KEY EVENTS TO WATCH FOR:

Monday, March 8, 2021 

10:00 AM ET. February Employment Trends Index

                       ETI (previous 99.27)

                       ETI, Y/Y%

10:00 AM ET. January Monthly Wholesale Trade

                       Inventories, M/M% (previous +0.3%)

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

The Dow closed sharply higher on Friday erasing most of this week's decline. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow resumes the rally off January's low into uncharted territory, upside targets hard to project. If the Dow extends the decline off February's high, January's low crossing at 29,856.30 is the next downside target. First resistance is February's high crossing at 32,009.64. Second resistance is unknown. First support is Thursday's low crossing at 30,547.53. Second support is January's low crossing at 29,856.30. 

The March NASDAQ 100 closed higher on Friday as it consolidates some of the decline off February's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, the 25% retracement level of the 2020-2021-rally crossing at 12,169.99 is the next downside target. Closes above the 20-day moving average crossing at 13,314.40 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 12,946.75. Second resistance is the 20-day moving average crossing at 13,314.40. First support is today's low crossing at 12,207.25. Second support is the 25% retracement level of the 2020-2021-rally crossing at 12,169.99.  

The March S&P 500 closed sharply higher on Friday as it consolidates some of the decline off February's high. 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 bearish signaling that sideways to lower prices are possible near-term. If March extends Thursday's decline, February's low crossing at 3656.50 is the next downside target. Closes above the 20-day moving average crossing at 3878.61 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3878.61. Second resistance is February's high crossing at 3959.25. First support is Thursday's low crossing at 3720.50. Second support is February's low crossing at 3656.50.  

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June T-bonds closed up 4/32's at 157-07. 

June T-bonds 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 oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off November's high, the January-2020 low on the monthly continuation chart crossing at 155-05 is the next downside target. Closes above the 20-day moving average crossing at 161-21 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 159-01. Second resistance is the 20-day moving average crossing at 161-21. First support is today's low crossing at 155-27. Second support is the January-2020 low on the monthly continuation chart crossing at 155-05.

June T-notes closed down 15-pts. At 132.110.

June T-notes closed lower on Friday as it extends the decline off last-September's high. 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 oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the January 27^th high, the 38% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 131.278 is the next downside target. Closes above the 20-day moving average crossing at 134.135 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 133.143. Second resistance is the 20-day moving average crossing at 134.135. First support is last-Thursday's low crossing at 131.310. Second support is the the 50% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 129.035.  

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

April crude oil 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. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. Closes below Wednesday's low crossing at $59.24 would signal that a short-term top has been posted. First resistance is today's high crossing at $66.40. Second resistance is the October-2018 high crossing at $67.23. First support is Wednesday's low crossing at $59.24. Second support is the February 12^th low crossing at $57.31.  

April heating oil closed higher on Friday as it resumed the rally off November's low. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 75% retracement level of  the 2018-2020-decline crossing at $200.04 is the next upside target. Closes below the 20-day moving average crossing at $181.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at $194.89. Second resistance is the the 75% retracement level of  the 2018-2020-decline crossing at $200.04. First support is the 20-day moving average crossing at $181.80. Second support is the February 12^th low crossing at $171.81.  

April unleaded gas 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 overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If April extends the rally off November's low, the October-2018 high crossing at $221.41 is the next upside target. Closes below the 20-day moving average crossing at $189.54 would signal that a short-term top has been posted. First resistance is today's high crossing at $206.66. Second resistance is the October-2018 high crossing at $206.66. First support is the 20-day moving average crossing at 189.54. Second support is the February 12^th low crossing at $175.76.    

April Henry natural gas closed lower on Friday as it extends 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 2.724 signals a trend change while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at 2.856 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.856. Second resistance is February's high crossing at 3.060. First support is the 50-day moving average crossing at 2.724. Second support is the 62% retracement level of the December-February rally crossing at 2.596.  

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

The June Dollar closed higher on Friday extended 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 becoming 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 September-January-decline crossing at 92.41 is the next downside target. Closes below the 50-day moving average crossing 90.45 would signal that a short-term top has been posted. First resistance is the today's high crossing at 92.21. Second resistance is the 38% retracement level of the September-January-decline crossing at 92.41. First support is the 50-day moving average crossing 90.45. Second support is February's low crossing 89.66.   

The March Euro closed 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 the aforementioned decline, the 38% retracement level of the 2020-2021-rally crossing at 117.85 is the next downside target. Closes above the 50-day moving average crossing at 121.69 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 121.69. Second resistance is February's high crossing at 122.71. First support is today's low crossing at 119.19. Second support is the 38% retracement level of the 2020-2021-rally crossing at 117.85.  

The June British Pound closed lower on Friday as it extends 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 50-day moving average crossing at 1.3746 is the next downside target. Closes above the 10-day moving average crossing at 1.3991 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3991. Second resistance is February's high crossing at 1.4245. First support is the 50-day moving average crossing at 1.3746. Second support is February's low crossing at 1.3586.

The June Swiss Franc closed lower on Friday as it extended 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 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 the decline off January's high, the 62% retracement level of the March-January-rally crossing at 1.0738 is the next downside target. Closes above the 20-day moving average crossing at 1.1099 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0984. Second resistance is the 20-day moving average crossing at 1.1099. First support is today's low crossing at 1.0759. Second support isthe 62% retracement level of the March-January-rally crossing at 1.0738.

The June Canadian Dollar closed lower on Friday. The high-range close sets the stage for a steady to slightly 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. Closes below the 50-day moving average crossing at 78.65 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If June resumes the rally off January's low, the 87% retracement level of the 2018-2020-decline crossing at 80.52 is the next upside target. First resistance is last-Thursday's high crossing at 80.21. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. First support is the 50-day moving average crossing at 78.65. Second support is January's low crossing at 77.65. 

The June Japanese Yen closed lower on Friday as it extended the decline off January's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 87% retracement level of the 2020-2021-rally crossing at 0.0920 is the next downside target. Multiple closes above the 20-day moving average crossing at 0.0945 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.0939. Second resistance is the 20-day moving average crossing at 0.0945. First support is today's low crossing at 0.0921. Second support is the 87% retracement level of the 2020-2021-rally crossing at 0.0920.  

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

April gold closed lower on Friday as it extends the decline off January's high. 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 oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 62% retracement level of the 2019-2020-rally crossing at $1634.70 is the next downside target. Closes above the 20-day moving average crossing at $1779.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1748.60. Second resistance is the 20-day moving average crossing at $1779.40. First support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70. Second support is the 75% retracement level of the 2019-2020-rally crossing at $1533.30.

May silver closed lower on Friday as it extends Thursday's breakout below the November-January uptrend line as it extends the decline off February's high. 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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 75% retracement level of the November-February-rally crossing at 24.059 is the next downside target. Closes above the 20-day moving average crossing at 27.070 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 27.070. Second resistance is the February 23^rd high crossing at 28.470. First support is the 62% retracement level of the November-February-rally crossing at 25.111. Second support is the 75% retracement level of the November-February-rally crossing at 24.059. 

May copper posted an inside day with a sharply higher close on Friday and above the 20-day moving average crossing at 397.65 signaling that a short-term top has been posted. 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 bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50-day moving average crossing at 374.90 is the next downside target. If March renews the rally off March's low, the August-2011 high on the monthly continuation chart crossing at 454.00 is the next upside target. First resistance is Tuesday's high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is Thursday's low crossing at 384.90. Second support is the 50-day moving average crossing at 374.90.  

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

May Corn closed up $0.13-cents at $5.45 1/2. 

May corn closed higher on Friday erasing most of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are  possible near-term. Closes above February's high crossing at $5.72 are needed to renew the rally off August's low. Closes above the February 23rd high crossing at $5.59 1/4 would signal that a short-term low has been posted. If May extends the decline off the February 23rd high, the 50-day moving average crossing at $5.23 is the next downside target. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline crossing at $6.36. First support is the 25% retracement level of the August-January-rally crossing at $5.14. Second support is the January 25^th low crossing at $4.94 1/2.      

May wheat closed up $0.02-cents at $6.53.  

May wheat closed higher on Friday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $6.51 1/2 would confirm that a short-term top has been posted while opening the door for additional weakness near-term.If May renews the rally off last-June's low, January's high crossing at $6.93 is the next upside target. First resistance is January's high crossing at $6.93. Second resistance is monthly resistance on the monthly continuation chart crossing at $7.34 1/4. First support is the 50-day moving average crossing at $6.51 1/2. Second support is February's low crossing at $6.28 1/2.        

May Kansas City Wheat closed up $0.05 1/4-cents at $6.26 1/4.

May Kansas City wheat closed higher on Friday and above the 50-day moving average crossing at $6.25. 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 bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, February's low crossing at $6.08 1/4 is the next downside target. If May resumes this winter's rally, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is February's high crossing at $6.64. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is today's low crossing at $6.17. Second support is February's low crossing at $6.08 1/4.       

May Minneapolis wheat closed up $0.01 3/4-cents at $6.45 1/4. 

May Minneapolis wheat closed higher on Friday. 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 turning neutral to bullish signaling that sideways to higher prices are possible. If May renews the rally off January's low, January's high crossing at $6.62 is the next upside target. If May renews the decline off February's high, the 50-day moving average crossing at $6.29 3/4 is the next downside target. First resistance is February's high crossing at $6.58 3/4. Second resistance is January's high crossing at crossing at $6.62. First support is the 50-day moving average crossing at $6.29 3/4. Second support is February's low crossing at $6.19 3/4.     

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

May soybeans closed up $0.19 1/2-cents at $14.30.

May soybeans posted its highest close for the year 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off January's low, last-April's, the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/2 on the monthly continuation chart is the next upside target. Closes below the 20-day moving average crossing at $13.92 3/4 would signal that a short-term top has been posted. First resistance is February's high crossing at $14.45 3/4. Second resistance is the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/2 on the monthly continuation chart. First support is the 20-day moving average crossing at $13.92 3/4. Second support is the 50-day moving average crossing at $13.64 3/4.

May soybean meal closed up $1.60 to $418.20. 

May soybean meal closed higher on Friday as it extends the trading range of the past six-weeks. 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 signaling that sideways trading is possible near-term. Closes below January's low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. Closes above the February 9th high crossing at $442.10 would signal an upside breakout of the aforementioned trading range. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $471.40. First support is January's low crossing at $413.40. Second support is the 38% retracement level of the August-January rally crossing at $396.90.       

May soybean oil closed up 109 pts. at 51.80. 

May soybean oil closed sharply higher on Friday as it extends the rally off last-April'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 May extends the rally off October's low, the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45 is the next upside target. Closes below the 20-day moving average crossing at 47.63 would confirm that a short-term top has been posted. First resistance is today's high crossing at 52.17. Second resistance is the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45. First support is the 10-day moving average crossing at 49.65. Second support is the 20-day moving average crossing at 47.63.      

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

April hogs closed down $0.13 at $87.18. 

April hogs closed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $85.33 would confirm that a short-term top has been posted. If April renews the rally off November's low, the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. First resistance is February's high crossing at $90.68. Second resistance is the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25. First support is the 20-day moving average crossing at $85.33. Second support is the February 18^th low crossing at $83.62. 

April cattle closed up $0.48 at $119.03 

April cattle closed higher on Friday as it consolidated some of the decline off February's high. The mid-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. If April extends the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. Closes above the 20-day moving average crossing at $122.13 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $122.13. Second resistance is February's high crossing at $126.70. First support is Thursday's low crossing at $118.50. Second support is the 50% retracement level of the October-February-rally crossing at $117.72. 

April Feeder cattle closed up $0.03 at $139.03. 

April Feeder cattle closed slightly higher on Friday as it consolidated some of the decline off January's high. 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 bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, January's low crossing at $135.03 is the next downside target. Closes above the 20-day moving average crossing at 142.49 would signal that a short-term low has been posted. First resistance is February's high crossing at $145.80. Second resistance is January's high crossing at $147.00. First support today's low crossing at $137.22. Second support is January's low crossing at $135.03.          

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

May coffee closed sharply lower on Friday as it extends the decline off February's high. 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 12.81 would open the door for a possible test of February's low crossing at 12.21. If Closes above the 10-day moving average crossing at 13.51 would signal that a short-term low has been posted.         

May cocoa closed lower on Friday 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 Monday. Stochastics and the RSI are overbought 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 25.10 would confirm that a short-term top has been posted. If May renews the rally off February's low, the 87% retracement level of the November-February-decline crossing at 27.11 is the next upside target.          

May sugar closed higher on Friday as it consolidated some of the decline off February's high. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 20-day moving average crossing at 15.48 is the next downside target. If May renews the rally off last-April's low, weekly resistance crossing at 18.42 is the next upside target.     

May cotton closed higher due to short covering on Friday as it consolidates some of the decline off February's high but remains below the 20-day moving average crossing at 89.20 signaling that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50-day moving average crossing at 84.19 is the next downside target. Closes above the 10-day moving average crossing at 90.32 would signal that a short-term low has been posted.