KEY EVENTS TO WATCH FOR:
Wednesday, February 26, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 689.5)
Composite Idx, W/W% (previous +1.1%)
Purchase Idx-SA (previous 267.4)
Purchase Idx-SA, W/W% (previous -3.4%)
Refinance Idx (previous 2875.1)
Refinance Idx, W/W% (previous +5.0%)
10:00 AM ET. January New Residential Sales
New Home Sales (expected 711K; previous 694K)
New Home Sales, M/M% (expected +2.4%; previous -0.4%)
New Home Sales Months Supply (previous 5.7)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 442.883M)
Crude Oil Stocks, Net Chg (Bbl) (previous +0.415M)
Gasoline Stocks (Bbl) (previous 259.078M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.971M)
Distillate Stocks (Bbl) (previous 140.587M)
Distillate Stocks, Net Chg (Bbl) (previous -0.635M)
Refinery Usage (previous 89.4%)
Total Prod Supplied (Bbl/day) (previous 19.59M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.378M)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 rebounded in late-overnight trading as it consolidated some of this week's sharp 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extend the decline off last-Thursday's high the 50% retracement level of the October-January-rally crossing at 8628.53 is the next downside target. Closes above the 10-day moving average crossing at 9418.73 are needed to confirm that a low has been posted. 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 overnight low crossing at 8709.50. Second support is the 50% retracement level of the October-January-rally crossing at 8628.53.
The March S&P 500 was steady to slightly lower in late-overnight trading as it extends the decline off last-Thursday's high crossing at 33.94.90. 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 oversold but remain neutral to bearish signals that sideways to lower prices are possible near-term. If March extends this week's decline the 38% retracement level of the 2018-2020-rally crossing at 2996.99 is the next downside target. Closes above the 10-day moving average crossing at 3310.88 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3276.38. Second resistance is last-Thursday's high crossing at 3394.90. First support is the overnight low crossing at 3092.90. Second support is the 38% retracement level of the 2018-2020-rally crossing at 2996.99.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were lower overnight as it consolidates some of 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 172-04 is the next upside target. Closes below the 20-day moving average crossing at 163-10 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 168-05. Second resistance is weekly resistance crossing at 172-04. First support is the 10-day moving average crossing at 164-07. Second support is the 20-day moving average crossing at 163-10.
March T-notes were steady to slightly 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 131.111 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 133.105. Second resistance is monthly resistance crossing at 134.075. First support is the 10-day moving average crossing at 131.203. Second support is the 20-day moving average crossing at 131.109.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil was lower in overnight trading as it renewed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, the December-2018 low crossing at 45.92 is the next downside target. Closes above the 10-day moving average crossing at 52.01 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 54.66. Second resistance is the 50-day moving average crossing at 56.05. First support is the overnight low crossing at 48.99. Second support is the December-2018 low crossing at 45.92.
April heating oil was sharply 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 April extends the aforementioned decline, weekly support crossing at 145.80 is the next downside target. Closes above the 10-day moving average crossing at 164.82 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 171.40. Second resistance is the 50-day moving average crossing at 181.60. First support is the overnight low crossing at 151.72. Second support is weekly support crossing at 145.80.
April unleaded gas was lower overnight as it extended 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, the December-2018 low crossing at 150.00. Closes above the 10-day moving average crossing at 171.92 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 171.92. Second resistance is the 50-day moving average crossing at 178.81. First support is the overnight low crossing at 159.46.. Second support is the December-2018 low crossing at 150.00.
April Henry natural gas was higher overnight as it consolidated some of the decline off last-Thursday'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 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 10-day moving average crossing at 1.893 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 2.014. 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 98.68 are needed to 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 20-day moving average crossing at 98.68. Second support is the 50-day moving average crossing at 97.72.
The March Euro was higher overnight as it extends the rally off last-Thursday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 109.41 are needed to confirm that a short-term low has been posted. If March renews the decline off December's high, weekly support crossing at 106.55 is the next downside target. First resistance is the 20-day moving average crossing at 109.41. Second resistance is the 50-day moving average crossing at 110.77. 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 lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.3067 would temper the near-term bearish outlook. If March extends the decline off the January 31st 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 8th 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 as it extends the rally off last-Thursday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0269 would confirm that a short-term low has been posted. If March extends the decline off January's high, 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 1.0303. 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 lower in overnight 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, 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 76.01 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 76.01. 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 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 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 resumes the decline off February's high, monthly support crossing at 0.0881 is the next downside target. First resistance is the 20-day moving average crossing at 0.0911. Second resistance is the 50-day moving average crossing at 0.0915. 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 higher overnight as it consolidates some of Tuesday's decline. 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 $1595.50 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 $1616.80. Second support is the 20-day moving average crossing at $1595.50.
March silver was slightly higher overnight as it consolidated some of Tuesday's decline. 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving averagecrossing at $17.825 would temper the near-term friendly outlook. If March renews this month'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 50-day moving averagecrossing at $17.825. Second support is February's low crossing at $17.435.
March copper was lower overnight as it extended 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 are 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 24th gap crossing at $267.75 is the next upside target. First resistance is the January 24th gap crossing at $267.75. Second resistance is the 50-day moving average crossing at $270.56. 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 this week's decline. The mid-range trade sets the stage for a steady to lower 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 $3.83 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $3.83 3/4. 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 50-day moving average crossing at $5.56 1/4 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 up $0.02 3/4-cents at $4.55.
March Kansas City wheat closed higher on Tuesday as it consolidates some of the decline off January's decline. The high-range close sets the stage for a steady to higher opening when Wednesday 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 this week'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 1/2 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 $4.4.8 Second support is the 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 high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends 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 $5.30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.30. 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 lower overnight. The mid-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 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 1/4 would temper the near-term bearish outlook. First resistance is the January 29th high crossing at $9.03. Second resistance is the 50-day moving average crossing at $9.14. 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 steady to slightly higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this winter's decline, monthly support crossing at $283.10 is the next downside target. Closes above the 20-day moving average crossing at $290.30 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $290.30. Second resistance is the 50-day moving average crossing at $297.30. 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 mid-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 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 30.48 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 30.48. Second resistance is the 50-day moving average crossing at 32.48. 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 up $0.05 at $64.67.
April hogs closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Extends Monday's decline, the February 13th low crossing at $62.92 is the next downside target. If April renews the rally off February's low, the 50-day moving average crossing at $71.53 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 $71.53. First support is the February 13th low crossing at $62.92. Second support is February's low crossing at $61.00.
April cattle closed down $2.30 at $112.95.
April cattle closed sharply lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 decline off December's high, the 87% retracement level of the September-December-2019 rally crossing at $111.85 is the next downside target. Closes above Monday's gap crossing at $116.95 are needed to confirm that a short-term low has been posted. First resistance is Monday's gap crossing at $116.95. Second resistance is the 20-day moving average crossing at $119.02. First support is the 87% retracement level of the September-December-2019 rally crossing at $111.86. Second support is last-September's low crossing at $109.37.
March Feeder cattle closed down $3.05-cents at $132.97.
March Feeder cattle closed sharply lower on Tuesday as it extends the decline off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 75% retracement level of the September-January-rally crossing at $131.45 is the next downside target. Closes above the 50-day moving average crossing at $141.25 are needed to renew the rally off February's low. First resistance is the 50-day moving average crossing at $141.25. Second resistance is the January 21st high crossing at $145.18. First support is today's low crossing at $131.77. 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are 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 11.70 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 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50-day moving average crossing at 26.87 is the next downside target. If May renews this winter's rally, weekly resistance crossing at 30.14 is the next upside target.
May sugar closed lower on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. 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 14.69 are needed to confirm that a top has been posted. If May renews the rally off October's low, last-January's high crossing at 16.05 is the next upside target.
March cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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.