KEY EVENTS TO WATCH FOR:

Thursday, January 18, 2018   

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

                       Jobless Claims (expected 246K; previous 261K)

                       Jobless Claims, Net Chg (previous +11K)

                       Continuing Claims (previous 1867000)

                       Continuing Claims, Net Chg (previous -35K)

8:30 AM ET. December New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected 1.28M; previous 1.297M)

                       Housing Starts, M/M% (expected -1.5%; previous +3.3%)

                       Building Permits (expected 1.29M; previous 1.298M)

                       Building Permits, M/M% (expected -0.8%; previous -1.4%)

8:30 AM ET. January Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 25.0; previous 26.2)

                       Prices Paid (previous 25.4)

                       Employment (previous 18.1)

                       New Orders (previous 29.8)

                       Prices Received (previous 11.3)

                       Delivery Times (previous 10.9)

                       Inventories (previous -1.6)

                       Shipments (previous 23.4)

9:30 AM ET. IMF regular press briefing

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 2767B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -359B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 419.515M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.948M)

                       Gasoline Stocks (Bbl) (previous 237.322M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +4.135M)

                       Distillate Stocks (Bbl) (previous 143.088M)

                       Distillate Stocks, Net Chg (Bbl) (previous +4.254M)

                       Refinery Usage (previous 95.3%)

                       Total Prod Supplied (Bbl/day) (previous 20.639M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.692M)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, January 19, 2018   

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

                       Corn (Metric Tons) (previous 437.7K)

                       Soybeans (Metric Tons) (previous 616.4K)

                       Wheat (Metric Tons) (previous 71.5K)

10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data

                       Mid-Mo Sentiment (expected 97.0; previous 96.8)

                       Mid-Mo Expectations (previous 84.6)

                       Mid-Mo Current Idx (previous 115.9)

10:00 AM ET. ABA Economic Advisory Committee economic forecast

  N/A               Texas: Confederate Heroes Day

Monday, January 22, 2018   

8:30 AM ET. December CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.15)

                       NAI, 3-mo Moving Avg (previous 0.41)

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

The STOCK INDEXES:The March NASDAQ 100 was slightly lower overnight as it consolidates some of this year's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the NASDAQ 100 index extends this winter's rally into record territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 6600.74 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 6845.75. Second resistance is unknown. First support is the 10-day moving average crossing at 6721.23. Second support is the 20-day moving average crossing at 6600.74.  

The March S&P 500 was slightly higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2726.82 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 2808.00. Second resistance is unknown. First support is the 10-day moving average crossing at 2766.78. Second support is the 20-day moving average crossing at 2726.82.   

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

INTEREST RATES: March T-bonds were lower overnight following Wednesday's key reversal down. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, weekly support crossing at 145-26 is the next downside target. Closes above the 20-day moving average crossing at 151-08 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 150-24. Second resistance is the 20-day moving average crossing at 151-08. First support is last Wednesday's low crossing at 149-03. Second support is weekly support crossing at 145-26.  

March T-notes were lower overnight as it extends the decline off September's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 123.122 are needed to confirm that a short-term low has been posted. If March extends the decline off November's high, weekly support crossing at 122.070 is the next downside target. First resistance is the 10-day moving average crossing at 123.018. Second resistance is the 20-day moving average crossing at 123.122. First support is the overnight low crossing at 122.125. Second support is weekly support crossing at 122.070. 

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

ENERGY MARKETS: FebruaryNymex crude oil was steady to slightly lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, the 62% retracement level of the 2014-2016-decline crossing at 70.21 is the next upside target. Closes below the 20-day moving average crossing at 61.31 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2014-2016-decline crossing at 64.11. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.21. First support is the 10-day moving average crossing at 63.22. Second support is the 20-day moving average crossing at 61.31.

February heating oil was lower overnight as it consolidates below the 75% retracement level of the 2014-2016-decline crossing at 208.51. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 204.17 are needed to confirm that a short-term top has been posted. If February resumes the rally off October's low, the 87% retracement level of the 2014-2016-decline crossing at 222.40 is the next upside target. First resistance is the 75% retracement level of the 2014-2016-decline crossing at 208.51. Second resistance is the 87% retracement level of the 2014-2016-decline crossing at 222.40. First support is the 20-day moving average crossing at 204.17. Second support is the 50-day moving average crossing at 197.16.      

February unleaded gas was steady to slightly lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, weekly resistance crossing at 192.35 is the next upside target. Closes below the 50-day moving average crossing at 176.60 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 187.64. Second resistance is weekly resistance crossing at 192.35. First support is the 20-day moving average crossing at 180.10. Second support is the 50-day moving average crossing at 176.60. 

February Henry natural gas was lower overnight as it consolidated some of Wednesday's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 3.331 is the next upside target. Closes below the 20-day moving average crossing at 2.912 would confirm that a short-term top has been posted.First resistance is Wednesday's high crossing at 3.288. Second resistance is the 87% retracement level of the September-December-decline crossing at 3.331. First support is the 10-day moving average crossing at 3.028. Second support is the 20-day moving average crossing at 2.912.

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

CURRENCIES:The March Dollar was lower overnight. 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 December's high, weekly support crossing at 87.45 is the next downside target. Closes above the 20-day moving average crossing at 91.79 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 91.24. Second resistance is the 20-day moving average crossing at 91.79. First support is Wednesday's low crossing at 89.96. Second support is weekly support crossing at 87.45.

The March Euro was higher overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 120.61 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, the 50% retracement level of the 2014-2016-decline crossing at 125.34 is the next upside target. First resistance is Wednesday's high crossing at 123.69. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 125.34. First support is the 20-day moving average crossing at 120.61. Second support is the 50-day moving average crossing at 119.40. 

The March British Pound was higher overnight as it extends the rally off November's low. 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 November's low, the 38% retracement level of the 2014-2016-decline crossing at 1.4057 is the next upside target. Closes below the 20-day moving average crossing at 1.3581 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.3972. Second resistance is the 38% retracement level of the 2014-2016-decline crossing at 1.4057. First support is the 20-day moving average crossing at 1.3581. Second support is the 50-day moving average crossing at 1.3449.  

The March Swiss Franc were higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 75% retracement level of the July-October-rally crossing at 1.0588 is the next upside target. Closes below the 20-day moving average crossing at 1.0294 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the July-October-rally crossing at 1.0494. Second resistance is the 75% retracement level of the July-October-rally crossing at 1.0588. First support is the 10-day moving average crossing at 1.0340. Second support is the 20-day moving average crossing at 1.0294.     

The March Canadian Dollar was slightly lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March resumes the rally off December's low, the 75% retracement level of the September-December-decline crossing at 81.41 is the next upside target. Closes below the 20-day moving average crossing at 79.66 would confirm that a short-term top has been posted and could lead to additional weakness near-term. First resistance is January's high crossing at 81.00. Second resistance is the 75% retracement level of the September-December-decline crossing at 81.41. First support is the 20-day moving average crossing at 79.66. Second support is the 50-day moving average crossing at 78.89.

The March Japanese Yen was steady to slightly lower overnight following Wednesday's key reversal down. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 0.8929 would confirm that a short-term top has been posted. If March the aforementioned rally, the 62% retracement level of the September-November-decline crossing at 0.9141 is the next upside target. First resistance is Wednesday's high crossing at 0.9104. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is the 10-day moving average crossing at 0.8973. Second support is the 50-day moving average crossing at 0.8929.  

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

PRECIOUS METALS: February gold was slightly higher overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1307.60 are needed to confirm that a short-term top has been posted. If February extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 1349.30 is the next upside target. First resistance is the 87% retracement level of the September-December-decline crossing at 1349.30. Second resistance is September's high crossing at 1365.80. First support is the 10-day moving average crossing at 1325.40. Second support is the 20-day moving average crossing at 1307.60.

March silver was slightly higher overnight. 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 16.897 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, the 75% retracement level of the September-December-decline crossing at 17.686 is the next upside target. First resistance is the 62% retracement level of the September-December-decline crossing at 17.325. Second resistance is the 75% retracement level of the September-December-decline crossing at 17.686. First support is the 20-day moving average crossing at 16.897. Second support is the reaction low crossing at 16.140. 

March copper was higher overnight as it consolidates some of the decline off December's high. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 50-day moving average crossing at 314.64 is the next downside target. If March resumes the rally off December's low, the August-2013 high crossing at 334.05 is the next upside target. First resistance is December's high crossing at 332.20. Second resistance is the August-2013 high crossing at 334.05. First support is the 50-day moving average crossing at 314.64. Second support is the reaction low crossing at 311.10. 

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

March corn was steady to fractionally lower overnight. The mid-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a sideways to higher prices are possible near-term. Closes above the reaction high crossing at 3.54 3/4 are needed to confirm that a short-term low has been posted. If March resumes this month's decline, weekly support crossing at 3.32 is the next downside target. First resistance is the reaction high crossing at 3.54 3/4. Second resistance is December's high crossing at 3.60 1/2. First support is December's low crossing at 3.46 1/2. Second support is weekly support crossing at 3.32. 

March wheat was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 4.37 are needed to confirm that an important low has been posted. If March extends this week's decline, December's low crossing at 4.10 1/2 is the next downside target. First resistance is the reaction high crossing at 4.37. Second resistance is December's high crossing at 4.43. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.    

March Kansas City Wheat closed up 5-cents at 4.27. 

March Kansas City wheat closed higher on Wednesday as it consolidates some of this week's decline but remains below the 20-day moving average crossing at 4.29 1/2. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, December's low crossing at 4.10 1/2 is the next downside target. If March resumes the rally off December's low, November's high crossing at 4.51 1/2 is the next upside target. First resistance is last Friday's high crossing at 4.43. Second resistance is November's high crossing at 4.51 1/2. First support is the reaction low crossing at 4.17 1/4. Second support is December's low crossing at 4.10 1/2.   

March Minneapolis wheat was higher overnight as it consolidates some of this week's decline. The high-range overnight trade sets the stage for a steady to 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 aforementioned decline, December's low crossing at 6.05 is the next downside target. Closes above January's high crossing at 6.34 1/2 are needed to confirm that a short-term low has been posted. First resistance is January's high crossing at 6.34 1/2. Second resistance is the reaction high resistance crossing at 6.51. First support is December's low crossing at 6.05. Second support is the 87% retracement level of the April-July-rally crossing at 5.89 1/2. 

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

March soybeans was mostly steading in quiet trading overnight as it consolidates some of the rally off last Friday's low.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 9.77 are needed to confirm that a short-term low has been posted. If March extends the decline off December's high, August's low crossing at 9.37 1/2 is the next downside target. First resistance is the reaction high crossing at 9.77. Second resistance is the 50-day moving average crossing at 9.84 1/2. First support is last Friday's low crossing at 9.44 1/2. Second support is August's low crossing at 9.37 1/2.

March soybean meal was slightly lower overnight as it consolidates some of the rally off last Friday's low. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 324.10 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 318.90 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 324.10. Second resistance is the reaction high crossing at 331.20. First support is last Friday's low crossing at 310.30. Second support is the 87% retracement level of the August-December-rally crossing at 305.70.

March soybean oil was slightly higher overnight as it consolidates some of this month's decline. The mid-range overnight trade sets the stage for a steady 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 this month's decline, last June's low crossing at 31.85 is the next downside target. Closes above the 20-day moving average crossing at 33.23 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.23. Second resistance is the 50-day moving average crossing at 33.84. First support is the 87% retracement level of the June-September-rally crossing at 32.44. Second support is last June's low crossing at 31.85.

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

February hogs closed down $1.18 at $72.73. 

February hogs closed sharply lower on Wednesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, weekly resistance crossing at 76.91 is the next upside target. Closes below the 20-day moving average crossing at 70.97 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 74.25. Second resistance is weekly resistance crossing at 76.91. First support is the 20-day moving average crossing at 70.97. Second support is the 50-day moving average crossing at 69.91. 

February cattle closed up $2.88 at 120.98. 

February cattle closed sharply higher on Wednesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 119.88 confirms that a short-term low has been posted. If February extends the aforementioned decline, the 75% retracement level of the August-November-rally crossing at 115.05 is the next downside target. First resistance is the 50-day moving average crossing at 122.34. Second resistance is January's high crossing at 123.63. First support is the 75% retracement level of the August-November-rally crossing at 115.05. Second support is the 87% retracement level of the August-November-rally crossing at 112.35.

March Feeder cattle closed up $2.05 at $145.98. 

March Feeder cattle closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 147.31 are needed to confirm that a low has been posted. If March extends this month's decline, December's low crossing at 138.30 is the next downside target. First resistance is the 50-day moving average crossing at 147.31. Second resistance is the reaction high crossing at 154.05. First support is last Tuesday's low crossing at 140.12. Second support is December's low crossing at 138.30.   

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

March coffee closed higher due to short covering on Wednesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, December's low crossing at 11.83 is the next downside target. Closes above the 50-day moving average crossing at 12.58 are needed to confirms that a short-term low has been posted. 

March cocoa closed higher on Wednesday and above the 50-day moving average crossing at 19.92. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 19.92 would confirm that a short-term low has been posted. If March renews the decline off November's high, weekly support crossing at 17.91 is the next downside target. 

March sugar closed sharply lower on Wednesday as it extended this month's decline. The low-range close set the stage for a steady to lower opening on Thursday. 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 September-2015 low crossing at 12.72 is the next downside target. Closes above the 50-day moving average crossing at 14.69 would confirm that a short-term low has been posted.

March cotton closed higher on Wednesday. The low-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 78.62 are needed to confirm a short-term top has been posted. If March extends the rally off October's low, weekly resistance crossing at 87.18 is the next upside target.