KEY EVENTS TO WATCH FOR:

Friday, March 3, 2023 

9:45 AM ET. February US Services PMI

                       PMI, Services (expected 50.5; previous 46.8)

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

                       Services PMI (expected 54.3; previous 55.2)

                       Business Activity Idx (previous 60.4)

                       Prices Idx (previous 67.8)

                       Employment Idx (previous 50.0)

                       New Orders Idx (previous 60.4)

11:00 AM ET. February Global Services PMI

                       PMI, Services (previous 50.1)

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The Dow closed higher on Thursday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday'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 the Dow extends this month's decline, the 38% retracement level of the October-December rally crossing at 32,396.11 is the next downside target. Closes above the 20-day moving average crossing at 33,541.50 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 33,082.51. Second resistance is the 20-day moving average crossing at 33,541.50. First support is the 38% retracement level of the October-December rally crossing at 32,396.11. Second support is the 50% retracement level of the October-December rally crossing at 31,682.20. 

The March NASDAQ 100 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible. If March extends the decline off February's high, the 50-day moving average crossing at 11,813.15 is the next downside target. Closes above the 20-day moving average crossing at 12,370.35 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 12,370.35. Second resistance is the February 16^th high crossing at 12,792.75. First support is the 50-day moving average crossing at 11,813.15. Second support is the 62% retracement level of the January-February rally crossing at 11,494.88.  

The March S&P 500 closed higher on Thursday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday'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 February's high, the January 19^th low crossing at 3901.75 is the next downside target. Closes above the 20-day moving average crossing at 4074.82 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4008.60. Second resistance is the 20-day moving average crossing at 4074.85. First support is today's low crossing at 3925.00. Second support is the January 19^th low crossing at 3901.75.        

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March T-bonds closed down 31/32's at 122-07. 

March T-bonds closed lower on Thursday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 75% retracement level of the October-January rally crossing at 121-10 is the next downside target. Closes above the 20-day moving average crossing at 126-09 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 124-08. Second resistance is the 20-day moving average crossing at 126-09. First support is today's low crossing at 121-27. Second support is the 75% retracement level of the October-January rally crossing at 121-10.

March T-notes closed down 135-pts. at 110.045.

March T-notes closed lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, last-October's low crossing at 109.060 is the next downside target. Closes above the 20-day moving average crossing at 112.072 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 111.048. Second resistance is the 20-day moving average crossing at 112.072. First support is the 87% retracement level of the October-January rally crossing at 110.035. Second support is last-October's low crossing at 109.060.  

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April crude oil closed higher on Thursday as it extends the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at $77.91 signals that a short-term low has been posted. If April renews the decline off February's high, February's low crossing at $72.64 is the next downside target. First resistance is February's high crossing at $80.78. Second resistance is January's high crossing at $82.89. First support is last-Wednesday's low crossing at $73.80. Second support is February's low crossing at $72.64. 

April heating oil closed slightly lower on Thursday as it consolidated some of the rally off the February 17^th low. The mid-range close sets the stage for a steady to lower opening when Friday's day trading session begins. 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 $2.9164 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at $2.7772 is the next downside target. First resistance is the 50-day moving average crossing at $2.9164. Second resistance is February's high crossing at $3.0487. First support is the 10-day moving average crossing at $2.7772. Second support is February's low crossing at $2.6350. 

April unleaded gas closed higher on Thursday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, February's high crossing at 2.7303 is the next upside target. If April renews the decline off February's high, February's low crossing at 2.4671 is the next downside target. First resistance is February's high crossing at 2.7303. Second is January's high crossing at 2.8578. First support is last-Friday's low crossing at 2.5195. Second support is February's low crossing at 2.4671.  

April Henry natural gas closed lower on Thursday's ending a six-day rally off last-Wednesday low. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signal that sideways to higher prices are possible near-term. If April extends the rally off last-Wednesday's low, the 50-day moving average crossing at 3.099 is the next upside target. If April resumes the decline off November's high, the September-21^st-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target.First resistance is today's high crossing at 2.863. Second resistance is the 50-day moving average crossing at 3.710. First support is last-Wednesday's low crossing at 2.113. Second support is the September-21st-2020 low on the monthly continuation chart crossing at 1.795.

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The March Dollar closed higher on Thursday as it extends this week's trading range. The high-range close sets the stage for a steady to higher opening when Friday's 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 this month's rally, the 38% retracement level of the September-February decline crossing at $105.942 is the next upside target. Closes below the 20-day moving average crossing at 103.914 would signal that a short-term top has been posted. First resistance is January's high crossing at $105.500. Second resistance is the 38% retracement level of the September-February decline crossing at $105.942. First support is the 20-day moving average crossing at 103.914. Second support is the 50-day moving average crossing at $103.187.  

The March Euro closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.07538 would signal that a short-term low has been posted. If March renews this month's decline, the 38% retracement level of the September-February rally crossing at $1.05262 is the next downside target. Closes above the 50-day moving average crossing at $1.07538 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.06981. Second resistance is the 50-day moving average crossing at $1.07538. First support is the 38% retracement level of the September-February rally crossing at $1.05262. Second support the 50% retracement level of the September-February rally crossing at $1.03601. 

The March British Pound closed lower on Thursday as it extends February's trading range. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews February's decline, January's low crossing at 1.1861 is the next downside target. Closes above the 50-day moving average crossing at 1.2156 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.2156. Second resistance is the February 14^th high crossing at 1.2277. First support is the February 17^th low crossing at 1.1920. Second support is January's low crossing at 1.1861. 

The March Swiss Franc closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower trading is possible near-term. If March extends the decline off February's high, the 50% retracement level of the November-February rally crossing at 1.05461 is the next downside target. Closes above the 50-day moving average crossing at 1.08536 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.07247. Second resistance is the 50-day moving average crossing at 1.08536. First support is today's low crossing at 1.06025. Second support is the 50% retracement level of the November-February rally crossing at 1.05461. 

The March Canadian Dollar closed slightly higher on Thursday as it extended this week's trading range. The high-range close sets the stage for a steady to higher opening when Friday'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 February's high, January's low crossing at 73.10 is the next downside target. Closes above the 50-day moving average crossing at 74.28 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 74.28. Second resistance is the February 14^thhigh crossing at 75.35. First support is last-Friday's low crossing at 73.18. Second support is January's low crossing at 73.10.

The March Japanese Yen closed slightly lower on Thursday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday’s day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 62% retracement level of the October-January rally crossing at 0.071710 is the next downside target. Closes above the 20-day moving average crossing at 0.075119 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.074001. Second resistance is the 20-day moving average crossing at 0.075119. First support is the 50% retracement level of the October-January rally crossing at 0.073136. Second support is the 62% retracement level of the October-January rally crossing at 0.071710.   

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April gold closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 50-day moving average crossing at 1879.60 would signal that a short-term low has been posted. If April renews the decline off February's high, the 62% retracement level of the November-February rally crossing at 1772.80 is the next downside target. First resistance is the 20-day moving average crossing at 1858.50. Second resistance is the 50-day moving average crossing at $1879.60. First support is the 50% retracement level of the November-February rally crossing at $1811.60. Second support is the 62% retracement level of the November-February rally crossing at 1772.80.

March silver closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 62% retracement level of the September-February rally crossing at 20.326 is the next downside target. Closes above the 20-day moving average crossing at 21.745 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 21.745. Second resistance is the February 9^th high crossing at 22.615. First support is the 62% retracement level of the September-February rally crossing at 20.326. Second support is the 75% retracement level of the September-February rally crossing at 20.321. 

March copper filled Wednesday's gap crossing at 4.1005 and closed lower on Thursday as it consolidated some of the rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, last-Friday's high crossing at 4.2370 is the next upside target. If March renews the decline off February's high, the 50% retracement level of the September-January rally crossing at 3.7956 is the next downside target. First resistance is last-Friday's high crossing at 4.2370. Second resistance is the January 18^th high crossing at 4.3550. First support is the 38% retracement level of the September-January rally crossing at 3.9285. Second support is is the 50% retracement level of the September-January rally crossing at 3.7956.

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May Corn closed down $0.02-cents at $6.33 3/4. 

May corn closed lower on Thursday leaving Wednesday's upside reversal unconfirmed. The low-range close sets the stage for a steady to lower opening when Friday's night 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 May extends the decline off February's low, the August 18^th low crossing at $6.15 1/4 is the next downside target. Closes above broken support crossing at $6.48 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.55 3/4. Second resistance is the 20-day moving average crossing at $6.65 3/4. First support is Wednesday's low crossing at $6.22 1/4. Second support is the August 18^th low crossing at $6.15 1/4. 

May wheat closed up $0.02 3/4-cents at $7.12 3/4.  

May wheat closed higher on Thursday. The low-range close sets the stage for a steady to slightly higher opening when Friday'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 May extends the aforementioned decline, the September-2021 low crossing at $6.81 3/4 is the next downside target. Closes above the 50-day moving average crossing at $7.59 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.37 1/2. Second resistance is the 50-day moving average crossing at $7.59 1/2. First support is Wednesday's low crossing at $7.01 3/4. Second support is the September-2021 low crossing at $6.81 3/4. 

May Kansas City Wheat closed up $0.09 3/4-cents at $8.26.

May Kansas City wheat closed higher on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. If May renews this month's decline, January's low crossing at $8.00 1/4 is the next downside target. Closes above the 20-day moving average crossing at $8.65 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.54 1/2. Second resistance is the 20-day moving average crossing at $8.65 3/4. First support is the January 23rd low crossing at $8.06 3/4. Second support is January's low crossing at $8.00 1/4.

May Minneapolis wheat closed up $0.12 3/4-cents crossing at $8.76 1/4.

March Minneapolis wheat closed higher on Thursday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday'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 May extends the decline off February's high, the January-2022-low crossing at $8.42 1/2 is the next downside target. Closes above the 50-day moving average crossing at $9.06 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.06 1/4. Second resistance is February's high crossing at $9.28 1/2. First support is Wednesday's low crossing at $8.60 1/4. Second support is the January-2022-low crossing at $8.42 1/2. 

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May soybeans closed up $0.15-cents at $15.09 1/4.

May soybeans closed higher on Thursday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday's day trade begins. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $15.19 1/4 would signal that a short-term low has been posted. If May resumes the aforementioned decline, the 38% retracement level of the 2022-2023 rally crossing at $14.53 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $15.19 1/4. Second resistance is February's high crossing at $15.49 3/4. First support is the January 25^th low crossing at $14.76. Second support is the 38% retracement level of the 2022-2023 rally crossing at $14.53 3/4.  

May soybean meal closed up $2.00 at $472.30. 

May soybean meal closed higher on Thursday as it consolidated some of Tuesday's sharp decline. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends Tuesday's sharp decline, the 50-day moving average crossing at $463.50. If May renews the rally off January's low, psychological resistance crossing at $500.00 is the next upside target. First resistance is February's high crossing at $488.60. Second resistance is psychological resistance crossing at $500.00. First support is the 50-day moving average crossing at $463.50. Second support is the January 23^rd low crossing at $441.40.

May soybean oil closed up 107-pts. At 61.90. 

May soybean oil closed higher on Thursday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 62.06 would signal that a short-term low has been posted while opening the door for additional gains near-term. If May renews the decline off February's high, February's low crossing at 58.43 is the next downside target. First resistance is the 50-day moving average crossing at 62.06. Second resistance is February's high crossing at 63.83. First support is February's low crossing at 58.43. Second support is the 75% retracement of the July-November-2022 crossing at 58.36. 

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

April hogs closed down $0.95 at $84.00. 

April hogs posted a key reversal down and closed lower on Thursday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, February's low crossing at $81.28 is the next downside target. Closes above the 50-day moving average crossing at $88.11 would confirm that a shorty-term low has been posted. First resistance is the 10-day moving average crossing at $85.78. Second resistance is the 50-day moving average crossing at $88.11. First support is today's low crossing at $83.63. Second support is February's low crossing at $81.28.   

April cattle closed down $0.95 at $164.18. 

April cattle closed lower on Thursday and below the 20-day moving average crossing at $164.55 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends today's decline, the 50-day moving average crossing at $162.52 is the next downside target. If April resumes the rally off January's low, the November-2014 on the monthly continuation chart crossing at $171.65 is the next upside target. First resistance is last-Friday's high crossing at $166.40. 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 $162.52. Second support is the January 27^th low crossing at $160.20.    

May Feeder cattle closed down $0.05 at $198.95. 

May Feeder cattle posted an inside day with a slightly lower on Thursday leaving yesterday's key reversal down unconfirmed. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are 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 $195.99 would signal that a short-term top has been posted. If May extends the rally off January's low, the 75% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $210.28 is the next upside target. First resistance is Wednesday's high crossing at $201.33. Second resistance is the 75% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $210.28. First support is the 10-day moving average crossing at $197.14. Second support is the 20-day moving average crossing at $195.99.       

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

May coffee closed lower on Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $18.15 would signal that a short-term top has been posted. If May renews the rally off January's low, the 50% retracement level of the August-January decline crossing at $19.54 is the next upside target. First resistance is the 50% retracement level of the 2022-2023 decline crossing at $19.54. Second resistance is the 62% retracement level of the 2022-2023 decline crossing at $20.78. First support is the 20-day moving average crossing at $18.15. Second support is the 50-day moving average crossing at $17.04. 

May cocoa closed lower on Thursday as it consolidates some of this year's rally to a new contract high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this year's rally, weekly resistance crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 27.07 would confirm that a short-term top has been posted.                       

May sugar posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above 20.52 are needed to confirm an upside breakout of February's trading. If May resumes the rally off January's low, monthly resistance crossing at 23.18 is the next upside target. Closes below the February 7^th low crossing at 19.43 would open the door for a test of the 50-day moving average crossing at 19.30.        

May cotton posted a key reversal down and closed lower on Thursday as it consolidated some of its gains off February's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's high, January's high crossing at 89.31 is the next upside target. If May renews the decline off January's high, December's low crossing at 78.80 is the next downside target.