KEY EVENTS TO WATCH FOR:

Thursday, January 21, 2021 

8:30 AM ET. January Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 11.1)

                       Prices Paid (previous 27.1)

                       Employment (previous 8.5)

                       New Orders (previous 2.3)

                       Prices Received (previous 18)

                       Delivery Times (previous 18.5)

                       Inventories (previous 10.3)

                       Shipments (previous 14.4)

8:30 AM ET. December New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.547M)

                       Housing Starts, M/M% (previous +1.2%)

                       Building Permits (previous 1.639M)

                       Building Permits, M/M% (previous +6.2%)

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

                       Jobless Claims (previous 965K)

                       Jobless Claims, Net Chg (previous +181K)

                       Continuing Claims (previous 5271000)

                       Continuing Claims, Net Chg (previous +199K)

9:45 AM ET. Bloomberg Consumer Comfort Index

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

Friday, January 22, 2021  

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

                       Corn (Metric Tons) (previous 1437.7K)

                       Soybeans (Metric Tons) (previous 1234K)

                       Wheat (Metric Tons) (previous 232K)

9:45 AM ET. January US Flash Manufacturing PMI

                       PMI, Mfg (previous 56.5)

9:45 AM ET. January US Flash Services PMI

                       PMI, Services (previous 55.3)

10:00 AM ET. December Existing Home Sales

                       Existing Sales (previous 6.69M)

                       Existing Sales, M/M% (previous -2.5%)

                       Unsold Homes Month's Supply (previous 2.3)

                       Median Price (USD) (previous 310800)

                       Median Home Price, Y/Y% (previous +14.6%)

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

                       Working Gas In Storage (Cbf) (previous 3196B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -134B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 482.211M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.248M)

                       Gasoline Stocks (Bbl) (previous 245.476M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +4.395M)

                       Distillate Stocks (Bbl) (previous 163.205M)

                       Distillate Stocks, Net Chg (Bbl) (previous +4.786M)

                       Refinery Usage (previous 82.0%)

                       Total Prod Supplied (Bbl/day) (previous 19.607M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +2.553M)

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

The STOCK INDEXES: The March NASDAQ 100 was higher overnight as it extends this week's rally to record new highs. The mid-range 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 the NASDAQ 100 extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 12,511.11 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 13,392.00. Second resistance is unknown. First support is the 50-day moving average crossing at 12,511.11. Second support is December's low crossing at 12,217.00.

The March S&P 500 was higher overnight as it extends Wednesday's rally to new highs. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 3672.10 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3859.75. Second resistance is unknown. First support is the 20-day moving average crossing at 3750.18. Second support is the 50-day moving average crossing at 3672.10. 

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: March T-bonds were slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 170-19 would signal that a low has been posted. If March resumes the decline off  the November high, the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04 is the next downside target. First resistance is the 20-day moving average crossing at 170-19. Second resistance is the 50-day moving average crossing at 172-08. First support is last-Tuesday's low crossing at 167-11. Second support is the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04.

March T-notes were steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher opening with the day 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 137.100 would signal that a short-term low has been posted. If March resumes this month's decline, monthly support crossing at 134.298 is the next downside target. First resistance is the 20-day moving average crossing at 137.100. Second resistance is the 50-day moving average crossing at 137.189. First support is last-Tuesday's low crossing at 136.010. Second support is monthly support crossing at 134.298. 

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

March crude oil was slightly lower overnight as it extends the trading range of the past two-weeks. The mid-range overnight trade sets the stage for a steady to slightly lower 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 November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.64 is the next upside target. Closes below the 20-day moving average crossing at $50.58 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $53.94. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.64. First support is the 20-day moving average crossing at $50.58. Second support is the 50-day moving average crossing at $47.23.    

March heating oil was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to slightly lower 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 November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.80 is the next upside target. Closes below the 20-day moving average crossing at $153.94 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $162.46. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.43. First support is the 20-day moving average crossing at $153.94. Second support is the 50-day moving average crossing at $143.98. 

March unleaded gas was slightly lower overnight as it extends the trading range of the past two-weeks. The mid-range overnight trade sets the stage for a steady to lower 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 resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $170.66 is the next upside target. Closes below the 20-day moving average crossing at $146.57 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $157.40. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $170.66. First support is the 20-day moving average crossing at $146.57. Second support is the 50-day moving average crossing at $134.66. 

March Henry natural gas was lower overnight as it extends the decline off the January 12^th high. 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 bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, December's low crossing at 2.268 is the next downside target. Closes above the 50-day moving average crossing at 2.665 would signal that a short-term low has been posted. First resistance resistance is the January 12th high crossing at 2.835. Second resistance is the November 30^th high crossing at 2.910. First support is Wednesday's low crossing at 2.459. Second support is the December 28^thlow crossing at 2.268.  

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

CURRENCIES:The March Dollar was lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $90.12 would temper this month's rally. Closes above the 50-day moving averagecrossing at $90.87 would open the door for a possible test of the November 30^th reaction high crossing at $91.96. First resistance is the 50-day moving average crossing at $90.87. Second resistance is the November 30^th high crossing at $91.96. First support is the 20-day moving average crossing at $90.12. Second support is the January 6^th low crossing at $89.16.

The March Euro was higher overnight.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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $122.20 would temper the near-term bearish outlook. Closes below the 50-day moving average crossing at $121.11 would open the door for additional weakness near-term. If March renews the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $125.38 is the next upside target. First resistance is January's high crossing at $123.68. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the 50-day moving average crossing at $121.11. Second support is the November 23^rd low crossing at $118.33.

The March British Pound was higher overnight as it extends the rally off last-March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are  possible near-term. Closes below the 50-day moving average crossing at 1.3446 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. First resistance is the overnight high crossing at 1.3750. Second resistance is the February-2019 high crossing at 1.3728. First support is last-Monday's low crossing at 1.3456. Second support is the 50-day moving average crossing at 1.3446.  

The March Swiss Franc was higher overnight as it extends the trading range of the past two-weeks. 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at 1.1540 is the next upside target. Closes below the 50-day moving average crossing at 1.1211 would open the door for additional weakness near-term. First resistance is January'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 the 50-day moving average crossing at 1.1211. Second support is the November 30^th low crossing at 1.1036.

The March Canadian Dollar was slightly higher overnight as it extends the rally to its highest level since October 2018. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, 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 $77.84 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $79.35. 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 $77.84. Second support is the December 21^st low crossing at $77.21.  

The March Japanese Yen was steady to higher overnight. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0966 would signal that a short-term low has been posted. If March renews the decline off January's high, December's low crossing at 1.0956 is the next downside target. First resistance is January's high crossing at 0.0975. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. First support is December's low crossing at 0.0956. Second support is the November's low crossing at 0.0948.

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

PRECIOUS METALS: April gold was higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1882.40 would confirm that a short-term low has been posted. If April renews the decline off January's high, November's low crossing at $1771.30 is the next downside target. First resistance is the 20-day moving average crossing at$1882.40. Second resistance is January's high crossing at $1966.80. First support is Tuesday's low crossing at $1804.70. Second support is November's low crossing at $1771.30.  

March silver was was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 $26.089 are needed to signal that a short-term low has been posted. Closes below Tuesday's low crossing at $24.040 would open the door for additional weakness near-term. First resistance is January's high crossing at $28.105. Second resistance is September's high crossing at $29.380. First support is Tuesday's low crossing at $24.040. Second support is November's low crossing at $21.960. 

March copper was steady to slightly higher overnight while extending the December-January trading range. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 October's low, the February-2013 high on the monthly continuation chart crossing at 3.7925 is the next upside target. Closes below the December 23^rd low crossing at 3.4780 would confirm that a short-term top has been posted. First resistance is the January 8th high crossing at 3.7340. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the 50-day moving average crossing at 3.4802. Second support is the December 23^rd low crossing at 3.4780.  

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

March corn was higher overnight signaling a possible end to a three-day correction. The high-range close sets the stage for a steady to higher opening when the day 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 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 is the next upside target. Closes below the 20-day moving average crossing at $4.93 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $5.41 1/2. Second resistance is the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4. First support is the 10-day moving average crossing at $5.16 1/2. Second support is the 20-day moving average crossing at $4.93.    

March wheat was higher overnight. The high-range close sets the stage for a steady to higher 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 $6.46 3/4 would signal that a short-term top has been posted. If March renews the rally off December's low, the 62% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $7.34 1/4 is the next upside target. First resistance is last-Friday's high crossing at $6.93. Second resistance is the 62% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $7.34 1/4. First support is the 20-day moving average crossing at $6.46 3/4. Second support is the 50-day moving average crossing at $6.17 1/2. 

March Kansas City wheat was higher overnight hinting that a two-day correction off last-Friday's high might have come to an end. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought, diverging 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 $6.09 would confirm that a short-term top has been posted. If March renews the rally off August's low, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is last-Friday's high crossing at $6.60. Second resistance is the December-2014 high crossing at $7.05 3/4. First support is the 10-day moving average crossing at $6.24. Second support is the 20-day moving average crossing at $6.09.

March Minneapolis wheat was higher overnight. The mid-range close 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 November-2017 high on the monthly continuation chart crossing at $6.58 is the next upside target. Closes below the 20-day moving average crossing at crossing at $6.08 1/2 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $6.53 1/2. Second resistance is the November-2017 high on the monthly continuation chart crossing at $6.58. First support is the 10-day moving average crossing at crossing at $6.27. Second support is the 20-day moving average crossing at $6.08 1/2.      

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

March soybeans were higher overnight as they consolidates some of the losses of last-Wednesday's high. 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 below the 20-day moving average crossing at $13.44 would signal that a short-term top has been posted. If March resumes the rally off August's low, the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/4 is the next upside target.First resistance is last-Wednesday's high crossing at $14.36 1/2. Second resistance is the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/4. First support is the 20-day moving average crossing at $13.44. Second support is the 50-day moving average crossing at $12.41.

March soybean meal was higher overnight as it consolidates some of the decline off the January 13^th high. 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 below the 20-day moving average crossing at $437.30 would signal that a short-term top has been posted. If March renews the rally off August's low, monthly resistance crossing at $478.40 is the next upside target. First resistance is last-Wednesday's high crossing at $471.40. Second resistance is monthly resistance crossing at $478.40. First support is the 20-day moving average crossing at $437.30. Second support is the 50-day moving average crossing at $408.20.       

March soybean oil was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the March 2014 high on the monthly continuation chart crossing at 45.05 is the next upside target.  If March extends the decline off January's high, the 50-day moving average crossing at 39.54 is the next downside target. First resistance is January'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 Tuesday's low crossing at 41.01. Second support is the 50-day moving average crossing at 39.54.