KEY EVENTS TO WATCH FOR:

Monday, March 9, 2020  

10:00 AM ET. February Employment Trends Index

                       ETI (previous 110.24)

                       ETI, Y/Y%

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The June NASDAQ 100 closed sharply lower on Friday as fears over the spread of the coronavirus overshadow today's better-than-expected jobs report.The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. If June resumes the decline off February's high, the 75% retracement level of the October-February-rally crossing at 7759.93 is the next downside target. Closes above the 20-day moving average crossing at 9152.34 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 9095.97. Second resistance is the 20-day moving average crossing at 9152.34. First support is the 62% retracement level of the October-February-rally crossing at 8116.24. Second support is the 75% retracement level of the October-February-rally crossing at 7759.93.

The March S&P 500 gapped down and closed sharply lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling 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 3209.62 would confirm 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 3209.62. 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.

The Dow gapped down and closed sharply lower on Friday as investors focused on the number of confirmed cases of the coronavirus globally, which topped 100,000, rather than a better-than-expected non-farm-payrolls report for February. The report showed that the U.S. economy added 273,000 jobs in February. The mid-range close that sets the stage for a steady to lower opening is possible when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 27,868.02 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off February's high, the 75% retracement level of the 2018-2020-rally crossing at 23,674.73. First resistance is the 10-day moving average crossing at 26,453.53. Second resistance is the 20-day moving average crossing at 28,868.02. First support is the 62% retracement level of the 2018-2020-rally crossing at 24,713.65. Second support is the 75% retracement level of the 2018-2020-rally crossing at 23,674.73. 

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June T-bonds closed up 4-23/32's at 178-13.

June T-bonds soared to a new all-time high on Friday as the spread of the coronavirus world-wide has pressured safe-haven assets, pushing U.S. Treasury 10-year bond yields to a new record low below 0.7%, reflecting worries about the economic impact of the spread of this disease world-wide. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 166-02 are needed to confirm a short-term top has been posted. First resistance is today's high crossing at 180-19. Second resistance is unknown. First support is the 10-day moving average crossing at 170-08. Second support is the 20-day moving average crossing at 166-02. 

June T-notes closed up 265-pts. At 137.120.

June T-notes closed sharply higher on Friday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 132.258 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 138.120. Second resistance is unknown. First support is the 10-day moving average crossing at 134.205. Second support is the 20-day moving average crossing at 132.258.        

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April crude oil closed sharply lower on Friday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, long-term support on the weekly continuation chart crossing at $39.19 is the next downside target. Closes above the 20-day moving average crossing at $49.55 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $47.10. Second resistance is the 20-day moving average crossing at $49.55. First support is today's low crossing at $41.11. Second support is long-term support on the weekly continuation chart crossing at $39.19.  

April heating oil closed sharply lower on Friday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, weekly support crossing at $135.40 is the next downside target. Closes above the 20-day moving average crossing at $159.03 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $159.03. Second resistance is the February 20^th high crossing at $171.40. First support is today's low crossing at $137.83. Second support is weekly support crossing at $135.40.

April unleaded gas closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, weekly support crossing at 124.50 is the next downside target. Closes above the 20-day moving average crossing at 163.51 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 163.51. Second resistance is the 50-day moving average crossing at 173.60. First support is today's low crossing at 138.50. Second support is weekly support crossing at 124.50.

April Henry natural gas closed lower on Friday as it consolidates some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 1.835 are needed to temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.835. Second resistance is the 50-day moving average crossing at 1.955. First support is last-Friday's low crossing at 1.642. Second support is weekly support crossing at 1.611.         

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The June Dollar closed sharply lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the 87% retracement level of the June-February-rally crossing at 95.03 is the next downside target. Closes above the 20-day moving average crossing at 98.15 would 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 98.15. First support is the 75% retracement level of the June-February-rally crossing at 95.63. Second support is the 87% retracement level of the June-February-rally crossing at 95.03. 

The June Euro closed sharply higher on Friday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 friendly outlook. First resistance is today's high crossing at 114.01. Second resistance is the 25% retracement level of the 2018-2020-decline crossing at 114.84. First support 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 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 December's 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 13th high crossing at 1.3110. Second resistance is the December 31st high crossing at 1.3253. First support is last-Friday's low crossing at 1.2760. Second support isthe 62% retracement level of the September-December-2019 rally crossing at 1.2677.

The June Swiss Franc closed sharply 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 night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 38% retracement level of the 2015-2019-decline crossing at 1.1010 is the next upside target. Closes below the 20-day moving average crossing at 1.0378 would confirm that a short-term top has been posted.First resistance is today's high crossing at 1.0786. Second resistance isthe 38% retracement level of the 2015-2019-decline crossing at 1.1010. First support is the 10-day moving average crossing at 1.0466. Second support is the 20-day moving average crossing at 1.0378.

The June Canadian Dollar closed lower on Friday as it extends this week's decline.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 75.11. Second resistance is February's high crossing at 75.74. 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 closed higher on Friday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 today's 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 0.0920.  

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April gold closed higher on Friday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 $1704.10 is the next upside target. Closes below the 50-day moving average crossing at $1582.90 would open the door for additional weakness near-term. First resistance is today's high crossing at $1692.80. Second resistance is weekly resistance crossing at $1704.10. First support is the 10-day moving average crossing at $1640.30. Second support is the 20-day moving average at $1617.30.

May silver closed lower on Friday as it consolidated some of this week's decline. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 17.756 would confirm that a short-term low has been posted. If May resumes the decline off February's high, the 75% retracement level of the 2019 rally crossing at 15.981 is the next downside target. First resistance is the 20-day moving average crossing at 17.756. 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 the 2019 rally crossing at 15.981.  

May copper closed lower on Friday as it extends the February-March trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below February's low crossing at 248.75 would confirm a downside breakout of the aforementioned trading range. Closes above February's high crossing at 263.95 would confirming an upside breakout of February's trading range. First resistance is February's high crossing at 263.95. Second resistance is the 50-day moving average crossing at 267.93. First support is Monday's low crossing at 250.10. Second support is February's low crossing at 248.75.

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May Corn closed down $0.05 1/2-cents at 3.76 1/4. 

May corn closed lower on Friday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to higher prices are possible near-term. If May resumes this year's decline, weekly support crossing at $3.61 1/4 is the next downside target. Closes above the 50-day moving average crossing at $3.87 would open the door for a possible test of January's low crossing at $3.94. First resistance is the 50-day moving average crossing at 3.87. 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 closed down a $0.05-cents at $5.13 3/4.  

May wheat closed fractionally lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.26 1/4. Second resistance is the 20-day moving average crossing at $5.39 1/4. 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 unchanged at $4.46 1/4.

May Kansas City wheat closed unchanged on Friday. The high-range close sets the stage for a steady to higher opening when Monday night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, the 75% retracement level of the September-January-rally crossing at $4.34 1/2. Closes above the 20-day moving average crossing at $4.66 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.54 3/4. Second resistance is the 20-day moving average crossing at $4.66 3/4. 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 closed up $0.03 1/4-cents at $5.25 1/4. 

May Minneapolis wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, last-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 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.34 3/4. Second resistance is the 50-day moving average crossing at $5.48 1/4. First support is last-Friday's low crossing at $5.15 1/2. Second support is September's low crossing at 5.11 1/2.      

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May soybeans closed down $0.07 1/4-cents at $8.89 3/4.

May soybeans closed lower on Friday confirming Thursday's key reversal down while extending February's trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes this year's decline, last-May's low crossing at $8.54 is the next downside target. Closes above February's high crossing at $9.10 1/4 are needed to confirm that a short-term low has been posted. First resistance is Thursday's high crossing at $9.12 1/2. Second resistance is the 50-day moving average crossing at $9.19 1/2. First support is last-Thursday's low crossing at $8.78 1/4. Second support is last-May's low crossing at $8.54.    

May soybean meal closed up $1.00 at $304.90. 

May soybean meal closed higher on Friday as it consolidates some of Thursday's decline. The mid-range close sets the stage for a steady opening when Monday's night 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 $299.90 would confirm that a short-term top has been posted. If May extends the aforementioned rally, January's high crossing at $311.10 is the next upside target. First resistance is Wednesday's high crossing at $310.90. Second resistance is January's high crossing at $311.10. First support is the 20-day moving average crossing at 299.90. Second support is February's low crossing at $290.70.      

May soybean oil closed down 68-pts. at 28.71. 

May soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, the May 2019 low crossing at 27.85 is the next downside target. Closes above the 20-day moving average crossing at 30.12 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 30.12. 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 the May 2019 low crossing at 27.85.        

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April hogs closed up $0.55 at $65.93. 

April hogs closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 $69.46. 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 $2.90 at $105.75. 

April cattle gapped down and closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the 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 $114.78 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $110.45. Second resistance is the 20-day moving average crossing at $114.78. First support is today's low crossing at $105.65. Second support is weekly support crossing at $103.75.  

May Feeder cattle closed down $3.30-cents at $131.15. 

May Feeder cattle gapped down and closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at $138.36 are needed to confirm that a short-term low has been posted. If May extends this year's decline, last-September's low crossing at $128.32 is the next downside target. First resistance is the 10-day moving average crossing at $135.21. Second resistance is the 20-day moving average crossing at $138.36. First support is today's low crossing at $130.30. Second support is last-September's low crossing at $128.32.      

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

May coffee closed lower on Friday and below the 20-day moving average crossing at 10.91 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes 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 slightly lower on Friday as it extends the decline off February's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 27.81 would confirm that a short-term low has been posted.             

May sugar closed sharply lower on Friday as it extended the decline off February's high. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the November 21st low crossing at 12.69 is the next downside target. Closes above the 20-day moving average crossing at 14.44 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.