KEY EVENTS TO WATCH FOR:

Tuesday, January 15, 2019  

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous +0.1%)

                       Chain Store Sales, M/M% (previous +2.6%)

8:30 AM ET. December PPI

                       PPI, M/M% (previous +0.1%)

                       Ex-Food & Energy PPI, M/M% (previous +0.3%)

                       Personal Consumption (previous -0.1%)

8:30 AM ET. January Empire State Manufacturing Survey

                       Mfg Idx (previous 10.9)

                       Employment Idx (previous 26.1)

                       New Orders Idx (previous 14.5)

                       Prices Received (previous 12.8)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +0.8%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +7.9%)

                       Latest Wk, Y/Y% (previous +8.9%)

10:00 AM ET. January IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 52.6)

                       6-Mo Economic Outlook (previous 46.4)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -6.1M)

                       Gasoline Stocks, Net Chg (Bbls)  (previous +5.5M)

                       Distillate Stocks, Net Chg (Bbls)  (previous +10.2M)

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

The March NASDAQ 100 posted an inside day with a lower close on Friday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to high prices are possible near-term. If March extend the rally off December's low, the 50-day moving average crossing at 6683.36 is the next upside target. Closes below last-Friday's low crossing at 6136.50 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 6683.36. Second resistance is the reaction high crossing at 6897.00. First support is last-Friday's low crossing at 6136.50. Second support is December's low crossing at 5820.50. 

The March S&P 500 closed slightly higher on Friday as it consolidates some of the rally off December's low. 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 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 50-day moving average crossing at 2638.88 is the next upside target. Closes below last-Friday's low crossing at 2439.00 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 2638.88. Second resistance is the reaction high crossing at 2656.60. First support is last-Friday's low crossing at 2439.00. Second support is December's low crossing at 2317.70.

The Dow posted an inside day with a lower close on Friday as it consolidates some of the rally off December's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at 24,342.49 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at 24,342.49. Second resistance is the 50-day moving average crossing at 24,426.97. First support is last-Thursday's low crossing at 22,638.41. Second support is December's low crossing at 22,638.41.

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March T-bonds closed up 17-points at 145-26.

March T-bonds closed higher on Friday as it consolidates some of the decline off last-Friday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 145-08 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low, the 38% retracement level of the 2016-2018-decline crossing at 152-01 is the next upside target. First resistance is last-Friday's high crossing at 148-27. Second resistance is the 38% retracement level of the 2016-2018-decline crossing at 152-01. First support is the 20-day moving average crossing at 145-08. Second support is the reaction low crossing at 144-13.         

March T-notes closed up 75-points at 121-305.

March T-notes closed higher on Friday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 121.155 are needed to confirm that a short-term top has been posted. If March renews the rally off November's low, the 38% retracement level of the 2016-2018-decline on the weekly continuation chart crossing at 123.270 is the next upside target. First resistance is last-Thursday's high crossing at 123.055. Second resistance is the 38% retracement level of the 2016-2018-decline on the weekly continuation chart crossing at 123.270. First support is the 20-day moving average crossing at 121.155. Second support is the reaction low crossing at 120.280.        

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March crude oil closed lower on Friday 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 Monday's night session begins. 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 38% retracement level of the October-December-decline crossing at 55.55 is the next upside target. Closes below the 20-day moving average crossing at 48.37 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 53.00. Second resistance is the 38% retracement level of the October-December-decline crossing at 55.55. First support is December's low crossing at 45.13. Second support is the January-2016 low crossing at 41.48. 

March heating oil closed lower on Friday 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 Monday'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 March extends the rally off December's low, the 38% retracement level of the October-December-decline crossing at 193.75 is the next upside target. Closes below the 20-day moving average crossing at 176.20 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the October-December-decline crossing at 193.75. Second resistance is the 50% retracement level of the October-December-decline crossing at 203.52 is the next upside target. First support is the 20-day moving average crossing at 176.21. Second support is December's low crossing at 162.35. 

March unleaded gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 December's low, the 38% retracement level of the October-December-decline crossing at 159.42 is the next upside target. Closes below the 20-day moving average crossing at 136.78 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 147.51. Second resistance is the 38% retracement level of the October-December-decline crossing at 159.42. First support is December's low crossing at 124.24. Second support is the January-10th 2016 low crossing at 112.40.

March Henry natural gas closed higher on Friday as it extended the trading range of the past eight-days. 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's decline, the February-2016 low crossing at 2.715 is the next downside target. Closes above last-Monday's gap crossing at 3.126 are needed to confirm that a short-term low has been posted. First resistance is last-Monday's gap crossing at 3.126. Second resistance is the 20-day moving average crossing at 3.174. First support is last-Thursday's low crossing at 2.771. Second support is the February-2016 low crossing at 2.715.    

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The March Dollar closed higher 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 Monday'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, the 62% retracement level of the September-December-rally crossing at 94.53 is the next downside target. Closes above the 20-day moving average crossing at 95.97 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 96.65. Second resistance is December's high crossing at 97.20. First support is the 62% retracement level of the September-December-rally crossing at 94.54. Second support is the 75% retracement level of the September-December-rally crossing at 93.97.    

The March Euro closed lower on Friday as it consolidated some of this week's gains. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off September's high, the 87% retracement level of the 2016-2018-rally crossing at 111.94 is the next downside target. If March extends the rally off December's low, November's high crossing at 116.45 is the next upside target. First resistance is Thursday's high crossing at 116.33. Second resistance is November's high crossing at 116.45. First support is November's low crossing at 113.53. Second support is the 87% retracement level of the 2016-2018-rally crossing at 111.94.    

The March British Pound closed higher on Friday as it extended the rally off last-week's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 1.2841 has opened the door for a possible test of November's high crossing at 1.3257. If March resumes the decline off September's high, the October-2016 low crossing at 1.2384 is the next downside target. First resistance is the reaction high crossing at 1.2957. Second resistance is November's high crossing at 1.3257. First support is last-Thursday's low crossing at 1.2512. Second support is the October-2016 low crossing at 1.2384. 

The March Swiss Franc closed higher on Friday.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turning neutral to bearish signaling that a short-term top has been posted. Closes below the 20-day moving average crossing at 1.0199 would confirm that a short-term top has been posted. If March extends the rally off November's low, the 62% retracement level of the September-November-decline crossing at 1.0405 is the next upside target. First resistance is the 50% retracement level of the September-November-decline crossing at 1.0330. Second resistance is the 62% retracement level of the September-November-decline crossing at 1.0405. First support is the 20-day moving average crossing at 1.0199. Second support is the 50-day moving average crossing at 1.0153.

The March Canadian Dollar closed 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 Monday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 74.49 would confirm that a short-term top has been posted. If March extends this month's rally, December's high crossing at 76.15 is the next upside target. First resistance is Wednesday's high crossing at 75.99. Second resistance is December's high crossing at 76.15. First support is December's low crossing at 73.30. Second support is the 75% retracement level of the 2016-2017-rally crossing at 72.93. 

The March Japanese Yen closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday’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 the decline off last-Thursday's high, the 20-day moving average crossing at 0.0912 is the next downside target. If March renews the rally off December's low, the 75% retracement level of the March-November-decline crossing at 0.0957 is the next upside target. First resistance is the 62% retracement level of the March-November-decline crossing at 0.0944. Second resistance is the 75% retracement level of the March-November-decline crossing at 0.0957. First support is the 10-day moving average crossing at 0.0925. Second support is the 20-day moving average crossing at 0.0912.  

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February gold closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 62% retracement level of the April-August-Decline crossing at 1312.70 is the next upside target. Closes below the 20-day moving average crossing at 1273.20 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1300.40. Second resistance is the 62% retracement level of the April-August-Decline crossing at 1312.70. First support is the 20-day moving average crossing at 1273.20. Second support is the 50-day moving average crossing at 1248.50.

March silver closed lower on Friday. The low-range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 15.245 would confirm that a short-term top has been posted. If March extends the rally off December's low, the 50% retracement level of the 2017-2018-decline crossing at 16.279 is the next upside target. First resistance is last-Friday's high crossing at 15.955. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support is the 10-day moving average crossing at 15.658. Second support is the 20-day moving average crossing at 15.245.         

March copper closed higher on Friday. 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. Closes above the 50-day moving average crossing at 272.27 would confirm that a short-term low has been posted. If March renews the decline off December's high, the 62% retracement level of the 2016-2018-rally crossing at 251.75 is the next downside target. First resistance is the 20-day moving average crossing at 266.94. Second resistance is the 50-day moving average crossing at 272.27. First support is last-Thursday's low crossing at 254.30. Second support isthe 62% retracement level of the 2016-2018-rally crossing at 251.75.

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March Corn closed up 2 3/4-cents at 3.79. 

March corn closed higher on Friday as it consolidated some of Thursday's loss. The high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March takes out December's low crossing at 3.72 1/2, November's low crossing at 3.67 1/4 is the next likely downside target. If March renews the rally off December's low, December's high crossing at 3.87 3/4 is the next upside target. First resistance is December's high crossing at 3.87 3/4. Second resistance is November's high crossing at 3.90. First support is December's low crossing at 3.72 1/2. Second support is November's low crossing at 3.67 1/4. 

March wheat closed up 6-cents at 5.19 3/4. 

March wheat closed higher on Friday. 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. Multiple closes above the 20-day moving average crossing at 5.18 1/2 would temper the near-term bearish outlook. If March resumes the decline off December's high, psychological support crossing at 5.00 is the next downside target. First resistance is Tuesday's high crossing at 5.24 1/2. Second resistance is December's high crossing at 5.38 1/2. First support is last-Wednesday's low crossing at 5.01 1/4. Second support is psychological support crossing at 5.00.    

March Kansas City Wheat closed up 5 3/4-cents at 5.04 1/2. 

March Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 5.05 3/4 are needed to confirm that a short-term low has been posted. If March resumes the decline off December's high, November's low crossing at 4.82 1/4 is the next downside target.First resistance is December's high crossing at 5.24 1/2. Second resistance is November's high crossing at 5.33 3/4. First support is last-Monday's low crossing at 4.87 1/4. Second support is November's low crossing at 4.82 1/4.  

March Minneapolis wheat closed up 6-cents at 5.70. 

March Minneapolis wheat closed higher on Friday. 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. Closes above the 50-day moving average crossing at 5.73 are needed to confirm that a short-term low has been posted. If March resumes the decline off December's high, weekly support on the continuation chart crossing at 5.23 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.73. Second resistance is December's high crossing at 5.89 1/2. First support is December's low crossing at 5.44 1/2. Second support is weekly support crossing at 5.23 3/4.   

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March soybeans closed up 3 3/4-cents at 9.10 1/2.

March soybeans closed higher on Friday as it consolidates some of Thursday's decline. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 9.04 3/4 would confirm that a short-term top has been posted. If March extends the rally off December's low, December's high crossing at 9.41. First resistance is the 50% retracement level of the May-September-decline crossing at 9.46 1/2. Second resistance is the 62% retracement level of the May-September-decline crossing at 9.72 1/4. First support is December's low crossing at 8.80 1/4. Second support is the reaction low crossing at 8.71 1/4.  

March soybean meal closed down $2.50 at 314.30. 

March soybean meal closed 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 Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 313.40 are needed to confirm that a short-term top has been posted. If March resumes the rally off December's low, October's high crossing at 327.40 is the next upside target. First resistance is Wednesday's high crossing at 324.60. Second resistance is October's high crossing at 327.40. First support is December's low crossing at 307.10. Second support is November's low crossing at 305.30.  

March soybean oil closed up 25 pts. at 28.44. 

March soybean oil closed higher on Friday. 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 signaling that sideways trading is possible near-term. If March resumes the rally off December's low, December's high crossing at 29.50 is the next upside target. First resistance is the reaction high crossing at 29.09. Second resistance is December's high crossing at 29.50. First support is December's low crossing at 27.58. Second support is November's low crossing at 27.42.   

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February hogs closed down $1.43 at $62.65. 

February hogs closed lower on Friday. The low-range close sets the stage for a steady to lower 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. Multiple closes above the 50-day moving average crossing at 63.94 are needed to confirm that a short-term low has been posted. If February renews the decline off November's high, November's low crossing at 59.25 is the next downside target. First resistance is the 50-day moving average crossing at 63.94. Second resistance is the reaction high crossing at 66.80. First support is December's low crossing at 60.20. Second support is November's low crossing at 59.25.    

February cattle closed up $0.10 at 124.98. 

February cattle closed slightly higher on Friday. The low-range close sets the stagefor a steady to lower opening when Monday'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 the rally off November's low, weekly resistance crossing at 127.95 is the next upside target. Closes below the 50-day moving average crossing at 121.66 would confirm that a short-term top has been posted. First resistance is today's high crossing at 125.65. Second resistance is weekly resistance crossing at 127.95. First support is the 50-day moving average crossing at 121.66. Second support is the reaction low crossing at 120.47.   

March Feeder cattle closed down $0.18 at $144.90. 

March Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's 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 December's low, November's high crossing at 149.23 is the next upside target. If March resumes this month's decline, December's low crossing at 140.35 is the next downside target. First resistance is last-Monday's high crossing at 147.58. Second resistance is November's high crossing at 149.23. First support is Monday's low crossing at 142.00. Second support is December's low crossing at 140.35.  

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

March coffee closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. If March resumes the decline off October's high, weekly support crossing at 9.51 is the next downside target. If March extends the rally, the 38% retracement level of the October-December-decline crossing at 11.02 is the next upside target.            

March cocoa closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 23.39 would confirm that a short-term top has been posted. If March renews the rally off December's low, July's high crossing at 25.96 is the next upside target.      

March sugar closed higher on Friday. The mid-range close set the stage for a steady to higher opening on Monday. 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 13.21 is the next upside target. Closes below the 10-day moving average crossing at 12.37 would confirm that a short-term top has been posted.

March cotton closed lower on Friday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Monday. 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 74.00 are needed to confirm that a short-term low has been posted. If March resumes the decline off December's high, the 75% retracement level of the 2016-2018-rally crossing at 74.04 is the next downside target.