KEY EVENTS TO WATCH FOR:

Friday, January 31, 2020 

8:30 AM ET. December Personal Income & Outlays

                       Personal Income, M/M% (expected +0.3%; previous +0.5%)

                       Consumer Spending, M/M% (expected +0.3%; previous +0.4%)

                       PCE Price Idx, M/M% (previous +0.2%)

                       PCE Price Idx, Y/Y% (previous +1.5%)

                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)

                       PCE Core Price Idx, Y/Y% (expected +1.6%; previous +1.6%)

8:30 AM ET. 4^th Quarter Employment Cost Index

                       ECI, Q/Q% (expected +0.7%; previous +0.7%)

                       ECI, Y/Y% (previous +2.8%)

9:45 AM ET. January ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 48.5; previous 48.9)

10:00 AM ET. January University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (expected 99.1; previous 99.3)

                       End-Mo Expectations Idx (previous 88.9)

                       12-Month Inflation Forecast (previous 2.3%)

                       5-Year Inflation Forecast (previous 2.2%)

                       End-Mo Current Idx (previous 115.5)

3:00 PM ET. January Agricultural Prices

                       Farm Prices, M/M%

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

The STOCK INDEXES:The March NASDAQ 100 was lower in overnight trading as the spreading coronavirus weighs on the stock market. 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 slightly bullish signaling that choppy trading is possible near-term. If March renews the rally off October's high into uncharted territory, upside targets will be hard to project. If March renews the decline off last-Friday's high, the 50-day moving average crossing at 8737.53 is the next downside target. First resistance is last-Friday's high crossing at 9287.25. Second resistance is unknown. First support is Monday's low crossing at 8925.50. Second support is the 50-day moving average crossing at 8737.53.

The March S&P 500 was lower overnight as it extends this week's trading range. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI remain neutral to bearish signals that sideways to lower prices are possible near-term. If March extends the decline off last-Friday's high, the 50-day moving average crossing at 3214.22 is the next downside target. Closes above the 10-day moving average crossing at 3294.16 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 3335.30. Second resistance is unknown. First support is Monday's low crossing at 3237.00. Second support is the 50-day moving average crossing at 3214.22.  

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

INTEREST RATES: March T-bonds was higher overnight as it extends the rally off January'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 January's low, October's high crossing at 164-09 is the next upside target. Closes below the 20-day moving average crossing at 159-03 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 163-12. Second resistance is October's high crossing at 164-09. First support is the 10-day moving average crossing at 160-19. Second support is the 20-day moving average crossing at 159-03.  

March T-notes was higher overnight as it extends 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, October's high crossing at 132.025 is the next upside target. Closes below the 20-day moving average crossing at 129.228 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 131.170. Second resistance is October's high crossing at 132.025. First support is the 10-day moving average crossing at 130.098. Second support is the 20-day moving average crossing at 129.228.   

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

March crude oil 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 this month's decline, October's low crossing at 50.18 is the next downside target. Closes above the 10-day moving average crossing at 54.82 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 54.82. Second resistance is the 20-day moving average crossing at 57.37. First support is the 87% retracement level of the October-January rally crossing at 52.17. Second support is October's low crossing at 50.18.

March heating oil was lower overnight as it extends this month's decline. 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 this month's decline, the June 2017 low crossing at 156.49 is the next downside target. Closes above the 10-day moving average crossing at 174.58 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 174.58. Second resistance is the 20-day moving average crossing at 184.99. First support is Thursday's low crossing at 163.05. Second support is the June 2017 low crossing at 156.49.     

March unleaded gas was 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 156.00 would confirm that a short-term low has been posted.If March renews the decline off January's high, August's low crossing at 142.08 is the next downside target. First resistance is the 10-day moving average crossing at 156.00. Second resistance is the 20-day moving average crossing at 162.59. First support is Monday's low crossing at 144.49. Second support is August's low crossing at 142.08. 

March Henry natural gas was steady to slightly higher overnight. The high-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 the decline off November's high, weekly support crossing at 1.611 is the next downside target. Closes above the 20-day moving average crossing at 2.010 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.891. Second resistance is the 20-day moving average crossing at 2.010. First support is the overnight low crossing at 1.812. Second support is weekly support crossing at 1.611.  

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

CURRENCIES:The March Dollar was steady to slightly lower 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 97.29 would confirm that a short-term top has been posted. If March extends the rally off December's low, the October 8th high crossing at 98.46 is the next upside target. First resistance is November's high crossing at 98.05. Second resistance is the October 8th high crossing at 98.46. First support is the 20-day moving average crossing at 97.29. Second support is the January 16th low crossing at 96.81.  

The March Euro was higher overnight as it consolidates some of the decline off December'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 March extends the decline off December's high, October's low crossing at 110.14 is the next downside target. Closes above the 20-day moving average crossing at 111.32 would temper the near-term bearish outlook. First resistance is the January 16^th high crossing at 112.13. Second resistance is December's high crossing at 112.93. First support is Wednesday's low crossing at 110.24. Second support is October's low crossing at 110.14.    

The March British Pound was higher overnight as it extends the trading range of the past four-weeks.The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 1.3198 would confirm that a short-term low has been posted. 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. 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 higher overnight as it consolidates some of 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0352 would confirm that a short-term low has been posted. If March extends the decline off January's high, the 50-day moving average crossing at 1.0274 is the next downside target. First resistance is the 20-day moving average crossing at 1.0352. Second resistance is January's high crossing at 1.0444. First support is Wednesday's low crossing at 1.0272. Second is the 50-day moving average crossing at 1.0274.  

The March Canadian Dollar was lower overnight as it extends the decline off December'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 January 6^th low crossing at 75.40 is the next downside target. Closes above the 20-day moving average crossing at 76.38 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 76.02. Second resistance is the 20-day moving average crossing at 76.38. First support is the overnight low crossing at 75.50. Second support is the December 6^th low crossing at 75.40.  

The March Japanese Yen was slightly higher overnight as it extends this week's trading range. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.0921 are needed to temper the near-term bearish outlook. If March resumes this month's decline, monthly support crossing at 0.0906 is the next downside target. First resistance is the 50-day moving average crossing at 0.0921. Second resistance is January's high crossing at 0.0932. First support is January's 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: April gold 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 April extends the rally off January's low, January's high crossing at $1619.60 is the next upside target. Closes below the January 14^th low crossing at $1542.80 are needed to renew the decline off January's high. First resistance is January's high crossing at $1619.60. Second resistance is monthly resistance crossing at $1687.00. First support is the January 14^th low crossing at $1542.80. Second support is the 50-day moving average crossing at $1521.10.

March silver was steady to slightly higher in late-overnight trading. The mid-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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Tuesday's high crossing at $18.375 would confirm that a short-term low has been posted. If March resumes the decline off January's high, the January 18^th low crossing at $16.935 is the next downside target. First resistance is Tuesday's high crossing at $18.375. Second resistance is January's highcrossing at $18.895. First support is Wednesday's low crossing at $17.280. Second support is the January 18th low crossing at $16.935. 

March copper was lower overnight as it extends this month's decline. 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 this month's decline, September's low crossing at $249.35 is the next downside target. Closes above the 10-day moving average crossing at $266.46 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $266.46. Second resistance is the 20-day moving average crossing at $274.33. First support is Thursday's low crossing at $251.60. Second support is September's low crossing at $249.35.       

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

March corn was steady to fractionally higher overnight as it extends the December-January trading range. The low-range trade sets the stage for a steady to lower 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 this week's decline, January's low crossing at $3.75 1/4 is the next downside target. If March renews the rally off December's low, November's high crossing at $4.00 is the next upside target. First resistance is last-Thursday's high crossing at $3.94. Second resistance is November's high crossing at $4.00. First support is January's low crossing at $3.75 1/4. Second support is December's low crossing at $3.71.    

March wheat was lower overnight as it extends the decline off last-Wednesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the 50-day moving average crossing at 5.47 1/4 is the next downside target. Closes above the 10-day moving average crossing at $5.70 1/2 are needed to temper the near-term bearish outlook. First resistance is the 75% retracement level of the 2018-2019-decline crossing at $5.92 1/4. Second resistance is the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4. First support is Thursday's low crossing at $5.50 3/4. Second support is the 50-day moving average crossing at $5.47 1/4. 

March Kansas City Wheat closed down $0.01-cent at $4.71.

March Kansas City wheat closed lower on Thursday as it extends the decline off January's high. The high-range close sets the stage for a steady to higher opening when Friday 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 $4.63 would open the door for additional weakness into early-February. If March resumes 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 last-Wednesday's high crossing at $5.04 3/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 50-day moving average crossing at $4.63. Second support is the December 20^th low crossing at 4.57.  

March Minneapolis wheat was slightly higher overnight. 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. Closes below the 50-day moving average crossing at $5.36 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at $5.49 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.49 3/4. Second resistance is January's high crossing at $5.67 3/4. First support is the 50-day moving average crossing at $5.36. Second support is the December 20^th low crossing at $5.32 1/2.      

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

March soybeans was steady to fractionally lower overnight as it extends this month's decline. 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 the aforementioned decline, the May-2018 low crossing at $8.41 1/2 is the next downside target. Closes above the 20-day moving average crossing at $9.20 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.00 3/4. Second resistance is the 20-day moving average crossing at $9.20 1/2. First support is Thursday's low crossing at $8.75 1/2. Second support is the May-2018 low crossing at $8.41 1/2.    

March soybean meal was steady to slightly higher overnight. 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 week's decline, monthly support crossing at $288.30 is the next downside target. Closes above the 50-day moving average crossing at $301.30 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 296.90. Second resistance is the 20-day moving average crossing at $299.30. First support is Thursday's low crossing at $291.00. Second support is monthly support crossing at $288.30.   

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 75% retracement level of the May-December 2018 rally crossing at 29.54 is the next likely downside target. Closes above the 50-day moving average crossing at 32.75 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 31.90. Second resistance is the 20-day moving average crossing at 33.06. First support is the 62% retracement level of the May-December 2018 rally crossing at 30.62. Second support is the 75% retracement level of the May-December 2018 rally crossing at 29.54.   

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

February hogs closed down $3.00 at $61.30. 

February hogs gapped lower and closed limit down on Thursday as it extended the decline off January'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 February extends this month's decline, the August-2018 low crossing at $61.00 is the next downside target. Closes above today's gap crossing at $64.12 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $66.29. Second resistance is the 50-day moving average crossing at 68.29. First support is today's low crossing at $61.30. Second support is the August-2018 low crossing at $61.00.   

February cattle closed up $0.03 at $121.78. 

February cattle closed slightly higher on Thursday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to lower 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 February extends this month's decline, the 38% retracement level of the September-December-2019 rally crossing at $119.22 is the next downside target. Closes above the 20-day moving average crossing at $125.36 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $125.36. Second resistance is January's high crossing at $127.55. First support is today's low crossing at $121.12. Second support is the 38% retracement level of the September-December-2019 rally crossing at $119.22.   

March Feeder cattle closed up $0.68-cents at $135.65. 

March Feeder cattle closed higher due to short covering on Thursday as it consolidates some of this month's decline. 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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 75% retracement level of the September-January-rally crossing at $131.45 is the next downside target. Closes above the 20-day moving average crossing at $142.71 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $139.89. Second resistance is the 20-day moving average crossing at $142.71. First support is today's low crossing at $134.20. Second support is the 75% retracement level of the September-January-rally crossing at $131.45.       

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

March coffee closed lower on Thursday as it extends the decline off December's high. 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, October's low crossing at 9.58 is the next downside target. Closes above the 20-day moving average crossing at 11.42 would confirm that a low has been posted.

March cocoa closed higher on Thursday as it consolidates some of the decline off Wednesday's high. 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 lower prices are possible near-term. If March resumes this winter's rally, weekly resistance crossing at 29.43 is the next upside target. Closes below the 20-day moving average crossing at 26.64 would confirm that a short-term top has been posted.          

March sugar closed higher on Thursday as it rebounds off the 20-day moving average. The high-range close set 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 renews the rally off October's low, last-January's high crossing at 16.25 is the next upside target. Closes below the 20-day moving average crossing at 14.14 are needed to confirm that a top has been posted. 

March 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 poised to turn neutral to bearish with additional weakness on Friday. If March extends this week's decline, the 50-day moving average crossing at 67.91 is the next downside target. If March renews the rally off August's low, the 62% retracement level of the 2018-2019-decline crossing at 74.04 is the next upside target.