KEY EVENTS TO WATCH FOR:

Friday, February 21, 2020 

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

                       Corn (Metric Tons) (previous 968.8K)

                       Soybeans (Metric Tons) (previous 51.2K)

                       Wheat (Metric Tons) (previous 687.1K)

9:45 AM ET. February US Flash Manufacturing PMI

                       PMI, Mfg (previous 51.7)

9:45 AM ET. February US Flash Services PMI

                       PMI, Services  (previous 53.2)

10:00 AM ET. January Existing Home Sales

                       Existing Sales (previous 5.54M)

                       Existing Sales, M/M% (previous +3.6%)

                       Unsold Homes Month's Supply (previous 3.0)

                       Median Price (USD) (previous 274500)

                       Median Home Price, Y/Y% (previous 7.8%)

  N/A              U.S. Monetary Policy Forum

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

The STOCK INDEXES:The March NASDAQ 100 was lower overnight as coronavirus concerns overshadow bullish economic outlook. 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 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 9390.30 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 9763.00. Second resistance is unknown. First support is the 20-day moving average crossing at 9390.30. Second support is the 50-day moving average crossing at 9058.01.  

The March S&P 500 was lower overnight as it extends Thursday's decline. 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 are overbought but remain neutral to bullish signals that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3324.37 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3394.90. Second resistance is unknown. First support is the 20-day moving average crossing at 3324.37. Second support is the 50-day moving average crossing at 3275.74.  

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

INTEREST RATES: March T-bonds were higher overnight as it renewed 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, last-August's high crossing at 165-23 is the next upside target. Closes below the 20-day moving average crossing at 162-14 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 165-02. Second resistance is last-August's high crossing at 165-23. First support is the 20-day moving average crossing at 162-14. Second support is the 50-day moving average crossing at 159-11.  

March T-notes were higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, February's high crossing at 131.290 is the next upside target. Closes below the 20-day moving average crossing at 130.316 would confirm that a short-term top has been posted. First resistance is February'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 130.316. Second support is the 50-day moving average crossing at 129.226.   

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

April crude oil was lower in overnight trading as it consolidates some of the rally off February's low.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 becoming 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 50-day moving average crossing at 56.52 is the next upside target. Closes below last-Thursday's low crossing at 50.82 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 54.66. Second resistance is the 50-day moving average crossing at 56.52. First support is February's low crossing at 49.50. Second support is the December-2018 low crossing at 45.92.

April heating oil was lower overnight as it consolidates some of the rally off February's low. 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 becoming 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 January 29^th high crossing at 173.54 is the next upside target. Closes below the reaction low crossing at 160.64 would confirm that a short-term top has been posted. First resistance is the January 29^th high crossing at 173.54. Second resistance is the 50-day moving average crossing at 183.72. First support is February's low crossing at 157.24. Second support is the contract low crossing at 155.89.  

April unleaded gas was lower overnight as it consolidates some of the rally off February's low. 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 overbought and 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 169.87 would temper the near-term friendly outlook. If March extends the rally off February's low the January 21^st high crossing at 186.74 is the next upside target.First resistance is the 50-day moving average crossing at 179.87 Second resistance is the January 21^st high crossing at 186.74. First support is the 20-day moving average crossing at 169.87. Second support is February's low crossing at 160.32.  

April Henry natural gas was lower overnight as it consolidates some of the rally off February's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 1.884 would temper the near-term friendly outlook. If April extends the rally off February's low, the 50-day moving average crossing at 2.033 is the next upside target. First resistance is the 50-day moving average crossing at 2.033. Second resistance is January's high crossing at 2.196. First support is February's low crossing at 1.788. Second support is weekly support crossing at 1.611.  

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

CURRENCIES:The March Dollar was lower due to profit taking overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, weekly resistance crossing at 99.90 is the next upside target. Closes below the 20-day moving average crossing at 98.52 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 99.82. Second resistance is weekly resistance crossing at 99.90. First support is the 10-day moving average crossing at 99.14. Second support is the 20-day moving average crossing at 98.52.  

The March Euro was higher overnight as it consolidates some of the decline off December's high. The mid-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, weekly support crossing at 106.55 is the next downside target. Closes above the 20-day moving average crossing at 109.64 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 108.69. Second resistance is the 20-day moving average crossing at 109.64. First support is Thursday's low crossing at 107.93. Second support is weekly support crossing at 106.55.     

The March British Pound was higher overnight as it consolidates some of its decline off December's high.The higher-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off the January 31^st high, the November 8^th low crossing at 1.2830 is the next downside target. Closes above the 50-day moving average crossing at 1.3082 would temper the near-term bearish outlook. First resistance is the January 31st high crossing at 1.3225. Second resistance is the December 31st high crossing at 1.3312. First support is the November 8^th low crossing at 1.2830. Second support is the 50% retracement level of the September-December 2019 rally crossing at 1.2801.

The March Swiss Franc was higher 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 the aforementioned decline, the 75% retracement level of the November-January-rally crossing at 1.0156 is the next downside target. Closes above the 20-day moving average crossing at 1.0278 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0220. Second resistance is the 20-day moving average crossing at 1.0278. First support is Thursday's low crossing at 1.0170. Second support is the 75% retracement level of the November-January-rally crossing at 1.0156.

The March Canadian Dollar was steady to slightly higher in overnight trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, the 50-day moving average crossing at 76.04 is the next upside target. Closes below the 10-day moving average crossing at 75.36 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 75.71. Second resistance is the 50-day moving average crossing at 76.05. First support is February's low crossing at 75.02. Second support is October's low crossing at 75.01.  

The March Japanese Yen was steady to slightly higher overnight as it consolidates some of this week'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 the decline off February's high, monthly support crossing at 0.0881 is the next downside target. Closes above the 20-day moving average crossing at 0.0913 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0907. Second resistance is the 20-day moving average crossing at 0.0914. First support is Thursday's low crossing at 0.0892. Second support is monthly support crossing at 0.0881.

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

PRECIOUS METALS: April gold was higher overnight as it extends the rally off February's low. 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 January's low, monthly resistance crossing at $1687.00 is the next upside target. Closes below the 20-day moving average crossing at $1584.60 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $1639.40. Second resistance is monthly resistance crossing at $1687.00. First support is the 10-day moving average crossing at $1593.30. Second support is the 20-day moving average crossing at $1584.60.

March silver was higher overnight as it extends this week's rally. 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 this week's rally, January's high crossing at $18.895 is the next upside target. Closes below the 50-day moving averagecrossing at $17.746 would temper the near-term friendly outlook. First resistance is the overnight high crossing at $18.570. Second resistance is January's highcrossing at $18.895. First support is the 50-day moving averagecrossing at $17.746. Second support is February's low crossing at $17.435. 

March copper was 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at $254.00 would confirm that a short-term top has been posted. If March extends the rally off February's low, the January 27^th gap crossing at $273.60 is the next upside target. First resistance is the January 27^th gap crossing at $273.60. Second resistance is the 50-day moving average crossing at $271.88. First support is the reaction low crossing at $254.00. Second support is February's low crossing at $248.75.

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

March corn was steady to fractionally lower overnight as it extends the December-February 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 the decline off January's high, January's low crossing at $3.75 1/4 is the next downside target. Closes above the 50-day moving average crossing at $3.84 would temper the near-term bearish outlook. 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 was higher overnight. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, January's high crossing at $5.92 1/4 is the next upside target. If March renews the decline off January's high, the 50% retracement level of the September-January-rally crossing at 5.25 1/2 is the next downside target. First resistance is Tuesday's high crossing at $5.70 3/4. Second resistance is January's high crossing at $5.92 1/4. First support is the 38% retracement level of the September-January-rally crossing at $5.41 1/4. Second support is the 50% retracement level of the September-January-rally crossing at 5.25 1/2. 

March Kansas City Wheat closed down a $0.06-cents at $4.73 3/4.

March Kansas City wheat posted an inside day with a lower close on Thursday as it consolidates some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends Tuesday's rally, January's high crossing at $5.04 3/4. Closes below February's low crossing at $4.58 1/2 would renew the decline off January's high. First resistance is Tuesday's high crossing at $5.86 3/4. Second resistance is January's high crossing at $5.04 3/4. First support is February's low crossing at $4.58 1/4. Second support is December's low crossing at 4.23 1/2.   

March Minneapolis wheat was higher overnight. 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 renews Tuesday's rally, the January 28^th high crossing at $5.49 1/4 is the next upside target. If March renews the decline off January's high, the 75% retracement level of the November-January-rally crossing at 5.21 1/4 is the next downside target. First resistance is the 50-day moving average crossing at $5.41 1/2. Second resistance is the January 28^th high crossing at $5.49 1/4. First support is last-Friday's low crossing at 5.25 1/4. Second support 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 was higher overnight. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally the January 29^th high crossing at $9.03 is the next upside target. Closes below Wednesday's low crossing at $8.85 would temper the near-term friendly outlook. First resistance is the January 29^th high crossing at $9.03. Second resistance is the 50-day moving average crossing at $9.16 1/4. First support is February's low crossing at $8.68 3/4. Second support is the May-2018 low crossing at $8.41 1/2.    

March soybean meal was lower overnight as it extends the trading range of the past two-weeks. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $292.10 are needed to temper the near-term bearish outlook. If March renews this winter's decline, monthly support crossing at $283.10 is the next downside target. First resistance is the 20-day moving average crossing at $292.10. Second resistance is the 50-day moving average crossing at $298.20. First support is February's low crossing at $286.40. Second support is monthly support crossing at $283.10.    

March soybean oil was higher overnight. 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 renews the decline off January's high, the 75% retracement level of the May-December 2018 rally crossing at 29.54 is the next likely downside target. Closes above the 20-day moving average crossing at 30.81 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 30.81. Second resistance is the 50-day moving average crossing at 32.64. First support is the 75% retracement level of the May-December 2018 rally crossing at 29.54. Second support is the 87% retracement level of the May-December 2018 rally crossing at 28.55.    

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

April hogs closed down $.70 at $66.88. 

April hogs posted an inside day with a lower close on Thursday as it consolidates some of Wednesday's rally but remains above the 20-day moving average crossing at 66.31 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 April extends the rally off February's low, the 50-day moving average crossing at 72.03 is the next upside target. If April resumes the decline off January's high, weekly support crossing at $52.25 is the next downside target. First resistance is Wednesday's high crossing at $68.25. Second resistance is the 50-day moving average crossing at 72.03. First support is February's low crossing at $61.00. Second support is weekly support crossing at $52.25.   

April cattle closed down $1.65 at $119.15. 

April cattle 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 hinting that a pause in the rally off February's low is possible. Closes above the 20-day moving average crossing at $120.19 are needed to confirm that a short-term low has been posted. If April renews the decline off December's high, the 75% retracement level of the September-December-2019 rally crossing at $114.17 is the next downside target. First resistance is the 20-day moving average crossing at $120.19. Second resistance is the 50-day moving average crossing at $124.29. First support is the 62% retracement level of the September-December-2019 rally crossing at $116.71. Second support is the 75% retracement level of the September-December-2019 rally crossing at $114.17.  

March Feeder cattle closed up $0.03-cents at $140.80. 

March Feeder cattle closed slightly higher on Thursday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Friday's 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 aforementioned rally, the 50-day moving average crossing at $141.64 is the next upside target. Closes below the 20-day moving average crossing at $136.98 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $141.64. Second resistance is the January 21st high crossing at $145.18. First support is February'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 lower on Thursday as it consolidates above the 20-day moving average crossing at 10.32 confirming that a low has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 10.28 would confirm that a short-term top has been posted. If March extends the rally off February's low, the 50-day moving average crossing at 11.63 is the next upside target. 

May cocoa closed higher on Thursday. 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 28.24 would confirm that a short-term top has been posted. If May extends this winter's rally, weekly resistance crossing at 30.14 is the next upside target.             

May 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, last-January's high crossing at 16.05 is the next upside target. Closes below the 20-day moving average crossing at 14.61 are needed to confirm that a top has been posted.     

March cotton closed higher on Thursday. 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. Multiple closes above the 20-day moving average crossing at 68.43 would confirm that a short-term low has been posted. If March renews the decline off January's  high, the December 18^th low crossing at 66.25 is the next downside target.