KEY EVENTS TO WATCH FOR:

Friday, January 20, 2023  

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

10:00 AM ET. ABA Economic Advisory Committee economic forecast

10:00 AM ET. December Existing Home Sales

                       Existing Sales (previous 4.09M)

                       Existing Sales, M/M% (previous  -7.7%)

                       Unsold Homes Month's Supply (previous 3.3)

                       Median Price (USD) (previous 370700)

                       Median Home Price, Y/Y% (previous +3.5%)

Monday, January 23, 2023  

10:00 AM ET. December Leading Indicators

                       Leading Index, M/M% (previous -1.0%)

                       Leading Index

                       Coincident Index, M/M% (previous +0.1%)

                       Lagging Index, M/M% (previous +0.2%)

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

The STOCK INDEXES: The March NASDAQ 100 was higher overnight as it consolidates some of the decline off Wednesday's high. Overnight trading sets the stage for a 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 11,201.06 would temper the near-term friendly outlook. If March resumes the rally off this month's low, the 38% retracement level of the August-October decline crossing at 11,849.67. First resistance is Wednesday's high crossing at 11,759.50. 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 11,201.06. Second support is the January 6^thlow crossing at 10,751.00.

The March S&P 500 was steady to slightly higher overnight as it consolidates some of the decline off Tuesday'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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3896.72 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off December's low, the 62% retracement level of the August-October decline crossing at 4045.36 is the next upside target. 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 3896.72. Second support is the January 6^th low crossing at 3819.00. 

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

INTEREST RATES: March T-bonds were lower overnight due to profit taking as it consolidates some of the rally off December'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. If March renews the rally off the December 30^th low, the 62% retracement level of the August-October decline crossing at 133-30 is the next upside target. Closes below the 50-day moving average crossing at 127-26 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 132-31. Second resistance is the 62% retracement level of the August-October decline crossing at 133-30. First support is the 10-day moving average crossing at 130-05. Second support is the 20-day moving average  crossing at 128-12.  

March T-notes were lower overnight as they consolidates some of the rally off December's low. Overnight weakness 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, 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 113.202 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 116.235. Second resistance is the 75% retracement level of the August-October decline crossing at 118.112. First support is the 10-day moving average crossing at 114.281. Second support is the 20-day moving average crossing at 113.273. 

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

ENERGIES:Februarycrude oil was higher overnight as it extends the rally off January's low. Overnight trading sets the stage for a 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 January's low, December's high crossing at $83.27. Closes below the 20-day moving average crossing at $77.81 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $82.38. Second resistance is December 's high crossing at $83.27. First support is the 20-day moving average crossing at $77.81. Second support is January's low crossing at $72.46.

February heating oil is was higher overnight as it extends the rally off the January 5^th 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 December's low, the November 15^th high crossing at $3.4722 is the next upside target. Closes below the 50-day moving average crossing at $3.1727 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $3.4084. Second resistance is the November 15^th high crossing at $3.4722. First support is the 50-day moving average crossing at 3.1727. Second support is the January 5^th low crossing at $2.9200. 

February unleaded gas was slightly higher overnight as it extends the rally off December'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 December's low, November's high crossing at $2.6682 is the next upside target. Closes below the 20-day moving average crossing at $2.3991 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.6262. Second resistance is November's high crossing at $2.6682. First support is the 10-day moving average crossing at $2.4584. Second support is the 20-day moving average crossing at $2.3991.  

February natural gas was slightly lower overnight as it extends the decline off August's high. Overnight trading sets the stage for a slightly 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 February extends the decline off November's high, the March-2020 low crossing at 2.598 is the next downside target, Closes above the 20-day moving average crossing at 4.065 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.065. Second resistance is the December 27^th high crossing at 5.245. First support is the overnight low crossing at 3.110. Second support is the March-2020 low crossing at 2.598.

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

CURRENCIES:The March Dollar was steady to higher overnight and sets the stage for a 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 87% retracement level of the March-September rally crossing at $99.229 is the next downside target. Closes above the 20-day moving average crossing at $103.128 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.128. Second resistance is the 50-day moving average crossing at $104.397. First support is the 75% retracement level of the March-September rally crossing at $101.331. Second support is the 87% retracement level of the March-September rally crossing at $99.229.

The March Euro was slightly lower overnight as it extends the trading range of the past five-days. 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 renews the rally off September's low, the May 31^st 2022 high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at $1.07495 would signal that a short-term top has likely been posted. First resistance is Wednesday's high crossing at $1.09275. Second resistance is the May 31^st 2022 high crossing at $1.09680. First support is the 20-day moving average crossing at $1.07495. Second support is the 50-day moving average crossing at $1.06050.    

The March British Pound was steady to slightly lower overnight as it consolidates some of the rally off January's low. Overnight trading sets the stage for a steady to slightly 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 January's low, December's high crossing at 1.2477 is the next upside target. Closes below the 50-day moving average crossing at 1.2102 would signal that a short-term top has been posted 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 Wednesday's high crossing at 1.2452. Second resistance is December's high crossing at 1.2477. First support is the 50-day moving average crossing at 1.2102. Second support is January's low crossing at 1.1861.  

The March Swiss Franc was lower overnight as it consolidates some of Wednesday's rally. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 1.07819 would confirm that a short-term top has been posted. If March extends the rally off November's low, the 75% retracement level of the 2021-2022 decline crossing at 1.12550 is the next upside target. First resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.10351. Second resistance is the 75% retracement level of the 2021-2022 decline crossing at 1.12550. First support is the 20-day moving average crossing at 1.08732. Second support is the 50-day moving average crossing at 1.07819. Third support is the January 6^th low crossing at 1.06915.

The March Canadian Dollar was steady to slightly lower overnight. Overnight trading sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $74.13 would signal that a short-term top has been posted. If March renews the rally off January's low, November's high crossing at $75.71 is the next upside target. First resistance is last-Friday's 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 $74.13. Second support is the January's low crossing at $73.10.  

The March Japanese Yen was lower overnight and sets the stage for a lower 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 0.076832 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 October's, the May-2022 high crossing at 0.080525 is the next upside target. First resistance is Tuesday's high crossing at 0.079190. Second resistance is the May-2022 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.076832. Second support is the January 6^th 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 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 75% retracement level of the March-October decline crossing at $1975.80 is the next upside target. Closes below the 20-day moving average crossing at $1862.70 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1939.00. Second resistance is the 75% retracement level of the March-October decline crossing at $1975.80. First support is the 10-day moving average crossing at $1899.30. Second support is the 20-day moving average crossing at $1862.70.

March silver was higher overnight as it extends the December-January trading range. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways trading is likely near-term. Closes below the January 5^th 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 the January 5^th low crossing at $23.260. Second support is the 50-day moving average crossing at $22.994.    

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 75% retracement level of the March-July-2022 decline crossing at 4.4773 is the next upside target. Closes below the 20-day moving average crossing at 3.9762 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 4.3550. Second resistance is the 75% retracement level of the March-July-2022 decline crossing at 4.4773. First support is the 10-day moving average crossing at 4.1501. Second support is the 20-day moving average crossing at 3.9762.

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

March corn was lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for lower opening when the day sessions 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 $6.62 would signal that a short-term top has been posted. If March extends the rally off January's low, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. First resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. Second resistance is the 87% retracement level of the October-December decline crossing at $7.01 3/4. First support is the 50-day moving average crossing at $6.62. Second support is January's low crossing at $6.48 1/4.   

March wheat was lower overnight and sets the stage for a steady to 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. If March resumes this month's decline, the September 6^th 2022 low crossing at $6.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.55 would signal that a short-term low has been posted. First resistance is 50-day moving average crossing at $7.74. Second resistance is the December 30^th high crossing at $7.99. 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 lower overnight as it extends this week's decline off Wednesday's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the rally off January's low, the 50-day moving average crossing at $8.74 1/4 is the next upside target. 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 50-day moving average crossing at $8.74 1/4. Second resistance is the December 27^th high crossing at $8.94 3/4. First support is the January 10^th low crossing at $8.03 1/4. Second support is the January 31^st 2022 low crossing at $7.80.

March Minneapolis wheat was lower overnight and sets the stage for a slightly 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. If March renews this month's decline, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 50-day moving average crossing at $9.26 3/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.26 3/4. Second resistance is the December 30^th high crossing at $9.40. First support is last-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 steady to slightly higher overnight as they consolidate some of the decline off Wednesday's high. Overnight trading sets the stage for a steady to higher opening. 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 $15.01 1/2 would signal that a short-term top has been posted. If March resumes the rally off the January 5^th low, last-June's high crossing at $15.72 1/2 is the next upside target. First resistance is Wednesday's high crossing at $15.48 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 $15.01 1/2. Second support is the 50-day moving average crossing at $14.75 1/4.

March soybean meal was steady to slightly lower overnight and sets the stage for a steady to 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 20-day moving average crossing at $466.70 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 October's low, the August 29^th high on the monthly continuation chart crossing at $488.40 is the next upside target. First resistance is Wednesday's high crossing at $487.00. 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 $466.70. Second support is the December 19^th low crossing at $443.40. 

March soybean oil was steady to higher overnight as it extends the trading range of the past two-weeks. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above Wednesday's high crossing at 64.75 would mark an upside breakout of this month's trading range while opening the door for additional short-term gains. If March renews the decline off December's high, the December 16^th low crossing at 61.47 is the next downside target. First resistance is Wednesday's high crossing at 64.75. Second resistance is the 50-day moving average crossing at 65.61. First support is the December 16^th low crossing at 61.47. Second support is December's low crossing at 58.50.