KEY EVENTS TO WATCH FOR:

Friday, February 12, 2021  

10:00 AM ET. February University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 80.9; previous 79.2)

                       Mid-Mo Expectations (previous 73.8)

                       Mid-Mo Current Idx (previous 87.7)

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

The STOCK INDEXES: The March NASDAQ 100 was lower.The mid-range trade sets the stage for a steady to lower 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 extends this winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 13,383.15 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 13,769.25. Second resistance is unknown. First support is the 20-day moving average crossing at 13,383.15. Second support is the 50-day moving average crossing at 12,971.74.  

The March S&P 500 was lower overnight as it consolidates some of this winter's rally into uncharted territory. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3833.97 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 3928.50. Second resistance is unknown. First support is the 20-day moving average crossing at 3833.99. Second support is the 50-day moving average crossing at 3761.72. 

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

INTEREST RATES: March T-bonds were steady to slightly 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 168-14 would signal that a short-term low has likely been posted. If March resumes the decline off August's high, a test of 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 168-14. Second resistance is the 50-day moving average crossing at 170-15. First  support is Monday's low crossing at 166-03. 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. The high-range overnight trade sets the stage for a steady to higher opening with 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 extends the rally off Monday's low, the 50-day moving average crossing at 137.109 is the next upside target. If March resumes the decline off the January 27^th high, January's low crossing at 136.010 is the next likely downside target. First resistance is the 50-day moving average crossing at 137.109. Second resistance is January's high crossing at 138.055. First support is Monday's low crossing at 136.145. Second support is January's low crossing at 133.010. 

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

April crude oil was lower due to profit taking overnight as it consolidated this week's breakout above the 75% retracement level of the 2018-2020-decline crossing at $57.48. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $62.48 is the next upside target. Closes below the 20-day moving average crossing at $54.64 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $58.77. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $62.48. First support is the 10-day moving average crossing at $56.68. Second support is the 20-day moving average  crossing at $54.64.    

April heating oil was lower due to profit taking overnight as it consolidates some of the rally off November's low. 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 overbought but remain neutral to bullish signals that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 62% retracement level of the 2018-2020-decline crossing at $183.37 is the next upside target. Closes below the 20-day moving average crossing at $165.20 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $175.93. Second resistance is the 62% retracement level of the 2018-2020-decline crossing at $183.37. First support is the 10-day moving average crossing at $170.88. Second support is the 20-day moving average crossing at $165.20. 

April unleaded gas was lower due to profit taking overnight as it consolidates some of the rally off November's low. 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 overbought but are poised to turn neutral to bearish with additional weakness that would signal that a short-term top has been posted. If April extends the rally off November's low, the January-2020 high crossing at $180.43 is the next upside target. Closes below the 20-day moving average crossing at $170.40 would confirm that a short-term top has been posted. First resistance is the January-2020 high crossing at $180.43. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $188.13. First support is the 10-day moving average crossing at $175.43. Second support is the 20-day moving average crossing at $170.40. 

April Henry natural gas was lower overnight as it extends Thursday's decline. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the February 2nd gap crossing at 2.716 would signal that a short-term top has been posted. If April renews the rally off December's low, November's high crossing at 3.052 is the next upside target. First resistance resistance is last-Friday's high crossing at 2.980. Second resistance is November's high crossing at 3.052. First support is the 20-day moving average crossing at 2.725. Second support is the 50-day moving average crossing at 2.645.  

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

CURRENCIES:The March Dollar was higher in overnight trading as it consolidates some of the decline off last-Friday'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 March extends the decline off last-Friday's high, the January 21^st low crossing at $90.03 is the next downside target. Closes above the 10-day moving average crossing at $90.86 would signal that a short-term low has been posted. First resistance is the November 30^th high crossing at $91.96. Second resistance is the November 23^rd high crossing at $92.73. First support is the January 21^st low crossing at $90.03. Second support is January's low crossing at $89.16.

The March Euro was lower overnight as it consolidates some of the rally off last-Friday's low.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 50-day moving average crossing at $121.73 are needed to confirm that a short-term low has been posted. If March resumes the decline off January's high, the November 23^rd low crossing at $118.33 is the next downside target. First resistance is the 50-day moving average crossing at $121.73. Second resistance is the January 22 high crossing at $122.03. First support is last-Friday's low crossing at $119.60. Second support is the November 23^rd low crossing at $118.33.

The March British Pound was lower due to profit taking overnight as it consolidates some of the rally off February's low. 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 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 1.3710 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off September's low, the 75% retracement level of the 2017-2020-decline crossing at 1.4156 is the next upside target. First resistance is the September-2018 high crossing at 1.3867. Second resistance is the 75% retracement level of the 2017-2020-decline crossing at 1.4156. First support is the 20-day moving average crossing at 1.3710. Second support is the 50-day moving average crossing at 1.3584.  

The March Swiss Franc was lower due to profit taking overnight as it consolidates some of the rally off last-Friday's low. 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 50-day moving average crossing at 1.1271 would confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 1.1169 would temper the near-term friendly outlook. First resistance is the January 22^nd high crossing at 1.1331. Second resistance is January's high crossing at 1.1441. First support is the 10-day moving average crossing at 1.1169. Second support is February's low crossing at 1.1064.

The March Canadian Dollar was lower overnight as it consolidates some of this week's gains. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, January's high crossing at $79.44 is the next upside target. Closes below the 10-day moving average crossing at $78.38 would temper the near-term friendly outlook. If March renews the decline off January's high, the December 21st low crossing at $77.21 is the next downside target. First resistance is January'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 January's low crossing at $77.63. Second support is the December 21^st low crossing at $77.21.  

The March Japanese Yen was lower overnight as it consolidates some of the rally off last-Friday's low. 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, October's low crossing at 0.0945 is the next downside target. Closes above the 20-day moving average crossing at 0.0958 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0958. Second resistance is the 50-day moving average crossing at 0.0962. First support is last-Friday's low crossing at 0.0946. Second support is last-October's low crossing at 0.0945. 

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

PRECIOUS METALS: April gold was lower overnight as it consolidates some of the rally off last-Thursday's low. 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 renews the decline off January's high, November's low crossing at $1771.30 is the next downside target. Closes above the 50-day moving average crossing at $1861.50 are needed to  confirm that a short-term low has been posted. First resistance is the January 29^th high crossing at $1878.90. Second resistance is January's high crossing at $1966.80. First support is last-Thursday's low crossing at $1784.60. Second support is November's low crossing at $1771.30.  

March silver was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March extends the rally off last-Thursday's low, the January 5^th high crossing at $28.105 is the next upside target. Closes below the 20-day moving average crossing at $26.439 would confirm that a top has been posted. First resistance is the January 5^th high crossing at $28.105. Second resistance is February's high crossing at $30.350. First support is the 20-day moving average crossing at $26.439. Second support is the 50-day moving average crossing at $25.889.  

March copper was lower due profit taking overnight it consolidates some of the rally off February's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the September-2012 high on the monthly continuation chart crossing at 3.8395 is the next upside target. Closes below the 50-day moving average crossing at 3.5934 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3.7955. Second resistance is the September-2012 high on the monthly continuation chart crossing at 3.8395. First support is the 20-day moving average crossing at 3.6298. Second support is the 50-day moving average crossing at 3.5934.   

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

March corn higher overnight as it extended Thursday's rebound. The mid-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off Tuesday's high, the January 25^th low crossing at $4.92 1/4 is the next downside target. If March resumes the rally off April's low, the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36 is the next upside target. First resistance is Tuesday's high crossing at $5.74 1/4. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is Thursday's low crossing at $5.24 3/4. Second support is the January 25^th low crossing at $4.92 1/2.      

March wheat was steady to fractionally lower overnight as it extends the decline off Tuesday'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. Closes below the 50-day moving average crossing at $6.31 1/2 would open the door for additional weakness near-term. Closes above Tuesday's high crossing at $6.60 1/2 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $6.60 1/2. Second resistance is February's high crossing at $6.71. First support is the 50-day moving average crossing at $6.31 1/2. Second support is the December 28^th low crossing at $6.07. 

March Kansas City wheat was higher overnight as it consolidates some of the decline off Tuesday's high. The low-range close sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off Tuesday's high, the 50-day moving average crossing at $6.00 is the next downside target. Closes above Tuesday's high crossing at $6.44 would confirm that a short-term low has been posted. 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 last-Wednesday's low crossing at $6.04 1/2. Second support is the 50-day moving average crossing at $6.00.

March Minneapolis wheat was higher overnight as it extends a symmetrical triangle, which has formed over the past two months. The mid-range close 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 below last-Monday's low crossing at $6.05 would mark a downside breakout of the aforementioned symmetrical triangle thereby opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $6.27 1/2 would temper the near-term bearish outlook. First resistance is Tuesday's high crossing at $6.38. Second resistance is January's high crossing at $6.53 1/2. First support is last-Monday's low crossing at crossing at $6.05. 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 higher overnight as they extend Thursday's rebound.The high-range close 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. If March renews the decline off January's high, the 50-day moving average crossing at $13.04 1/4 is the next downside target. If March resumes the rally off January's low, January's high crossing at $14.36 1/2 is the next upside target. First resistance is Tuesday's high crossing at $14.09 1/2. Second resistance is January's high crossing at $14.36 1/2. First support is the 50-day moving average crossing at $13.04 1/4. Second support is the January 25^th low crossing at $12.98. Third 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 trading range of the past three-weeks. The mid-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. Closes below the 50-day moving average crossing at $421.40 would open the door for a possible test of the 38% retracement level of August-January rally crossing at $4.01.60. Closes above Tuesday's high crossing at $443.70 would mark an upside breakout of the aforementioned trading range. First resistance is Tuesday's high crossing at $443.70. Second resistance is January's high crossing at $471.40. First support is the 50-day moving average crossing at $421.40. Second support is the 38% retracement level of the August-January rally crossing at $401.40.       

March soybean oil was higher overnight. The high-range close 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 extends the rally off October's low, the 50% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 47.97 is the next upside target. Closes below the 20-day moving average crossing at 44.27 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 46.67. Second resistance is the 50% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 47.97. First support is the 20-day moving average crossing at 44.27. Second support is the 50-day moving average crossing at 41.96.      

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

April hogs closed up $2.43 at $84.25. 

April hogs closed sharply higher on Thursday as it extends the rally off November'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 April extends the aforementioned rally, the 75% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $85.25 is the next upside target. Closes below the 20-day moving average crossing at 77.10 would signal that a short-term top has been posted. First resistance is today's high crossing at 84.50. Second resistance is the 75% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $85.25. First support is the 10-day moving average crossing at $79.64. Second support is the 20-day moving average crossing at $77.10. 

April cattle closed up $0.98 at $123.68 

April cattle posted an inside day with a higher close on Thursday as it consolidates some of the decline off Tuesday's high. The high-range close sets the stage for a steady to higher opening on Friday.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $121.89 would signal that a short-term top has been posted. If April extends the rally off October's low, the December-2019 high on the monthly continuation chart crossing at $127.90 is the next upside target. First resistance is Tuesday's high crossing at $125.68. Second resistance is the December-2019 high crossing at $127.90. First support is the 20-day moving average crossing at $121.89. Second support is the 50-day moving average crossing at $119.38. 

April Feeder cattle closed up $0.13 at $143.63. 

April Feeder cattle closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off January's low, the August-2020 high on the weekly continuation chart crossing at $148.40 is the next upside target. If April resumes the decline off January's high, January's low crossing at $135.03 is the next downside target. First resistance is January's high crossing at $147.00. Second resistance is the August-2020 high on the weekly continuation chart crossing at $148.40. First support is February's low crossing at $140.05. Second support is January's low crossing at $135.03.        

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

March coffee closed slightly lower on Thursday as it extended yesterday's breaking out to the downside of the trading range of the past two-weeks. 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. Closes below last-Thursday's low crossing at 12.02 would confirm that a short-term top has been posted while opening the door for a possible test of January's low crossing at 11.88. If March renews the rally off January's low, January's high crossing at 13.18 is the next upside target.       

May cocoa closed sharply higher on Thursday as it extends the December-February trading range. 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. Closes below the December 22^nd low crossing at 24.09 would mark a downside breakout of the aforementioned trading range signaling a potential resumption of the decline off November's high. Closes above the January 4^th high crossing at 25.89 would confirm an upside breakout of the aforementioned trading range.        

May sugar posted an inside day with a lower close on Thursday as it consolidated some of this month's rally. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, weekly resistance crossing at 17.23 is the next upside target. Closes below the 20-day moving average crossing at 16.15 would signal that a short-term top has been posted.   

March cotton closed higher on Thursday and is poised to resume this month's rally. The high-range close sets the stage for a steady to higher opening on Friday. 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 April's low, the July-2018 high on the weekly continuation chart crossing at 89.98 is the next upside target. Closes below the 20-day moving average crossing at 82.26 would signal that a short-term top has been posted.