KEY EVENTS TO WATCH FOR:

Friday, January 17, 2020   

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

                       Total Starts (previous 1.365M)

                       Housing Starts, M/M% (previous +3.2%)

                       Building Permits (previous 1.482M)

                       Building Permits, M/M% (previous +1.4%)

9:15 AM ET. December Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous +1.1%)

                       Capacity Utilization % (previous 77.3%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.7)

10:00 AM ET. November Job Openings & Labor Turnover Survey

10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data

                       Mid-Mo Sentiment (previous 99.2)

                       Mid-Mo Expectations (previous 88.9)

                       Mid-Mo Current Idx (previous 115.2)

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

The STOCK INDEXES:The March NASDAQ 100 was higher in overnight trading as all three benchmark indexes closing at new records on Thursday, following the signing of a trade truce between the U.S. and China on Wednesday and Senate approval of a new trade deal between the U.S., Mexico and Canada on Thursday. Financial and technology shares led the rally, with Google’s parent Alphabet becoming only the fourth company to reach a $1 trillion market capitalization, as investors were encouraged by a batch of healthy U.S. economic data along with positive corporate earnings reports.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. If March extends the rally off October's high into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8890.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 9172.50. Second resistance is unknown. First support is the 20-day moving average crossing at 8890.00. Second support is the 50-day moving average crossing at 8583.03.

The March S&P 500 was higher overnight as it extends the rally off last-August's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3255.43 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3323.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3255.43. Second support is the 50-day moving average crossing at 3179.57.  

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

INTEREST RATES: March T-bonds were lower overnight as they consolidate some of the rally off last-Thursday's low. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 157-01 would temper the near-term bearish outlook. If March extends the rebound off last-Thursday's low, January's high crossing at 159-19 is the next upside target. First resistance is January's high crossing at 159-19. Second resistance is December's high crossing at 160-13. First support is January's low crossing at 155-05. Second support is November's low crossing at 155-00.

March T-notes was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Thursday's low, January's high crossing at 130.060 is the next upside target. Closes below the 20-day moving average crossing at 128.252 would confirm that a short-term top has been posted. First resistance is January's high crossing at 130.060. Second resistance is November's high crossing at 130.175. First support is the 20-day moving average crossing at 128.252. Second support is December's low crossing at 127.290.   

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

February crude oil was steady to slightly higher overnight as it consolidates some of the decline off January's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends this month's decline, the 62% retracement level of the October-January rally crossing at 56.21 is the next downside target. Closes above the 20-day moving average crossing at 60.49 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 60.49. Second resistance is January's high crossing at 65.65. First support is the 50% retracement level of the October-January rally crossing at 58.01. Second support is the 62% retracement level of the October-January rally crossing at 56.21.

February heating oil was steady to slightly higher overnight as it consolidates some of the decline off January's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, the 87% retracement level of the October-January rally crossing at 183.37 is the next downside target. Closes above the 50-day moving average crossing at 195.14 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 195.14. Second resistance is the 20-day moving average crossing at 198.58. First support is the 75% retracement level of the October-January rally crossing at 187.31. Second support is the 87% retracement level of the October-January rally crossing at 183.37.    

February unleaded gas was steady to slightly higher overnight as it extends the trading range of the past two-weeks. 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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off January's high, December's low crossing at 157.36 is the next possible downside target. Closes above the 20-day moving average crossing at 169.75 would confirm that a short-term low has been posted.First resistance is January's high crossing at 181.14. Second resistance is the 75% retracement level of 2018's decline crossing at 188.45. First support is the December 11^th low crossing at 161.50. Second support is December's low crossing at 157.36.  

February Henry natural gas was lower overnight as it extends the decline off November's high. The low-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 February extends the decline off November's high, weekly support crossing at 2.029 is the next downside target. Closes above Tuesday's high crossing at 2.255 are needed to temper the near-term bearish outlook. First resistance is Tuesday's high crossing at 2.255. Second resistance is the December 16^th high crossing at 2.351. First support is January's low crossing at 2.083. Second support is weekly support crossing at 1.909.  

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

CURRENCIES:The March Dollar was higher overnight. 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 97.17 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 96.89 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 97.17. Second resistance is the December 23^rd high crossing at 97.41. First support is December's low crossing at 96.02. Second support is the 62% retracement level of the March-September-rally crossing at 95.63.  

The March Euro was 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes this month's decline, the December 6th low crossing at 111.13 is the next downside target. Closes above Thursday's high crossing at 112.13 would temper the near-term bearish outlook. First resistance is December's high crossing at 112.93. Second resistance is August's high crossing at 114.20. First support is the December 6^th low crossing at 111.13. Second support is November's low crossing at 110.61.    

The March British Pound was lower overnight.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 turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below December's low crossing at 1.2940 would open the door for additional weakness near-term and a possible test of the November 22^nd low crossing at 1.2870. Closes above the 10-day moving average crossing at 1.3091 would temper the near-term bearish outlook. First resistance is the December 31st high crossing at 1.3312. Second resistance is December's high crossing at 1.3548. First support is December's low crossing at 1.2940. Second support is the November 22^nd low crossing at 1.2870.

The March Swiss Franc was lower overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0335 would confirm that a short-term top has been posted. If March extends the rally off November's low, the 87% retracement level of the August-November-decline crossing at 1.0461 is the next upside target. First resistance is Wednesday's high crossing at 1.0444. Second resistance the 87% retracement level of the August-November-decline crossing at 1.0461. First support is the 20-day moving average crossing at 1.0335. Second is the 50-day moving average crossing at 1.0244.  

The March Canadian Dollar was steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 76.31 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low, weekly resistance crossing at 77.97 is the next upside target. First resistance is December's high crossing at 77.23. Second resistance is weekly resistance crossing at 77.97. First support is last-Thursday's low crossing at 76.31. Second support is the 50-day moving average crossing at 76.01.  

The March Japanese Yen was steady to slightly lower 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, monthly support crossing at 0.0906 is the next downside target. Closes above the 50-day moving average crossing at 0.0922 are needed to temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 0.0919. Second resistance is the 50-day moving average crossing at 0.0922. First support is the overnight low crossing at 0.0909. Second support is monthly support crossing at 0.0906.

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

PRECIOUS METALS: February gold was higher overnight as it consolidates some of the decline off January's high. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February resumes this month's decline, the 20-day moving average crossing at $1534.70 is the next downside target. If February resumes the rally off November's low, monthly resistance crossing at $1616.50 is the next upside target. First resistance is January's high crossing at $1613.30. Second resistance is monthly resistance crossing at $1616.50. First support is the 20-day moving average crossing at $1534.70. Second support is the 50-day moving average crossing at $1498.30.

March silver was steady to slightly higher overnight as it consolidates some of the decline off January's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term.Closes below the 20-day moving average crossing at $17.680 are needed to confirm that a short-term top has been posted. If March resumes the rally off December's low, the September 24^th high crossing at $18.930 is the next upside target.First resistance is January's highcrossing at $18.895. Second resistance is the September 24th high crossing at $18.930. First support is the 20-day moving average crossing at $17.680. Second support is the 50-day moving average crossing at $17.398. 

March copper was higher overnight as it extends this month's rally. 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. If March extends the rally off December's low, the 75% retracement level of the April-September-December crossing at $289.05 is the next upside target. Closes below the 20-day moving average crossing at $282.35 would temper the near-term, friendly outlook. First resistance is Thursday's high crossing at $288.60. Second resistance is the 75% retracement level of the April-September-decline crossing at $287.40. First support is the 20-day moving average crossing at $282.35. Second support is the 50-day moving average crossing at $274.97.      

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

March corn was higher overnight as it consolidates some of Thursday's sharp decline. The high-range trade sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends Thursday's decline, December's low crossing at $3.71 is the next downside target. Closes above the reaction high crossing at $3.92 are needed to renew the rally off December's low and would open the door for a possible test of November's high crossing at $4.00. First resistance is the reaction high crossing at $3.92. Second resistance is November's high crossing at $4.00. First support is Thursday's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.    

March wheat was higher overnight as it consolidates some of Thursday's decline. The high-range trade sets the stage for a steady to higher opening when the day 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 $5.56 1/4 would confirm that a short-term top has been posted. If March extends the rally off September's low, the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4 is the next upside target. First resistance is Wednesday's high crossing at $5.78 3/4. Second resistance is the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4. First support is the 20-day moving average crossing at $5.56 1/4. Second support is the 50-day moving average crossing at $5.37 1/4. 

March Kansas City Wheat closed down $0.11 3/4-cents at $4.84 3/4.

March Kansas City wheat closed lower on technical selling on Thursday. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top is in or near. Closes below the 20-day moving average crossing at $4.78 1/2 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low, the 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target. First resistance is Wednesday's high crossing at $5.04 1/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 20-day moving average crossing at $4.78 1/2. Second support is the 50-day moving average crossing at $4.53 3/4.   

March Minneapolis wheat was higher overnight as it consolidates some of Thursday's decline. The high-range trade sets the stage for a steady to higher 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 20-day moving average crossing at $5.50 1/4 would temper the near-term friendly outlook. If March resumes the rally off November's low, October's high crossing at $5.71 1/4 is the next upside target. First resistance is the 87% retracement level of the October-November-decline crossing at $5.45 1/4. Second resistance is October's high crossing at $5.71 1/4. First support is the 20-day moving average crossing at $5.50 1/4. Second support is the 50-day moving average crossing at $5.33.      

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

March soybeans higher overnight as it consolidates some of this week's decline. The high-range trade sets the stage for a steady to higher 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 this week's decline, the December 12^th low crossing at $9.02 1/2. Closes above the 20-day moving average crossing at $9.42 would temper the near-term bearish outlook. First resistance is the 87% retracement level of the October-November-decline crossing at $9.58 1/2. Second resistance is October's high crossing at $9.70. First support is Thursday's low crossing at $9.22. Second support is the December 12^th low crossing at $9.02 1/2.    

March soybean meal was higher overnight as it extends the December-January trading range. The high-range trade sets the stage for a steady to higher 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 this week's decline, the December 12th low crossing at $297.40 is the next downside target. Closes above December's high crossing at $307.90 would renew the rally off December's low. First resistance is December's high crossing at 307.90. Second resistance is November's high crossing at $312.70. First support is the December 12^th low crossing at $297.40. Second support is December's low crossing at $296.20.    

March soybean oil was lower overnight as it extends the decline off January's high. The low-range 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 this month's decline, the 50-day moving average crossing at 32.71 is the next downside target. Closes above the 20-day moving average crossing at 34.34 would temper the near-term bearish outlook. First resistance is January's high crossing at 35.67. Second resistance is weekly resistance crossing at 35.79. First support is the overnight low crossing at 32.82. Second support is the 50-day moving average crossing at 32.71.   

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

February hogs closed down $1.00 at $66.88. 

February hogs closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $69.64 would temper the near-term bearish outlook. If February extends this month's decline, December's low crossing at $65.40 is the next downside target. First resistance is the 50% retracement level of the October-December-decline crossing at $72.43. Second resistance is the 62% retracement level of the October-December-decline crossing at 74.10. First support is Monday's low crossing at $65.57. Second support is December's low crossing at $65.40.   

February cattle closed down $0.48 at $126.12. 

February cattle closed lower on Thursday as it extends the November-January trading range. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below is January's low crossing at $124.55 would confirm that a short-term top has been posted. If February extended the rally off September's low, weekly resistance crossing at $130.45 is the next upside target. First resistance is December's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is January's low crossing at $124.55. Second support is the reaction low crossing at $123.30.   

March Feeder cattle closed down $0.35-cents at $144.82. 

March Feeder cattle closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below January's low crossing at $141.33 would confirm that a short-term top has been posted. If March extends this month's rally, the 75% retracement level of 2018's decline crossing at $149.81 is the next upside target. First resistance is last-Friday's high crossing at $147.75. Second resistance is the 75% retracement level of the 2018 April-September decline crossing at $149.81. First support is January's low crossing at $141.33. Second support is November's low crossing at $138.62.       

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

March coffee closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI 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 75% retracement level of the October-December-rally crossing at 10.74 is the next downside target. Closes above the 20-day moving average crossing at 11.36 would confirm that a low has been posted.

March cocoa closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, last-May's high crossing at 28.36 is the next upside target. Closes below the 20-day moving average crossing at 25.23 would confirm that a short-term top has been posted.        

March sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. 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 October's low, last-February's high crossing at 14.64 is the next upside target. Closes below the 20-day moving average crossing at 13.69 are needed to confirm that a top has been posted. 

March cotton closed lower on Thursday as it consolidates some of the rally off last-August's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 69.47 are needed to confirm that a short-term top has been posted. If March extends the rally off August's low, the 62% retracement level of the 2018-2019-decline crossing at 74.04 is the next upside target.