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 STOCK INDEXES:The March NASDAQ 100 was higher in overnight trading as it rebounded from Monday's sell off as it continues to consolidate around the 38% retracement level of the October-December-decline crossing at 6556.57. 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 6665.36 is the next upside target. Closes below the 20-day moving average crossing at 6386.63 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 6665.36. Second resistance is the reaction high crossing at 6897.00. First support is the 20-day moving average crossing at 6386.63. Second support is the reaction low crossing at 6136.50.  

The March S&P 500 was higher overnight and remains poised to extend the rally off December's low.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 50% retracement level of the September-December-decline crossing at 2631.97 is the next upside target. Closes below the 20-day moving average crossing at 2516.41 would confirm that a short-term top has been posted.First resistance is the the 50% retracement level of the September-December-decline crossing at 2631.97. Second resistance is the reaction high crossing at 2683.00. First support is the reaction low crossing at 2439.00. Second support is December's low crossing at 2317.70.

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

INTEREST RATES: March T-bonds was higher overnight as it extends the trading range of the past five-days. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 145-18 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off November's low, weekly resistance crossing at 152-18 is the next upside target. First resistance is January's high crossing at 148-27. Second resistance is weekly resistance crossing at 152-18. First support is the 20-day moving average crossing at 145-18. Second support is the 38% retracement level of the November-January rally crossing at 144-00.    

March T-notes was slightly higher overnight as it consolidates some of the decline off January's high. 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 November's low, weekly resistance crossing at 123.270 is the next upside target. Closes below the 20-day moving average crossing at 121.208 are needed to confirm that a short-term top has been posted. First resistance is January's high crossing at 123.080. Second resistance is weekly resistance crossing at 123.270. First support is the 20-day moving average crossing at 121.208. Second support is the 38% retracement level of the October-January rally crossing at 120.301. 

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

February crude oil was slightly 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 overbought and 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 48.24 are needed to confirm that a short-term top has been posted. If February extends the rally off December's low, the 38% retracement level of the October-December-decline crossing at 55.28 is the next upside target. First resistance is the the 38% retracement level of the October-December-decline crossing at 55.28. Second resistance is the reaction high crossing at 58.36. First support is December's low crossing at 42.36. Second support is the January-2016 low crossing at 41.48.  

February heating oil was steady to slightly higher overnight. Stochastics and the RSI are overbought and 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 177.24 are needed to confirm that a short-term top has been posted. If February resumes the rally off December's low, the 50% retracement level of the October-December-decline crossing at 197.95 is the next upside target. First resistance is the 50-day moving average crossing at 189.09. Second resistance is the 50% retracement level of the October-December-decline crossing at 197.95. First support is December's low crossing at 163.80. Second support is the 87% retracement level of 2017-2018-rally crossing at 162.34.

February unleaded gas was higher overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 134.61 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 145.05 would renew the rally off December's low. First resistance is the 50-day moving average crossing at 145.05. Second resistance is December's high crossing at 151.77. First support is the 87% retracement level of the 2016-2018-rally crossing at 124.09. Second support is the January-2016 low crossing at 110.45.

February Henry natural gas was lower overnight as it consolidated some of Monday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading.Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off January's low, the 50% retracement level of the November-January-decline crossing at 3.866 is the next upside target. Closes below Monday's gap crossing at 3.166 would temper the near-term friendly outlook. First resistance is the 38% retracement level of the November-January-decline crossing at 3.632. Second resistance is the 50% retracement level of the November-January-decline crossing at 3.866. First support is January's low crossing at 2.878. Second support is the February-2016 low crossing at 2.770.    

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

CURRENCIES:The March Dollar was higher overnight. 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 95.84 would confirm that a short-term low has been posted. If March resumes the decline off December's high, the 62% retracement level of the September-December-rally crossing at 94.54 is the next downside target. First resistance is the reaction high crossing at 96.65. Second resistance is December's high crossing at 97.19. 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 was lower overnight while extending the November-January trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 114.83 would confirm that a short-term top has been posted. Closes above the reaction high crossing at 116.45 are needed to confirm an upside breakout of the November-January trading range. First resistance is the reaction high crossing at 116.45. Second resistance is the reaction high crossing at 117.00. First support is January's low crossing at 113.77. Second support is November's low crossing at 113.53.    

The March British Pound was steady to slightly lower overnight as it consolidates some of the rally off January's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings 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 reaction high crossing at 1.3150 is the next upside target. Closes below the 20-day moving average crossing at 1.2758 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 1.2971. Second resistance is the reaction high crossing at 1.3150. First support is January's low crossing at 1.2512. Second support is the October-2016 low crossing at 1.2384.  

The March Swiss Franc was lower overnight as it has resumed the decline off last-Thursday's high. 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 1.0208 would temper the near-term friendly outlook. If March resumes 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 1.0208. Second support is the 50-day moving average crossing at 1.0159.  

The March Canadian Dollar was slightly higher overnight. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 74.54 are needed to confirm that a short-term top has been posted.If March extends the rally off December's low, December's high crossing at 76.15 is the next upside target. First resistance is last-Wednesday's high crossing at 75.99. Second resistance is December's high crossing at 76.15. First support is the 20-day moving average crossing at 74.54. Second support is December's low crossing at 73.30.

The March Japanese Yen was lower overnight while extending the trading range of the past seven-days. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 20-day moving average crossing at 0.0916 is the next downside target. If March resumes the rally off November'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 reaction low crossing at 0.0922. Second support is the 20-day moving average crossing at 0.0916.   

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

PRECIOUS METALS: April gold was slightly lower overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. If April extends the rally off November's low, the 62% retracement level of the January-August-decline crossing at 1320.10 is the next upside target. Closes below the 20-day moving average crossing at 1284.20 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1306.50. Second resistance is the 62% retracement level of the January-August-decline crossing at 1320.10. First support is the 20-day moving average crossing at 1284.20. Second support is the 50-day moving average crossing at 1257.00.  

March silver was lower overnight while extending the trading range of the past two-weeks. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 15.337 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low, the 50% retracement level of the 2017-2018-decline crossing at 16.279 is the next upside target. First resistance is the reaction high crossing at 15.955. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support the 20-day moving average crossing at 15.337. Second support is the 50-day moving average crossing at 14.836.  

March copper was steady to slightly higher overnight. However, 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 decline off December's high, the 62% retracement level of the 2016-2018-rally crossing at 251.75 is the next downside target. Closes above the 50-day moving average crossing at 271.99 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 280.35. Second resistance is December's high crossing at 285.80. First support is January's low crossing at 254.30. Second support is the 62% retracement level of the 2016-2018-rally crossing at 251.75.

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

March corn was higher overnight.The mid-range close sets the stage for a steady to higher opening when the day session begins trading. The corn market is nearing the apex of an extended symmetrical triangle, which began forming in early-August of last year. A breakout in either direction along with multiple closes above December's high or lows should point the direction of the next trending move. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the decline off December's high, November's low crossing at 3.67 1/4 is the next downside target. If March extends 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 was higher overnight while extending the September-January trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, December's high crossing at 5.38 1/2 is the next upside target. If March resumes the decline off December's high, psychological support crossing at 5.00 is the next downside target. First resistance is December's high crossing at 5.38 1/2. Second resistance is the 38% retracement level of the August-November-decline crossing at 5.50 1/2. First support is January's low crossing at 5.01 1/4. Second support is psychological support crossing at 5.00.       

March Kansas City Wheat closed down 5 1/2-cents at 4.99. 

March Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 1/2 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 January's low crossing at 4.87 1/4. Second support is November's low crossing at 4.82 1/4.  

March Minneapolis wheat was steady to fractionally higher overnight as it extends last-week's trading range. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 5.72 1/2 are needed to confirm that a short-term low has been posted. If March resumes the decline off December's high, weekly support crossing at 5.23 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 5.72 1/2. 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. 

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

March soybeans was higher on overnight as it consolidates some of the decline off last-week's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 9.05 3/4 would temper the near-term friendly outlook. If March resumes the rally off December's low, December's high crossing at 9.41 is the next upside target. 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 1/2. Second support is the reaction low crossing at 8.71 1/4.

March soybean meal was steady to slightly higher overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Monday's close below the 50-day moving average crossing at 313.40 confirms that a short-term top has been posted while opening the door for a possible test of December's low crossing at 307.10. Closes above the 10-day moving average crossing at 317.30 would temper the near-term bearish outlook. First resistance is last-Wednesday's high crossing at 323.60. Second resistance is October's high crossing at 327.40. First support is December's low crossing at 307.10. Second support is September's low crossing at 303.40. 

March soybean oil was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off December's low, the reaction high crossing at 29.09 is the next upside target. Closes below last-Thursday's low crossing at 28.08 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 29.09. Second resistance is December's high crossing at 29.50. First support is last-Thursday's low crossing at 28.08. Second support is December's low crossing at 27.58.

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

February hogs closed down $0.80 at $61.85. 

February hogs closed lower on Monday. 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. If February renews the decline off November's high, November's low crossing at 59.25 is the next downside target. Multiple closes above the 50-day moving average crossing at 63.87 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 63.87. 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 $0.45 at 125.43. 

February cattle closed higher on Monday. 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 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 121.73 would confirm that a short-term top has been posted. First resistance is last-Friday'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 121.73. Second support is the reaction low crossing at 120.47.   

March Feeder cattle closed down $0.50 at $144.40. 

March Feeder cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes this month's decline, December's low crossing at 140.35 is the next downside target. If March renews the rally off December's low, November's high crossing at 149.23 is the next upside 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 last-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 lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are 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 renews the rally, the 38% retracement level of the October-December-decline crossing at 11.02 is the next upside target.             

March cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Multiple closes below the 20-day moving average crossing at 23.44 are needed to 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 slightly lower on Monday. The mid-range close set the stage for a steady 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 this month's rally, the reaction high crossing at 13.21 is the next upside target. Closes below the 10-day moving average crossing at 12.40 would confirm that a short-term top has been posted.

March cotton closed higher on Monday as it extended the trading range of the past three-weeks. The mid-range close sets the stage for a steady opening on Tuesday. 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 73.68 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.