KEY EVENTS TO WATCH FOR:

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 Dow closed lower on Monday as it extends the trading range of the past seven-days. The high-range close sets the stage for a steady to higher opening when Tuesday'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 33,662.06 would signal that a short-term top has been posted. If the Dow renews the rally off the January 20^th low, January's high crossing at 34,342.32 is the next upside target. First resistance is January's high crossing at 34,342.32. Second resistance is the December 13^th high crossing at 34,712.28. First support is the January 5^th low crossing at 32,812.33. Second support is the December 22^nd low crossing at 32,573.43.   

The March NASDAQ 100 closed lower on Monday as it consolidates some of the rally off January's low. The high-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling sideways to higher prices are possible. If March extends the rally off January's low, the 75% retracement level of the August-October decline crossing at 13,058.13 is the next upside target. Closes below the 20-day moving average crossing at 11,891.30 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 12,934.50. 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 12,267.35. Second support is the 20-day moving average crossing at 11,891.24.   

The March S&P 500 closed lower on Monday as it consolidates some of the rally off December's low. The high-range close sets the stage for a steady to lower opening when Tuesday's 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 4035.40 would signal that a short-term top has been posted. First resistance is last-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 4094.70. Second support is the 20-day moving average crossing at 4035.40.       

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March T-bonds closed down 1-05-pts. at 128-28. 

March T-bonds closed lower on Monday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a double top might have been posted with last-Thursday's high. Multiple closes below the 50-day moving average crossing at 129-07 would confirm that a double top has been posted. If March resumes the rally off December's low, the 62% retracement level of the August-October decline crossing at 133-30 is the next upside target. First resistance is the January 19^th high crossing at 132-31. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 133-30. First support is the 50-day moving average crossing at 129-07. Second support is December's low crossing at 124-11. 

March T-notes closed down 1020-pts. at 113.115.

March T-notes closed lower on Monday as it extended the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 the November-December uptrend line crossing near 113.120 would would signal a likely end to the uptrend, which began in October. If December renews the rally off December's low, the 62% retracement level of the August-October-2022 decline crossing at 116.235 is the next upside target. First resistance is January's high crossing at 116.080. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 116.235. First support is the November-December uptrend line crossing near 113.120. Second support is the December 30^th low crossing at 111.280. 

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March crude oil closed higher on Monday as it consolidated some of the decline off January's high but remainsbelow the the December-January uptrend line crossing near $75.37. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins. 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 rally off January's high, December's low crossing at $70.56 is the next downside target.Closes above the 20-day moving average crossing at $78.43 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $78.43. Second resistance is January's high crossing at $82.66. First support is today's low crossing at $72.25. Second support is December's low crossing at $70.56.  

March heating oil closed slightly lower on Monday as it extends the decline off January's high. The high-range close sets the stage for a steady to higher opening when Tuesday's day trading session begins. 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% retracement level of the 2020-2022 rally crossing at $2.5401 is the next downside target. Closes above the 20-day moving average crossing at $3.1219 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.0526. Second resistance is the 20-day moving average crossing at $3.1219. First support is today's low crossing at $2.6653. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.5401. 

March unleaded gas closed higher due to short covering on Monday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, January's low crossing at 2.2439 is the next downside target. Closes above the 10-day moving average crossing at 2.5139 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.5139. Second resistance is January's high crossing at $2.7186. First support is January's low crossing at $2.2439. Second support is December's low crossing at $2.0488.

March Henry natural gas posted an inside day with a slightly higher close on Monday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off 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 2.968 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.968. Second resistance is January's high crossing at 4.005. First support is last-Friday's low crossing at 2.341. Second support is the December-2020 low on the monthly continuation chart crossing at 2.238.

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

The March Dollar closed higher for the third-day in a row on Monday as it extends the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $103.432 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 January-September rally crossing at $99.229 is the next downside target. First resistance is the 50-day moving average crossing at $103.432. Second resistance is January's high crossing at $105.500. First support is last-Thursday's low crossing at $100.680. Second support is the 87% retracement level of the January-September rally crossing at $99.229. 

The March Euro closed lower for the third-day in a row on Monday. The low-range close sets the stage for a steady to lower opening when Monday'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 1.07227 would open the door for a larger-degree decline near-term. If March renews 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 last-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 the 50-day moving average crossing at 1.07227. Second support is January's low crossing at $1.05290. 

The March British Pound closed lower for a third-day in a row on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends last-week's decline, January's low crossing at 1.1861 is the next downside target. Closes above the 10-day moving average crossing at 1.2299 would signal that a short-term low has been posted. If March resumes the rally off January's low, the 62% retracement level of the 2021-2022 decline crossing at 1.2764 is the next upside target. First resistance is December's high crossing at 1.2479. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.2764. First support is today's low crossing at 1.2013. Second support is January's low crossing at 1.1861. 

The March Swiss Franc closed lower on Monday as it extends the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, January's low crossing at 1.06915 is the next downside target. If March resumes the rally off September's low, the 75% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. First resistance is last-Thursday's high crossing at 1.10815. Second resistance is the 75% retracement level of the 2018-2022 decline crossing at 1.10351. First support is today's low crossing at 1.08025. Second support is the January 6^th low crossing at 1.06915. 

The March Canadian Dollar closed lower on Monday as it extends the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 74.20 would confirm 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-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 74.20. Second support is the January 19^th low crossing at 73.99.

The March Japanese Yen gapped down and closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 0.075795 would open the door for a possible test of January's low crossing at 0.074830. If March renews the rally off October's low, the May 24^th -2021 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 24^th -2021 high crossing at 0.080525. First support is January's low crossing at 0.074830. Second support is the December 15^th low crossing at 0.073210.    

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April gold closed slightly higher on Monday as it consolidated some of the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Thursday's high, the 50-day moving average crossing at 1863.70 is the next downside target. Closes above the 10-day moving average crossing at 1931.80 would signal that a short-term low has been posted. 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 $1975.20. Second resistance is the 75% retracement level of the March-October decline crossing at $1978.50. First support is the 50-day moving average crossing at $1863.70. Second support is the January low crossing at $1846.10. 

March silver closed lower on Tuesday as it extends the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends last-week's decline, the 38% retracement level of the September-February rally crossing at 22.028 is the next downside target. Closes above the 20-day moving average crossing at 23.662 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 24.750. Second resistance is the 87% retracement level of the March-August decline crossing at 25.938. First support is today's low crossing at 22.170. Second support is the 38% retracement level of the September-February rally crossing at 22.028.   

March copper closed lower on Monday as it extends the decline off January's high. The mid-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 50-day moving average crossing at 3.9458 is the next downside target. If March resumes the rally off September's low, the 75% retracement level of the March-July decline crossing at 4.4773 is the next upside target. First resistance is the 20-day moving average crossing at 4.1791. Second resistance is the January 18^th high crossing at 4.3550. First support is the 50-day moving average crossing at 3.9458. Second support is January's low crossing at 3.7085.  

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March Corn closed up $0.01 1/2-cents at $6.79. 

March corn closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible 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. Closes below the 20-day moving average crossing at $6.74 1/4 would confirm that a short-term top has been posted. First resistance is the January 18^th high crossing at $6.88 3/4. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is the 20-day moving average crossing at $6.74 1/4. Second support is the 50-day moving average crossing at $6.64 3/4. 

March wheat closed down $0.06 1/2-cents at $7.50 1/4.  

March wheat closed lower on Monday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 $7.45 1/4 would temper the near-term bullish outlook. Closes above last-Friday's high crossing at $7.76 1/2 would confirm 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 last-Friday's high crossing at $7.76 1/2. Second resistance is the December 30^th high crossing at $7.99. First support is January's low crossing at $7.12 1/2. Second support is the September 6^th 2021 low crossing at $6.93 1/2. 

March Kansas City Wheat closed up $0.03-cents at $8.76.

March Kansas City wheat closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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 $8.50 1/2 would signal that a short-term top has been posted. If March extends the rally off January's low, the December 27^th high crossing at $8.94 3/4 is the next upside target. First resistance is last-Thursday's high crossing at $8.92 3/4. Second resistance is the December 27 high crossing at $8.94 3/4. First support 20-day moving average crossing at $8.50 1/2. Second support is the January 23rd low crossing at $8.11. Third support is the January 10^th low crossing at $8.03 1/4.

March Minneapolis wheat closed down $0.04-cents crossing at $9.17 1/2.

March Minneapolis wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 $9.11 1/4 would signal that a short-term top has been posted. If March extends the rally off January's low, the 38% retracement level of the October-January decline crossing at $9.40 1/2 is the next upside target. First resistance is last-Thursday's high crossing at $9.32. Second resistance is the 38% retracement level of the October-January decline crossing at $9.40 1/2. First support is the 20-day moving average crossing at $9.11 1/4. Second support is January's low crossing at $8.85. 

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March soybeans closed down $0.10 3/4-cents at $15.21 1/4.

March soybeans closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's day trade begins. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at $15.14 1/2 would signal that a short-term top has been posted. If March renews this year's rally. last-June's high crossing at $15.72 1/4 is the next upside target. First resistance is the January 18^th high crossing at $15.48 1/2. Second resistance is last-June's high crossing at $15.72 1/4. First support is the 20-day moving average crossing at $15.14 1/2. Second support is the 50-day moving average crossing at $14.91 3/4.  

March soybean meal closed up $7.50 at $489.00. 

March soybean meal posted an inside day with a lower close on Monday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, monthly resistance on the continuation chart crossing at $513.90 is the next upside target. Closes below the 20-day moving average crossing at $476.90 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $500.40. Second resistance is monthly resistance the monthly continuation chart crossing at $513.90. First support is the 20-day moving average crossing at $476.90. Second support is the 50-day moving average crossing at $458.20.

March soybean oil closed up 25-pts. At 59.31. 

March soybean oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off the December 27^th high, the 87% retracement of the July-November-2022 crossing at 56.49 is the next downside target. Closes above the 20-day moving a crossing at 62.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 61.81. Second resistance is the 50-day moving average crossing at 63.43. First support is today's low crossing at 58.43. Second support is the 87% retracement of the July-November-2022 crossing at 56.49. 

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

April hogs closed down $3.80 at $82.68. 

April hogs closed sharply lower on Monday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish with that sideways to lower prices are possible near-term. If April extends the decline off December's high, the 75% retracement level of the 2021-2022 rally crossing at $81.15 is the next downside target. Closes above the July 27^th high crossing at $88.33 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $86.48. Second resistance is the January 27^th high crossing at $88.33. First support is today's low crossing at $82.35. Second support is the 75% retracement level of the 2021-2022 rally crossing at $81.15.  

April cattle closed up $0.25 at $164.38. 

April cattle closed higher on Monday as it extends the rally off last-September's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain 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 20-day moving average crossing at $161.57 would signal that a short-term top has been posted. First resistance is today's high crossing at $164.58. Second resistance is the November-2014 on the monthly continuation chart crossing at $171.65. First support is the 10-day moving average crossing at $162.51. Second support is the 20-day moving average crossing at $161.57.    

March Feeder cattle closed up $1.60 at $187.70. 

March Feeder cattle closed higher on Monday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, January's high crossing at $187.28 is the next upside target. Closes below the 20-day moving average crossing at $183.98 would signal that a short-term top has been posted. First resistance is today's high crossing at $187.85. Second resistance is January's high crossing at $188.75. First support is the 20-day moving average crossing at $183.98. Second support is January's low crossing at $179.18.       

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

March coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $16.21 would signal that a short-term top has been posted. 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. First resistance is last-Wednesday's high crossing at $18.42. Second resistance is the 50% retracement level of the August-January decline crossing at $18.92. First support is the 10-day moving average crossing at $17.14. Second support is the 50-day moving average crossing at $16.42. 

March cocoa closed higher on Monday. The high-range close sets the stage for a steady to slightly higher opening on Tuesday. 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 25.65 would signal that a short-term top has been posted while opening the door for a possible test of January's low crossing at 25.07. Closes above the 20-day moving average crossing at 26.08 would signal that a short-term low has been posted.                  

March sugar closed sharply lower on Monday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 20.32 would signal that a short-term top has been posted. If March renews the rally off January's low, monthly resistance crossing at 22.64 is the next upside target.   

March cotton closed sharply lower on Monday and below the 50-day moving average crossing at 83.84 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, January's low crossing at 80.35 is the next downside target. Closes above the November 16^th high crossing at 89.92 would mark a potential upside breakout of the November-February trading range while opening the door for a possible test of the 50% retracement level of the August-October decline crossing at 93.31.