KEY EVENTS TO WATCH FOR:

Monday, February 10, 2020 

9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting

10:00 AM ET. January Employment Trends Index

                       ETI (previous 109.68)

                       ETI, Y/Y%

  N/A              U.S. President Donald Trump releases Fiscal Year 2021 Budget

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

The March NASDAQ 100 closed lower on Friday as it consolidates some of this year's rally. The low-range close sets the stage for a steady to lower opening when Monday'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 March extends the rally off last-October's low, upside targets will be hard to project. Closes below the 20-day moving average crossing at 9170.67 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9471.00. Second resistance is unknown. First support is the December 27th low crossing at 8925.50. Second support is the 50-day moving average crossing at 8835.52.   

The March S&P 500 closed lower on Friday as it consolidates some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Monday'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. Thursday's close above January's high crossing at 3334.30 has renewed the rally off October's low into uncharted territory. Closes below the 10-day moving average crossing at 3286.27 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3345.60. Second resistance is unknown. First support is the 10-day moving average crossing at 3286.27. Second support is January's low crossing at 3183.70.  

The Dow closed lower on Friday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Monday'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 the Dow extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Thursday's high crossing at 29,408.05. Second resistance is unknown. First support is the 10-day moving average crossing at 28,805.44. Second support is last-Friday's low crossing at 28,169.53.

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

March T-bonds closed up 1-02/32's at 162-19.

March T-bonds closed higher on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 March resumes 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 160-11 are needed to confirm a short-term top has been posted.First resistance is Monday's high crossing at 164-05. Second resistance is October's high crossing at 164-09. First support is the 20-day moving average crossing at 160-11. Second support is the 50-day moving average crossing at 158-20. 

March T-notes closed up 140 pts. at 131.000.

March T-notes closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 March resumes 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 130.061 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 131.290. Second resistance is October's high crossing at 132.025. First support is the 20-day moving average crossing at 130.061. Second support is the 50-day moving average crossing at 129.126.        

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

March crude oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. 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 December-2018 low crossing at 45.76 is the next downside target. Closes above the 20-day moving average crossing at 54.57 are needed to temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 51.64. Second resistance is the 20-day moving average crossing at 54.57. First support is Tuesday's low crossing at 49.52. Second support is the December-2018 low crossing at 45.76. 

March heating oil closed lower on Friday as it some of this week's short covering rally. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. 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 175.34 would confirm that a short-term low has been posted. If March resumes this year's decline, the June 2017-low crossing at 156.49 is the next downside target. First resistance is today's high crossing at 167.77. Second resistance is the 20-day moving average crossing at 175.34. First support is Tuesday's low crossing at 156.84 Second support is the June 2017-low crossing at 156.49.

March unleaded gas closed higher on Friday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 last-Wednesday's high crossing at 154.61 are needed to temper the near-term bearish outlook. If March extends the decline off January's high, August's low crossing at 142.08 is the next downside target. First resistance is last-Wednesday's high crossing at 154.61. Second resistance is the 20-day moving average crossing at 156.70. First support is Tuesday's low crossing at 143.45. Second support is August's low crossing at 142.08.

March Henry natural gas closed slightly lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 1.941 are needed to confirm that a short-term low has been posted. If March resumes the decline off November's high, weekly support crossing at 1.611 is the next downside target. First resistance is the January 21st gap crossing at 1.977. Second resistance is the 50-day moving average crossing at 2.107. First support is Tuesday's low crossing at 1.804. Second support is weekly support crossing at 1.611.         

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

The March Dollar closed higher for the fifth-day in a row on Friday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Monday'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 March extends the rally off December's low, September's high crossing at 98.74 is the next upside target. Multiple closes below the 20-day moving average crossing at 97.59 would confirm that a short-term top has been posted. First resistance is today's high crossing at 98.59. Second resistance is September's high crossing at 98.74. First support is the 10-day moving average crossing at 97.89. Second support is the 20-day moving average crossing at 97.59.

The March Euro closed lower for the fifth-day in a row on Friday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Monday'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. Closes above the 20-day moving average crossing at 110.95 are needed to confirm that a short-term low has been posted. If March extends the decline off December's high, monthly support crossing at 109.22 is the next downside target. First resistance is the 10-day moving average crossing at 110.50. Second resistance is the 20-day moving average crossing at 110.95. First support is today's low crossing at 109.66. Second support is monthly support crossing at 109.22.

The March British Pound closed lower on Friday marking a downside breakout of the December-February trading range crossing at 1.2940. The low-range close sets the stage for a steady to lower opening when Monday'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 March extends the decline off December's high, the November 22nd low crossing at 1.2870 is the next downside target. Closes above the 50-day moving average crossing at 1.3098 would confirm that a short-term low has been posted. First resistance is the December 31st high crossing at 1.3312. Second resistance is December's high crossing at 1.3548. First support is today's low crossing at 1.2899. Second support is the November 22nd low crossing at 1.2870.

The March Swiss Franc closed lower on Friday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 March extends this week's decline, the 75% retracement level of the December-January-rally crossing at 1.0156, which coincides with the head-and-shoulders top downside projection of 1.0159 is the next downside target. Close above the 20-day moving average crossing at 1.0348 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0348. Second resistance is February's high crossing at 1.0418. First support isthe 50% retracement level of the December-January-rally crossing at 1.0252. Second support is the 62% retracement level of the December-January-rally crossing at 1.0207.

The March Canadian Dollar closed lower on Friday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 March extends the decline off December's high, October's low crossing at 75.01 is the next downside target. Closes above the 20-day moving average crossing at 75.98 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 75.51. Second resistance is the 20-day moving average crossing at 75.98. First support is today's low crossing at 75.05. Second support is October's low crossing at 75.01. 

The March Japanese Yen posted a key reversal up on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday’s night 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 March extends this week's decline, January's low crossing at 0.0909 is the next downside target. Closes above the 50-day moving average crossing at 0.0919 would temper the near-term bearish outlook. First resistance is Monday's high crossing at 0.0925. Second resistance is January's high crossing at 0.0932. First support is January's low crossing 0.0909. Second support is weekly support crossing at 0.0906.  

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

April gold closed higher on Friday as it consolidates some of this week's decline.The high-range close sets the stage for a steady to higher opening when Monday'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 resumes 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. If this support level is broken, the 50-day moving average crossing at $1530.40 is the next downside target. 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 at $1530.40.

March silver closed lower on Friday as it extends the trading range of the past four-weeks. The low-range close set the stage for a steady to lower opening when Monday'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 last-Monday's high crossing at 18.375 are needed to confirm that a low has been posted. If March renews the decline off January's high, the January 18^th low crossing at 16.935 is the next downside target. First resistance is January's high crossing at 18.895. Second resistance is the September 24th high crossing at 18.930. First support is last-Wednesday's low crossing at 17.280. Second support is the January 18^th low crossing at 16.935.

March copper closed sharply lower on Friday ending a three-day rebound off Monday's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above Thursday's high crossing at 262.25 are needed to confirm that a short-term low has been posted. If March resumes this year's decline, the 75% retracement level of the 2016-2018-rally crossing at 234.31 is the next downside target. First resistance is the 20-day moving average crossing at 268.30. Second resistance is the 50-day moving average crossing at 273.50. First support is Monday's low crossing at 248.75. Second support is the 75% retracement level of the 2016-2018-rally crossing at 234.31.  

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

March Corn closed up $0.04-cents at 3.83 1/4. 

March corn closed higher on Friday while extending the December-February trading range. The high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing at $3.75 1/4 would open the door for a possible test of December's low crossing at $3.71. Closes above January's high crossing at $3.94 are needed to confirm an upside trading range breakout while opening the door for a possible test of November's high crossing at $4.00. First resistance is January'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 closed up $0.03-cents at $5.59 1/4.  

March wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. If March resumes the rally off September's low, the 87% retracement level of the 2018-2019-decline crossing at $6.13 3/4 is the next upside target. If March extends the decline off January's high, the December 24^th low crossing at $5.38 1/2 is the next downside target. 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 the 50-day moving average crossing at $5.51 1/4. Second support is the December 24^th low crossing at $5.38 1/2.      

March Kansas City Wheat closed up $0.04 3/4-cents at $4.72 1/2.

March Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday 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 $4.82 3/4 would confirm that a short-term low has been posted. Closes below Monday's low crossing at $4.58 1/2 would open the door for additional weakness near-term. First resistance is the 20-day moving average crossing at $4.82 3/4. Second resistance is January's high crossing at $5.04 3/4. First support is Monday's low crossing at $4.58 1/2. Second support is December's low crossing at 4.23 1/2.   

March Minneapolis wheat closed up $0.03 1/4-cents at $5.35 3/4. 

March Minneapolis wheat closed higher on Friday as it extends the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening when Monday'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 March extends the decline off January's high, the 62% retracement level of the November-January-rally crossing at 5.29 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.46 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.46. Second resistance is January's high crossing at $5.67 3/4. First support is the 62% retracement level of the November-January-rally crossing at 5.29 1/2. Second support is the 75% retracement level of the November-January-rally crossing at 5.21 1/4.      

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

March soybeans closed up $0.01 3/4-cents at $8.82 3/4.

March soybeans closed higher on Friday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Monday'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 $9.04 1/4 are needed to confirm that a short-term low has been posted. If March extends this year's decline, last-May's low crossing at $8.41 1/2 is the next downside target. First resistance is the 10-day moving average crossing at $8.83 1/2. Second resistance is the 20-day moving average crossing at 9.04 1/4. First support is Monday's low crossing at $8.68 3/4. Second support is last-May's low crossing at $8.41 1/2.    

March soybean meal closed up $1.30 at $289.50. 

March soybean meal closed higher on Friday as it consolidates some of the decline off October's high. The mid-range close sets the stage for a steady to higher opening when Monday'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 March extends this year's decline, monthly support crossing at $283.10 is the next downside target. Closes above the 20-day moving average crossing at $296.10 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $291.70. Second resistance is the 20-day moving average crossing at $296.10. First support is Thursday's low crossing at $286.40. Second support is monthly support crossing at $283.10.     

March soybean oil closed down 33-pts. at 30.91. 

March soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 32.09 are needed to confirm that a short-term top has been posted. If March renews the decline off January's high, the 75% retracement level of the May-January low crossing at 29.54 is the next downside target. First resistance is the 20-day moving average crossing at 32.09. Second resistance is the 50-day moving average crossing at 32.71. First support is Monday's low crossing at 29.81. Second support is the 75% retracement level of the May-January low crossing at 29.54.        

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

April hogs closed up $1.38 at $66.25. 

April hogs gapped up and closed higher on Friday as it consolidates some of the decline off January's high. Today's close above last-Friday's gap crossing at $65.82 tempered the near-term bearish outlook. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends today's rally, last-Thursday's gap crossing at 68.67 is the next upside target. If April extends the decline off January's high, weekly support crossing at $52.25 is the next downside target. First resistance is last-Thursday's gap crossing at $68.67. Second resistance is the 50-day moving average crossing at 69.93. First support is Monday's low crossing at $61.00. Second support is weekly support crossing at $52.25.   

April cattle closed up $0.05 at $119.80. 

April cattle closed slightly higher on Friday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 62% retracement level of the September-December-2019 rally crossing at $116.71 is the next downside target. Closes above the 20-day moving average crossing at $123.46 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $123.46. Second resistance is January's high crossing at $128.30. First support is Thursday's low crossing at $118.35. Second support is the 62% retracement level of the September-December-2019 rally crossing at $116.71.   

March Feeder cattle closed down $0.70-cents at $135.20. 

March Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes this year'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 $140.01 would temper the near-term bearish outlook. First resistance is Wednesday's high crossing at $138.08. Second resistance is the 20-day moving average crossing at $140.01. First support is Monday's low crossing at $133.65. 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 slightly higher on Friday. The mid-range close sets the stage for a steady opening on Monday. 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 10.71 would confirm that a low has been posted.

March cocoa closed higher on Friday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally, weekly resistance crossing at 29.43 is the next upside target. Closes below the 20-day moving average crossing at 27.46 would confirm that a short-term top has been posted.            

March sugar closed higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 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 14.53 are needed to confirm that a top has been posted.   

March cotton closed slightly lower on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 69.48 would confirm that a short-term low has been posted. If March extends the decline off January's  high, the December 18^th low crossing at 66.25 is the next downside target.