KEY EVENTS TO WATCH FOR:

Friday, March 8, 2019 

8:30 AM ET. February U.S. Employment Report

                       Non-Farm Payrolls (expected +180K; previous +304K)

                       Unemployment Rate (expected 3.9%; previous 4.0%)

                       Avg Hourly Earnings (USD)  (previous 27.56)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.03)

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.11%)

                       Avg Hourly Earnings, Y/Y% (previous 2.2%)

                       Overall Workweek (previous 34.5)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +8K)

                       Private Payroll (previous +296K)

                       Participation Rate (previous 63.2%)

                       Non-Farm Payrolls Bench Net Chg (previous -1K)

8:30 AM ET. January New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected 1.18M; previous 1.078M)

                       Housing Starts, M/M% (expected +9.5%; previous -11.2%)

                       Building Permits (expected 1.29M; previous 1.326M)

                       Building Permits, M/M% (expected -2.7%; previous +0.3%)

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 June NASDAQ 100 closed lower for a fourth session in a row on Thursday and below the 20-day moving average crossing at 7086.11 confirming that a short-term top has been posted. 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 June extends this week's decline, the 50-day moving average crossing at 6811.18 is the next downside target. If June renews the rally off December's low, the 75% retracement level of the September-December-decline crossing at 7292.15 is the next upside target. First resistance is December's high crossing at 7169.00. Second resistance is the 75% retracement level of the October-December-decline crossing at 7280.27. First support is today's low crossing at 7037.00. Second support is the 50-day moving average crossing at 6811.18.  

The June S&P 500 gapped down and closed below the 20-day moving average crossing at 2772.48 on Wednesday confirming that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the 50-day moving average crossing at 2670.04 is the next downside target. If June renews the rally off December's low, the 87% retracement level of the September-December-decline crossing at 2879.73 is the next upside target. First resistance is Monday's high crossing at 2810.20. Second resistance is the 87% retracement level of the September-December-decline crossing at 2879.73. First support is today's low crossing at 2752.00. Second support is the 50-day moving average crossing at 2670.04.  

The Dow closed lower on Thursday and below the 20-day moving average crossing at 25,707.92 confirming that a short-term top has been posted. 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 bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off February's high, the 50-day moving average crossing at 24,735.13 is the next downside target. Closes above Monday's high crossing at 26,155.98 would confirm that a short-term low has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at 26,282.97. Second resistance is the October 2018 high crossing at 26,951.81. First support is today's low crossing at 25,352.55. Second support is the 50-day moving average crossing at 24,735.23.

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

June T-bonds closed up 27/32's at 145-23.

June T-bonds closed higher on Thursday and above the 20-day moving average crossing at 145-12 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 June extends today's rally, February's high crossing at 146-17 is the next downside target. If June resumes the decline off February's high, the 38% retracement level of the November-January-rally crossing at 143-10 is the next downside target. First resistance is February's high crossing at 146-17. Second resistance is January's high crossing at 147-31. First support is the 38% retracement level of the November-January-rally crossing at 143-10. Second support is the 50% retracement level of the November-January-rally crossing at 141-27.         

June T-notes closed up 135-pts. at 122.185.

June T-notes closed sharply higher on Thursday and above the 20-day moving average crossing at 122.093 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 June extends this week's rally. The reaction high crossing at 122.280 is the next upside target. If June renews the decline off January's high, the 38% retracement level of the October-December-rally crossing at 121.063 is the next downside target. First resistance is the reaction high crossing at 122.280. Second resistance is January's high crossing at 123.175. First support is the 38% retracement level of the October-December-rally crossing at 121.063. Second support is the 50% retracement level of the October-December-decline crossing at 120.150.        

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

April crude oil closed slightly higher on Thursday while extending the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 55.62 are needed to confirm that a short-term top has been posted. If April resumes the rally off December's low, the 50% retracement level of the October-December-decline crossing at 59.51 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at 59.51. Second resistance is the 62% retracement level of the October-December-decline crossing at 63.44. First support is the reaction low crossing at 51.62. Second support is December's low crossing at 43.00.

April heating oil closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. 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 198.36 are needed to confirm that a short-term top has been posted. If April resumes the rally off December's low, the 62% retracement level of the October-December-decline crossing at 212.17 is the next upside target. First resistance is the 50% retracement level of the October-December-decline crossing at 202.41. Second resistance is the 62% retracement level of the October-December-decline crossing at 212.17. First support is the 20-day moving average crossing at 198.36. Second support is the 50-day moving average crossing at 188.39. 

April unleaded gas closed higher on Thursday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off December's low, the 50% retracement level of the October-December-decline crossing at 188.48 is the next upside target. Closes below the 20-day moving average crossing at 171.66 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 181.60. Second resistance is the 50% retracement level of the October-December-decline crossing at 188.48. First support is the 20-day moving average crossing at 171.66. Second support is the 50-day moving average crossing at 163.57.

April Henry natural gas closed higher on Thursday leaving yesterday's key reversal down unconfirmed. 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 April extends the rally off February's low, the 75% retracement level of the November-February decline crossing at 2.938 is the next upside target. Closes below the 20-day moving average crossing at 2.739 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 2.896. Second resistance is the 75% retracement level of the November-February decline crossing at 2.938. First support is the reaction low crossing at 2.732. Second support is the reaction low crossing at 2.589.       

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

The June Dollar closed sharply higher on Thursday and above this winter's higher thereby renewing the rally off the 2018 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 June extends the rally off February's low, weekly resistance crossing at 97.83 is the next upside target. Closes below the 50-day moving average crossing at 95.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 96.06. Second support is the 50-day moving average crossing at 95.51.    

The June Euro closed sharply lower on Thursday as it renewed this year'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 June extends the decline off January's high, the January-2017 low crossing at 110.16 is the next downside target. Closes above the 50-day moving average crossing at 115.15 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 115.15. Second resistance is the reaction high crossing at 116.46. First support is the 87% retracement level of the 2016-2018 rally crossing at 112.62. Second support is the January 2017 low crossing at 110.16.     

The June British Pound closed lower for the sixth-day in a row on Thursday as it extended the decline off February's high. 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. Closes below the 20-day moving average crossing at 1.3131 would confirm that a short-term top has been posted. If June resumes the rally off January's low, the 50% retracement level of the April-December-2018 decline crossing at 1.3603 is the next upside target. First resistance is February's high crossing at 1.3422. Second resistance is the 50% retracement level of the April-December-2018 decline crossing at 1.3603. First support is the 20-day moving average crossing at 1.3131. Second support is the 50-day moving average crossing at 1.3041.   

The June Swiss Franc closed sharply lower on Thursday and renewed the decline off September's high. 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 June extends this winter's decline, weekly support crossing at 0.9902 is the next downside target. Closes above the 20-day moving average crossing at 1.0082 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0082. Second resistance is the 50-day moving average crossing at 1.0180. First support is today's low crossing at 0.9970. Second support is weekly support crossing at 0.9902.

The June Canadian Dollar closed lower on Thursday as it extends the decline off February's high. 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 June extends the decline off February's high, December's low crossing at 74.47 is the next downside target. Closes above the 20-day moving average crossing at 75.62 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 76.46. Second resistance is February's high crossing at 76.75. First support is today's low crossing at 74.47. Second support is December's low crossing at 73.47.  

The June Japanese Yen closed higher on Thursday as it consolidates above the 85% retracement level of the November-January-rally crossing at 0.0900. 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 hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 0.0910 are needed to confirm that a short-term low has been posted. If June extends the decline off January's high, November's low crossing at 0.0893 is the next downside target. First resistance is the reaction high crossing at 0.0915. Second resistance is the reaction high crossing at 0.0922. First support is the 87% retracement level of the November-January-rally crossing at 0.0900. Second support is November's low crossing at 0.0893.  

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

April gold closed lower on Thursday as it extends the decline off February's high. The mid-range close sets the stage for a steady 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 April extends the aforementioned decline, the 50% retracement level of the August-February-rally crossing at 1273.20 is the next downside target. Closes above the 20-day moving average crossing at 1314.50 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1314.50. Second resistance is February's high crossing at 1349.80. First support is January's low crossing at 1281.50. Second support is the 50% retracement level of the August-February-rally crossing at 1273.20.

May silver closed lower on Thursday as it extends the decline off February's high. The low-range close set 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 May extends the decline off February's high, the 62% retracement level of the November-February-rally crossing at 14.935 is the next downside target. Closes above the 20-day moving average crossing at 15.672 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 15.488. Second resistance is the 20-day moving average crossing at 15.672. First support is the 62% retracement level of the November-February-rally crossing at 14.935. Second support is the 75% retracement level of the November-February-rally crossing at 14.644.          

May copper closed lower on Thursday. 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 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 288.39 would confirm that a short-term top has been posted. If March renews the rally, the 62% retracement level of the April-December-2018 decline crossing at 306.69 is the next upside target. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance is the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the 20-day moving average crossing at 288.39. Second support is the 50-day moving average crossing at 277.09. 

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

May Corn closed down 8-cents at 3.64 1/2. 

May corn closed lower on Thursday on some technical selling ahead of Friday’s WASDE report, and on reports that ethanol stocks have reached the highest levels in about a year. Today's export sales report showed corn exports were 38.2 million bushels of old crop sales combined with 11.1 million bushels of new crop sales last week for a total of 49.2 million bushels. That slightly above the previous week’s total of 48.8 million bushels and trade estimates of 43.3 million bushels. Corn export shipments reached 29.3 million bushels. Additional selling pressure was due to a sharply higher U.S. Dollar, which rallied to a new high for the year. Today's low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are diverging but neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off November's high, September's low crossing at 3.63 1/4 is the next downside target. Closes above the 20-day moving average crossing at 3.78 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.74 1/4. Second resistance is the 20-day moving average crossing at 3.78 1/2. First support is today's low crossing at 3.64 1/2. Second support is last-September's low crossing at 3.63 1/4.  

May wheat closed down 12-cents at 4.38. 

May wheat closed sharply lower for the second day in a row on Thursday as it extends the decline off February's high. May wheat continued its free fall today due to another round of technical selling due to massive domestic and global supplies as traders squared their positions ahead of tomorrow’s WASDE report. 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 May extends this winter's decline, weekly support crossing at 4.19 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.85 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.62. Second resistance is the 20-day moving average crossing at 4.85 1/2. First support is today's low crossing at 4.37 1/2. Second support is weekly support crossing at 4.19 1/4.     

May Kansas City Wheat closed down 11-cents at 4.27 1/2.

May Kansas City wheat posted a new low close for the year on Thursday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Friday 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 May extends the decline off December's high, weekly support crossing at 4.17 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.66 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.45 1/2. Second resistance is the 20-day moving average crossing at 4.66. First support is today's low crossing at 4.27 1/2. Second support is weekly support crossing at 4.17 3/4.  

May Minneapolis wheat closed unchanged at 5.53. 

May Minneapolis wheat closed unchanged on Thursday as it extends the consolidation pattern of the past three-weeks. 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 May renews the decline off January's high, weekly support crossing at 5.44 1/2 is the next downside target. Closes above the reaction high crossing at 5.73 are needed to confirm that a low has been posted. First resistance is January's high crossing at 5.83 3/4. Second resistance is December's high crossing at 5.93 3/4. First support is February's low crossing at 5.48. Second support is weekly support crossing at 5.44 1/2.    

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

May soybeans closed down a 1/2-cent at 9.01 1/2.

May soybeans closed fractionally 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, December's low crossing at 8.93 1/2 is the next downside target. Closes above Monday's high crossing at 9.24 3/4 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 9.34 1/2. Second resistance is February's high crossing at 9.45. First support is today's low crossing at 8.98 1/4. Second support is December's low crossing at 8.93 1/2.  

May soybean meal closed up $0.20 at 306.10. 

May soybean meal closed slightly higher 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, psychological support crossing at 300.0 is the next downside target. Closes above the 50-day moving average crossing at 313.90 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 313.90. Second resistance is February's high crossing at 321.30. First support is last Friday's low crossing at 302.80. Second support is psychological support crossing at 300.00.  

May soybean oil closed down 15 pts. at 29.63. 

May soybean oil closed lower on Thursday and tested support marked by the 50% retracement level of the November-February-rally crossing at 29.51. 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 May extends the decline off February's high, the 62% retracement level of the November-February-rally crossing at 29.08 is the next downside target. Closes above the 20-day moving average crossing at 30.39 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 30.64. Second resistance is the reaction high crossing at 31.16. First support is the 50% retracement level of the November-February-rally crossing at 29.51. Second support is the 62% retracement level of the November-February-rally crossing at 29.08.    

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

April hogs closed up $0.65 at $57.73. 

April hogs closed higher on Thursday. The mid-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 February's low, the reaction high crossing at 61.32 is the next upside target. Closes below the 10-day moving average crossing at 56.30 would temper the near-term bullish outlook. First resistance is the reaction high crossing at 61.32. Second resistance is the 50-day moving average crossing at 61.89. First support is February's low crossing at 52.25. Second support is weekly support crossing at 51.27.   

April cattle closed up $0.05 at 128.95. 

April cattle closed higher on Thursday. The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 127.28 are needed to confirm that a short-term top has been posted. If April extends the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. First resistance is last Friday's high crossing at 130.45. Second resistance is weekly resistance crossing at 134.55. First support is the 50-day moving average crossing at 127.28. Second support is February's low crossing at 125.75.   

April Feeder cattle closed up $2.35 at $146.00. 

April Feeder cattle closed higher on Thursday and above the 20-day moving average crossing at 145.74 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 session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the decline off February's high, January's low crossing at 142.63 is the next downside target. First resistance is February's high crossing at 147.33. Second resistance is December's high crossing at 147.83. First support is January's low crossing at 142.63. Second support is December's low crossing at 141.30.  

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

May 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 to bearish signaling that sideways to lower prices are possible near-term. If May renews this winter's decline, weekly support crossing at 95.10 is the next downside target. Closes above the 20-day moving average crossing at 10.06 are needed to confirm that a low has been posted. 

May cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bullish with additional strength, that would signal a short-term low has been posted. Closes above the 50-day moving average crossing at 23.08 are needed to confirm that a low has been posted. If May extends the decline off February's high, December's low crossing at 21.12 is the next downside target.         

May sugar closed higher on Thursday. The high-range close set the stage for a steady to higher 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 May extends the aforementioned decline, January's low crossing at 11.82 is the next downside target. Closes above the 20-day moving average crossing at 12.75 would confirm that a low has been posted.   

May cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off December's high, the 87% retracement level of the 2016-2018-rally crossing at 68.36 is the next downside target. If May extends the rally off February's low, January's high crossing at 76.14 is the next upside target.