KEY EVENTS TO WATCH FOR:

Thursday, February 7, 2019   

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

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 225K; previous 253K)

                       Jobless Claims, Net Chg (previous +53K)

                       Continuing Claims (previous 1782000)

                       Continuing Claims, Net Chg (previous +69K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2197B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -173B)

12:00 PM ET. January Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. SEC Closed Meeting

3:00 PM ET. December Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +17.5B; previous +22.15B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

Friday, February 8, 2019   

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

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

The STOCK INDEXES:The March NASDAQ 100 was lower overnight as it consolidates some of 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, December's high crossing at 7169.00 is the next upside target. Closes below the 20-day moving average crossing at 6770.64 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 7023.35. Second resistance is December's high crossing at 7169.00. First support is the 20-day moving average crossing at 6770.64. Second support is the 50-day moving average crossing at 6645.00.  

The March S&P 500 was lower overnight due to profit taking as it consolidates some of 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 75% retracement level of the September-December-decline crossing at 2789.62 is the next upside target. Closes below the 20-day moving average crossing at 2657.48 would confirm that a short-term top has been posted.First resistance is Tuesday's high crossing at 2736.50. Second resistance is the 75% retracement level of the September-December-decline crossing at 2789.62. First support is the 20-day moving average crossing at 2657.48. Second support is the 50-day moving average crossing at 2616.18.

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

INTEREST RATES: March T-bonds was  higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, January's high crossing at 148-27 is the next upside target. Closes below the 50-day moving average crossing at 144-13 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 147-01. Second resistance is January's high crossing at 148-27. First support is the 38% retracement level of the November-January rally crossing at 144-00. Second support is the 50% retracement level of the November-January rally crossing at 142.16.

March T-notes was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, January's high crossing at 148-27 is the next upside target. Closes below the 50-day moving average crossing at 121.068 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 122.190. Second resistance is January's high crossing at 123.080. First support is the 38% retracement level of the October-January rally crossing at 120.301. Second support is the 50% retracement level of the October-January-rally crossing at 120.071.

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

March crude oil was steady to slightly lower 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 50.66 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at 59.53 is the next upside target. First resistance is the the 38% retracement level of the October-December-decline crossing at 55.55. Second resistance is the reaction high crossing at 58.55. First support is the 20-day moving average crossing at 53.21. Second support is December's low crossing at 42.67.  

March heating oil was steady to slightly lower overnight while extending the trading range of the past four-weeks. 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 diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 182.80 are needed to confirm that a short-term top has been posted. If March resumes the rally off December's low, the 50% retracement level of the October-December-decline crossing at 203.52 is the next upside target. 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. First support is the reaction low crossing at 182.80. Second support is December's low crossing at 162.35. 

March unleaded gas was steady to slightly lower overnight. 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 38% retracement level of the October-December-decline crossing at 160.10 is the next upside target. Closes below the reaction low crossing at 134.13 are needed to confirm that the rally off December's low has come to an end. First resistance is Monday's high crossing at 148.50. Second resistance is December's high crossing at 153.48. First support is last-Monday's low crossing at 134.13. Second support is December's low crossing at 124.24. 

March Henry natural gas was lower overnight as it extends the decline off January'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, weekly support crossing at 2.565 is the next downside target. Closes above the 20-day moving average crossing at 2.936 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.936. Second resistance is the reaction high crossing at 3.090. First support is the overnight low crossing at 2.596. Second support is weekly support crossing at 2.565.    

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

CURRENCIES:The March Dollar was higher overnight as it renewed the rally off January's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, December's high crossing at 97.20 is the next upside target. Closes below the 10-day moving average crossing at 95.61 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 96.46. Second resistance is December's high crossing at 97.19. First support is the 50% retracement level of the September-December-rally crossing at 95.04. Second support is the 62% retracement level of the September-December-rally crossing at 94.54.    

The March Euro was lower overnight while extending the decline off the late-January high. The low-range trade overnight 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. If March extends the aforementioned decline, January's low crossing at 113.37 is the next downside target. Closes above the 50-day moving average crossing at 114.68 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 115.56. Second resistance is January's high crossing at 116.33. First support is January's low crossing at 113.37. Second support is the 87% retracement level of the 2016-2018-rally crossing at 111.94.    

The March British Pound was lower overnight as it extends the decline off January's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If March extends the aforementioned decline crossing at 1.2854 is the next downside target. Closes above the 10-day moving average crossing at 1.3082 would confirm that a short-term low has been posted. First resistance is January's high crossing at 1.3252. Second resistance is October's high crossing at 1.3356. First support is the 50-day moving average crossing at 1.2854. Second support is the reaction low crossing at 1.2707.  

The March Swiss Franc was steady to slightly lower overnight as it extends the decline off January's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, weekly support crossing at 1.0000 is the next downside target. Closes above the 50-day moving average crossing at 1.0152 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0152. Second resistance is January's high crossing at 1.0354. First support is the overnight low crossing at 1.0005. Second support is weekly support crossing at 1.0000. 

The March Canadian Dollar was lower overnight as it extends this week's decline. 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 75.65 would confirm that a short-term top has been posted.If March renews the rally off December's low, the 75% retracement level of the October-December-decline crossing at 77.18 is the next upside target. First resistance is the 62% retracement level of the October-December-decline crossing at 76.49. Second resistance is the 75% retracement level of the October-December-decline crossing at 77.18. First support is the reaction low crossing at 74.86. Second support is December's low crossing at 73.30.

The March Japanese Yen was higher overnight as it consolidates some of the decline off January's high. 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 50-day moving average crossing at 0.0909 is the next downside target. Closes above last-Thursday's high crossing at 0.0925 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 0.0925. Second resistance is the reaction high crossing at 0.0933. First support is the 50-day moving average crossing at 0.0909. Second support is the reaction low crossing at  0.0904.

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

PRECIOUS METALS: April gold was lower overnight as it extends the decline off January's high. 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 1304.70 would confirm a top has been posted. If April renews the rally off November's low, the 75% retracement level of the January-August-decline crossing at 1349.50 is the next upside target. First resistance is January's high crossing at 1331.10. Second resistance is the 75% retracement level of the January-August-decline crossing at 1349.50. First support is the 20-day moving average crossing at 1304.70. Second support is the 50-day moving average crossing at 1280.80.  

March silver was lower overnight. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 15.680 are needed to confirm that a short-term top has been posted and would open the door for additional weakness near-term. If March renews 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 last-Thursday's high crossing at 16.200. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.279. First support the overnight low crossing at 15.635. Second support is the 50-day moving average crossing at 15.231.  

March copper was slightly higher overnight as it extends the rally off January's low. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, December's high crossing at 285.80 is the next upside target. Closes below the 20-day moving average crossing at 271.73 would confirm that a short-term top has been posted. First resistance is December's high crossing at 285.80. Second resistance is September's high crossing at 288.80. First support is the reaction low crossing at 263.45. Second support is January's low crossing at 254.30. 

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

March corn was steady to fractionally lower in subdued trading overnight as the market awaits Friday's key USDA supply-demand and stocks reports for near-term direction. The mid-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. Closes above the reaction high crossing at 3.83 are needed to temper the near-term bearish outlook. If March resumes the decline off January's high, November's low crossing at 3.67 1/4 is the next downside target. First resistance is January's high crossing at 3.84 1/2. Second resistance is December's high crossing at 3.87 3/4. First support is January's low crossing at 3.71. Second support is November's low crossing at 3.67 1/4.  

March wheat was lower overnight while extending the September-February 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 5.10 3/4 would confirm that a short-term top has been posted. If March extends the rally off January's low, December's high crossing at 5.38 1/2 is the next upside 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 the reaction low crossing at 5.08. Second support is January's low crossing at 5.01 1/4. 

March Kansas City Wheat closed down 2-cents at 5.09 1/4.

March Kansas City wheat closed lower on Wednesday as it extends this year's symmetrical triangle. A breakout in either direction of this consolidation pattern should point the direction of the next possible trending move. The low-range close sets the stage for a steady to lower opening on Thursday. 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, December's high crossing at 5.24 1/2 is the next upside target. Closes below the reaction low crossing at 4.92 1/4 are needed to confirm that a short-term top has been posted. 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 December'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. The low-range close sets the stage for a steady to lower opening when the day 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 5.70 1/2 are needed to confirm that a short-term top has been posted. If March extends the rally off January's low, December's high crossing at 5.89 1/2 is the next upside target. First resistance is the reaction high crossing at 5.80. Second resistance is December's high crossing at 5.89 1/2. First support is the reaction low crossing at 5.61. Second support is December's low crossing at 5.44 1/2. 

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

March soybeans was slightly lower overnight. The mid-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 a short-term top might be in or is near. Closes below the reaction low crossing at 8.91 1/4 would confirm that a short-term top has been posted. If March extends the rally off January's low, December's high crossing at 9.41 is the next upside target. First resistance is last-Friday's high crossing at 9.31 1/4. Second resistance is December's high crossing at 9.41. First support is January's low crossing at 8.91 1/4. Second support is December's low crossing at 8.80 1/2.

March soybean meal was slightly lower overnight as it extends the September-February- 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 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, December's low crossing at 307.10 is the next downside target. Closes above the reaction high crossing at 316.50 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 316.50. Second resistance is January's high crossing at 323.60. First support is December's low crossing at 307.10. Second support is November's low crossing at 305.30.  

March soybean oil was higher overnight as it extends the rally off November's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 29.51 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 31.69 is the next upside target. First resistance is the overnight high crossing at 30.97. Second resistance is the 50% retracement level of the 2017-2018 decline crossing at 31.69. First support is the 20-day moving average crossing at 29.51. Second support is the 50-day moving average crossing at 28.89.

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

April hogs closed down $0.70 at $60.90. 

April hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 64.10 are needed to confirm that a short-term low has been posted. If April extends the decline off November's high, August's low crossing at 58.22 is the next downside target. First resistance is the 20-day moving average crossing at 64.10. Second resistance is the 50-day moving average crossing at 67.20. First support is the 87% retracement level of the July-November-rally crossing at 59.81. Second support is August's low crossing at 58.22.   

April cattle closed down $0.48 at 127.15. 

April cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 April extends the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. Closes below the 50-day moving average crossing at 125.30 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 129.48. Second resistance is weekly resistance crossing at 134.55. First support is the reaction low crossing at 125.48. Second support is the 50-day moving average crossing at 125.30.   

March Feeder cattle closed down $0.65 at $143.18. 

March Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 145.58 would temper the bearish outlook. If March renews the decline off December's high, December's low crossing at 140.35 is the next downside target. First resistance is the reaction high crossing at 146.47. Second resistance is December's high crossing at 147.58. First support is January's low crossing at 141.20. Second support is December's low crossing at 140.35.  

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

March coffee closed higher on Wednesday while extending the trading range for the past two-months. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 10.72 are needed to confirm an upside breakout of the December-January trading range. Closes below December's low crossing at 9.86 would confirm a downside breakout of the aforementioned trading range. 

March cocoa closed higher on Wednesday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 22.66 would confirm that a short-term low has been posted. If March resumes the decline off December's high, December's low crossing at 20.95 is the next downside target.      

March sugar closed higher on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, the reaction high crossing at 13.54 is the next upside target. If March renews the decline off January's high, January's low crossing at 11.69 is the next downside target. 

March cotton closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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. If March extends the rally off January's low, the 50-day moving average crossing at 75.28 is the next upside target.