KEY EVENTS TO WATCH FOR:

Friday, March 10, 2023  

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

                       Non-Farm Payrolls (previous +517K)

                       Unemployment Rate (previous 3.4%)

                       Avg Hourly Earnings (USD) (previous 33.03)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.1)

                       Avg Hourly Earnings, M/M% (previous +0.30%)

                       Avg Hourly Earnings, Y/Y% (previous +4.43%)

                       Overall Workweek (previous 34.7)

                       Overall Workweek Net Chg (previous +0.3)

                       Government Payrolls (previous +74K)

                       Private Payroll (previous +443K)

                       Participation Rate (previous 62.4%)

                       Non-Farm Payrolls Bench Net Chg

2:00 PM ET. February Monthly Treasury Statement of Receipts and Outlays of the U.S. Government.

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

The Dow closed sharply lower on Thursday as it extends the decline off February's high. Today's 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 the Dow extends the decline off February's high, the 50% retracement level of the October-December rally crossing at 31,682.20 is the next downside target. Closes above the 50-day moving average crossing at 33,511.05 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 33,511.05. Second resistance is February's high crossing at 34,331.47. 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 sharply lower on Thursday as it extends this week's decline. 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. Closes below the 50-day moving average crossing at 11,919.26 would signal that a short-term top has been posted. If March renews the rally off last-Thursday's low, the February 16^th high crossing at 12,792.75 is the next upside target. First resistance is the February 16^th high crossing at 12,792.75. Second resistance is February's high crossing at 12,949.75. First support is the 50-day moving average crossing at 11,919.26. Second support is the 50% retracement level of the January-February rally crossing at 11,773.24.  

The March S&P 500 closed sharply lower on Thursday as it extends this week's decline. 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 March resumes the decline off February's high, the January 19^th low crossing at 3901.75 is the next downside target. Closes above Monday's high crossing at 4082.50 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is Monday's high crossing at 4082.50. Second resistance is the February 14^th high crossing at 4186.50. First support is last-Thursday's low crossing at 3925.00. Second support is the January 19^th low crossing at 3901.75.        

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June T-bonds closed up 23/32's at 126-02. 

June T-bonds closed higher on Thursday as it extends this week's rally. 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 20-day moving average crossing at 126-01 would signal that a short-term low has been posted. If June resumes the decline off February's high, the 75% retracement level of the October-January rally crossing at 121-10 is the next downside target. First resistance is the 20-day moving average crossing at 126-01. Second resistance is the 50-day moving average crossing at 128-21. First support is last-Thursday's low crossing at 121-27. Second support is the 75% retracement level of the October-January rally crossing at 122-06.

June T-notes closed up 235-pts. at 111.210.

June T-notes closed higher on Thursday as it extends this week's rally. 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 20-day moving average crossing at 111.278 would signal that a short-term low has been posted. If June resumes the decline off January's high, last-October's low crossing at 109.215 is the next downside target. First resistance is the 20-day moving average crossing at 111.278. Second resistance is the 50-day moving average crossing at 113.192. First support is the 87% retracement level of the October-January rally crossing at 110.198. Second support is last-October's low crossing at 109.215.  

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

April crude oil closed lower on Thursday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Friday's day session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Friday's low crossing at $75.83 signals that a short-term top has been posted. If April renews the rally off the February 22^nd low, January's high crossing at $82.89 is the next upside target. First resistance is Tuesday's high crossing at $80.94. Second resistance is January's high crossing at $82.89. First support is today's low crossing at $75.56. Second support is the February 22^ndlow crossing at $73.80.  

April heating oil closed lower on Wednesday as it extends the decline off last-Friday's high. The low-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 bearish signaling that sideways to lower prices are possible near-term. If April extends this week's decline, the February 17^th low crossing at 2.6467 is the next downside target. Closes above the 50-day moving average crossing at $2.9055 would renew the rally off February's low while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $2.9055. Second resistance is February's high crossing at $3.0487. First support is today's low crossing at $2.6647. Second support is the February 17^th low crossing at $2.6467. 

April unleaded gas closed lower on Thursday and below last-Friday's low crossing at 2.6235 signaling that a short-term top has been posted. 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 this week's decline, the February 24^th low crossing at 2.5195 is the next downside target. Closes above today's high crossing at 2.7069 would signal that a short-term low has been posted. First resistance is today's high crossing at 2.7069. Second resistance is Tuesday's high crossing at 2.8122. First support is the February 24^th low crossing at 2.5195. Second support is February's low crossing at 2.4671.

April Henry natural gas closed lower on Thursday as it extended this week's decline. 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 signal that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 2.919 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 2.919. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at 3.667 is the next upside target. First support is today's low crossing at 2.465. Second support is February's low crossing at 2.113. 

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

The March Dollar closed lower on Thursday as it consolidated some of the rally off February's low. The low-range close sets the stage for a steady to lower 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 extends the rally off February's low, the 50% retracement level of the September-February decline crossing at $107.569 is the next upside target. Closes below the 20-day moving average crossing at 104.383 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the September-February decline crossing at $105.942. Second resistance is the 50% retracement level of the September-February decline crossing at $107.569. First support is the 20-day moving average crossing at 104.383. Second support is the 50-day moving average crossing at $103.292.  

The March Euro closed slightly 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off February's high, the 50% retracement level of the September-February rally crossing at $1.03579 is the next downside target. Closes above the 50-day moving average crossing at $1.07464 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.07464. Second resistance is the February 14^th high crossing at $1.08245. First support is the 38% retracement level of the September-February rally crossing at $1.05234. Second support the 50% retracement level of the September-February rally crossing at $1.03579. 

The March British Pound closed higher on Thursday 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 Friday'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 the decline off January's high, the 38% retracement level of the September-December-2022 rally crossing at 1.1693 is the next downside target. Closes above the 50-day moving average crossing at 1.2138 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.2138. Second resistance is the February 14^th high crossing at 1.2277. First support is Wednesday's low crossing at 1.1803. Second support is the 38% retracement level of the September-December-2022 rally crossing at 1.1693. 

The March Swiss Franc closed higher on Thursday as it consolidated some of Tuesday's decline. The high-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 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 the next downside target. Closes above the 20-day moving average crossing at 1.07488 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.07488. Second resistance is the 50-day moving average crossing at 1.08352. First support is Wednesday's low crossing at 1.06000. Second support is the 50% retracement level of the November-February rally crossing at 1.05461. 

The March Canadian Dollar 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 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 October-2022 low crossing at 71.70 is the next downside target. Closes above the 20-day moving average crossing at 73.80 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 73.20. Second resistance is the 20-day moving average crossing at 73.80. First support is today's low crossing at 72.27. Second support is the October-2022 low crossing at 71.70.

The March Japanese Yen closed higher on Thursday as it consolidated some of the decline off January's high and closed above the 50% retracement level of the October-January rally crossing at 0.073141. 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 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 0.074264 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.074264. Second resistance is the 50-day moving average crossing at 0.075921. First support is Wednesday's low crossing at 0.072550. Second support is the 62% retracement level of the October-January rally crossing at 0.071710.   

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

April gold closed higher on Thursday as it consolidated some of this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at 1880.70 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1880.70. Second resistance is the February 9^th high crossing at $1902.30. 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.

May silver 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 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 75% retracement level of the September-February rally crossing at 19.499 is the next downside target. Closes above the 20-day moving average crossing at 21.354 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 21.354. Second resistance is the February 21^sthigh crossing at 22.135. First support is Wednesday's low crossing at 19.955. Second support is the 75% retracement level of the September-February rally crossing at 19.499. 

May copper posted an inside day with a lower close 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, the 50% retracement level of the September-January rally crossing at 3.7966 is the next downside target. If May renews the rally off February's low, the February 21^st high crossing at 4.2130 is the next upside target. First resistance is the February 21^st high crossing at 4.2130. Second resistance is the January 18^th high crossing at 4.3590. First support is the 38% retracement level of the September-January rally crossing at 3.9297. Second support is is the 50% retracement level of the September-January rally crossing at 3.7966.

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

May Corn closed down $0.14-cents at $6.12 1/4. 

May corn 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 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 75% retracement level of the July-October rally crossing at $6.08 is the next downside target. Closes above last-Friday's high crossing at $6.42 3/4 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $6.42 3/4. Second resistance is the 20-day moving average crossing at $6.54 1/2. First support is today's low crossing at $6.10 1/4. Second support is the 75% retracement level of the July-October rally crossing at $6.08. 

May wheat closed down $0.21 3/4-cents at $6.65 1/4.  

May wheat 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 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 87% retracement level of the 2020-2022 rally crossing at $6.32 is the next downside target. Closes above last-Friday's high crossing at $7.21 3/4 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $7.21 3/4. Second resistance is the 20-day moving average crossing at $7.38 1/2. First support is today's low crossing at $6.64 1/4. Second support is the 87% retracement level of the 2020-2022 rally crossing at $6.32. 

May Kansas City Wheat closed down $0.23-cents at $7.77 1/4.

May Kansas City wheat closed sharply lower on Thursday as it extended decline off February's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. If May extends the decline off February's high, the October-2022 low crossing at $7.62 is the next downside target. Closes above the 20-day moving average crossing at $8.47 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $8.09 3/4. Second resistance is the 20-day moving average crossing at $8.47. First support is today's low crossing at $7.76 1/2. Second support isthe October-2022 low crossing at $7.62.

May Minneapolis wheat closed down $0.21-cents crossing at $8.17 1/2.

March Minneapolis wheat closed lower on Thursday as it extends the decline off last-October'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 May extends the decline off February's high, the July-2021-low on the monthly continuation chart crossing at $8.14 1/4 is the next downside target. Closes above the 20-day moving average crossing at $8.88 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $8.60. Second resistance is the 20-day moving average crossing at $8.88 3/4. First support is today's low crossing at $8.15 1/2. Second support is the July-2021-low on the monthly continuation chart crossing at $8.14 1/4. 

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

May soybeans closed down $0.07-cents at $15.10 3/4.

May soybeans closed lower on Thursday as it extended the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Friday's day trade begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the rally off February's low, February's high crossing at $15.49 3/4 is the next upside target. Closes below last-Friday's low crossing at $15.07 1/4 would temper the near-term bullish outlook. First resistance is Monday's high crossing at $15.38 1/2. Second resistance is February's high crossing at $15.49 3/4. First support is last-Tuesday's low crossing at $14.77 3/4. Second support is the January 5^th low crossing at $14.72.  

May soybean meal closed up $1.20 at $486.90. 

May soybean meal closed higher on Thursday ending a two-day correction off Tuesday's high. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the 20-day moving average crossing at $479.80 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $498.00. Second resistance is psychological resistance crossing at $500.00. First support is the 20-day moving average crossing at $479.80. Second support is the 50-day moving average crossing at $468.00.

May soybean oil closed down 202-pts. At 57.06. 

May soybean oil closed sharply lower on Thursday as it renewed 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 higher prices are possible near-term. If May extends the decline off February's high, the 87% retracement level of the July-November-2022 rally crossing at 56.36 is the next downside target. Closes above the 50-day moving average crossing at 61.65 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at 61.65. Second resistance is February's high crossing at 63.83. First support is today's low crossing at 57.01. Second support is the 87% retracement of the July-November-2022 crossing at 56.36. 

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

April hogs closed down $0.78 at $84.98. 

April hogs 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 $87.14 would confirm that a shorty-term low has been posted. If April extends the decline off February's high, February's low crossing at $81.28 is the next downside target. First resistance is the 50-day moving average crossing at $87.14. Second resistance is February's high crossing at $89.88. First support is Tuesday's low crossing at $83.20. Second support is February's low crossing at $81.28.   

April cattle closed down $0.70 at $164.75. 

April cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $163.85 would confirm a short-term top has been posted while opening the door for a test of the 50-day moving average crossing at $162.99. If April renews 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 Monday's high crossing at $166.68. 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 $162.99. Second support is the January 27^th low crossing at $160.20.    

May Feeder cattle closed down $0.58 at $205.58. 

May Feeder cattle closed lower on Thursday as it consolidates some of the rally off January's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $198.30 would signal that a short-term top has been posted. First resistance is today's high crossing at $207.03. 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 $201.44. Second support is the 20-day moving average crossing at $198.30.       

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 remain neutral to bearish signaling sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50-day moving average crossing at $17.14 is the next downside target. 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 50-day moving average crossing at $17.14. Second support is the January 20^th low crossing at $15.29. 

May cocoa closed slightly lower on Thursday as it extended the decline off last-Wednesday's high. The mid-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 May extends the decline off March's high, the 50-day moving average crossing at 26.72 is the next downside target. Closes above the 10-day moving average crossing at 27.69 would signal that a short-term low has been posted.         

May sugar closed higher on Thursday as it extends the rally off last-October's low. The high-range close sets the stage for a steady to higher 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 the aforementioned rally, weekly resistance crossing at 21.89 is the next upside target. Closes below the 20-day moving average crossing at 20.25 would signal that a short-term top has been posted.        

May cotton closed slightly lower on Thursday as it extends the November-February trading range. 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 May extends this week's decline, February's low crossing at 80.88 is the next downside target. If May renews the rally off February's low, January's high crossing at 89.31 is the next upside target.