KEY EVENTS TO WATCH FOR:

Wednesday, February 1, 2023  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 255.3)

                       Composite Idx, W/W% (previous +7.0%)

                       Purchase Idx-SA (previous 205.4)

                       Purchase Idx-SA, W/W% (previous +3.4%)

                       Refinance Idx (previous 502.3)

                       Refinance Idx, W/W% (previous +14.6%)

8:15 AM ET. January ADP National Employment Report

                       Private Sector Jobs, Net Chg (previous +235000)

8:30 AM ET. U.S. Department of the Treasury's quarterly refunding announcement

9:45 AM ET. January US Manufacturing PMI

                       PMI, Mfg (previous 46.2)

10:00 AM ET. January ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (previous 48.4)

                       Prices Idx (previous 39.4)

                       Employment Idx (previous 51.4)

                       Inventories (previous 51.8)

                       New Orders Idx (previous 45.2)

                       Production Idx (previous 48.5)

10:00 AM ET. December Construction Spending - Construction Put in Place

                       New Construction (previous +0.2%)

                       Residential Construction

10:00 AM ET. December Metropolitan Area Employment & Unemployment

10:00 AM ET. December Job Openings & Labor Turnover Survey

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 448.548M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +0.533M)

                       Gasoline Stocks (Bbl) (previous 232.022M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +1.763M)

                       Distillate Stocks (Bbl) (previous 115.27M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.507M)

                       Refinery Usage (previous 86.1%)

                       Total Prod Supplied (Bbl/day) (previous 19.447M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.867M)

11:00 AM ET. January Global Manufacturing PMI

                       PMI, Mfg (previous 48.6)

2:00 PM ET. U.S. interest rate decision

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 4.50)

                       Fed Funds Rate-Range Low (previous 4.25)

                       FOMC Vote For Action (previous 12)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 4.50)

                       Discount Rate Change (Pts) (previous +0.50)

                       Discount Rate-Range High

                       Discount Rate-Range Low

4:00 PM ET. January Domestic Auto Industry Sales

Thursday, February 2, 2023  

7:30 AM ET. January Challenger Job-Cut Report

                       Job Cuts, M/M% (previous -43%)

8:30 AM ET. 4^th Quarter Preliminary Productivity & Costs

                       Non-Farm Productivity, Q/Q% (previous +0.3%)

                       Unit Labor Costs (previous +3.5%)

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

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

                       Jobless Claims (previous 186K)

                       Jobless Claims, Net Chg (previous -6K)

                       Continuing Claims (previous 1675000)

                       Continuing Claims, Net Chg (previous +20K)

10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (previous -1.8%)

                       Orders, Ex-Defense, M/M% (previous -2.0%)

                       Orders, Ex-Transport, M/M% (previous -0.8%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%

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

                       Working Gas In Storage (Cbf) (previous 2729B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -91B)

12:00 AM ET. January Monthly U.S. Retail Chain Store Sales Index

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, February 3, 2023

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

                       Non-Farm Payrolls (previous +223K)

                       Unemployment Rate (previous 3.5%)

                       Avg Hourly Earnings (USD) (previous 32.82)

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

                       Avg Hourly Earnings, M/M% (previous +0.27%)

                       Avg Hourly Earnings, Y/Y% (previous +4.59%)

                       Overall Workweek (previous 34.3)

                       Overall Workweek Net Chg (previous -0.1)

                       Government Payrolls (previous +3K)

                       Private Payroll (previous +220K)

                       Participation Rate (previous 62.3%)

                       Non-Farm Payrolls Bench Net Chg

9:45 AM ET. January US Services PMI

                       PMI, Services (previous 44.7)

10:00 AM ET. January ISM Report On Business Services PMI

                      Services PMI (previous 49.6)

                       Business Activity Idx (previous 54.7)

                       Prices Idx (previous 67.6)

                       Employment Idx (previous 49.8)

                       New Orders Idx (previous 45.2)

11:00 AM ET. January Global Services PMI

                       PMI, Services (previous 48.1)

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

The STOCK INDEXES: The March NASDAQ 100 was lower overnight and sets the stage for a lower opening when the day session begins trading.Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11,621.70 would confirm that a short-term top has been posted. If March extends the rally off this month's low, the 62% retracement level of the August-October decline crossing at 12,624.66. First resistance is the 50% retracement level of the August-October decline crossing at 12,237.16. Second resistance is the 62% retracement level of the August-October decline crossing at 12,624.66. First support is the 10-day moving average crossing at 11,931.77. Second support is the 20-day moving average crossing at 11,621.70.

The March S&P 500 was lower overnight 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 extends the rally off December's low, the 75% retracement level of the August-October decline crossing at 4154.88 is the next upside target. Closes below the 20-day moving average crossing at 3990.21 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Friday's high crossing at 4109.25. Second resistance is the 75% retracement level of the August-October decline crossing at 4154.88. First support is the 10-day moving average crossing at 4036.40. Second support is the 20-day moving average crossing at 3990.21. 

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

INTEREST RATES: March T-bonds were higher overnight as it consolidates some of the decline from the January 19^th high. Overnight trading 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 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 128-29 would confirm that a short-term top has been posted. First resistance is the January 19^th 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 20-day moving average crossing at 129-29. Second support is the 50-day moving average crossing at 128-29.  

March T-notes were higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are poised to turn neutral to bullish with additional strength that would signal that sideways to higher prices are possible near-term. If March resumes 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 114.007 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. 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 50-day moving average crossing at 114.007. Second support is the January 10^th low crossing at 113.265. 

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

ENERGIES:Marchcrude oil was higher overnight on follow-through buying after posting an upside reversal on Tuesday. 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 50-day moving average crossing at $77.74 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 January's low, the November 14^th high crossing at $87.00 is the next upside target. First resistance is December's high crossing at $83.14. Second resistance is the November 14^th high crossing at $87.00. First support is the 50-day moving average crossing at $77.74. Second support is January's low crossing at $72.74.

March heating oil is 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 December-January uptrend line crossing near $3.0000 would signal that the short-term trend has turned bearish. Closes above the 10-day moving average crossing at $3.2463 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.1433. Second resistance is the 10-day moving average crossing at $3.2463. First support is the the December-January uptrend line crossing near $3.0000. Second support is January's low crossing at $2.8500. 

March unleaded gas was 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $2.5011 would signal that a short-term top has been posted. If March resumes the rally off December's low, the 75% retracement level of the June-December-2022 decline crossing at $2.7856 is the next upside target. First resistance is the 10-day moving average crossing at $2.6051. Second resistance is January's high crossing at $2.7186. First support is the 20-day moving average crossing at $2.5011. Second support is the 50-day moving average crossing at $2.3685.  

March natural gas was lower overnight as it extends the decline off September's high. Overnight trading sets the stage for a steady to 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 March extends the decline off November's high, the March-2020 low crossing at 2.473 is the next downside target. Closes above the 20-day moving average crossing at 3.141 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.141. Second resistance is the 50-day moving average crossing at 4.474. First support is Monday's low crossing at 2.612. Second support is the March-2020 low crossing at 2.473. 

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

CURRENCIES:The March Dollar was steady to lower overnight as it extends January's trading range above the 75% retracement level of the March-September rally crossing at $101.329. Overnight trading sets the stage for a 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. Closes above the January 18^th high crossing at $102.655 would signal that a short-term low has been posted. If March renews the decline off September's high, the 87% retracement level of the March-September rally crossing at $99.229 is the next downside target. First resistance is the 20-day moving average crossing at $102.246. Second resistance is the 50-day moving average crossing at $103.649. 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 steady to 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 extends 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 $1.08394 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $1.09625. Second resistance is the May 31^st 2022 high crossing at $1.09680. First support is the 20-day moving average crossing at $1.08394. Second support is the 50-day moving average crossing at $1.06936.    

The March British Pound was steady to slightly lower overnight as it extends the trading range of the past two-weeks. Overnight trading 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 50-day moving average crossing at 1.2198 would signal that a short-term top has been posted while opening the door for a possible test of the 25% retracement level of the September-December rally crossing at 1.1971. If March renews the rally off January's low, the 62% retracement level of the May-September-2022 decline crossing at 1.2764 is the next upside target. First resistance is last-Monday's high crossing at 1.2462. Second resistance is the 62% retracement level of the May-September-2022 decline crossing at 1.2764. First support is the 20-day moving average crossing at 1.2282. Second support is the 50-day moving average crossing at 1.2198.  

The March Swiss Franc was 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 neutral to bullish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.08328 would confirm that a short-term top has been posted. If March resumes 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 50-day moving average crossing at 1.08328. Second support is the January 12^th low crossing at 1.07190.

The March Canadian Dollar was 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 resumes the rally off January's low, November's high crossing at $75.71 is the next upside target. Closes below the 50-day moving average crossing at $74.20 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $75.27. Second resistance is November's high crossing at $75.71. First support is the 50-day moving average crossing at $74.20. Second support is the January 19^th low crossing at $73.99.  

The March Japanese Yen was slightly higher overnight and sets the stage for a slightly 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 January 18^th low crossing at 0.076550 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, the May-2022 high crossing at 0.080525 is the next upside target. First resistance is the January 17^th high crossing at 0.079190. Second resistance is the May-2022 high crossing at 0.080525. First support is the January 18^th low crossing at 0.076550. Second support is the 50-day moving average crossing at 0.075576.   

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

Aprilgold was steady to slightly higher overnight and sets the stage for a steady to slightly 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 $1923.50 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If April resumes the rally off November's low, the 75% retracement level of the March-October decline crossing at $1978.50 is the next upside target. First resistance is last-Thursday's high crossing at $1966.50. Second resistance is the 75% retracement level of the March-October decline crossing at $1978.50. First support is the 20-day moving average crossing at $1923.50. Second support is the 50-day moving average crossing at $1856.50.

March silver was lower overnight as it extends the December-January trading range. Overnight trading sets the stage for a 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 the January 23^rd low crossing at $22.845 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 is the January 23^rd low crossing at $22.845. Second support the December 16^th low crossing at $22.735.    

March copper was lower overnight as it extends the decline off January's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.1476 would confirm that a short-term top has been posted while opening the door for additional gains near-term. If March renews 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. First resistance is the January 18^th 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 20-day moving average crossing at 4.1476. Second support is the 50-day moving average crossing at 3.9204.

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

March corn was lower overnight and sets the stage for lower opening when the day sessions 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 $6.70 1/2 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 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 20-day moving average crossing at $6.70 1/2. Second support is the 50-day moving average crossing at $6.64.  

March wheat was lower overnight as it consolidates some of the rally off the January 23^rd low. Overnight weakness 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 this month's decline, the September 6^th2022 low crossing at $6.93 1/2 is the next downside target. Closes above the October-November downtrend line crossing at $7.67 would signal that a short-term low has been posted while opening the door for a possible test of the December 30^th high crossing at $7.99. First resistance is the October-November downtrend line crossing at $7.67. Second resistance is the December 30^th high crossing at $7.99. First support is the January 23^rd low crossing at $7.12 1/2. Second support is the September 6^th2022 low crossing at $6.93 1/2.  

March Kansas City wheat was lower overnight as it consolidates some of the rally off January's low. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. 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, the January 27^th high crossing at $8.94 3/4 is the next upside target. Closes below the 20-day moving average crossing at $8.44 1/2 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $8.83 1/2. 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 steady to fractionally lower overnight as it consolidates some of the rally off the January 23^rd 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 January's low, the December 30^th high crossing at $9.40 is the next upside target. Closes below the 20-day moving average crossing at $9.08 1/2 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $9.28. Second resistance is the December 30^th high crossing at $9.40. First support is the 20-day moving average crossing at $9.08 1/2. Second support is the January 23^rd low crossing at $8.85.  

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

March soybeans were higher overnight as they extend the rally off last-Wednesday's low. Overnight trading sets the stage for a higher opening. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Wednesday's low, January's high crossing at $15.48 1/2 is the next upside target. Closes below the 50-day moving average crossing at $14.86 1/2 would confirm that a top has been posted while opening the door for a test of the January 5^th low crossing at $14.65. First resistance is January's high crossing at $15.48 1/2. Second resistance is the June 9^th -2022 high crossing at $15.72 1/2. First support is the 10-day moving average crossing at $15.14 3/4. Second support is the 20-day moving average crossing at $15.08 1/2.

March soybean meal was higher overnight and remains poised to extend the rally off the January 23^rd 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 March extends the rally off Monday's low, the March-21^st-high on the monthly continuation chart crossing at $494.70 is the next upside target. Closes below the 20-day moving average crossing at $473.40 would signal that a short-term top has been posted while opening the door for a larger-degree decline near-term. First resistance is Monday's high crossing at $490.30. Second resistance is the March-21^st-high on the monthly continuation chart crossing at $494.70. First support is the 20-day moving average crossing at $473.40. Second support is the 50-day moving average crossing at $452.80. 

March soybean oil was slightly lower overnight as it consolidates some of Tuesday's rally. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 62.33 are needed to signal that a short-term low has been posted. If March resumes the decline off December's high, December's low crossing at 58.50 is the next downside target. First resistance is the 20-day moving average crossing at 62.33. Second resistance is the 50-day moving average crossing at 64.02. First support is last-Wednesday's low crossing at 60.00. Second support is December's low crossing at 58.50. 

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

April hogs closed down $0.38 at $86.15. 

April hogs posted an inside day with a lower close on Tuesday. 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. Closes above the 20-day moving average crossing at $87.89 would signal that a short-term low has been posted. If April resumes the decline off December's high, October's low crossing at $82.63 is the next downside target. First resistance is the 20-day moving average crossing at $87.89. Second resistance is the January 17 high crossing at $89.08. First support is last-Thursday's low crossing at $83.70. Second support is October's low crossing at $82.63. 

April cattle closed down $0.40 at $162.95. 

April cattle closed lower due to profit taking on Tuesday as it consolidated some of Monday's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, the November-2014 on the monthly continuation chart crossing at $171.65 is the next upside target. Closes below the 50-day moving average crossing at $160.29 would signal that a short-term top has been posted. First resistance is today's high crossing at $163.58. Second resistance is the November-2014 on the monthly continuation chart crossing at $171.65. First support is the 50-day moving average crossing at $160.29. Second support is the January 19^th low crossing at $158.55.    

March Feeder cattle closed up $1.85 at $185.78. 

March Feeder cattle closed higher on Tuesday as it extends the rally off January'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. If March extends the rally off January's low, January's high crossing at $187.28 is the next upside target. Closes below the 10-day moving average crossing at $182.95 would signal that a short-term top has been posted. First resistance is the January 10^th high crossing at $187.28. Second resistance is January's high crossing at $188.75. First support is the 10-day moving average crossing at $182.95. Second support is January's low crossing at $179.18.       

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

March coffee closed higher on Tuesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off January's low, the 50% retracement level of the August-January decline crossing at $18.92 is the next upside target. Closes below the 20-day moving average crossing at $15.93 would signal that a short-term top has been posted. First resistance is today's high crossing at $18.28. Second resistance is the 50% retracement level of the August-January decline crossing at $18.92. First support is the 20-day moving average crossing at $15.93. Second support is the January 11^th low crossing at $14.21. 

March cocoa closed lower on Tuesday following yesterday's key reversal down and closed lower. 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 sideways to lower prices are possible near-term. If March extends the aforementioned rally, the January 17^th high crossing at 26.75 is the next upside target. Closes below the 50-day moving average crossing at 25.55 would signal that a short-term top has been posted.                 

March sugar closed high on Tuesday and posted a new contract high as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, monthly resistance crossing at 22.64 is the next upside target. Closes below the 20-day moving average crossing at 19.95 would signal that a short-term top has been posted.   

March cotton posted an inside day with a higher close on Tuesday as it extends the November-January trading range. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 83.65 would signal that a short-term top has been posted. 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.