KEY EVENTS TO WATCH FOR:

Wednesday, January 11, 2023 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx

                       Composite Idx, W/W%

                       Purchase Idx-SA

                       Purchase Idx-SA, W/W%

                       Refinance Idx

                       Refinance Idx, W/W%

10:00 AM ET. December Online Help Wanted Index

  N/A              EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl)

                       Crude Oil Stocks, Net Chg (Bbl)  Gasoline Stocks (Bbl)

                       Gasoline Stocks, Net Chg (Bbl)

                       Distillate Stocks (Bbl)

                       Distillate Stocks, Net Chg (Bbl)

                       Refinery Usage

                       Total Prod Supplied (Bbl/day)

                       Total Prod Supplied, Net Chg (Bbl/day)

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

The Dow closed higher on Tuesday as it remains poised to extend the rally off December's low. The high-range close sets the stage for a higher opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally, December's high crossing at 34,712.28 is the next upside target. Closes below the December 22^nd low 32,573.43 would renew the decline off December's high while opening the door for a possible test of November's low crossing at 31,727.05. First resistance is Monday's high crossing at 33,935.11. Second resistance is December's high crossing at 34,712.28. First support is the December 22^nd low crossing at 32,573.43. Second support is November's low crossing at 31,727.050.  

The March NASDAQ 100 closed higher on Tuesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible. Closes above the 50-day moving average crossing at 11,485.56 would signal that a short-term low has been posted. If March resumes the decline off December's high, October's low crossing at 10,595.25 is the next downside target. First resistance is the 50-day moving average crossing at 11,485.56. Second resistance is the 38% retracement level of the August-October decline crossing at 11,839.97. First support is November's low crossing at 10,746.75. Second support is October's low crossing at 10,595.25. 

The March S&P 500 closed higher on Tuesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 50-day moving average crossing at 3941.54 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If March renews the decline off December's high, November's low crossing at 3735.00 is the next downside target. First resistance is the 50-day moving average crossing at 3941.54. Second resistance is the 62% retracement level of the August-October crossing at 4045.36. First support is the November 9^th low crossing at 3782.75. Second support is November's low crossing at 3735.00.       

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March T-bonds closed down 1-22 pts. at 128-09. 

March T-bonds closed sharply lower on Tuesday as it consolidates some of the rally off the December 30^th low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, December's high crossing at 132-15 is the next upside target. Closes below the 50-day moving average crossing at 126-10 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 130-01. Second resistance is December's high crossing at 132-15. First support is the 50% retracement level of the October-December rally crossing at 124-31. Second support is the 62% retracement level of the October-December rally crossing at 123-06.

March T-notes closed down 185-pts. at 114.015.

March T-notes closed lower on Tuesday as it consolidates some of the rally off the December 30^th low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, December's high crossing at 115.115 is the next upside target. Closes below the 50-day moving average crossing at 113.000 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 114.235. Second resistance is December's high crossing at 115.115. First support is the December 30^th low crossing at 111.280. Second support is the 62% retracement level of the October-December rally crossing at 111.174. 

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

February crude oil closed slightly higher on Tuesday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to slightly higher opening when Wednesday's day session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $79.46 would signal that a short-term low has been posted. If February resumes the decline off the January 3^rd high, December's low crossing at $70.31 is the next downside target. First resistance is the 50-day moving average crossing at $79.46. Second resistance is December's high crossing at $83.27. First support is last-Thursday's low crossing at $72.46. Second support is December's low crossing at $70.31. 

February heating oil closed higher on Tuesday as it consolidated some of the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's day trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $3.1982 would signal that a short-term low has been posted. If February renews the decline off December's high, December's low crossing at $2.7517 is the next downside target. First resistance is the 50-day moving average crossing at $3.1982. Second resistance is December's high crossing at $3.3543. First support is last-Thursday's low crossing at $2.9200. Second support is December's low crossing at $2.7517.

February unleaded gas closed slightly higher on Tuesday as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's day 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 50-day moving average crossing at 2.3397 would signal that a short-term low has been posted. If February renews last-week's decline, December's low crossing at 2.1157 is the next downside target. First resistance is the 50-day moving average crossing at 2.3397. Second resistance is December's high crossing at $3.5233. First support is last-Friday's low crossing at $2.2356. Second support is December's low crossing at 2.0321.   

February Henry natural gas closed lower on Tuesday as it extends the decline off November's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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 February extends the aforementioned decline, the July-19^th low crossing at 3.236 is the next downside target. Closes above the 20-day moving average crossing at 5.013 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.192. Second resistance is the 20-day moving average crossing at 5.013. First support is the 87% retracement level of the 2020-2022 rally crossing at 3.238. Second support is the July 19^th low crossing at 3.236.

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

The March Dollar closed higher on Tuesday as it consolidated some of the decline off last-Friday's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's day 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 September's high, the 75% retracement level of the January-September rally crossing at $101.331 is the next downside target. Closes above last-Friday's high crossing at $105.500 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $105.500. Second resistance is the 50-day moving average crossing at $105.742. First support is Monday's low crossing at $102.680. Second support is 75% retracement level of the January-September rally crossing at $101.331.  

The March Euro closed slightly lower on Tuesday as it consolidates some of the rally off last-Friday's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's 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 September's low,the March 31^st high crossing at $1.09680 is the next upside target. Closes below last-Friday's low crossing at 1.05290 would renew the decline off December's high and open the door for a possible test of the 50-day moving average crossing at 1.04868 is the next downside target. First resistance is the 25% retracement level of the 2018-2022 decline crossing at $1.07982. Second resistance is the March 31^st high crossing at $1.09680. First support is last-Friday's low crossing at $1.05290. Second support is the December 7^th low crossing at $1.04602. 

The March British Pound posted an inside day with a lower close on Tuesday as it consolidates some of the rally off last-Friday's low but remains above broken resistance marked by the 20-day moving average crossing at 1.2148 signaling that a short-term low has been posted. The mid-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off last-Friday's low, December's high crossing at 1.2229 is the next upside target. If March renews the decline off December's high, the 38% retracement level of the September-December rally crossing at 1.1698 is the next downside target. First resistance is Monday's high crossing at 1.2229. Second resistance is December's high crossing at 1.2479. First support is last-Friday's low crossing at 1.1861. Second support is the 38% retracement level of the September-December rally crossing at 1.1698.    

The March Swiss Franc posted an inside day with a lower close on Tuesday as it consolidates some of the rally off last-Friday's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 62% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. Closes below the 50-day moving average crossing at 1.06794 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 1.09845. Second resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. First support is last-Friday's low crossing at 1.06915. Second support is the 50-day moving average crossing at 1.06794.

The March Canadian Dollar closed lower on Tuesday as it consolidates some of the rally off last-Friday  low. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 this month's rally, the November 25^th high crossing at 75.16 is the next upside target. Closes below the December 16^th low crossing at 73.04 would renew the decline off November's high while opening the door for a possible test of the November 3^rd low crossing at 72.58. First resistance is Monday's high crossing at 74.91. Second resistance is the November 25^thhigh crossing at 75.16. First support is the December 16^th low crossing at 73.04. Second support is the November 3^rd low crossing at 72.58.

The March Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 0.074830 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off October's low, August's high crossing at 0.078135 is the next upside target. First resistance is last-Tuesday's high crossing at 0.077935. Second resistance is August's high crossing at 0.078135. First support is last-Friday's low crossing at 0.074830. Second support is the December 15^th crossing at 0.073210.  

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

February gold closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 February extends the rally off November's low, the 62% retracement level of the March-October decline crossing at $1861.40 is the next upside target. Closes below the 20-day moving average crossing at $1827.00 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Monday's high crossing at $1886.40. Second resistance is the 62% retracement level of the March-October decline crossing at $1915.10. First support is the 20-day moving average crossing at $1827.00. Second support is the December 15^th low crossing at $1782.00.

March silver closed lower on Tuesday as it extended the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-week's decline, the 50-day moving average crossing at 22.441 is the next downside target. If March renews the rally off October's low, the 87% retracement level of the March-August decline crossing at 25.938 is the next upside target. First resistance is the 75% retracement level of the March-September decline crossing at 24.779. Second resistance is the 87% retracement level of the March-August decline crossing at 25.938. First support is the December 16^th low crossing at 22.735. Second support is the 50-day moving average crossing at 22.441.  

March copper closed higher on Tuesday as it extends Monday's upside breakout of the December-January trading range. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 September's low, the 62% retracement level of the March-July decline crossing at 4.2424 is the next upside target. Closes below the 20-day moving average crossing at 3.8831 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the March-July decline crossing at 4.0343. Second resistance is the 62% retracement level of the March-July decline crossing at 4.2424. First support is last-Wednesday's low crossing at 3.7085. Second support is the November 28^th low crossing at 3.5470.

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

March Corn closed up $0.02 1/4-cents at $6.55. 

March corn closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 last-week's decline, the December 19^th low crossing at $6.44 is the next downside target. Closes above the 10-day moving average crossing at $6.65 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing near $6.65 1/4. Second resistance is December's high crossing at $6.85. First support is the December 19^th low crossing at $6.44. Second support is December's low crossing at $6.35.  

March wheat closed down $0.10 1/2-cents at $7.31.  

March wheat closed lower on Tuesday and spiked below December's low as it extends the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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 last-week's decline, the September 6^th 2021 low crossing at $6.93 1/2 is the next downside target. Closes above the 10-day moving average crossing at $7.60 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.60 1/2. Second resistance is the 50-day moving average crossing at $7.92 3/4. First support is today's low crossing at $7.20 1/2. Second support is the September 6^th 2021 low crossing at $6.93 1/2. 

March Kansas City Wheat closed down $0.16 3/4-cents at $8.11 3/4.

March Kansas City wheat closed lower on Tuesday as it extended the decline off October's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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 aforementioned decline, the January 10^th low crossing at $7.68 3/4 is the next downside target. Closes above the 20-day moving average crossing at $8.55 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.55 1/2. Second resistance is the 50-day moving average crossing at $8.90 1/4. First support is today's low crossing at $8.03 1/4. Second support is the January 10^th low crossing at $7.68 3/4.

March Minneapolis wheat closed down $0.07 1/2-cents at $8.94 1/2.

March Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day 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 renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 50-day moving average crossing at $9.35 3/4 would open the door for additional short-term gains. First resistance is the 50-day moving average crossing at $9.35 3/4. Second resistance is the November 15^th high crossing at $9.91 1/4. First support is the December 6^th low crossing at $8.90.   Second support is August's low crossing at $8.75 3/4.

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

March soybeans closed down $0.03 1/2-cents at $14.85.

March soybeans closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's day trade begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing at $14.95 1/2 would signal that a short-term low has been posted. If March renews  last-week's decline, the 50-day moving average crossing at $14.65 is the next downside target. First resistance is the 87% retracement level of the June-July decline crossing at $15.37 1/2. Second resistance is June's high crossing at $15.72 1/4. First support is the 50-day moving average crossing at $14.65. Second support is December's low crossing at $14.31 3/4.    

March soybean meal closed down $1.40 at $468.90. 

March soybean meal closed lower on Tuesday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the August 29^th high on the monthly continuation chart crossing at $488.40 is the next upside target. Closes below the 20-day moving average crossing at $458.10 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $479.00. Second resistance is the August 29^th high on the monthly continuation chart crossing at $488.40 is the next upside target. First support is the 20-day moving average crossing at $458.10. Second support is the December 19^th low crossing at $443.40. 

March soybean oil closed down 78-pts. At 62.57. 

March soybean oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off the December 27^th high, the December 16^th low crossing at 61.47 is the next downside target. Closes above the 50-day moving average crossing at 66.56 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 66.56. Second resistance is the November 29^th high crossing at 72.49. First support is the December 16^th low crossing at 61.47. Second support is December's low crossing at 58.50. 

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

February hogs closed down $0.80 at $80.00. 

February hogs closed lower on Tuesday as it extended the decline off the December 27^th high. The mid-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, the 87% retracement level of the October-December rally crossing at $78.47 is the next downside target. Closes above the 20-day moving average crossing at $85.29 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $85.29. Second resistance is the 50-day moving average crossing at $87.00. First support is today's low crossing at $79.35. Second support is the 87% retracement level of the October-December rally crossing at $78.47. 

February cattle closed up $0.10 at $157.85. 

February cattle closed higher on Tuesday following yesterday's key reversal up. The low-range close sets the stage for a steady to slightly higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If February renews the rally off November's low, the 87% retracement level of the monthly continuation chart crossing at $159.54 is the next upside target. Closes below last-Friday's low crossing at $156.53 would signal that a short-term top has been posted. First resistance is December's high crossing at $159.18. Second resistance is the 87% retracement level of the monthly continuation chart crossing at $159.54. First support is last-Friday's low crossing at $156.53. Second support is the 50-day moving average crossing at $155.74.  

March Feeder cattle closed up $0.33 at $186.63. 

March Feeder cattle closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's 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 50-day moving average crossing at $183.95 is needed to confirm that a short-term top has been posted. If March extends the rally off the 87% retracement level of the August-October decline crossing at $190.38 is the next upside target. First resistance is the 75% retracement level of the August-October decline crossing at $188.29. Second resistance is the 87% retracement level of the August-October decline crossing at $190.38. First support is the 50-day moving average crossing at $183.95. Second support is the December 20^th low crossing at $182.87.      

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

March coffee closed sharply lower on Tuesday as it extended the decline off August's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off December's high, the 87% retracement level of the 2020-2022 rally crossing at $13.20 is the next downside target. Closes above the 20-day moving average crossing at $16.57 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $16.57. Second resistance is December's high crossing at $17.50. First support is the 75% retracement level of the 2020-2022 rally crossing at $14.84. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.20. 

March cocoa closed sharply lower on Tuesday as it consolidated some of the rally off September's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 25.72 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off September low, the March-2022 high on the weekly continuation chart crossing at 27.10 is the next upside target.              

March sugar closed higher on Tuesday as it consolidated 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 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 20.00 would signal that a short-term low has been posted. If March extends the aforementioned decline, the 62% retracement level of the September-December rally crossing at 18.71 is the next downside target.    

March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off October's low, the 50% retracement level of the August-October decline crossing at 93.31 is the next upside target. Closes below the 50-day moving average crossing at 82.79 would temper the near-term friendly outlook.