KEY EVENTS TO WATCH FOR:

Friday, January 8, 2021 

8:30 AM ET. December U.S. Employment Report

                       Non-Farm Payrolls (expected +50K; previous +245K)

                       Unemployment Rate (expected 6.8%; previous 6.7%)

                       Avg Hourly Earnings (USD) (previous 29.58)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.09)

                       Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.31%)

                       Avg Hourly Earnings, Y/Y% (expected +4.5%; previous +4.38%)

                       Overall Workweek (previous 34.8)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous -99K)

                       Private Payroll (previous +344K)

                       Participation Rate (previous 61.5%)

                       Non-Farm Payrolls Bench Net Chg

10:00 AM ET. November Monthly Wholesale Trade

                       Inventories, M/M% (expected -0.1%; previous +1.1%)

3:00 PM ET. November Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +9.0B; previous +7.2B)

Monday, January 11, 2021 

10:00 AM ET. December Employment Trends Index

                       ETI (previous 98.81)

                       ETI, Y/Y%

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

The Dow posted closed higher on Thursday after Congress confirmed President-elect Joe Biden’s election win, offering the prospect of more financial aid for consumers and businesses coping with the coronavirus pandemic. The mid-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 the Dow extends last-year's rally into uncharted territory, upside targets will be hard to project. Closes below the December 21^st low crossing at 29,755.53 would confirm that a short-term top has been posted. First resistance is today's high crossing at 31,193.40. Second resistance is unknown. First support is the December 21^st low crossing at 29,755.53. Second support is the 50-day moving average crossing at 29,507.93.  

The March NASDAQ 100 closed sharply 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 extends the rally off September's low into uncharted territory, upside targets will be hard to project. Closes below the December 21^st low crossing at 12,461.00 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 12,959.75. Second resistance is unknown. First support is the December 21^st low crossing at 12,461.00. Second support is the 50-day moving average crossing at 12,234.07.   

The March S&P 500 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 extends the rally off November's low into uncharted territory, upside targets will be hard to project. Multiple closes below the reaction low crossing at 3636.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3810.80. Second resistance is unknown. First support is the reaction low crossing at 3636.00. Second support is the 50-day moving average crossing at 3590.68.  

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March T-bonds closed down 19/32's at 169-04.

March T-bonds 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 the decline off November's high, the 50% retracement level of the 2018-2020 rally crossing at 164-04 is the next downside target. Closes above the 50-day moving average crossing at 173-10 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 173-10. Second resistance is November's high crossing at 177-06. First support is today's low crossing at 168-21. Second support is the 50% retracement level of the 2018-2020 rally crossing at 164-04. 

March T-notes closed down 90-pts. at 136.295.

March T-notes closed 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, November's low crossing at 136.265 is the next downside target. Closes above the reaction high crossing at 138.070 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 138.055. Second resistance is November's high crossing at 138.300. First support is today's low crossing at 136.270. Second support is monthly support on the continuation chart  crossing at 136.220.  

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March crude oil closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If March extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $52.32 is the next upside target. Closes below the December 23^rd low crossing at $46.30 would signal that a short-term top has been posted. First resistance is today's high crossing at $51.30. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $52.32. First support is the December 23^rd low crossing at $46.30. Second support is the 50-day moving average crossing at $44.68.  

March heating oil closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.80 is the next upside target. Closes below the December 21^st low crossing at $143.30 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2018-2020-decline crossing at $153.55. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.80. First support is the December 21^st low crossing at  $143.30. Second support is the 50-day moving average crossing at $136.08. 

March unleaded gas closed higher on Thursday as it extends the rally off November'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 March extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $153.51 is the next upside target. Closes below the 20-day moving average crossing at $138.18 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $149.38. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $153.51. First support is the 20-day moving average crossing at 138.19. Second support is the December 21^st low crossing at $131.52.    

March Henry natural gas closed lower on Thursday 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 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 December's low, the 50-day moving average crossing at 2.758 is the next upside target. Closes below the 10-day moving average crossing at 2.543 would signal that a short-term top has been posted. First resistance is the December 22^nd high crossing at 2.750. Second resistance is the 50-day moving average crossing at 2.758. First support is the 10-day moving average crossing at 2.543. Second support is December's low crossing at 2.268.  

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

The March Dollar closed higher on Thursday due to short covering as it consolidates some of the decline off September'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off September's high, monthly support crossing at 88.15 is the next downside target. Closes above the December 21^st high crossing at 90.95 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 90.12. Second resistance is the December 21^st reaction high crossing at 90.95. First support is Wednesday's low crossing at 89.16. Second support is monthly support crossing at 88.15. 

The March Euro closed lower on Thursday. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at 125.39 is the next upside target. Closes below the 20-day moving average crossing at 122.39 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 123.68. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at 125.39. First support is the 20-day moving average crossing at 122.39. Second support is the December 9^th low crossing at 120.90.  

The March British Pound closed lower on Thursday. 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 20-day moving average crossing at 1.3501 would open the door for additional weakness and a possible test of the 50-day moving average crossing at 1.3337. If March extends the rally off May's low, the February-2019 crossing at 1.3728 is the next upside target. First resistance is Monday's high crossing at 1.3710. Second resistance is the February-2019 high crossing at 1.3728. First support is the 20-day moving average crossing at 1.3501. Second support is the 50-day moving average crossing at 1.3326. 

The March Swiss Franc closed lower on Thursday. 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 sideways to lower prices are possible near-term. Multiple closes below last-Monday's low crossing at 1.1241 would signal that a short-term top has been posted. If March extends the rally off September's low, the 75% retracement level of the 2018-2020-decline crossing at 1.1540 is the next upside target. First resistance is Wednesday's high crossing at 1.1441. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at 1.1540. First support is last-Monday's low crossing at 1.1241. Second support is the 50-day moving average crossing at 1.1165.

The March Canadian Dollar closed lower on Thursday as it consolidates some of the rally off December's low. The high-range close sets the stage for a steady to slightly lower opening when Friday's night session begins trading. Stochastics and the RSI are becoming overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the 87% retracement level of the 2018-2020-decline crossing at 80.50 is the next upside target. Closes below the 50-day moving average crossing at 77.31 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 79.19. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.50. First support is the 50-day moving average crossing at 77.31. Second support is the November 13^th low crossing at 75.96.

The March Japanese Yen closed sharply lower for the second day in a row 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 0.0963 would confirm that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of March's decline crossing at 0.0981 is the next upside target. First resistance is Wednesday's high crossing at 0.0975. Second resistance is the 87% retracement level of March's decline crossing at 0.0981. First support is the 50-day moving average crossing at 0.0963. Second support is December's low crossing at 0.0956.  

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

February gold closed lower due to profit taking on Thursday as it consolidates some of the rally off November's low.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. Closes below the 20-day moving average crossing at  $1883.20 would signal that a short-term top has been posted. If February extends the rally off November's low, November's high crossing at $1973.30 is the next upside target. First resistance is Wednesday's high crossing at $1962.50. Second resistance is November's high crossing at $1973.30. First support is the 10-day moving average crossing at $1905.70. Second support is the 20-day moving average crossing at $1883.20.

March silver closed lower on Thursday as it consolidates some of the rally off November's low. 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 overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, September's high crossing at 29.380 is the next upside target. Closes below the 20-day moving average crossing at 25.892 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 28.105. Second resistance is September's high crossing at 29.380. First support is the 20-day moving average crossing at 25.892. Second support is the 50-day moving average crossing at 24.907. 

March copper closed higher on Thursday as it extends the rally off last-March'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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off March's low, monthly resistance crossing at 379.25 is the next upside target. Closes below the reaction low crossing at 345.00 would signal that a short-term top has been posted. First resistance is today's high crossing at 371.15. Second resistance is monthly resistance crossing at 379.25. First support is the reaction low crossing at 345.00. Second support is the 50-day moving average crossing at 338.29. 

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

March Corn closed down $0.01-cents at $4.94. 

March corn closed slightly lower on Thursday as it consolidates some of the rally off August's low. The high-range close sets the stage for a steady to higher opening when Friday's night sessions 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 April's low, the 38% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $5.08 is the next upside target. Closes below the 20-day moving average crossing at $4.52 1/4 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $5.08. Second resistance is the May-2014 high on the monthly continuation chart crossing at $5.22 3/4. First support is the 10-day moving average crossing at $4.74 3/4. Second support is the 20-day moving average crossing at $4.52 1/4.    

March wheat closed down $0.03 3/4-cents at $6.43 3/4.  

March wheat closed lower on Thursday as it consolidated some of the rally off December's high. 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.20 would signal that a short-term top has been posted. If March extends the rally off December's low, the 50% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $6.67 3/4 is the next upside target. First resistance is Tuesday's high crossing at $6.64 1/2. Second resistance is the 50% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $6.67 3/4. First support is the 10-day moving average crossing at $6.36. Second support is the 20-day moving average crossing at $6.20.        

March Kansas City Wheat closed down $0.05-cents at $5.98 1/2.

March Kansas City wheat closed lower on Thursday. 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $5.82 would signal that a short-term top has been posted. If March extends this winter's  rally, the October-2018 high crossing at $6.38 1/2 is the next upside target. First resistance is Tuesday's high crossing at $6.16 1/2. Second resistance is the October-2018 high crossing at $6.38 1/2. First support is the 10-day moving average crossing at $5.96. Second support is the 20-day moving average crossing at $5.82.       

March Minneapolis wheat closed down $0.03-cents at $6.03 1/4. 

March Minneapolis wheat closed lower on Thursday as it consolidates some of the rally off December's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If March extends the rally off December's low, the June-2019 high crossing at $6.19 is the next upside target. Closes below the 20-day moving average crossing at crossing at $5.78 1/2 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at crossing at $6.13 3/4. Second resistance is the June-2019 high crossing at $6.19. First support is the 10-day moving average crossing at crossing at $5.93. Second support is the 20-day moving average crossing at $5.78 1/2.      

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

March soybeans closed down $0.06 1/4-cents at $13.55 1/4.

March soybeans closed lower on Thursday as it consolidates some of the rally off last-March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally, the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $14.07 1/2 is the next upside target. Closes below the 20-day moving average crossing at $12.51 3/4 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $13.78 1/4. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly chart crossing at $14.07 1/2. First support is the 10-day moving average crossing at $13.07. Second support is the 20-day moving average crossing at  $12.51 3/4.

March soybean meal closed down $4.80 to $433.50. 

March soybean meal closed lower on Thursday as it consolidates some of the rally off August'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 August's low, monthly resistance crossing at $478.40 is the next upside target. Closes below the 20-day moving average crossing at $409.60 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $444.10. Second resistance is monthly resistance crossing at $478.40. First support is the 10-day moving average crossing at $425.70. Second support is the 20-day moving average crossing at $409.60.      

March soybean oil closed down 5-pts. at 43.79. 

March soybean oil closed lower on Thursday as it consolidates some of the rally off last-April's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the March-2014 high on the monthly continuation chart crossing at 45.05 is the next upside target. Closes below the 20-day moving average crossing at 40.54 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 44.69. Second resistance is the March-2014 high on the monthly continuation chart crossing at 45.05. First support is the 10-day moving average crossing at 42.23. Second support is the 20-day moving average crossing at 40.54.      

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

February hogs closed down $0.58 at $69.20. 

February hogs closed lower on Thursday as it consolidated some of the rally off December'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $67.17 would confirm that a short-term top has been posted. If February extends the rally off December's low, the 87% retracement level of the 2019-2020-decline crossing at $73.83 is the next upside target. First resistance is Monday's high crossing at $72.00. Second resistance is the 87% retracement level of the 2019-2020-decline crossing at $73.83. First support is the 10-day moving average crossing at $68.80. Second support is the 20-day moving average crossing at $67.17.  

February cattle closed up $0.18 at $115.18 

February cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. If February resumes the rally off October's low, September's high crossing at $116.63 is the next upside target. If February extends the decline off December's high, December's low crossing at $110.55 is the next downside target. First resistance is December's high crossing at $116.30. Second resistance is September's high crossing at $116.63. First support is December's low crossing at $110.55. Second support is November's low crossing at $109.00.   

March Feeder cattle closed up $0.95 at $137.53. 

March Feeder cattle closed higher on Thursday 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 Friday's 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 aforementioned decline, the November 20^th low crossing at $132.45 is the next downside target. Closes above the 20-day moving average crossing at $140.35 would signal that a short-term low has been posted. First resistance is December's high crossing at $143.70. Second resistance is August's high crossing at $145.30. First support is Tuesday's low crossing at $134.85. Second support is the November 20th low crossing at $132.45.         

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

March coffee closed lower on Thursday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average  crossing at 11.84 is the next downside target. Closes above the 10-day moving average crossing at 12.45 would signal that a short-term low has been posted.     

March cocoa closed higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, the November 16^th gap crossing at 23.95. Closes above Monday's high crossing at 26.61 would signal that a short-term low has been posted.                        

March sugar posted a key reversal down and closed sharply lower on Thursday as it consolidates some of the rally off December's low. The low-range close set 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, weekly resistance crossing at 17.23 is the next upside target. Closes below the 20-day moving average crossing at 14.97 would signal that a short-term top has been posted. 

March cotton closed lower on Thursday as it consolidates some of the rally off last-April's high. 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 April's low, monthly resistance crossing at 84.47 is the next upside target. Closes below the 20-day moving average crossing at 76.61 would confirm that a short-term top  has been posted.