KEY EVENTS TO WATCH FOR:

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)

Monday, February 6^th, 2023

10:00 AM ET. January Employment Trends Index

                       ETI (previous 116.31)

                       ETI, Y/Y%

Tuesday, February 7, 2023  

8:30 AM ET. December U.S. International Trade in Goods & Services

                       Trade Balance (USD) (previous -61.51B)

                       Exports (USD) (previous 251.86B)

                       Exports, M/M% (previous -2.0%)

                       Imports (USD) (previous 313.37B)

                       Imports, M/M% (previous -6.4%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.0%)

                       Latest Wk, Y/Y% (previous +4.9%)

10:00 AM ET. February IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 42.3)

                       6-Mo Economic Outlook (previous 36.2)

3:00 PM December Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +27.9B)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +6.3M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +2.7M)

                       Distillate Stocks, Net Chg (Bbls) (previous +1.5M)

  N/A               U.S. President Joe Biden delivers State of the Union address

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

The STOCK INDEXES: The March NASDAQ 100 was lower overnight due to profit taking as it consolidates some of the rally off January's low. Overnight weakness set the stage for a lower opening when the day session begins trading.Stochastics and the RSI are overbought, diverging remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off this month's low, the 75% retracement level of the August-October decline crossing at 13,058.13. Closes below the 20-day moving average crossing at 11,822.09 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 12,949.75. Second resistance is the 75% retracement level of the August-October decline crossing at 13,058.13. First support is the 10-day moving average crossing at 12,210.85. Second support is the 20-day moving average crossing at 11,949.75.

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, diverging 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 87% retracement level of the August-October decline crossing at 4255.15 is the next upside target. Closes below the 20-day moving average crossing at 4025.53 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Thursday's high crossing at 4208.50. Second resistance is the 87% retracement level of the August-October decline crossing at 4255.15. First support is the 10-day moving average crossing at 4086.88. Second support is the 20-day moving average crossing at 4025.49. 

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

INTEREST RATES: March T-bonds were steady to slightly higher overnight as it extends this week's rally. Overnight trading sets the stage for a steady to slightly 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. If March extends this week's rally, the January 19^th high crossing at 132-31 is the next upside target. Closes below the 50-day moving average crossing at 129-07 would signal 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 130-12. Second support is the 50-day moving average crossing at 129-07.  

March T-notes were steady to slightly higher overnight and sets the stage for a mostly steady 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 March extends this week's rally, January's high crossing at 116.080 is the next upside target. Closes below the 50-day moving average crossing at 114.049 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is January's high crossing at 116.080. 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 114.049. 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 steady to slightly lower overnight as it extends the decline off January's high. 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. Closes below the December-January uptrend line crossing near $75.30 would signal a trend change while opening the door for a possible test of January's low crossing at 72.74. Closes above the 10-day moving average crossing at $78.75 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $78.75. Second resistance is January's high crossing at $82.66. First support is the December-January uptrend line crossing near $75.30. Second support is January's low crossing at $72.74.

March heating oil is was lower overnight as it extends the decline off January's high 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 extends the decline off January's high, January's low crossing at $2.8500 is the next downside target. Closes above the 10-day moving average crossing at $3.1454 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.0635. Second resistance is the 20-day moving average crossing at $3.1357. First support is January's low crossing at $2.8500. Second support is December's low crossing at $2.7047. 

March unleaded gas was steady to slightly lower overnight as it extends the decline off January'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 March extends the decline off January's high, the 50-day moving average crossing at $2.3700 is the next downside target. Closes above the 10-day moving average crossing at $2.5586 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2.5136. Second resistance is the 10-day moving average crossing at $2.5586. First support is the 50-day moving average crossing at $2.3700. Second support is January's low crossing at $2.2439.  

March natural gas was steady to slightly 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 December-2020 low on the monthly continuation chart crossing at 2.238 is the next downside target. Closes above the 20-day moving average crossing at 3.016 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.016. Second resistance is January's high crossing at 4.005. First support is the overnight low crossing at 2.401. Second support is the December-2020 low on the monthly continuation chart crossing at 2.238. 

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

CURRENCIES:The March Dollar was slightly lower overnight as it remains 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 have turned neutral to bullish hinting that a short-term low might be in or is near. 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 January 18^th high crossing at $102.655. Second resistance is the 50-day moving average crossing at $103.449. First support is Thursday's low crossing at $100.680. Second support is the 87% retracement level of the March-September rally crossing at $99.229.

The March Euro was steady to slightly higher overnight and sets the stage for a higher opening when the day session begins trading. However, stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing at $1.08305 would signal that a short-term top has been posted. If March extends the rally off September's low, the 38% retracement level of the 2018-2022 decline crossing at $1.14137 is the next upside target. First resistance is Thursday's high crossing at $1.10590. Second resistance is the 38% retracement level of the 2018-2022 decline crossing at $1.14137. First support is Tuesday's low crossing at $1.08305. Second support is the 50-day moving average crossing at $1.07179.    

The March British Pound was steady to slightly higher overnight as it consolidated some of Thursday's loss. 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 1.2214 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 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 50-day moving average crossing at 1.2214. Second support is the January 12^th low crossing at 1.2083.  

The March Swiss Franc 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of the 2021-2022 decline crossing at 1.12550 is the next upside target. Closes below the 50-day moving average crossing at 1.08500 would confirm that a short-term top has been posted. 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 1.08500. 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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $74.21 would signal that a short-term top has been posted. If March extends the rally off January's low, November's high crossing at $75.71 is the next upside target. First resistance is Thursday's high crossing at $75.42. Second resistance is November's high crossing at $75.71. First support is the 50-day moving average crossing at $74.21. Second support is the January 19^th low crossing at $73.99.  

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 have turned 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 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. 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 0.075703.   

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

Aprilgold was slightly lower overnight following Thursday's key reversal down as it consolidates some of the rally off November's low. Overnight trading 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 Tuesday's low crossing at $1915.50 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 Thursday's high crossing at $1975.20. Second resistance is the 75% retracement level of the March-October decline crossing at $1978.50. First support is Tuesday's low crossing at $1915.50. Second support is the 50-day moving average crossing at $1862.50.

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 have turned 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 higher overnight as it consolidates some of the decline off January's high. The high-range overnight trade sets the stage for a modestly 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 January's high, the 50-day moving average crossing at 3.9387 is the next downside target. 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 Thursday's low crossing at 4.0780. Second support is the 50-day moving average crossing at 3.9387.

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

March corn was lower overnight and sets the stage for a lower opening when the day sessions 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 $6.72 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 $6.72 1/2. Second support is the 50-day moving average crossing at $6.64 1/4.   

March wheat was lower overnight as it consolidates some of the rally off the January 23^rd low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought and are poised to turn neutral to bearish with additional weakness that would signal that sideways to lower prices are possible near-term. If March resumes the decline off January's high, the September 6^th 2022 low crossing at $6.93 1/2 is the next downside target. Closes above the October-November downtrend line crossing near $7.64 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 near $7.64. 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^th 2022 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 $8.48 1/2 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $8.92 3/4. Second resistance is the December 27^th high crossing at $8.94 3/4. First support is the 20-day moving average crossing at $8.48 1/2. Second support is the January 10^th low crossing at $8.03 1/4. Third support is the January 31^st 2022 low crossing at $7.80.

March Minneapolis wheat was lower overnight as it consolidates some of the rally off the January 23^rd 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 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 $9.10 1/4 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $9.32. Second resistance is the December 30^th high crossing at $9.40. First support is the 20-day moving average crossing at $9.10 1/4. 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 steady to higher overnight as they remain poised to extend the rally off October's low. Overnight trading sets the stage for a higher opening. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October'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 $14.90 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 $15.17 1/2. Second support is the 20-day moving average crossing at $15.13 1/4.

March soybean meal was higher overnight as it extends 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 $476.20 would signal that a short-term top has been posted while opening the door for a larger-degree decline near-term. First resistance is the March-21^st-high on the monthly continuation chart crossing at $494.70. Second resistance is psychological resistance crossing at $500.00. First support is the 20-day moving average crossing at $476.20. Second support is the 50-day moving average crossing at $456.40. 

March soybean oil was slightly lower overnight and the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish hinting that sideways to lower prices are possible near-term. If March resumes the decline off December's high, December's low crossing at 58.50 is the next downside target. Closes above the 20-day moving average crossing at 62.09 are needed to signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 62.09. Second resistance is the 50-day moving average crossing at 63.68. First support is last-Wednesday's low crossing at 60.00. Second support is December's low crossing at 58.50.