KEY EVENTS TO WATCH FOR:

Monday, January 25, 2021  

8:30 AM ET. December CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.27)

                       NAI, 3-mo Moving Avg (previous 0.56)

10:30 AM ET. January Texas Manufacturing Outlook Survey

                       Business Activity (previous 9.7)

                       Mfg Production Idx (previous 25.5)

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

The STOCK INDEXES: The March NASDAQ 100 was higher overnight as it resumed this month's rally into uncharted territory The high-range 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 the NASDAQ 100 extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,965.13 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 13,497.50. Second resistance is unknown. First support is the 20-day moving average crossing at 12,965.13. Second support is the 50-day moving average crossing at 12,579.90.

The March S&P 500 was higher overnight and is poised to resume this month's rally. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3774.36 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 3859.75. Second resistance is unknown. First support is the 20-day moving average crossing at 3777.36. Second support is the 50-day moving average crossing at 3691.52. 

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

INTEREST RATES: March T-bonds were higher overnight while extending the trading range of the past two-weeks. 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 signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 170-07 are needed to confirm that a low has been posted. If March resumes the decline off  the November high, the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04 is the next downside target. First resistance is the 20-day moving average crossing at 170-07. Second resistance is the 50-day moving average crossing at 172-04. First support is January's low crossing at 167-11. Second support is the 50% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 164-04.

March T-notes were steady to slightly higher overnight as it extends the rally off January's low. The high-range overnight trade sets the stage for a steady to slightly higher opening with 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 137.072 would signal that a short-term low has been posted. If March renews this month's decline, monthly support crossing at 134.298 is the next downside target. First resistance is the 20-day moving average crossing at 137.072. Second resistance is the 50-day moving average crossing at 137.187. First support is January's low crossing at 136.010. Second support is monthly support crossing at 134.298. 

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

March crude oil was higher overnight as it extends the trading range of the past two-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $51.04 would confirm that a short-term top has been posted. If March resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $57.64 is the next upside target. First resistance is January's high crossing at $53.94. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $57.64. First support is the 20-day moving average crossing at $51.04. Second support is the 50-day moving average crossing at $47.65.    

March heating oil was higher overnight as it consolidates some of last-Friday's 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $154.97 would signal that a short-term top has been posted. If March renews the rally off November's low, the 50% retracement level of the 2018-2020-decline crossing at $168.80 is the next upside target. First resistance is January's high crossing at $162.46. Second resistance is the 50% retracement level of the 2018-2020-decline crossing at $168.43. First support is the 20-day moving average crossing at $154.97. Second support is the 50-day moving average crossing at $145.24. 

March unleaded gas was higher overnight as it extends the trading range of the past two-weeks. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $170.66 is the next upside target. Closes below the 20-day moving average crossing at $148.44 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at $157.40. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $170.66. First support is the 20-day moving average crossing at $148.44. Second support is the 50-day moving average crossing at $136.09. 

March Henry natural gas was higher due to short covering overnight as it consolidates some of the decline off the January 12^th high. The low-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, December's low crossing at 2.268 is the next downside target. Closes above the 50-day moving average crossing at 2.648 would signal that a short-term low has been posted. First resistance resistance is the January 12th high crossing at 2.835. Second resistance is the November 30^th high crossing at 2.910. First support is last-Friday's low crossing at 2.425. Second support is the December 28^thlow crossing at 2.268.  

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

CURRENCIES:The March Dollar was steady to slightly higher in overnight trading. 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. Multiple closes below the 20-day moving average crossing at $90.11 would temper this month's rally. Closes above the January 18^th highcrossing at $90.94 would open the door for a possible test of the November 30^th reaction high crossing at $91.96. First resistance is the January 18^th high crossing at $90.94. Second resistance is the November 30^th high crossing at $91.96. First support is the 20-day moving average crossing at $90.11. Second support is the January 6^th low crossing at $89.16.

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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $122.18 would signal that a short-term low has been posted. Closes below the January 19^th low crossing at $120.68 would open the door for additional weakness near-term. First resistance is January's high crossing at $123.68. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $125.38. First support is the January 19^th low crossing at $120.68. Second support is the November 23^rd low crossing at $118.33.

The March British Pound was steady to slightly higher 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the February-2019 high crossing at 1.3728 is the next upside target. Closes below the 50-day moving average crossing at 1.3464 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Thursday's high crossing at 1.3750. Second resistance is the February-2019 high crossing at 1.3728. First support is the 50-day moving average crossing at 1.3464. Second support is the December 21st low crossing at 1.3200.  

The March Swiss Franc was steady to slightly lower overnight as it extends the trading range of the past two-weeks. 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 bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at 1.1540 is the next upside target. Closes below the 50-day moving average crossing at 1.1224 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is January's high crossing at 1.1441. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at 1.1540. First support is the 50-day moving average crossing at 1.1224. Second support is the November 30^th low crossing at 1.1036.

The March Canadian Dollar was steady to 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $77.91 would confirm that a short-term top has been posted. If March renews this winter's rally, the 87% retracement level of the 2018-2020-decline crossing at $80.50 is the next upside target. First resistance is last-Wednesday's high crossing at $79.35. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.50. First support is the 50-day moving average crossing at $77.91. Second support is the December 21^st low crossing at $77.21.  

The March Japanese Yen was steady to 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 bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, December's low crossing at 1.0956 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0966 would signal that a short-term low has been posted while opening the door for additional short covering gains off this month's low. First resistance is January's high crossing at 0.0975. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0981. First support is December's low crossing at 0.0956. Second support is the November's low crossing at 0.0948.

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

PRECIOUS METALS: April gold was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1881.10 would confirm that a short-term low has been posted. If April renews the decline off January's high, November's low crossing at $1771.30 is the next downside target. First resistance is the 20-day moving average crossing at$1881.10. Second resistance is January's high crossing at $1966.80. First support is last-Tuesday's low crossing at $1804.70. Second support is November's low crossing at $1771.30.  

March silver was was slightly higher overnight. 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $26.101 are needed to signal that a short-term low has been posted. Closes below last-Tuesday's low crossing at $24.040 would open the door for additional weakness near-term. First resistance is January's high crossing at $28.105. Second resistance is September's high crossing at $29.380. First support is last-Tuesday's low crossing at $24.040. Second support is November's low crossing at $21.960. 

March copper was steady to slightly higher overnight while extending the December-January trading range. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.4987 would  confirm that a short-term top has been posted. If March renews the rally off October's low, the February-2013 high on the monthly continuation chart crossing at 3.7925 is the next upside target. First resistance is the January 8th high crossing at 3.7340. Second resistance is the February-2013 high on the monthly chart crossing at 3.7925. First support is the 50-day moving average crossing at 3.4987. Second support is the December 23^rd low crossing at 3.4780.  

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

March corn was lower overnight as it extends the decline off January's high. The mid-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.98 1/4 would signal that a short-term top has been posted. If March renews the rally off April's low, the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4 is the next upside target. First resistance is January's high crossing at $5.41 1/2. Second resistance is the 50% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $5.72 1/4. First support is the 20-day moving average crossing at $4.98 1/4. Second support is the 50-day moving average crossing at $4.55 3/4.     

March wheat was higher in late-overnight trading as it consolidates some of the decline off January's high. The high-range close 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 aforementioned decline the 50-day moving average crossing at $6.18 1/4 is the next downside target. Closes above the 10-day moving average crossing at $6.57 3/4 would confirm that a short-term low has been posted. First resistance is January's high crossing at $6.93. Second resistance is the 62% retracement level of the 2012-2016-decline on the monthly continuation chart crossing at $7.34 1/4. First support is the 50-day moving average crossing at $6.18 1/4. Second support is the December 28^th low crossing at $6.07. 

March Kansas City wheat was higher due to short covering overnight as it consolidates some of the decline off January's high. The high-range close 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 20-day moving average crossing at $6.11 1/2 would confirm that a short-term top has been posted. If March renews the rally off August's low, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is January's high crossing at $6.60. Second resistance is theDecember-2014 high crossing at $7.05 3/4. First support is the 20-day moving average crossing at $6.11 1/2. Second support is the 50-day moving average crossing at $5.80 3/4.

March Minneapolis wheat was higher in late-overnight trading as it consolidates some of this month's decline. The high-range close 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 20-day moving average crossing at crossing at $6.12 would signal that a short-term top has been posted. If March renews the rally off December's low, the November-2017 high on the monthly continuation chart crossing at $6.58 is the next upside target. First resistance is last-Tuesday's high crossing at $6.53 1/2. Second resistance is the November-2017 high on the monthly continuation chart crossing at $6.58. First support is the 20-day moving average crossing at crossing at $6.12. Second support is January's low crossing at $5.93 1/4.      

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

March soybeans were lower overnight as they extends their losses off January's high. The low-range close 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 January's high, the 25% retracement level of the April-January rally crossing at $12.83 1/2 is the next downside target. Closes above the 10-day moving average crossing at $13.78 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $13.48 1/4. Second resistance is the 10-day moving average crossing at $13.78. First support is the overnight low crossing at $12.98. Second support is the 25% retracement level of the March-January rally crossing at $12.83 1/2.

March soybean meal was lower overnight as it extends the decline off the January 13^th high. The low-range close 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 this month's decline the 50-day moving average crossing at $409.50 is the next downside target. Closes above the 10-day moving average crossing at $446.80 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $446.80. Second resistance is January's high crossing at $471.40. First support is the 50-day moving average crossing at $409.50. Second support is the 38% retracement level of the August-January rally crossing at $401.40.       

March soybean oil was steady to lower overnight. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If March resumes the rally off October's low, the March 2014 high on the monthly continuation chart crossing at 45.05 is the next upside target. If March extends the decline off January's high, the 50-day moving average crossing at 39.81 is the next downside target. First resistance is January's high crossing at 44.69. Second resistance is the March 2014 high on the monthly continuation chart crossing at 45.05. First support is last-Tuesday's low crossing at 41.01. Second support is the 50-day moving average crossing at 39.81.     

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

April hogs closed up $2.25 at $76.15. 

April hogs closed sharply higher on Friday as it renewed 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 aforementioned rally, the November 4^th 2019 high crossing at $77.10 is the next upside target. Closes below the 20-day moving average crossing at 72.68 would signal that a short-term top has been posted. First resistance is today's high crossing at 76.25. Second resistance is the November 4th 2019 high crossing at $77.10. First support is the 20-day moving average crossing at $72.68. Second support is the 50-day moving average crossing at $70.79. 

April cattle closed up $2.58 at $122.53 

April cattle closed sharply higher on Friday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If April extends this week's rally, the January-2020 high crossing at $124.50 is the next upside target. Closes below the 50-day moving average crossing at $117.62 would signal that a short-term top has been posted. First resistance is today's high crossing at $122.60. Second resistance is the January-2020 high crossing at $124.50. First support is the 20-day moving average crossing at $118.81. Second support is the 50-day moving average crossing at $117.62. 

March Feeder cattle closed up $5.00 at $144.15. 

March Feeder cattle closed sharply higher on Friday as it renewed the rally off October's low. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading.  Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, the August-2020 high crossing at $145.30 is the next upside target. Closes below the 10-day moving average crossing at $136.91 would confirm that a short-term top has been posted. First resistance is today's high crossing at $144.15. Second resistance is the August-2020 high crossing at $145.30. First support is the 20-day moving average crossing at $138.23. Second support is the 10-day moving average crossing at $136.91.         

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

March coffee closed lower on Friday. 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. Closes below the 50-day moving average crossing at 12.18 would confirm that a short-term top has been posted. If March extends the rally off November's low, September's high crossing at 13.57 is the next upside target.     

March cocoa closed lower on Friday. The high-range close sets the stage for a steady to slightly lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, the November 16^th gap crossing at 23.95. Closes above the January 4^th high crossing at 26.61 would signal that a short-term low has been posted.                          

March sugar closed lower on Friday as it extends the decline off January's high. The mid-range close set 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. Closes below the 20-day moving average crossing at 15.72 would confirm that a short-term top has been posted. If March renews the rally off December's low, weekly resistance crossing at 17.23 is the next upside target. 

March cotton posted an inside day with a lower close on Friday due to profit taking. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought, diverging 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 79.62 would confirm that a short-term top has been posted. If March extends the rally off April's low, monthly resistance crossing at 84.47 is the next upside target.