1687.00 is the next upside target. Closes below the 20-day moving average crossing at $1585.20 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1652.10. Second resistance is weekly resistance crossing at $1687.00. First support is the 20-day moving average crossing at $1585.10. Second support is the 50-day moving average at $1552.00.

March silver closed higher on Friday as it extends the rally off January's low. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, January's high crossing at 18.895 is the next upside target. Closes below the 50-day moving average at 17.748 would confirm that a short-term top has been posted. First resistance is January's high crossing at 18.895. Second resistance is the September 24th high crossing at 18.930. First support is the February low crossing at 17.435. Second support is January's low crossing at 17.280. 

March copper closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 50-day moving average crossing at 271.91 is the next upside target. If March resumes this year's decline, the 75% retracement level of the 2016-2018-rally crossing at 234.31 is the next downside target. First resistance is Tuesday's high crossing at 263.25. Second resistance is the 50-day moving average crossing at 271.91. First support is February's low crossing at 248.75. Second support is the 75% retracement level of the 2016-2018-rally crossing at 234.31.  

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

March Corn closed down $0.02-cents at 3.76 1/2. 

March corn closed lower on Friday while extending the December-February trading range. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below January's low crossing at $3.75 1/4 would open the door for a possible test of December's low crossing at $3.71. Closes above January's high crossing at $3.94 are needed to confirm an upside trading range breakout while opening the door for a possible test of November's high crossing at $4.00. First resistance is January's high crossing at $3.94. Second resistance is November's high crossing at $4.00. First support is January's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.    

March wheat closed down $0.08-cents at $5.52.  

March wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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% retracement level of the September-January-rally crossing at $5.25 1/2 is the next downside target. If March renews the rally off February's low, January's high crossing at $5.92 1/2 is the next upside target. First resistance is Tuesday's high crossing at $5.70 3/4. Second resistance is January's high crossing at $5.92 1/2. First support is last-Wednesday's low crossing at $5.38 1/4. Second support is the 50% retracement level of the September-January-rally crossing at $5.25 1/2.      

March Kansas City Wheat closed down a $0.05 1/4-cents at $4.68 1/2.

March Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday 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 February's low crossing at $4.58 1/2 would renew the decline off January's high. If March extends Tuesday's rally, January's high crossing at $5.04 3/4. First resistance is Tuesday's high crossing at $5.86 3/4. Second resistance is January's high crossing at $5.04 3/4. First support is February's low crossing at $4.58 1/4. Second support is December's low crossing at 4.23 1/2.   

March Minneapolis wheat closed down $0.03 1/2-cents at $5.26. 

March Minneapolis wheat closed lower on Friday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday'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, the 75% retracement level of the November-January-rally crossing at 5.21 1/4 is the next downside target. Closes above the 50-day moving average crossing at $5.41 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $5.41 1/2. Second resistance is January's high crossing at $5.67 3/4. First support is today's low crossing at 5.25. Second support is the 75% retracement level of the November-January-rally crossing at 5.21 1/4.      

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

March soybeans closed down $0.05-cents at $8.87 3/4.

March soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 $8.87 3/4 would temper the near-term friendly outlook. If March extends the rally off February's high, the 50-day moving average crossing at $9.16 is the next upside target. First resistance is the January 29^th high crossing at $9.03. Second resistance is the 50-day moving average crossing at 9.16. First support is February's low crossing at $8.68 3/4. Second support is last-May's low crossing at $8.41 1/2.    

March soybean meal closed down $3.60 at $289.10. 

March soybean meal posted a key reversal down on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 resumes this year's decline, monthly support crossing at $283.10 is the next downside target. Closes above today's high crossing at $295.80 are needed to confirm that a short-term low has been posted. First resistance is today's high crossing at $295.80. Second resistance is the 50-day moving average crossing at $298.10. First support is February's low crossing at $286.40. Second support is monthly support crossing at $283.10.     

March soybean oil closed up 14-pts. at 30.56. 

March soybean oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 30.83 are needed to confirm that a short-term top has been posted. If March extends the decline off January's high, the 75% retracement level of the May-January low crossing at 29.54 is the next downside target. First resistance is the 20-day moving average crossing at 30.83. Second resistance is the 50-day moving average crossing at 32.65. First support is Wednesday's low crossing at 29.78. Second support is the 75% retracement level of the May-January low crossing at 29.54.        

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April hogs closed up $.15 at $67.03. 

April hogs closed higher on Friday as it consolidates above the 20-day moving average crossing at 65.90 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, the 50-day moving average crossing at 71.91 is the next upside target. If April resumes the decline off January's high, weekly support crossing at $52.25 is the next downside target. First resistance is Wednesday's high crossing at $68.25. Second resistance is the 50-day moving average crossing at 71.91. First support is the February 13^th low crossing at 62.92. Second support is February's low crossing at $61.00.   

April cattle closed down $0.90 at $118.25. 

April cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above last-Friday's high crossing at $121.18 are needed to confirm that a short-term low has been posted. If April renews the decline off December's high, the 75% retracement level of the September-December-2019 rally crossing at $114.17 is the next downside target. First resistance is last-Friday's high crossing at $121.18. Second resistance is the 50-day moving average crossing at $124.15. First support is the 62% retracement level of the September-December-2019 rally crossing at $116.71. Second support is the 75% retracement level of the September-December-2019 rally crossing at $114.17.  

March Feeder cattle closed down $0.60-cents at $140.20. 

March Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady opening when Monday's 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-day moving average crossing at $141.60 is the next upside target. Closes below the 20-day moving average crossing at $136.96 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $141.60. Second resistance is the January 21st high crossing at $145.18. First support is February's low crossing at $133.65. Second support is the 75% retracement level of the September-January-rally crossing at $131.45.       

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

May coffee closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 50-day moving average crossing at 11.81 is the next upside target. Closes below the 20-day moving average crossing at 10.51 would confirm that a short-term top has been posted.  

May cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 28.25 would confirm that a short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 30.14 is the next upside target.             

May sugar closed higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, last-January's high crossing at 16.05 is the next upside target. Closes below the 20-day moving average crossing at 14.64 are needed to confirm that a top has been posted.     

March cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 January 29^th high crossing at 70.92 is the next upside target. If March renews the decline off January's  high, the December 18^th low crossing at 66.25 is the next downside target.