KEY EVENTS TO WATCH FOR:
Friday, February 16, 2018
8:30 AM ET. January Import & Export Price Indexes
Import Prices (expected +0.6%; previous +0.1%)
Non-Petroleum Prices (previous -0.2%)
Petroleum Prices (previous +2.0%)
8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits
Total Starts (expected 1.24M; previous 1.192M)
Housing Starts, M/M% (expected +4.2%; previous -8.2%)
Building Permits (expected 1.31M; previous 1.302M)
Building Permits, M/M% (expected +0.8%; previous -0.1%)
10:00 AM ET. February University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 94.6; previous 94.4)
Mid-Mo Expectations (previous 84.8)
Mid-Mo Current Idx (previous 109.2)
10:00 AM ET. 4th Quarter Quarterly Retail E-Commerce Sales
10:00 AM ET. 4th Quarter Advance Quarterly Services
Monday, February 19, 2018
N/A U.S. Presidents Day / Washington's Birthday. Financial markets closed
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The March NASDAQ 100 closed higher for the fifth day in a row on Thursday as it extends the rally off last Friday's low. Today's close above the 20-day moving average crossing at 6757.81 confirms 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 March extends the rally off last Friday's low, January's high crossing at 7047.25 is the next upside target. Closes below Wednesday's low crossing at 6456.25 would temper the near-term friendly outlook. First resistance is today's high crossing at 6783.75. Second resistance is January's high crossing at 7047.25. First support is the 38% retracement level of the 2017-2018-rally crossing at 6217.75. Second support is the October 25th low crossing at 6024.00.
The March S&P 500 extended its rally off last Friday's low as it closed higher on Thursday. 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. Closes above the 20-day moving average crossing at 2752.24 are needed to confirm that a short-term low has been posted. If March renews the decline off January's high, the September 26th low crossing at 2494.90 is the next downside target. First resistance is last Wednesday's high crossing at 2725.50. Second resistance is the 20-day moving average crossing at 2752.24. First support is the 38% retracement level of the 2016-2018-rally crossing at 2529.20. Second support is the September 26th low crossing at 2494.90.
The Dow closed sharply higher for the fifth day in a row on Thursday as it extends the rally off last Friday's low. Equities were supported by the latest data on inflation and the labor market, which pointed to an economy that was growing but in no imminent danger of overheating. Strong results at Cisco also confirm how American corporations continue to prosper in the current economic environment. 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 the Dow extends the rally off last Friday's low, the 20-day moving average crossing at 25,478.60 is the next upside target. Closes above the 20-day moving average crossing at 25,478.60 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off January's high, November's low crossing at 23,242.75 is the next downside target. First resistance is the 50-day moving average crossing at 25,148.28. Second resistance is the 20-day moving average crossing at 25,478.60. First support is last Friday's low crossing at 23,360.29. Second support is November's low crossing at 23,242.75.
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March T-bonds closed up 16/32's at 143-28.
March T-bonds closed higher due to short covering on Thursday. 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 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 140-03 is the next downside target. Closes above the 20-day moving average crossing at 146-17 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 144-23. Second resistance is the 20-day moving average crossing at 146-17. First support is Monday's low crossing at 143-04. Second support is weekly support crossing at 140-03.
March T-notes closed up 25/32's at 120-130.
March T-notes closed higher due to short covering on Thursday as it consolidates some of the decline off the 2017-highs. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this winter's decline, weekly support crossing at 119.170 is the next downside target. Closes above the 20-day moving average crossing at 121.156 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 121.156. Second resistance is the 50-day moving average crossing at 122.261. First support is today's low crossing at 120.010. Second support is weekly support crossing at 119.170.
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March crude oil closed higher on Thursday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 63.16 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 55.87 is the next downside target. First resistance is the 10-day moving average crossing at 61.39. Second resistance is the 20-day moving average crossing at 63.16.First support is last Friday's low crossing at 58.07. Second support is the 38% retracement level of the 2016-2018-rally crossing at 55.87.
March heating oil closed slightly higher due to short covering on Thursday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 200.19 are needed to confirm that a short-term low has been posted. If March extends the decline off January's high, the 50% retracement level of the June-January-rally crossing at 178.38 is the next downside target. First resistance is the 10-day moving average crossing at 191.79. Second resistance is the 20-day moving average crossing at 200.19. First support is the 50% retracement level of the June-January-rally crossing at 178.38. Second support is the 62% retracement level of the June-January-rally crossing at 170.04.
March unleaded gas 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 night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 182.59 would confirm that a short-term low has been posted. If March renews the decline off January's high, the 50% retracement level of the June-January-rally crossing at 162.06 is the next downside target. First resistance is the 10-day moving average crossing at 175.33. Second resistance is the 20-day moving average crossing at 182.59. First support is the 50% retracement level of the June-January-rally crossing at 162.06. Second support is the 62% retracement level of the June-January-rally crossing at 162.06.
March Henry natural gas closed lower on Thursday as it extended the decline off January's high. The mid-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. Closes below December's low crossing at 2.532 could prove to be a bear trap due to the oversold condition of the market. If March extends this year's decline, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.861 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.675. Second resistance is the 20-day moving average crossing at 2.861. First support is today's low crossing at 2.530. Second support is weekly support crossing at 2.522.
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The March Dollar closed 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 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, January's low crossing at 88.25 is the next downside target. If March renews the rally off January's low, the 38% retracement level of the November-January-decline crossing at 90.71 is the next upside target. First resistance is the 38% retracement level of the November-January-decline crossing at 90.71. Second resistance is the 50-day moving average crossing at 91.16. First support is the reaction low crossing at 88.39. Second support is January's low crossing at 88.25.
The March Euro 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 Monday'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, February's high crossing at 125.57 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at 121.56 is the next downside target. First resistance is February's high crossing at 125.57. Second resistance is the January high crossing at 126.77. First support is the reaction low crossing at 122.09. Second support is the 50-day moving average crossing at 121.56.
The March British Pound closed higher on Thursday and above the 20-day moving average crossing at 1.4047 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 March extends the rally off last Friday's low, February's high crossing at 1.4300 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at 1.3740 is the next downside target. First resistance is today's high crossing at 1.4115. Second resistance is February's high crossing at 1.4300. First support is last Friday's low crossing at 1.3780. Second support is the 50-day moving average crossing at 1.3740.
The March Swiss Franc closed higher on Thursday thereby renewing the rally off last October's low. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last October's low, the 38% retracement level of the 2015-2016-decline crossing at 1.0994 is the next upside target. Closes below last Thursday's low crossing at 1.0589 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0866. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is last Thursday's low crossing at 1.0589. Second support is the 50-day moving average crossing at 1.0429.
The March Canadian Dollar closed slightly lower on Thursday. The mid-range close sets the stage for a steady 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. Closes above the 20-day moving average crossing at 80.36 would confirm that a short-term low has been posted. If March renews the decline off January's high, the 75% retracement level of the December-January-rally crossing at 78.56 is the next downside target. First resistance is the 20-day moving average crossing at 80.36. Second resistance is January's high crossing at 81.68. First support is the 62% retracement level of the December-January-rally crossing at 79.11. Second support is the 75% retracement level of the December-January-rally crossing at 78.56.
The March Japanese Yen closed higher on Thursday as it extends the rally off November's low. 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 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, the 50% retracement level of 2016's trading range crossing at 0.9491 is the next upside target. Closes below the 20-day moving average crossing at 0.9193 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.9434. Second resistance is the 50% retracement level of 2016's trading range crossing at 0.9491. First support is the reaction low crossing at 0.9073. Second support is the 50-day moving average crossing at 0.9033.
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April gold closed higher on Thursday as it extends the rally off February's low. 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 April extends this week's rally, January's high crossing at 1370.50 is the next upside target. Closes below the 50-day moving average crossing at 1313.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1359.80. Second resistance is January's high crossing at 1370.50. First support is the 50-day moving average crossing at 1313.10. Second support is the 50% retracement level of the December-January-rally crossing at 1306.70.
March silver closed slightly higher on Thursday. The high-range close set 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 a short-term low might be in or is near. Closes above the 20-day moving average crossing at 16.880 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, December's low crossing at 15.635 is the next downside target. First resistance is the 20-day moving average crossing at 16.880. Second resistance is January's high crossing at 17.705. First support is last Friday's low crossing at 16.130. Second support is December's low crossing at 15.635.
March copper closed higher for the third-day in a row on Thursday as it extends the rally off last Friday's low.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI 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 325.75 is the next upside target. Closes below the 10-day moving average crossing at 315.40 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 325.75. Second resistance is the reaction high crossing at 329.10. First support is the 75% retracement level of December's rally crossing at 303.58. Second support is the 87% retracement level of December's rally crossing at 299.03.
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March Corn closed up 1-cent at 3.68 1/4.
March corn closed higher on Thursday as it extends this month's rally above the 25% retracement level of the July-January-decline crossing at 3.65 1/2. 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 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 September's high crossing at 3.74 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.60 1/2 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 3.60 1/2. Second support is the 50-day moving average crossing at 3.54 1/4.
March wheat closed up 5 1/2-cents at 4.61 1/4.
March wheat posted a key reversal up as it closed higher on Thursday. 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 March extends the rally off January's low, last September's high crossing at 4.82 is the next upside target. Closes below the 20-day moving average crossing at 4.46 1/2 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 4.67 1/4. Second resistance is September's high crossing at 4.82. First support is the 20-day moving average crossing at 4.46 1/2. Second support is the 50-day moving average crossing at 4.33 1/4.
March Kansas City Wheat closed up 8 1/4-cents at 4.78.
March Kansas City wheat closed higher on Thursday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's high, the 38% retracement level of 2017's trading range crossing at 4.88 1/2. Closes below the 20-day moving average crossing at 4.58 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 4.84 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 4.58. Second support is the 50-day moving average crossing at 4.39.
March Minneapolis wheat closed up 8 1/4-cents at 6.08 1/2.
March Minneapolis wheat closed higher on Thursday. 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 6.14 are needed to confirm that a 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 5.99 1/2. 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 6 3/4-cents at 10.24.
March soybeans closed higher on Thursday as it extends the rally off January's low.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, December's high crossing at 10.27 is the next upside target. Closes below the 20-day moving average crossing at 9.91 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.24 3/4. Second resistance is December's high crossing at 10.27. First support is the reaction low crossing at 9.61 1/4. Second support is January's low crossing at 9.44 1/2.
March soybean meal closed up $3.90 at 373.80.
March soybean meal closed higher on Thursday as it extends this year's rally. 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 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, weekly resistance crossing at 378.80 is the next upside target. Closes below Monday's gap crossing at 344.80 would confirm a short-term top has been posted. First resistance is today's high crossing at 374.90. Second resistance is weekly resistance crossing at 378.80. First support is Monday's gap crossing at 344.80. Second support is the 20-day moving average crossing at 342.60.
March soybean oil closed down 11 pts. At 31.69.
March soybean oil closed lower on Thursday. 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 March extends the decline off January's high, the July-2016 low crossing at 31.19 is the next downside target. Closes above the 20-day moving average crossing at 32.44 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 32.44. Second resistance is February's high crossing at 33.31. First support is Tuesday's low crossing at 31.40. Second support is the July-2016 low crossing at 31.19.
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April hogs closed down $0.93 at $69.73.
April hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 72.31 are needed to confirm that a short-term low has been posted. If April renews the decline off January's high, the 75% retracement level of the August-January-rally crossing at 68.07 is the next downside target. First resistance is the 10-day moving average crossing at 70.62. Second resistance is the 20-day moving average crossing at 72.31. First support is Monday's low 68.55. Second support is the 75% retracement level of the August-January-rally crossing at 68.07.
April cattle closed up $2.03 at 127.25.
April cattle closed higher on Thursday and has renewed the rally off January's low. 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 April extends the rally off January's low, November's high crossing at 130.10 is the next upside target. Multiple closes below last Friday's low crossing at 122.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at 127.43. Second resistance is November's high crossing at 130.10. First support is last Friday's low crossing at 122.80. Second support is January's low crossing at 118.05.
March Feeder cattle closed up $1.65 at $149.83.
March Feeder cattle closed higher on Thursday. 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 March renews the rally off December's low, the reaction high crossing at 154.05 is the next upside target. If March resumes the decline off February's high, the reaction low crossing at 142.42 is the next downside target. First resistance is the reaction high crossing at 154.05. Second resistance is the reaction high crossing at 156.13. First support is the reaction low crossing at 142.42. Second support is January's low crossing at 140.13.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Multiple closes above the 50-day moving average crossing at 12.32 are needed to confirms that a short-term low has been posted. If March resumes the decline off January's high, December's low crossing at 11.83 is the next downside target.
March cocoa closed sharply higher for the second day in a row on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 87% retracement level of the November-December-decline crossing at 21.71 is the next upside target. Closes below the 50-day moving average crossing at 19.44 would confirm that a short-term top has been posted.
March sugar closed higher on Thursday. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bearish signaling that a short-term top is in or near. If March extends this week's decline, the reaction low crossing at 13.17 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at 14.05 is the next upside target.
March cotton closed lower on Thursday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening on Friday. 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 62% retracement level of the October-January-rally crossing at 73.52 is the next downside target. Closes above the 20-day moving average crossing at 78.40 would confirm that a short-term low has been posted.