KEY EVENTS TO WATCH FOR:

Friday, February 23, 2018   

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

                       Corn (Metric Tons) (previous 2072K)

                       Soybeans (Metric Tons) (previous 837.5K)

                       Wheat (Metric Tons) (previous 421.9K)

  N/A               Trump meets Australian PM at the White House

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

The STOCK INDEXES:The March NASDAQ 100 was slightly higher overnight as it extends this week's trading range. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, January's high crossing at 7047.25 is the next upside target. Closes below the 50-day moving average crossing at 6667.99 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 6885.50. Second resistance is January's high crossing at 7047.25. First support is the 50-day moving average crossing at 6667.99. Second support is the 38% retracement level of the 2016-2018-rally crossing at 6217.54.  

The March S&P 500 was slightly higher overnight while extending this week's trading range. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Friday's high crossing at 2753.50 are needed to confirm that a short-term low has been posted. Closes below Thursday's low crossing at 2684.00 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 2753.50. Second resistance is the reaction high crossing at 2839.00. First support is Thursday's low crossing at 2684.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20.    

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

INTEREST RATES: March T-bonds were higher due to short covering overnight as they consolidate some of Wednesday's loss. 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, weekly support crossing at 140-03 is the next downside target. Closes above the 20-day moving average crossing at 145-04 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 145-04. Second resistance is the reaction high crossing at 147-23. First support is Wednesday's low crossing at 142-14. Second support is weekly support crossing at 140-03.  

March T-notes were higher overnight while extending this week's trading range. 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 last September's high, weekly support crossing at 119.170 is the next downside target. Closes above the 20-day moving average crossing at 121.003 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121.003. Second resistance is the 50-day moving average crossing at 122.135. First support is last Thursday's low crossing at 120.010. Second support is weekly support crossing at 119.170. 

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

ENERGY MARKETS: AprilNymex crude oil was steady to slightly lower overnight as it consolidates some of the rally off February's low.Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 62.35 are needed to confirm that a short-term low has been posted. If April renews the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 56.05 is the next downside target. First resistance is the 20-day moving average crossing at 62.35. Second resistance is January's high crossing at 66.39. First support is February's low crossing at 57.90. Second support is the 38% retracement level of the 2016-2018-rally crossing at 56.05.  

April heating oil was steady to slightly lower overnight as it consolidates some of the rally off February's low. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 195.76 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 176.89 is the next downside target. First resistance is the 20-day moving average crossing at 195.76. Second resistance is the reaction high crossing at 208.80. First support is February's low crossing at 180.97. Second support is the 38% retracement level of the 2016-2018-rally crossing at 176.89.      

April unleaded gas was slightly lower overnight as it consolidates some of this week's gains. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 198.20 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 179.34 is the next downside target. First resistance is the 50-day moving average crossing at 198.20. Second resistance is the reaction high crossing at 208.46. First support is the 10-day moving average crossing at 191.27. Second support is February's low crossing at 165.19. Third support is the 38% retracement level of the 2016-2018-rally crossing at 179.34.

April Henry natural gas was lower overnight. Stochastics and the RSI are turning neutral to bearish hinting that the corrective rally off February's low might be ending. If April renews the decline off January's high, the 87% retracement level of the December-January-rally crossing at 2.551. Closes above the 20-day moving average crossing at 2.723 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.713. Second resistance is the 20-day moving average crossing at 2.723. First support is the 87% retracement level of the December-January-rally crossing at 2.551. Second support is December's low crossing at 2.487.

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

CURRENCIES:The March Dollar was higher overnight. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above February's high crossing at 90.46 are needed to confirm that a double bottom has been posted. Closes below February's low crossing at 88.15 would open the door for a possible test of weekly support crossing at 87.45. First resistance is the February's high crossing at 90.46. Second resistance is the 50-day moving average crossing at 90.70. First support is February's low crossing at 88.15. Second support is weekly support crossing at 87.45.

The March Euro was slightly lower overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, February's low crossing at 122.34 is the next downside target. Closes above February's high would open the door for a possible test of weekly resistance crossing at 126.74. First resistance is February's high crossing at 125.80. Second resistance is weekly resistance crossing at 126.74. First support is February's low crossing at 122.34. Second support is the 50-day moving average crossing at 122.04. 

The March British Pound was steady to slightly higher overnight.Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 1.3794 is the next downside target. Closes above last-Friday's high crossing at 1.4160 are needed to confirm that a short-term low has been posted. First resistance is February's high crossing at 1.4302. Second resistance is January's high crossing at 1.4370. First support is February's low crossing at 1.3780. Second support is January's low crossing at 1.3486.  

The March Swiss Franc were steady to slightly lower overnight. 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, February's low crossing at 1.0589 is the next downside target. Closes above the 20-day moving average crossing at 1.0738 would temper the near-term bearish outlook. First resistance is February's high crossing at 1.0908. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is February's low crossing at 1.0589. Second support is the 50-day moving average crossing at 1.0485.     

The March Canadian Dollar was steady to slightly higher overnight as it consolidates some of this week's decline. 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 87% retracement level of the December-January-rally crossing at 78.06 is the next downside target. Closes above the 20-day moving average crossing at 79.97 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 79.38. Second resistance is last-Friday's high crossing at 80.35. First support is the 75% retracement level of the December-January-rally crossing at 78.56. Second support is the 87% retracement level of the December-January-rally crossing at 78.06.

The March Japanese Yen was steady to slightly lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off January's low, the 62% retracement level of the 2016 decline crossing at 0.9680 is the next upside target.Closes below the 20-day moving average crossing at 0.9257 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2016 decline crossing at 0.9491. Second resistance is the 62% retracement level of the 2016 decline crossing at 0.9680. First support is the 10-day moving average crossing at 0.9333. Second support is the 20-day moving average crossing at 0.9257.  

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

PRECIOUS METALS: April gold was steady to slightly lower overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1320.60 are needed to confirm that a short-term top has been posted. If April renews the rally off February's low, January's high crossing at 1370.50 is the next upside target. First resistance is last Friday's high crossing at 1364.40. Second resistance is January's high crossing at 1370.50. First support is the 50-day moving average crossing at 1320.60. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.

March silver was slightly lower overnight. 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 16.950 are needed to confirm that a short-term low has been posted. If March extends this week's decline, February's low crossing at 16.130 is the next downside target. First resistance is the reaction high crossing at 16.950. Second resistance is January's high crossing at 17.705. First support is February's low crossing at 16.130. Second support is December's low crossing at 15.635. 

March copper was lower overnight as it consolidates some of Thursday's rally. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If March resumes the rally off February's low, the reaction high crossing at 329.10 is the next upside target. Closes below Thursday's low crossing at 315.35 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 329.10. Second resistance is December's high crossing at 332.20. First support is Thursday's low crossing at 315.35. Second support is the 75% retracement level of December's rally crossing at 303.58. 

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

March corn was steady to fractionally higher overnight as it consolidates above the 25% retracement level of the July-January-decline crossing at 3.65 1/2. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, last September's high crossing at 3.74 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.63 3/4 would confirm that a short-term top has been posted. First resistance is last-October's high crossing at 3.69 1/4. Second resistance is last-September's high crossing at 3.74 1/2. First support is the 20-day moving average crossing at 3.63 3/4. Second support is the reaction low crossing at 3.56 1/4.  

March wheat was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off January's low, last September's high crossing at 4.82 is the next upside target. If March extends this week's decline, the reaction low crossing at 4.38 3/4 is the next downside target. First resistance is last Tuesday's high crossing at 4.67 1/4. Second resistance is last September's high crossing at 4.82. First support is the reaction low crossing at 4.38 3/4. Second support is the 50-day moving average crossing at 4.36 1/4.    

March Kansas City Wheat closed up 5-cents at 4.70 3/4. 

March Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 4.66 3/4 are needed to confirm that a short-term top has been posted. If March renews the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First resistance is Tuesday's high crossing at 4.85 1/2. Second resistance is the 38% retracement level of 2017's trading range crossing at 4.88 1/2. First support is the 20-day moving average crossing at 4.66 3/4. Second support is the reaction low crossing at 4.54 1/2.    

March Minneapolis wheat was higher overnight. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 6.12 3/4 are needed to confirm that a short-term low has been posted. If March extends the decline off January's high, the 87% retracement level of the April-July-rally crossing at 5.89 1/2 is the next downside target. First resistance is the reaction high crossing at 6.21 1/2. Second resistance is January's high crossing at 6.34 1/2. First support is Wednesday's low crossing at 5.98 1/2. 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 were higher overnight as it extends the rally off January's low. 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 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, last-July's high crossing at 10.50 1/2 is the next upside target. Closes below the 20-day moving average crossing at 10.02 1/2 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 10.39. Second resistance is last-July's high crossing at 10.50 1/2. First support is the 10-day moving average crossing at 10.18 1/2. Second support is the 20-day moving average crossing at 10.02 1/2.

March soybean meal was higher overnight. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, weekly resistance crossing at 397.30 is the next upside target. Closes below the 10-day moving average crossing at 369.40 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 385.50. Second resistance is weekly resistance crossing at 397.30. First support is the 10-day moving average crossing at 369.40. Second support is the 20-day moving average crossing at 352.30.

March soybean oil was higher overnight as it extends this week's rally. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 32.31 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, the July-2016 low crossing at 31.19 is the next downside target. First resistance is the 20-day moving average crossing at 32.31. Second resistance is the 50-day moving average crossing at 32.79. First support is February's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.

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

April hogs closed up $1.38 at $71.28. 

April hogs closed higher on Thursday and above the 20-day moving average crossing at 71.19 are needed to confirm that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends today's rally, the 50-day moving average crossing at 73.17 is the next upside target. If April renews the decline off January's high, the 87% retracement level of the August-January-rally crossing at 66.60 is the next downside target. First resistance is today's high crossing at 71.19. Second resistance is the 50-day moving average crossing at 73.17. First support is the 75% retracement level of the August-January-rally crossing at 68.07. Second support is the 87% retracement level of the August-January-rally crossing at 66.60.

April cattle closed down $0.85 at 125.38. 

April 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 night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below reaction low crossing at 122.80 are needed to confirm that a short-term top has been posted. If April resumes the rally off January's low, November's high crossing at 130.10 is the next upside target. First resistance is Tuesday's high crossing at 127.95. Second resistance is November's high crossing at 130.10. First support is the reaction low crossing at 122.80. Second support is January's low crossing at 118.05.

March Feeder cattle closed down $0.65 at $146.00. 

March Feeder cattle closed lower on Thursday as it extended Wednesday's decline. The low-range close sets the stage for a steady to lower opening when Friday's 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 today's decline, February's low crossing at 144.20 is the next downside target. If March renews the rally off February's low, February's high crossing at 151.95 is the next upside target. First resistance is February's high crossing at 151.95. Second resistance is the reaction high crossing at 154.05. First support is February's low crossing at 144.20. Second support is the reaction low crossing at 142.42.   

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

March coffee closed sharply higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 12.25 are needed to confirms that a short-term low has been posted. If March extends the decline off January's high, weekly support crossing at 11.55 is the next downside target.   

March cocoa closed higher on Thursday and is challenging the 87% retracement level of the November-December-decline crossing at 21.71 as it extends the rally off December's low. 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 March extends the rally off December's low, November's high crossing at 22.26 is the next upside target. Closes below the 20-day moving average crossing at 20.43 would confirm that a short-term top has been posted. 

March sugar closed higher on Friday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off January's low, the 50-day moving average crossing at 13.97 is the next upside target. If March extends this month's decline, the reaction low crossing at 13.17 is the next downside target. 

March cotton closed sharply higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the reaction high crossing at 83.95 is the next upside target. Closes below the 10-day moving average crossing at 76.98 would confirm that a short-term top has been posted.