KEY EVENTS TO WATCH FOR:

Friday, March 6, 2020 

8:30 AM ET. February U.S. Employment Report

                       Non-Farm Payrolls (expected +175K; previous +225K)

                       Unemployment Rate (expected 3.5%; previous 3.6%)

                       Avg Hourly Earnings (USD) (previous 28.44)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.07)

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.25%)

                       Avg Hourly Earnings, Y/Y% (expected +3.0%; previous +3.1%)

                       Overall Workweek (previous 34.3)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +19K)

                       Private Payroll (previous +206K)

                       Participation Rate (previous 63.4%)

                       Non-Farm Payrolls Bench Net Chg (previous -514K)

8:30 AM ET. January U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -46.0B; previous -48.88B)

                       Exports (USD) (previous 209.64B)

                       Exports, M/M% (previous +0.8%)

                       Imports (USD) (previous 258.52B)

                       Imports, M/M% (previous +2.7%)

10:00 AM ET. January Monthly Wholesale Trade

                       Inventories, M/M% (expected -0.2%; previous -0.2%)

3:00 PM ET. January Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +16.5B; previous +22.06B)

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

The STOCK INDEXES:The March NASDAQ 100 was sharply lower in overnight trading as investor panic over fallout from the coronavirus crisis continued unabated and investors flocked toward perceived safer assets such as government bonds. The low-range overnight trade sets the stage for a 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. If March resumes the decline off February's high the 75% retracement level of the October-January-rally crossing at 8059.89 is the next downside target. Closes above the 20-day moving average crossing at 9154.13 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 9096.68. Second resistance is the 20-day moving average crossing at 9154.13. First support is last-Friday's low crossing at 8126.25. Second support is the 75% retracement level of the October-January-rally crossing at 8059.89.  

The March S&P 500 was sharply lower in overnight trading as it extends this week'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 turning neutral to bearish signals that sideways to lower prices are possible near-term. If March resumes the decline off February's high,  the 62% retracement level of the 2018-2020-rally crossing at 2751.74 is the next downside target. Closes above the 20-day moving average crossing at 3209.11 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 3136.00. Second resistance is the 20-day moving average crossing at 3209.11. First support is last-Friday's low crossing at 2856.00. Second support is the 62% retracement level of the 2018-2020-rally crossing at 2751.74. 

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

INTEREST RATES: June T-bonds were sharply higher overnight as it extends the rally off December's low into uncharted territory. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off January's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 166-21 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 179-21. Second resistance is unknown. First support is the 10-day moving average crossing at 170-15. Second support is the 20-day moving average crossing at 166-21.  

June T-notes were higher overnight as it extends the rally off December's low into uncharted territory. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. With June trading into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 132.259 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 138.040. Second resistance is is unknown. First support is the 10-day moving average crossing at 134.209. Second support is the 20-day moving average crossing at 132.259.   

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

April crude oil was lower in overnight trading as it extends 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 diverging but have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If April resumes this year's decline, weekly support crossing at 42.36 is the next downside target. Closes above the 20-day moving average crossing at 49.68 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 49.68. Second resistance is February's high crossing at 54.66. First support is the overnight low crossing at 43.28. Second support is weekly support crossing at 42.36.

April heating oil was lower overnight 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, weekly support crossing at 135.40 is the next downside target. Closes above the 20-day moving average crossing at 159.25 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 159.25. Second resistance is February's high crossing at 171.40. First support is the overnight low crossing at 140.69. Second support is weekly support crossing at 135.40.   

April unleaded gas was lower in overnight trading as it extends 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April resumes the decline off February's high, monthly support crossing at 139.55 is the next downside target. Closes above the 20-day moving average crossing at 163.87 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 163.87. Second resistance is the 50-day moving average crossing at 173.75. First support is the overnight low crossing at 143.81. Second support is monthly support crossing at 139.55. 

April Henry natural gas was steady to slightly 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. If April resumes the decline off February's high, weekly support crossing at 1.611 is the next downside target. Closes above the 20-day moving average crossing at 1.837 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.837. Second resistance is the 50-day moving average crossing at 1.956. First support is last-Friday's low crossing at 1.642. Second support is weekly support crossing at 1.611.  

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

CURRENCIES:The June Dollar was sharply lower overnight as it extends the decline off February's high and spiked below December's low crossing at 95.70. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 87% retracement level of the June-2019-February-rally crossing at 95.03 is the next downside target. Closes above the 50-day moving average crossing at 97.39 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 97.39. Second resistance is the 20-day moving average crossing at 98.14. First support is December's low crossing at 95.70. Second support is the 87% retracement level of the June-2019-February-rally crossing at 95.03.  

The June Euro was sharply higher overnight as it extends the rally off February'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 25% retracement level of the 2018-2020-decline crossing at 114.84 is the next upside target. Closes below the 20-day moving average crossing at 110.28 would temper the near-term bullish outlook. First resistance is the overnight high crossing at 113.89. Second resistance is the 25% retracement level of the 2018-2020-decline crossing at 114.84. First support is the 50-day moving average crossing at 111.33. Second support is the 20-day moving average crossing at 110.28.    

The June British Pound was higher overnight as it extends the rally off last-Friday's low.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 1.3058 would confirm that a short-term low has been posted. If June resumes the decline off the January 31^st high, the 62% retracement level of the September-December 2019 rally crossing at 1.2677 is the next downside target. First resistance is the February 13^th high crossing at 1.3110. Second resistance is the January 31st high crossing at 1.3253. First support is the 62% retracement level of the September-December 2019 rally crossing at 1.2677. Second support is the 75% retracement level of the September-December 2019 rally crossing at 1.2484.

The June Swiss Franc was sharply higher overnight as it extends the rally off February'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the January-2019 high crossing at 1.0778 is the next upside target. Closes below the 20-day moving average crossing at 1.0379 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.0753. Second resistance is the January-2019 high crossing at 1.0778. First support is the 10-day moving average crossing at 1.0467. Second support is the 20-day moving average crossing at 1.0379.

The June Canadian Dollar was steady to slightly higher in overnight trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off December's high, the December-2018 low crossing at 73.97 is the next downside target. Closes above the 20-day moving average crossing at 75.11 would temper the near-term bearish outlook.First resistance is the 20-day moving average crossing at 75.11. Second resistance is February's high crossing at 75.69. First support is last-Friday's low crossing at 74.28. Second support is the December-2018 low crossing at 73.97.  

The June Japanese Yen was higher overnight as it extends the rally off February'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 87% retracement level of the August-February-decline crossing at 0.0960 is the next upside target. Closes below the 20-day moving average crossing at 0.0920 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 0.0956. Second resistance is the 87% retracement level of the August-February-decline crossing at 0.0960. First support is the 10-day moving average crossing at 0.0928. Second support is the 20-day moving average crossing at 0.0920.

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

PRECIOUS METALS: April gold was higher overnight as it extends the rebound off last-Friday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, February's high crossing at $1691.70 is the next upside target. Closes below the 20-day moving average crossing at $1617.30 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $1690.70. Second resistance is February's high crossing at $1691.70. First support is the 10-day moving average crossing at $1640.470. Second support is the 20-day moving average crossing at $1617.30.

May silver was higher due to short covering overnight as it consolidates some of the decline off February's high. 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving averagecrossing at $17.760 are needed to confirm that a short-term low has been posted. If May renews the aforementioned decline, the 75% retracement level of 2019's rally crossing at $15.981 is the next downside target. First resistance is the 20-day moving averagecrossing at $17.760. Second resistance is February's high crossing at $18.920. First support is last-Friday's low crossing at $16.400. Second support is the 75% retracement level of 2019's rally crossing at $15.981. 

May copper was lower overnight as it extends the February-March trading range. 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 signaling that sideways trading is possible near-term. If May resumes the rally off February's low, the 50-day moving average crossing at $267.94 is the next upside target. Closes below February's low crossing at $249.45 would renew the decline off January's high. First resistance is the 50-day moving average crossing at $267.94. Second resistance is the January 24^th gap crossing at $268.75. First support is February's low crossing at $249.45. Second support is the 75% retracement level of the 2016-2018-rally crossing at $234.46.

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

May corn was lower overnight as it consolidates some of this week's short covering rally. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, weekly support crossing at $3.61 1/4 is the next downside target. If May renews this week's rally the 50-day moving average crossing at $3.87 1/4 is the next upside target. First resistance is the 50-day moving average crossing at $3.87 1/4. Second resistance is January's high crossing at $3.94. First support is last-Friday's low crossing at $3.65 3/4. Second support is weekly support crossing at $3.61 1/4.   

May wheat was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, the 75% retracement level of the September-January-rally crossing at 4.95 is the next downside target. Closes above the 20-day moving average crossing at $5.39 1/2 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $5.26 1/2. Second resistance is the 20-day moving average crossing at $5.39 1/2. First support is the 62% retracement level of the September-January-rally crossing at $5.12. Second support is the 75% retracement level of the September-January-rally crossing at 4.95. 

May Kansas City Wheat closed down $0.07-cents at $4.46 1/4.

May Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes this month's decline, the 75% retracement level of the September-January-rally crossing at $4.34 1/2. Closes above the 20-day moving average crossing at $4.68 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.57 1/2. Second resistance is the 20-day moving average crossing at $4.68 1/4. First support is last-Friday's low crossing at $4.39. Second support is the 75% retracement level of the September-January-rally crossing at $4.34 1/2.

May Minneapolis wheat was steady to fractionally 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, September's low crossing at $5.11 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.34 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.34 1/2. Second resistance is the 50-day moving average crossing at $5.48 1/4. First support is February's low crossing at $5.15 1/2. Second support is September's low crossing at $5.11 1/2.  

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

May soybeans was lower overnight following Thursday's key reversal down as it consolidates some of the rally off February's low. The low-range 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. If May resumes the decline off January's high, last-May's low crossing at $8.54 is the next downside target. Closes above February's high crossing at $9.10 1/4 would temper the near-term bearish outlook. First resistance is February's high crossing at $9.10 1/4. Second resistance is the 50-day moving average crossing at $9.19 1/2. First support is February's low crossing at $8.78 1/4. Second support is last-May's low crossing at $8.54.    

May soybean meal was steady to slightly higher overnight as it consolidates some of 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $299.80 would temper the near-term friendly outlook. If May resumes the rally off February's low, the November 18^th high crossing at 315.30 is the next upside target. First resistance is the January 14^th high crossing at $311.00. Second resistance is the November 18^th high crossing at 315.30. First support is the 50-day moving average crossing at $301.90. Second support is the 20-day moving average crossing at $299.80.    

May soybean oil was lower overnight as it consolidates some of this week's short covering rally. The low-range 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. If May resumes the decline off January's high, last-May's low crossing at 27.85 is the next downside target. Closes above the 20-day moving average crossing at 30.14 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 30.14. Second resistance is the 50-day moving average crossing at 32.12. First support is last-Friday's low crossing at 28.35. Second support is last-May's low crossing at 27.85.    

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

April hogs closed up $1.08 at $65.38. 

April hogs closed higher on Thursday. 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. Closes above February's high crossing at $68.25 would confirm an upside breakout of the February-March trading range. Closes below February's low crossing at $61.00 would mark a downside breakout of the aforementioned trading range. First resistance is February's high crossing at $68.25. Second resistance is the 50-day moving average crossing at $69.69. First support is last-Friday's low crossing at $61.52. Second support is February's low crossing at $61.00.   

April cattle closed down $2.63 at $108.65. 

April cattle closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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, weekly support crossing at $103.75 is the next downside target. Closes above the 20-day moving average crossing at $115.48 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $115.48. Second resistance is the 50-day moving average crossing at $121.30. First support is last-Friday's low crossing at $107.47. Second support is weekly support crossing at $103.75.  

May Feeder cattle closed down $1.98-cents at $134.45. 

May Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's 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 $138.81 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, the 87% retracement level of the September-January-rally crossing at $131.31 is the next downside target. First resistance is the 20-day moving average crossing at $138.81. Second resistance is the 50-day moving average crossing at $143.32. First support is last-Friday's low crossing at $131.55. Second support is the 87% retracement level of the September-January-rally crossing at $131.31.      

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

May coffee closed lower on Thursday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top has been posted. Closes below the 20-day moving average crossing at 10.87 would confirm that a short-term top has been posted. If May extends the rally off February's low, the 62% retracement level of the December-February-decline crossing at 12.73 is the next upside target.   

May cocoa closed lower on Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, January's low crossing at 24.80 is the next downside target. Closes above the 20-day moving average crossing at 27.95 would confirm that a short-term low has been posted.             

May sugar closed lower on Thursday as it extended the decline off February's high. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, January's low crossing at 13.20 is the next downside target. Closes above the 20-day moving average crossing at 14.51 would confirm that a short-term low has been posted.      

May cotton closed slightly higher on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 66.65 are needed to confirm that a low has been posted. If May renews the decline off January's high, last-August's low crossing at 58.84 is the next downside target.