KEY EVENTS TO WATCH FOR:

Thursday, January 20, 2022   

8:30 AM ET. January Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 15.4)

                       Prices Paid (previous 66.1)

                       Employment (previous 33.9)

                       New Orders (previous 13.7)

                       Prices Received (previous 50.4)

                       Delivery Times (previous 31.4)

                       Inventories (previous 13.2)

                       Shipments (previous 15.3)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 230K)

                       Jobless Claims, Net Chg (previous +23K)

                       Continuing Claims (previous 1559000)

                       Continuing Claims, Net Chg (previous -194K)

9:45 AM ET. Consumer Comfort Index

10:00 AM ET. December Existing Home Sales

                       Existing Sales (previous 6.46M)

                       Existing Sales, M/M% (previous +1.9%)

                       Unsold Homes Month's Supply (previous 2.1)

                       Median Price (USD) (previous 353900)

                       Median Home Price, Y/Y% (previous +13.9%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3016B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -179B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 413.298M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.553M)

                       Gasoline Stocks (Bbl) (previous 240.748M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +7.961M)

                       Distillate Stocks (Bbl) (previous 129.383M)

                       Distillate Stocks, Net Chg (Bbl) (previous +2.537M)

                       Refinery Usage (previous 88.4%)

                       Total Prod Supplied (Bbl/day) (previous 20.829M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.164M)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, January 21, 2022   

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 457.7K)

                       Soybeans (Metric Tons) (previous 918.7K)

                       Wheat (Metric Tons) (previous 264.4K)

10:00 AM ET. December Leading Indicators

                       Leading Index, M/M% (previous +1.1%)

                       Leading Index (previous 119.9)

                       Coincident Index, M/M% (previous +0.3%)

                       Lagging Index, M/M% (previous -0.1%)

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

The STOCK INDEXES: The March NASDAQ 100 was higher overnight as it consolidates some of the decline off December's high.Overnight trading sets the stage for a steady to higher 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 the decline off December's high, the 50% retracement level of 2021's rally crossing at 14,512.47 is the next downside target. Closes above the 20-day moving average crossing at 15,922.14 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 15,515.50. Second resistance is the 20-day moving average crossing at 15,922.14. First support is the 38% retracement level of 2021's rally crossing at 15,043.89. Second support is the 50% retracement level of 2021's rally crossing at 14,512.47.

The March S&P 500 was higher overnight as it consolidates some of the decline off January's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 January's high the 25% retracement level of the 2020-2022 rally crossing at 4504.58 is the next downside target. Closes above the 20-day moving average crossing at 4696.48 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4638.88. Second resistance is the 20-day moving average crossing at 4696.48. First support is the 25% retracement level of the 2020-2022 rally crossing at 4504.58. Second support is December's low crossing at 4485.75.  

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

INTEREST RATES: March T-bonds was slightly lower overnight. Overnight trading sets the stage for a steady to slightly 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 the decline off December's high, the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06 is the next downside target. Closes above the 20-day moving average crossing at 157-11 would temper the near-term bearish outlook. First resistance is last-Thursday's high crossing at 156-28. Second resistance is the 20-day moving average crossing at 157-11. First support is the March low on the weekly continuation chart crossing at 153-07. Second support is the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06.

March T-notes was steady to slightly lower overnight. Overnight trading sets the stage for a steady to slightly lower opening with 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 the decline off December's high, weekly support crossing at 126.110 is the next downside target. Closes above the 20-day moving average crossing at 129.043 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 128.270. Second resistance is the 20-day moving average crossing at 129.043. First support is Wednesday's low crossing at 127.020. Second support is weekly support crossing at 126.110.   

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

ENERGIES:March crude oil was steady to slightly lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a steady to slightly 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 December's low, monthly resistance crossing at $92.96 is the next upside target. Closes below the 20-day moving average crossing at $78.66 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $86.79. Second resistance is monthly resistance on the monthly continuation chart crossing at $92.96. First support is the 10-day moving average crossing at $81.89. Second support is the 20-day moving average crossing at $78.66.

March heating oil was lower overnight as it consolidates some of the rally off December's low. Overnight trading 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 December's low, monthly resistance crossing at $2.7919 is the next upside target. Closes below the 20-day moving average crossing at $2.4424 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $2.6662. Second resistance is monthly resistance crossing at $2.7919. First support is the 10-day moving average crossing at $2.5428. Second support is the 20-day moving average crossing at $2.4424.  

March unleaded gas was steady to slightly lower overnight as it consolidates some of the rally off December's low. The high-range trade overnight sets the stage for a steady to slightly 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 December's low, monthly resistance crossing at $2.5430 is the next upside target. Closes below the 20-day moving average crossing at $2.3153 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $2.4835. Second resistance is monthly resistance crossing at $2.5430. First support is the 10-day moving average crossing at $2.3822. Second support is the 20-day moving average crossing at $2.3153.    

March Henry natural gas was steady to slightly lower overnight as it extends the decline off last-Wednesday's high. Overnight trading 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 20-day moving average crossing at 3.786 would signal that a short-term top has been posted. If March renews the rally off December's low, the 38% retracement level of the October-December decline crossing at 4.450 is the next upside target. First resistance is the 38% retracement level of the October-December decline crossing at 4.450. Second resistance is the 50% retracement level of the October-December decline crossing at 4.772. First support is the 20-day moving average crossing at 3.786. Second support is December's low crossing at 3.416.     

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

CURRENCIES:The March Dollar was steady to slightly higher overnight. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $95.98 would signal that a short-term low has been posted. If March resumes the decline off December's high, the 38% retracement level of the May-December-2021 rally crossing at $94.11 is the next downside target. First resistance is the 50-day moving average crossing at $95.98. Second resistance is the December 15^th high crossing at $96.89. First support is last-Friday's low crossing at $94.61. Second support is the 38% retracement level of the May-December-2021 rally crossing at $94.11.

The March Euro was steady to slightly 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 bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Friday's high, the January 4^th low crossing at $112.87 is the next downside target. If March resumes the rally off November's low, the 25% retracement level of 2021's decline crossing at $115.23 is the next upside target. First resistance is the 25% retracement level of 2021's decline crossing at $115.26. Second resistance is the 38% retracement level of 2021's decline crossing at $116.86. First support is the January 4^th low crossing at $112.87. Second support is November's low crossing at $112.21.  

The March British Pound was steady to slightly lower overnight as it consolidates some of the decline off last-Thursday's high.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 1.3547 would signal that a short-term top has been posted.If March resumes the rally off December's low, October's high crossing at 1.3826 is the next upside target.First resistance is the October's high crossing at 1.3826. Second resistance is September's high crossing at 1.3914. First support is the 20-day moving average crossing at 1.3547. Second support is the 50-day moving average crossing at 1.3416.

The March Swiss Franc was steady to slightly 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 possible near-term. Closes below the 50-day moving average crossing at 1.0886 would signal that a short-term top has been posted. If March resumes this month's rally, November's high crossing at 1.1042 is the next upside target. First resistance is last-Thursday's high crossing at 1.1015. Second resistance is November's high crossing at 1.1042. First support is the 50-day moving average crossing at 1.0886. Second support is last-Tuesday's low crossing at 1.0795.   

The March Canadian Dollar was steady to slightly lower overnight. 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 December's low, the November 10^th high crossing at $80.70 is the next upside target. Closes below the 20-day moving average crossing at $78.95 would signal that a short-term top has been posted. First resistance is the November 10^th high crossing at $80.70. Second resistance is October's high crossing at $81.37. First support is the 10-day moving average crossing at $79.57. Second support is the 20-day moving average crossing at $78.95.  

The March Japanese Yen was steady to slightly lower overnight. Stochastics and the RSI have turned neutral to bearish signaling that a sideways to lower prices are possible near-term. If March renews the decline off November's high, monthly support crossing at 0.084932 is the next downside target. Closes above last-Friday's high crossing at 0.088160 would confirm that a short-term low has been posted while opening the door for additional gains near-term. First resistance is last-Friday's high crossing at 0.088160. Second resistance is the December 17^th high crossing at 0.088485. First support is the 20-day moving average crossing at 0.087050. Second support is the December 4^th low crossing at 0.085980.  

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

PRECIOUS METALS: Februarygold was steady to lower overnight as it consolidates some of Wednesday's rally. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, November's high crossing at $1881.90 is the next upside target. Closes below the 50-day moving average crossing at $1810.20 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1844.40. Second resistance is November's high crossing at $1881.90. First support is the January 7^th low crossing at $1781.30. Second support is December's low crossing at $1753.00.

March silver was steady to slightly higher overnight as it extends the rally off December's low. The high-range 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. If March extends the aforementioned rally, the 75% retracement level of the November-December decline crossing at $24.512 is the next upside target. Closes below Tuesday's low crossing at $22.820 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the November-December decline crossing at $24.512. Second resistance is the 87% retracement level of the November-December decline crossing at $25.014. First support is Tuesday's low crossing at $22.820. Second support is the January 7^th low crossing at $21.945. 

March copper was higher overnight as it consolidates some of the decline off the January 12^th 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 50-day moving average crossing at 4.3729 would signal that a short-term top has been posted. If March renews the rally off December's low, the 75% retracement level of the October-December decline crossing at 4.6142 is the next upside target. First resistance is the 75% retracement level of the October-December decline crossing at 4.6142. Second resistance is the 87% retracement level of the October-December decline crossing at 4.6936. First support is the 50-day moving average crossing at 4.3729. Second support is the January 6^th low crossing at 4.3135.

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

March corn was lower overnight as it consolidates some of the rally off last-week's low. The low-range trade overnight sets the stage for a steady to lower opening when the day sessions begins trading. From a broad perspective, March corn needs to close above December's high crossing at $6.17 3/4 or below January's low crossing at $5.84 3/4. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off September's low, the June high crossing at $6.33 is the next upside target. Multiple closes below the 50-day moving average crossing at $5.90 3/4 would open the door for a larger-degree decline near-term. First resistance is December's high crossing at $6.17 3/4. Second resistance is June's high crossing at $6.33. First support is the 50-day moving average crossing at $5.90 3/4. Second support is the November 30^th low crossing at $5.62 1/2. 

March wheat was lower overnight as it consolidates some of this week's rally. Overnight trading sets the stage for a 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 $7.95 would signal that a short-term low has been posted. If March extends this week's rally, December's high crossing at $8.24 is the next upside target. Closes below the 10-day moving average crossing at $7.63 3/4 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $7.94 1/2. Second resistance is December's high crossing at $8.24. First support is the January 7^th low crossing at $7.35 1/2. Second support is the 62% retracement level of the July-November rally crossing at $7.21.

March Kansas City wheat was lower overnight as it consolidates some of the rally off last-Friday's low. 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 $7.98 1/2 would signal that a short-term low has been posted. If March renews the decline off November's high, the October 13^th low crossing at $7.24 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $7.98 1/2. Second resistance is the 50-day moving average crossing at $8.16 1/2. First support is the 50% retracement level of the July-November rally crossing at $7.46 3/4. Second support is the October 13^th low crossing at $7.24 1/4.

March Minneapolis wheat was higher due to short covering overnight as it consolidates some of the decline off November's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $9.56 would signal that a short-term low has been posted. If March renews the decline off November's high, the September 10^th low crossing at $8.51 is the next downside target. First resistance is the 20-day moving average crossing at $9.56. Second resistance is the 50-day moving average crossing at $9.99 1/4. First support is the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2. Second support is the September 10^th low crossing at $8.51.  

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

March soybeans was higher overnight as it extends the rally off Tuesday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off November's low, last-June's high crossing at $14.45 1/2 is the next upside target. If March renews the decline off January's high, the December 30^th low crossing at $13.34 1/2 is the next downside target. First resistance is the 87% retracement level of the June-November decline crossing at $14.13 1/4. Second resistance is last-June's high crossing at $14.45 1/2. First support is the December 30^th low crossing at $13.34 1/2. Second support is the 50-day moving average crossing at $13.08 1/4.

March soybean meal was steady to slightly lower overnight. Overnight trading 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 the decline off January's high, the 50-day moving average crossing at $377.40 is the next downside target. Closes above the 10-day moving average crossing at $408.20 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $408.20. Second resistance is January's high crossing at $431.80. First support is Tuesday's low crossing at $389.40. Second support is the 50-day moving average crossing at $377.40.  

March soybean oil was higher overnight as it extends the rally off December's low. 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 December's low, November's high crossing at 61.44 is the next upside target. Closes below the 50-day moving average crossing at 57.18 would signal that a short-term top has been posted. First resistance is November's high crossing at 61.44. Second resistance is the October 20^th high crossing at 63.29. First support is the 50-day moving average crossing at 57.18. Second support is the December 30^th low crossing at 55.57.       

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

February hogs closed up $0.63 at $82.23. 

February hogs closed higher on Wednesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, January's high crossing at $84.05 is the next upside target. If February renews the decline off December's high, December's low crossing at $75.35 is the next downside target. First resistance is January's high crossing at $84.05. Second resistance is December's high crossing at $84.65. First support is last-Thursday's low crossing at $77.05. Second support is December's low crossing at $75.35. 

April cattle closed up $1.35 at $143.20. 

April cattle closed higher on Wednesday as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the January 4^th gap crossing at $144.08 would signal that a short-term low has been posted. If April renews the decline off December's high, the 50% retracement level of the September-December rally crossing at $139.44 is the next downside target. First resistance is the January 4^th gap crossing at $144.08. Second resistance is December's high crossing at $145.85. First support is December's low crossing at $139.92. Second support is the 50% retracement level of the September-November rally crossing at $139.44. 

March Feeder cattle closed down $0.13 at $165.30. 

March feeder cattle closed lower on Wednesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's 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 $164.95 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 December's low, August's high crossing at $171.58 is the next upside target. First resistance is December's high crossing at $170.83. Second resistance is August's high crossing at $171.58. First support is the 50-day moving average crossing at $164.95. Second support is December's low crossing at $159.90. 

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

March coffee closed higher on Wednesday as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this month's rally, December's high crossing at 252.35 signal is the next upside target. Closes below the 50-day moving average crossing at 232.34 would signal that a short-term top has been posted.        

March cocoa closed higher on Wednesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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 aforementioned rally, the September 9^th high crossing at 27.32 is the next upside target. Closes below the 20-day moving average crossing at 25.26 would signal that a short-term top has been posted. 

March sugar closed higher on Wednesday as it extended the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 19.18 would open the door for additional gains near-term. If March renews the decline off December's high, the 38% retracement level of the 2020-2021 rally crossing at 17.28 is the next downside target.    

March cotton closed sharply higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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, monthly resistance on the continuation chart crossing at 134.17 is the next upside target. Closes below the 20-day moving average crossing at 114.68 would signal that a short-term top has been posted.