KEY EVENTS TO WATCH FOR:

Tuesday, February 25, 2020 

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous -0.7%)

                       Chain Store Sales, M/M% (previous +1.0%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -0.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.3%)

                       Latest Wk, Y/Y% (previous +5.7%)

9:00 AM ET. December U.S. Monthly House Price Index

9:00 AM ET. 4^th Quarter U.S. Quarterly House Price Index

9:00 AM ET. December S&P CoreLogic Case-Shiller Indices

                       10-City Idx, M/M% (previous +0.1%)

                       10-City Idx, Y/Y% (previous +2.0%)

                       20-City Idx, M/M% (previous +0.1%)

                       20-City Idx, Y/Y% (previous +2.6%)

                       National Idx, M/M% (previous +0.2%)

                       National Idx, Y/Y% (previous +3.5%)

10:00 AM ET. February Richmond Fed Business Activity Survey

                       Mfg Idx (expected 15.0; previous 20)

                       Shipments Idx (previous 29)

10:00 AM ET. February Consumer Confidence Index

                       Cons Conf Idx (expected 132.3; previous 131.6)

                       Expectation Idx (previous 102.5)

                       Present Situation Idx (previous 175.3)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +4.2M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -2.7M)

                       Distillate Stocks, Net Chg (Bbls) (previous -2.6M)

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

The STOCK INDEXES:The March NASDAQ 100 rebounded overnight as it consolidated some of Monday's sharp decline.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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 9383.62 would open the door for a larger-degree decline near-term. If March extend the decline off last-Thursday's high the 38% retracement level of the October-January-rally crossing at 8896.92 is the next downside target. Closes above the 10-day moving average crossing at 9508.85 would temper the near-term bearish outlook. First resistance is Monday's gap crossing at 9411.50. Second resistance is last-Thursday's high crossing at 9763.00. First support is the 50-day moving average crossing at 9083.64. Second support is the 38% retracement level of the October-January-rally crossing at 8896.92.  

The March S&P 500 was steady to slightly higher overnight as it consolidates some of the decline off last-Thursday's high crossing at 33.94.90. 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 neutral to bearish signals that sideways to lower prices are possible near-term. If March extends Monday's decline the 25% retracement level of the 2018-2020-rally crossing at 3134.17 is the next downside target. Closes above the 10-day moving average crossing at 3341.72 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3319.68. Second resistance is last-Thursday's high crossing at 3394.90. First support is Monday's low crossing at 3217.50. Second support is the 25% retracement level of the 2018-2020-rally crossing at 3134.17. 

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

INTEREST RATES: March T-bonds were slightly 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, weekly resistance crossing at 167-18 is the next upside target. Closes below the 20-day moving average crossing at 163-00 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 167-13. Second resistance is weekly resistance crossing at 167-18. First support is the 10-day moving average crossing at 163-22. Second support is the 20-day moving average crossing at 163-00.  

March T-notes were 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 aforementioned rally, monthly resistance crossing at 134.075 is the next upside target. Closes below the 20-day moving average crossing at 131.071 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 132.300. Second resistance is monthly resistance crossing at 134.075. First support is the 10-day moving average crossing at 131.139. Second support is the 20-day moving average crossing at 131.071.   

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

April crude oil was lower in overnight trading as it extends the decline off last-Thursday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 51.15 would confirm that a short-term top has been posted. If April renews the rally off February's low, the 50-day moving average crossing at 56.25 is the next upside target. First resistance is last-Thursday's high crossing at 54.66. Second resistance is the 50-day moving average crossing at 56.25. 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 steady to slightly lower overnight as it extends the decline off last-Thursday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Thursday's high, February's low crossing at 157.24 is the next downside target. If April resumes the rally off February's low, the January 29^th high crossing at 173.54 is the next upside target. First resistance is the January 29^th high crossing at 173.54. Second resistance is the 50-day moving average crossing at 182.50. First support is February's low crossing at 157.24. Second support is the contract low crossing at 155.89.  

April unleaded gas was steady to slightly higher overnight as it consolidates some of the decline off last-Thursday'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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 170.10 would confirm that a short-term top has been posted and additional weakness is likely. If March renews 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 179.40 Second resistance is the January 21^st high crossing at 186.74. First support is the 20-day moving average crossing at 170.10. Second support is February's low crossing at 160.32.  

April Henry natural gas was lower overnight as it extends the decline off last-Thursday's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Thursday's high, February's low crossing at 1.788 is the next downside target. Closes above the 20-day moving average crossing at 1.888 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 2.021. 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 steady to slightly higher overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 98.64 would confirm that a short-term top has been posted. If March extends the rally off December's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is last-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 99.21. Second support is the 20-day moving average crossing at 98.64.  

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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 109.46 are needed to confirm that a short-term low has been posted. If March extends the decline off December's high, weekly support crossing at 106.55 is the next downside target. First resistance is the 10-day moving average crossing at 108.55. Second resistance is the 20-day moving average crossing at 109.46. First support is last-Thursday's low crossing at 107.93. Second support is weekly support crossing at 106.55.     

The March British Pound was higher overnight.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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.3072 would temper the near-term bearish outlook. If March extends the decline off the January 31^st high, the 50% retracement level of the September-December 2019 rally crossing at 1.2801 is the next downside target. 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 steady to slightly higher overnight. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0275 would confirm that a short-term low has been posted. If March extends the aforementioned decline, the 75% retracement level of the November-January-rally crossing at 1.0156 is the next downside target. First resistance is the 20-day moving average crossing at 1.0269. Second resistance is the 50-day moving average crossing at 1.0302. First support is last-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 higher in overnight trading as it consolidated some of Monday's decline. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, February's low crossing at 75.02 is the next downside target. If March resumes the rally off February's low, the 50-day moving average crossing at 76.02 is the next upside target.First resistance is last-Friday's high crossing at 75.75. Second resistance is the 50-day moving average crossing at 76.02. 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 last-week's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 0.0911 would confirm that a short-term low has been posted. If March extends the decline off February's high, monthly support crossing at 0.0881 is the next downside target. First resistance is the 10-day moving average crossing at 0.0906. Second resistance is the 20-day moving average crossing at 0.0911. First support is last-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 sharply lower overnight as it consolidates some of the rally off February's low. 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 $1592.50 would confirm that a short-term top has been posted. If April extends the rally off January's low, monthly resistance crossing at $1704.10 is the next upside target. First resistance is Monday's high crossing at $1691.70. Second resistance is monthly resistance crossing at $1704.10. First support is the 10-day moving average crossing at $1610.70. Second support is the 20-day moving average crossing at $1592.50.

March silver was lower overnight as it consolidates some of this month's rally. 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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving averagecrossing at $17.813 would temper the near-term friendly outlook. If March extends this week's rally, last-September's high crossing at $19.870 is the next upside target. First resistance is Monday's high crossing at $18.920. Second resistance is last-September's highcrossing at $19.870. First support is the 10-day moving averagecrossing at $18.074. Second support is the 50-day moving average crossing at $17.813. 

March copper was steady to slightly higher overnight as it consolidates some of the decline off last-Tuesday'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 have turned 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 resumes the rally off February's low, the January 24^th gap crossing at $267.75 is the next upside target. First resistance is the January 24^th gap crossing at $267.75. Second resistance is the 50-day moving average crossing at $271.10. 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 higher overnight as it consolidates some of Monday's 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 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, last-September's low crossing at $3.65 3/4 is the next downside target. Closes above the 50-day moving average crossing at $3.84 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.84. Second resistance is January's high crossing at $3.94. First support is Monday's low crossing at $3.70. Second support is last-September's low crossing at $3.65 3/4.    

March wheat was lower overnight as it extends Monday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at $5.53 3/4 would temper the near-term bearish outlook. First resistance is last-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 50% retracement level of the September-January-rally crossing at $5.25 1/2. Second support is the 62% retracement level of the September-January-rally crossing at 5.09 1/2. 

March Kansas City Wheat closed down a $0.16 1/4-cents at $4.52 1/4.

March Kansas City wheat closed sharply lower on Monday as it renewed the decline off January's decline. The low-range close sets the stage for a steady to lower opening when Tuesday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, the 62% retracement level of the September-January-rally crossing at $4.38 3/4. Closes above the 50-day moving average crossing at $4.74 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $5.86 3/4. Second resistance is January's high crossing at $5.04 3/4. First support is today's low crossing at $4.53 1/4. Second support isthe 62% retracement level of the September-January-rally crossing at $4.38 3/4.  

March Minneapolis wheat was steady to fractionally higher overnight as it consolidates some of the decline off January's high. The low-range trade sets the stage for a 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 January's high, November's low crossing at $5.06 is the next downside target. Closes above the 20-day moving average crossing at $5.31 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.31 1/4. Second resistance is the 50-day moving average crossing at $5.41 1/4. First support is the 87% retracement level of the November-January-rally crossing at $5.13 3/4. Second support is November's low crossing at $5.06.  

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

March soybeans was higher overnight as it consolidates some of Monday's decline. The mid-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 the decline off last-Friday's high, February's low crossing at $8.68 3/4 is the next downside target. Closes above the 10-day moving average crossing at $8.88 3/4 would temper the near-term bearish outlook. First resistance is the January 29^th high crossing at $9.03. Second resistance is the 50-day moving average crossing at $9.14 3/4. 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 higher overnight as it consolidates some of the decline off last-Friday's high. 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 winter's decline, monthly support crossing at $283.10 is the next downside target. Closes above the 20-day moving average crossing at $290.90 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $290.90. Second resistance is the 50-day moving average crossing at $297.60. First support is Monday's low crossing at $284.80. Second support is monthly support crossing at $283.10.    

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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, the 87% retracement level of the May-December 2018 rally crossing at 28.55 is the next downside target. Closes above the 20-day moving average crossing at 30.59 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 30.59. Second resistance is the 50-day moving average crossing at 32.55. First support is the 87% retracement level of the May-December 2018 rally crossing at 28.55. Second support is last May's low crossing at 27.49.    

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

April hogs closed down $2.40 at $64.62. 

April hogs gapped down and closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April resumes the decline off January's high, weekly support crossing at $52.25 is the next downside target. If April extends the rally off February's low, the 50-day moving average crossing at $71.72 is the next upside target. First resistance is last-Wednesday's high crossing at $68.25. Second resistance is the 50-day moving average crossing at $71.72. First support is the February 13^th low crossing at $62.92. Second support is February's low crossing at $61.00.   

April cattle closed down $3.00 at $115.25. 

April cattle gapped down and closed limit down on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends 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. Closes above the reaction high crossing at $121.18 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at $121.18. Second resistance is the 50-day moving average crossing at $123.95. First support is the 75% retracement level of the September-December-2019 rally crossing at $114.17. Second support is the 87% retracement level of the September-December-2019 rally crossing at $111.86.  

March Feeder cattle closed down $4.18-cents at $136.03. 

March Feeder cattle gapped down and closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, February's low crossing at $133.65 is the next downside target. Closes above the 50-day moving average crossing at $141.47 are needed to renew the rally off February's low. First resistance is the 50-day moving average crossing at $141.47. 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 

May coffee closed lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 February's low, the 50-day moving average crossing at 11.76 is the next upside target. Closes below the 20-day moving average crossing at 10.48 would confirm that a short-term top has been posted.  

May cocoa gapped down and closed lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 28.28 confirms that a short-term top has been posted. If May renews this winter's rally, weekly resistance crossing at 30.14 is the next upside target.             

May sugar closed lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. 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 14.66 are needed to confirm that a top has been posted. If May extends the rally off October's low, last-January's high crossing at 16.05 is the next upside target.      

March cotton closed lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, December's low crossing at 64.02 is the next downside target. Closes above the 50-day moving average crossing at 68.79 are needed to confirm that a low has been posted.