KEY EVENTS TO WATCH FOR:

Tuesday, January 2, 2018 

9:45 AM ET. December US Manufacturing PMI

                       PMI, Mfg (previous 53.9)

11:00 AM ET. December Global Manufacturing PMI

                       PMI, Mfg (previous 54)

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

The March NASDAQ 100 closed lower on Friday and below the 20-day moving average crossing at 6418.21 confirming that a short-term top has been posted.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. 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, the 50-day moving average crossing at 6337.78 is the next downside target. If the NASDAQ 100 resumes this year's rally into record territory, upside targets will be hard to project. First resistance is December's high crossing at 6545.75. Second resistance is unknown. First support is the 20-day moving average crossing at 6418.98. Second support is the 50-day moving average crossing at 6337.78.  

The March S&P 500 closed lower on Friday as it extends this week's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2668.16 are needed to confirm that a short-term top has been posted. If March resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is today's high crossing at 2698.20. Second resistance is unknown. First support is the 20-day moving average crossing at 2668.16. Second support is the the reaction low crossing at 2652.70. 

The Dow closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Tuesday's night 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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 24,549.23 would confirm that a short-term top has been posted. First resistance is December's high crossing at 24,876.07. Second resistance is unknown. First support is the 20-day moving average crossing at 24,549.23. Second support is the reaction low crossing at 24,101.48.    

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March T-bonds closed up 5/32's at 152-28.

March T-bonds closed higher on Friday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, December's high crossing at 154-18 is the next upside target. If March resumes the decline off December's high, October's low crossing at 149-07 is the next downside target. First resistance is December's high crossing at 154-18. Second resistance is the 75% retracement level of the September-October-decline crossing at 154-21. First support is December's low crossing at 150-18. Second support is October's low crossing at 149-07.   

March T-notes closed up 55/32's at 124-005.

March T-notes closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 124.030 are needed to confirm that a low has been posted. If March resumes the decline off September's high, weekly support crossing at 122.205 is the next downside target. First resistance is the 20-day moving average crossing at 124.030. Second resistance is the 50-day moving average crossing at 124.129. First support is December's low crossing at 123.125. Second support is weekly support crossing at 122.205.   

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February crude oil closed higher on Friday as it extended 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. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins. If February extends the aforementioned rally, the 50% retracement level of the 2014-2016-decline crossing at 64.11 is the next upside target. Closes below the 20-day moving average crossing at 57.97 would confirm that a short-term top has been posted. First resistance is today's high crossing at 60.51. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 64.11. First support is the 20-day moving average crossing at 57.97. Second support is the 50-day moving average crossing at 56.65. 

February heating oil closed higher on Friday and tested the 75% retracement level of the 2014-2016-decline crossing at 208.51 as it extends this year's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. 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 October's low, the 87% retracement level of the 2014-2016-decline crossing at 222.40 is the next upside target. Closes below the 20-day moving average crossing at 194.87 would confirm that a short-term top has been posted. 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 10-day moving average crossing at 198.26. Second support is the 20-day moving average crossing at 194.87.   

February unleaded gas closed slightly lower on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening when Tuesday's night 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 February extends this month's rally, the May-2015 high crossing at 186.01 is the next upside target. Closes below the 50-day moving average crossing at 173.15 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 181.53. Second resistance is the May-2015 high crossing at 186.01. First support is the 50-day moving average crossing at 173.15. Second support is December's low crossing at 166.19.   

February Henry natural gas closed higher on Thursday and above the 20-day moving average crossing at 2.787 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, the 50-day moving average crossing at 3.015 is the next upside target. If February resumes the decline off November's high, weekly support crossing at 2.522 is the next downside target. First resistance is the 50-day moving average crossing at 3.015. Second resistance is the reaction high crossing at 3.210. First support is December's low crossing at 2.562. Second support is weekly support crossing at 2.522. 

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

The March Dollar closed sharply lower on Friday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 March extends the decline off last week's, the 75% retracement level of the September-November-decline crossing at 91.69 is the next downside target. Closes above the 20-day moving average crossing at 92.99 are needed to confirm that a short-term low has been posted. First resistance is December's high crossing at 93.83. Second resistance is November's high crossing at 94.76. First support is the 75% retracement level of the September-November-rally crossing at 91.69. Second support is the 87% retracement level of the September-November-decline-rally crossing at 91.20.

The March Euro closed higher on Friday and above November's high crossing at 120.44 marking an upside breakout of the trading range of the past seven-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain 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 121.50 is the next upside target. Closes below the 20-day moving average crossing at 120.56 would confirm that a short-term top has been posted. First resistance is today's high crossing at 120.79. Second resistance is the reaction high crossing at 121.50. First support is December's low crossing at 117.97. Second support is November's low crossing at 116.48.     

The March British Pound closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, September's high crossing at 1.3695 is the next upside target. If March renews the decline off December's high, the 50-day moving average crossing at 1.3345 is the next downside target. First resistance is November's high crossing at 1.3598. Second resistance is September's high crossing at 1.3695. First support is the 50-day moving average crossing at 1.3345. Second support is the reaction low crossing at 1.3273.     

The March Swiss Franc closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, the 50% retracement level of the July-September-decline crossing at 1.0412 is the next upside target. If March resumes the decline off December's high, November's low crossing at 1.0062 is the next downside target. First resistance is December's high crossing at 1.0352. Second resistance is the 50% retracement level of the July-September-decline crossing at 1.0412. First support is December's low crossing at 1.0103. Second support is October's low crossing at 1.0064. 

The March Canadian Dollar closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, October's high crossing at 80.42 is the next upside target. Closes below the 20-day moving average crossing at 78.49 would confirm that a short-term top has been posted. First resistance is today's high crossing at 79.98. Second resistance is October's high crossing at 80.42. First support is December's low crossing at 77.52. Second support is the July's low crossing at 77.16. 

The March Japanese Yen closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 0.8905 are needed to confirm that a short-term low has been posted. If March renews the decline off November's high, November's low crossing at 0.8783 is the next downside target. First resistance is November's high crossing at 0.9073. Second resistance is the 62% retracement level of the September-November-decline crossing at 0.9141. First support is December's low crossing at 0.8840. Second support is November's low crossing at 0.8782.  

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

February gold closed higher on Friday as it extends the rally off December's low due to weakness in the US Dollar. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher price are possible near-term. If February extends the aforementioned rally, October's high crossing at 1312.70 is the next upside target. Closes below the 20-day moving average crossing at 1269.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1309.80. Second resistance is October's high crossing at 1312.70. First support is the 20-day moving average crossing at 1269.30. Second support is December's low crossing at 1238.30. Third support is the 87% retracement level of the July-September-rally crossing at 1233.90.

March silver closed higher on Friday as it extends the rally off December's low. The mid-range close set the stage for a steady to higher opening when Tuesday's night 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 aforementioned rally, the reaction high crossing at 17.270 is the next upside target. Closes below the 20-day moving average crossing at 16.231 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 17.270. Second resistance is November's high crossing at 17.485. First support is the 10-day moving average crossing at 16.463. Second support is the 20-day moving average crossing at 16.231.     

March copper closed slightly lower on Friday as it consolidated some of the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If March extends the aforementioned rally, the August-2013 high crossing at 334.05 is the next upside target. Closes below the 20-day moving average crossing at 312.30 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 332.20. Second resistance is the August-13 high crossing at 334.05. First support is the 10-day moving average crossing at 322.46. Second support is the 20-day moving average crossing at 312.30.       

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March Corn closed down 1-cents at 3.51. 

March corn closed lower on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. If March resumes the decline off November's high, weekly support crossing at 3.32 is the next downside target. Closes above the 50-day moving average crossing at 3.55 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.55 1/4. 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 closed down a 1/2-cent at 4.27 1/4. 

March wheat closed fractionally lower on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 4.34 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off July's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.34 3/4. Second resistance is December's high crossing at 4.60 3/4. 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 a 1/2-cent at 4.27 1/4. 

March Kansas City wheat closed fractionally higher on Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 4.33 1/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off September's high, psychological support crossing at 4.00 is the next downside target. First resistance is the 50-day moving average crossing at 4.33 1/4. Second resistance is reaction high crossing at 4.51 1/2. First support is December's low crossing at 4.10 1/2. Second support is psychological support crossing at 4.00.  

March Minneapolis wheat closed down 4 1/4-cents at 6.14 3/4. 

March Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night 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 6.28 3/4 are needed to confirm that a short-term low has been posted. If March renews the decline off November'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 50-day moving average crossing at 6.28 3/4. Second resistance is December's high resistance crossing at 6.34. 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. 

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March soybeans closed up 5 3/4-cents at 9.62 1/2. 

March soybeans closed higher due to short covering on Friday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the late-August low crossing at 9.50 is the next downside target. Closes above the 20-day moving average crossing at 9.83 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 9.83 1/4. Second resistance is the 50-day moving average crossing at 9.92 3/4. First support is today's low crossing at 9.54 3/4. Second support is the late-August low crossing at 9.50.

March soybean meal closed up $1.10 at 317.20. 

March soybean meal closed higher due to short covering on Friday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 March extends the decline off December's high, November's low crossing at 315.00 is the next downside target. Closes above the 20-day moving average crossing at 327.40 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 324.20. Second resistance is the 20-day moving average crossing at 327.40. First support is Wednesday's low crossing at 315.70. Second support is November's low crossing at 315.00.

March soybean oil closed up 49 pts. At 33.20. 

March soybean oil closed higher on Friday as it consolidated some of the decline off November's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off November's high, the 87% retracement level of the June-September-rally crossing at 32.44 is the next downside target. Closes above the 20-day moving average crossing at 33.37 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 33.37. Second resistance is the 50-day moving average crossing at 34.21. First support is Thursday's low crossing at 32.52. Second support is the 87% retracement level of the June-September-rally crossing at 32.44. 

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April hogs closed down $0.05 at $75.65. 

April hogs closed slightly lower on Friday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 April extends the rally off December's low, weekly resistance crossing at 78.25 is the next upside target. Closes below the 20-day moving average crossing at 73.45 would confirm that a short-term top has been posted. First resistance is today's high crossing at 76.32. Second resistance is weekly resistance crossing at 78.25. First support is the 20-day moving average crossing at 73.45. Second support is December's low crossing at 70.97. 

February cattle closed down $0.70 at 121.55. 

February cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends this week's rally, the 50-day moving average crossing at 123.69 is the next upside target. Closes below the reaction low crossing at 118.15 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 123.69. Second resistance is the reaction high crossing at 126.78. First support is December's low crossing at 117.58. Second support is the 75% retracement level of the August-November-rally crossing at 115.06.

March Feeder cattle closed up $0.45 at $142.68. 

March Feeder cattle closed higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 143.56 would confirm that a short-term low has been posted. If March resumes the decline off November's high, the 87% retracement level of the February-October-rally crossing at 137.19 is the next downside target. First resistance is the 20-day moving average crossing at 143.56. Second resistance is the 50-day moving average crossing at 149.23. First support is December's low crossing at 138.30. Second support is the 87% retracement level of the February-October-rally crossing at 137.19.   

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

March coffee closed higher on Friday and above the 20-day moving average crossing at 12.65 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, November's high crossing at 13.30 is the next upside target. If March renews the decline off November's high, weekly support crossing at 11.34 is the next downside target. 

March cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 19.07 are needed to 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 higher on Friday as it extends the rally off December's low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, November's high crossing at 15.49 is the next upside target. Closes below the 20-day moving average crossing at 14.43 would confirm that a short-term top has been posted.

March cotton closed slightly lower due to profit taking on Friday as it consolidates some of the rally off October's low. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 80.67 is the next upside target. Closes below the 20-day moving average crossing at 75.29 are needed to confirm a short-term top has been posted.