KEY EVENTS TO WATCH FOR:

Friday, January 13, 2023  

8:30 AM ET. December Import & Export Price Indexes

                       Import Prices (previous -0.6%)

                       Non-Petroleum Prices (previous -0.3%)

                       Petroleum Prices (previous -3.3%)

10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data

                       Mid-Mo Sentiment (previous 59.1)

                       Mid-Mo Expectations (previous 58.4)

                       Mid-Mo Current Idx (previous 60.2)

Monday, January 16, 2023  

  N/A               U.S: Martin Luther King Day. Financial markets closed

Tuesday, January 17, 2023  

8:30 AM ET. January Empire State Manufacturing Survey

                       Mfg Idx (previous -11.2)

                       Employment Idx (previous 14.0)

                       New Orders Idx (previous -3.6)

                       Prices Received (previous 25.2)

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

The STOCK INDEXES: The March NASDAQ 100 was lower overnight as it consolidates some of the rally off last-Friday's low. Overnight trading sets the stage for a 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. Multiple closes above the 50-day moving average crossing at 11,482.03 would open the door for additional short covering gains. Closes below the 20-day moving average crossing at 11,160.85 would temper the near-term friendly outlook. First resistance is Thursday's high crossing at 11,579.75. Second resistance is the 38% retracement level of the August-October decline crossing at 11,849.67. First support is the 20-day moving average crossing at 11,160.85. Second support is last-Friday's low crossing at 10,751.00.

The March S&P 500 was steady to slightly lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a 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 December's low, the 62% retracement level of the August-October decline crossing at 4045.36 is the next upside target. Closes below the 20-day moving average crossing at 3891.22 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 4045.36. Second resistance is the 75% retracement level of the August-October decline crossing at 4155.39. First support is the 20-day moving average crossing at 3891.22. Second support is last-Friday's low crossing at 3819.00. 

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

INTEREST RATES: March T-bonds were lower overnight and sets the stage for a 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 the December 30^th low, December's high crossing at 132-15 is the next upside target. Closes below the 50-day moving average crossing at 126-28 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 131-02. Second resistance is December's high crossing at 132-15. First support is the 50-day moving average crossing at 126-28. Second support is the December's low crossing at 124-11.  

March T-notes were steady to slightly lower overnight and sets the stage for a 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 the December 30^th low, the 62% retracement level of the August-October decline crossing at 116.235 is the next upside target. Closes below the 50-day moving average crossing at 113.076 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the August-October decline crossing at 115.094. Second resistance is the 62% retracement level of the August-October decline crossing at 116.235. First support is the 50-day moving average crossing at 113.076. Second support is December's low crossing at 112.280. 

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

ENERGIES:Februarycrude oil was higher overnight as it extends the rally off last-Thursday's low. Overnight trading sets the stage for a 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 January 3^rd high crossing at $81.50 are needed to renew the rally off December's low. Closes below the 10-day moving average crossing at $76.20 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $79.06. Second resistance is the January 3^rd high crossing at $81.50. First support is the 10-day moving average crossing at $76.20. Second support is last-Thursday's low crossing at $72.46.

February heating oil is was higher overnight as it extends the rally off last-Thursday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off this month's low, December's high crossing at $3.3543 is the next upside target. Closes below the 10-day moving average crossing at $3.1191 would temper the near-term friendly outlook. First resistance is Thursday's high crossing at $3.2673. 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 was steady to slightly lower overnight and sets the stage for a steady to slightly lower 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. If February resumes the rally off December's low, the November 14^th high crossing at $2.5783 is the next upside target. Closes below the 20-day moving average crossing at $2.3198 would temper the near-term friendly outlook. First resistance is December's high crossing at $2.5233. Second resistance is the November 14^th high crossing at $2.5783. First support is last-Friday's low crossing at $2.2356. Second support is the December 16^th low crossing at $2.1157.  

February natural gas was slightly higher overnight as it consolidates above the 87% retracement level of the 2020-2022 rally crossing at 3.491. Overnight trading sets the stage for a steady to slightly higher opening when the 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 decline off November's high, the March-2022 low crossing at 2.598 is the next downside target, Closes above the 20-day moving average crossing at 4.603 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.603. Second resistance is the December 27^th high crossing at 5.245. First support is the 87% retracement level of the 2020-2022 rally crossing at 3.491. Second support is the March-2022 low crossing at 2.598.

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

CURRENCIES:The March Dollar was steady to slightly higher overnight as it consolidates some of the decline off last-Friday's high. Overnight trading sets the stage for a steady to slightly higher opening when the 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 March-September rally crossing at $101.331 is the next downside target. Closes above the 20-day moving average crossing at $103.652 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.652. Second resistance is the 50-day moving average crossing at $105.230. First support is the overnight low crossing at $101.720. Second support is the 75% retracement level of the March-September rally crossing at $101.331.

The March Euro was slightly lower overnight as it consolidates some of Thursday's rally, which led to an upside breakout of the December-January trading range. Overnight trading sets the stage for a 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 renews the rally off September's low, the March 31^st high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at $1.07150 would signal that a short-term top has likely been posted. First resistance is Thursday's high crossing at $1.09115. Second resistance is the March 31^st high crossing at $1.09680. First support is the 20-day moving average crossing at $1.07150. Second support is the January 6^th low crossing at $1.05290.    

The March British Pound was slightly lower overnight as it consolidates some of the rally off last-Friday's low. Overnight trading 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 extends the rally off last-Friday's low, December's high crossing at 1.2477 is the next upside target. Closes below last-Friday's low crossing at 1.1861 would renew the decline off December's high while opening the door for a possible test of the 38% retracement level of the September-December rally crossing at 1.1697. First resistance is the overnight high crossing at 1.2268. Second resistance is December's high crossing at 1.2477. 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 1.1697.    

The March Swiss Franc was lower overnight and sets the stage for a lower 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 50-day moving average crossing at 1.07189 would open the door for a larger-degree decline during January. If March extends the rally off November's low, the 62% retracement level of the 2021-2022 decline crossing at 1.10351 is the next upside target. First resistance is Monday's high crossing at 1.09845. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.07189. Second support is last-Friday's low crossing at 1.06915. 

The March Canadian Dollar was steady to slightly lower overnight as it consolidates some of Thursday's rally. Overnight trading 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 last-Tuesday's low, November's high crossing at $75.71 is the next upside target. Closes below the 20-day moving average crossing at $73.91 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $75.10. Second resistance is November's high crossing at $75.71. First support is the 20-day moving average crossing at $73.91. Second support is the December 20^th low crossing at $73.04.  

The March Japanese Yen was higher overnight and sets the stage for a 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 renews the rally off October's, the May-2022 high crossing at 0.080525 is the next upside target. Closes below the 20-day moving average crossing at 0.076091 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at 0.078655. Second resistance is the May-2022 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.076091. Second support is last-Friday's low crossing at 0.074830.   

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

Februarygold was higher overnight as it extends the rally off November's low. Overnight trading 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 February extends the rally off November's low, the 62% retracement level of the March-October decline crossing at $1915.10 is the next upside target. Closes below the 20-day moving average crossing at $1838.90 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1912.90. 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 $1838.90. Second support is the 50-day moving average crossing at $1795.10.

March silver was lower overnight as it extends the December-January trading range. Overnight trading sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $23.260 would open the door for additional weakness near-term. 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-August decline crossing at $24.779. Second resistance is the 87% retracement level of the March-August decline crossing at $25.938. First support last-Thursday's low crossing at $23.260. Second support is the December 16^th low crossing at $22.735.    

March copper was slightly lower overnight as it consolidates some of the rally off the January 4^th low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the November 28^th low, the 62% retracement level of the March-July-2022 decline crossing at 4.2424 is the next upside target. Closes below the 20-day moving average crossing at 3.8837 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 4.2115. Second resistance is the 62% retracement level of the March-July-2022 decline crossing at 4.2424. First support is the 20-day moving average crossing at 3.8837. Second support is the 50-day moving average crossing at 3.7890.

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

March corn was higher overnight as it extends Thursday's rally following a bullish WASDE supply-demand report. Overnight trading sets the stage for steady to higher opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, December's high crossing at $6.85 is the next upside target. Closes below the 10-day moving average crossing at $6.61 1/2 would temper the near-term friendly outlook. First resistance is the overnight high crossing at $6.74 3/4. Second resistance is December's high crossing at $6.85. First support is is the January 10^th low crossing at $6.48 1/4. Second support is the December 19^th low crossing at $6.44.  

March wheat was steady to slightly higher overnight and sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.84 are needed to signal that a short-term low has been posted. If March extends last-week's decline, the September 6^th 2022 low crossing at $6.93 1/2 is the next downside target. First resistance is 50-day moving average crossing at $7.8. Second resistance is the November 25^th high crossing at $8.20 1/4. First support is the 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4. Second support is the September 6^th 2022 low crossing at $6.93 1/2.  

March Kansas City wheat was higher overnight as it consolidates some of the decline off October's high. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. 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 $8.51 1/2 would signal that a short-term low has been posted. If March renews the decline off the December 27^th high, the January 31^st 2022 low crossing at $7.80 is the next downside target. First resistance is the 20-day moving average crossing at $8.51 1/2. Second resistance is the 50-day moving average crossing at $8.82 1/2. First support is Tuesday's low crossing at $8.03 1/4. Second support is theJanuary 31^st 2022 low crossing at $7.80.

March Minneapolis wheat was slightly higher overnight as it consolidates some of this month's decline. Overnight trading 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 $9.15 1/2 would signal that a short-term low has been posted. If March renews this month's decline, August's low crossing at $8.75 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $9.15 1/2. Second resistance is the 50-day moving average crossing at $9.31 1/2. First support is Wednesday's 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 were higher overnight as it extends the rally off last-Thursday's low following Thursday's bullish WASDE supply-demand report. Overnight trading sets the stage for a steady to higher opening. However, I would not be surprised to see a lower close due to profit taking ahead of the upcoming three-day weekend. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the January 5^th low, December's high crossing at $15.37 1/2 is the next upside target. Closes below the 20-day moving average crossing at $14.91 1/2 would temper the near-term friendly outlook. First resistance is December's high crossing at $15.37 1/2. Second resistance is last-June's high crossing at $15.72 1/2. First support is the 20-day moving average crossing at $14.91 1/2. Second support is the 50-day moving average crossing at $14.70.

March soybean meal was a higher overnight as it extends the rally off last-July's low. Overnight trading 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 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 $462.40 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $485.30. Second resistance is the August 29^th high on the monthly continuation chart crossing at $488.40. First support is the 20-day moving average crossing at $462.40. Second support is the December 19^th low crossing at $443.40. 

March soybean oil was lower overnight as it extends the trading range of the past seven-days. Overnight trading sets the stage for a steady to lower opening when the 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 December's high, the December 16^th low crossing at 61.47 is the next downside target. Closes above the 50-day moving average crossing at 66.24 would confirm that a low has been posted while opening the door for additional short-term gains. First resistance is the 50-day moving average crossing at 66.24. Second resistance is the December 27^th  high crossing at 66.97. 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 $0.45 at $78.85. 

February hogs closed lower on Thursday 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 Friday'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, October's low crossing at $76.40 is the next downside target. Closes above the 20-day moving average crossing at $84.77 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $82.71. Second resistance is the 20-day moving average crossing at $84.77. First support is today's low crossing at $77.58. Second support is October's low crossing at $76.40. 

February cattle closed down $0.18 at $157.58. 

February cattle closed lower on Thursday and the mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at $156.53 would signal that a short-term top has been posted. 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. 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 Monday's low crossing at $156.53. Second support is the 50-day moving average crossing at $155.80.  

March Feeder cattle closed down $1.25 at $184.30. 

March Feeder cattle closed lower on Thursday as it extended the decline off the January 4^th high. The low-range close sets the stage for a steady to lower opening when Friday'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 $184.06 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, 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 $184.06. Second support is the December 20^th low crossing at $182.87.      

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

March coffee closed higher on Thursday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Friday. 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 50-day moving average crossing at $16.41 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $16.41. Second resistance is December's high crossing at $17.50. First support is Wednesday's low crossing at $14.21. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.20. 

March cocoa closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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 25.83 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 Monday's low, the March-2022 high on the weekly continuation chart crossing at 27.10 is the next upside target.              

March sugar closed slightly lower on Thursday. The mid-range close sets the stage for a steady to slightly lower opening on Friday. 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 20.00 would signal that a short-term low has been posted. If March renews the decline off December's high, the 62% retracement level of the September-December rally crossing at 18.71 is the next downside target.    

March cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 83.24 tempers the near-term friendly outlook while opening the door for a possible test of the January 4^th low crossing at 80.37. 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.