KEY EVENTS TO WATCH FOR:

Friday, January 28, 2022  

8:30 AM ET. December Personal Income & Outlays

                       Personal Income, M/M% (previous +0.4%)

                       Consumer Spending, M/M% (previous +0.6%)

                       PCE Price Idx, M/M% (previous +0.6%)

                       PCE Price Idx, Y/Y% (previous +5.7%)

                       PCE Core Price Idx, M/M% (previous +0.5%)

                       PCE Core Price Idx, Y/Y% (previous +4.7%)

8:30 AM ET. 4^th Quarter Employment Cost Index

                       ECI, Q/Q% (previous +1.3%)

                       ECI, Y/Y% (previous +3.7%)

10:00 AM ET. January University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (previous 70.6)

                       End-Mo Expectations Idx (previous 68.3)

                       12-Month Inflation Forecast (previous 4.8%)

                       5-Year Inflation Forecast (previous 2.9%)

                       End-Mo Current Idx (previous 74.2)

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

The STOCK INDEXES: The March NASDAQ 100 was steady to slightly lower overnight as it extends this week's trading range following the sharp decline off January's high.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. Closes above the 10-day moving average crossing at 14,586.02 would signal that a short-term low has been posted. If March extends the decline off December's high, the 75% retracement level of 2021's rally crossing at 13,386.58 is the next downside target. First resistance is the 10-day moving average crossing at 14,586.02. Second resistance is the 20-day moving average crossing at 15,243.20. First support is Monday's low crossing at 13,706.00. Second support is the 75% retracement level of 2021's rally crossing at 13,386.58.

The March S&P 500 was slightly lower overnight as it extends this week's trading range following the sharp decline off January's high. Overnight trading sets the stage for a steady to lower 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 resumes the decline off January's high the 50% retracement level of the 2020-2022 rally crossing at 4199.38 is the next downside target. Closes above the 10-day moving average crossing at 4432.65 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4432.65. Second resistance is the 20-day moving average crossing at 4571.96. First support is the 50% retracement level of the 2020-2022 rally crossing at 4199.38. Second support is the June 2021 low crossing at 4129.00.  

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

INTEREST RATES: March T-bonds were lower overnight as it extends the trading range of the past three-weeks. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews 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 January 13^th high crossing at 156-28 would confirm that a short-term low has been posted. First resistance is the January 13^th high crossing at 156-28. Second resistance is the 38% retracement level of the December-January decline crossing at 157-15. First support is last-Wednesday's low 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, weekly support crossing at 126.110 is the next downside target. Closes above the the January 13^th high crossing at 128.270 would confirm that a short-term low has been posted. First resistance is the January 13^th high crossing at 128.270. Second resistance is the 50% retracement level of the December-January decline crossing at 129.106. First support is last-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 higher overnight and 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 December's low, monthly resistance crossing at $92.96 is the next upside target. Closes below the 20-day moving average crossing at $81.95 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $88.54. Second resistance is monthly resistance on the monthly continuation chart crossing at $92.96. First support is the 20-day moving average crossing at $81.95. Second support is the January 10^th low crossing at $77.34.

March heating oil was higher overnight as it extends the rally off December's low. Overnight trading sets the stage for a 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 December's low, monthly resistance crossing at $2.7919 is the next upside target. Closes below the 20-day moving average crossing at $2.5450 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $2.7652. Second resistance is monthly resistance crossing at $2.7919. First support is the 20-day moving average crossing at $2.5450. Second support is the January 7^th low crossing at $2.4381.  

March unleaded gas was higher overnight as it extended the rally off December's high. The mid-range trade overnight 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 December's low, monthly resistance crossing at $2.8181 is the next upside target. Closes below the 20-day moving average crossing at $2.3900 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $2.5705. Second resistance is monthly resistance crossing at $2.8181. First support is the 20-day moving average crossing at $2.3900. Second support is the January 10^th low crossing at $2.2757.    

March Henry natural gas was higher overnight as it extends the rally off last-Thursday's low. Overnight trading sets the stage for a 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. If March extends this week's rally, the 50% retracement level of the October-December decline crossing at 4.772 is the next upside target. Closes below the 20-day moving average crossing at 3.899 would signal that a short-term top has been posted. 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 last-Thursday's low crossing at 3.629. Second support is December's low crossing at 3.416.     

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

CURRENCIES:The March Dollar was higher overnight as it extends the rally off the January 14^th low. Overnight trading 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 upside breakout of the November-January trading range, weekly resistance on the weekly continuation chart crossing at 99.31 is the next upside target. Closes below the 20-day moving average crossing at $95.89 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $97.43. Second resistance is weekly resistance on the weekly continuation chart crossing at 99.31. First support is the 20-day moving average crossing at $95.89. Second support is the January 14^th low crossing at $94.61.

The March Euro was slightly lower overnight as it extends Thursday's downside breakout of the November-January trading range.The low-range overnight trade sets the stage for a 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 75% retracement level of the 2020-2021-rally on the weekly continuation chart crossing at $110.94 is the next downside target. Closes above the 20-day moving average crossing at $113.35 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $113.35. Second resistance is January's high crossing at $114.96. First support is the overnight low crossing at $111.31. Second support is the 75% retracement level of the 2020-2021-rally on the weekly continuation chart crossing at $110.94.  

The March British Pound was steady to slightly higher overnight as it consolidates some of the decline off January's high. 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 aforementioned decline, the 75% retracement level of the December-January rally crossing at 1.3311 is the next downside target. Closes above the 20-day moving average crossing at 1.3554 would confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 1.3554. Second resistance is January's high crossing at 1.3745. First support is the 62% retracement level of the December-January rally crossing at 1.3311. Second support is the 75% retracement level of the December-January rally crossing at 1.3311.

The March Swiss Franc was steady to slightly lower overnight as it extends the decline off January's high. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices possible near-term. If March extends this week's decline, November's low crossing at 1.0712 is the next downside target. Closes above the 20-day moving average crossing at 1.0902 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0881. Second resistance is January's high crossing at 1.1015. First support is Thursday's low crossing at 1.0720. Second support is November's low crossing at 1.0712.   

The March Canadian Dollar was lower overnight as it extends the decline off January's high. 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 aforementioned decline, the January 6^th low crossing at $78.03 is the next downside target. Closes above the 10-day moving average crossing at $79.33 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $79.33. Second resistance is January's high crossing at $80.32. First support is the January 6^th low crossing at $78.03. Second support is December's low crossing at $77.13.

The March Japanese Yen was lower overnight as it extends this week's decline. 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 a sideways to lower prices are possible near-term. If March extends this week's decline, January's low crossing at 0.085980 is the next downside target. Closes above the 50-day moving average crossing at 0.087553 would signal that a short-term low has been posted. First resistance is Monday's high crossing at 0.088170. Second resistance is the December 17^th high crossing at 0.088485. First support is the overnight low crossing at 0.086465. Second support is the December 4^th low crossing at 0.085980.  

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

PRECIOUS METALS: Aprilgold was lower overnight as it extends the decline off Tuesday's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this week's decline, December's low crossing at $1755.40 is the next downside target. Closes above the 10-day moving average crossing at $1827.10 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1808.20. Second resistance is the 10-day moving average crossing at $1827.10. First support is the overnight low crossing at $1780.60. Second support is December's low crossing at $1755.40.

March silver was lower overnight as it extends the decline off last-Thursday's high. The low-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, January's low crossing at $21.945 is the next downside target. Closes above the 10-day moving average crossing at $23.642 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $23.045. Second resistance is the 10-day moving average crossing at $23.642. First support is January's low crossing at $21.945. Second support is December's low crossing at $21.410.  

March copper was lower overnight as it extends the decline off January's high. 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 lower prices are possible near-term. Closes below the 50-day moving average crossing at 4.3823 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. 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 4.3823. Second support is the January 6^th low crossing at 4.3135.

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

March corn was higher overnight as it extends the rally off January's low. The high-range trade overnight sets the stage for a steady to slightly lower opening when the day sessions 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 September's low, last-June high crossing at $6.33 is the next upside target. Closes below the 20-day moving average crossing at $6.07 1/4 would signal that a short-term top has likely been posted. First resistance is last-June's high crossing at $6.33. Second resistance is last-May's high crossing at $6.40 1/2. First support is the 20-day moving average crossing at $6.07 1/4. Second support is the 50-day moving average crossing at $5.96 1/4. 

March wheat was higher overnight as it consolidates some of the decline off Tuesday'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 $7.72 1/2 would signal that a short-term top has been posted. If March renews the rally off January's low, November's high crossing at $8.74 3/4 is the next upside target. First resistance is Tuesday's high crossing at $8.31 1/2. Second resistance is November's high crossing at 8.74 3/4. First support is the 20-day moving average crossing at $7.72 1/2. Second support is January's low crossing at $7.35 1/2.

March Kansas City wheat was higher overnight as it consolidates some of the decline off Tuesday's high. Stochastics and the RSI are neutral to bearish signaling that a short-term  top might be in or is near. Closes below the 20-day moving average crossing at $7.90 would signal that a short-term top has been posted. If March renews the rally off January's low, December's high crossing at $8.71 is the next upside target. First resistance is Tuesday's high crossing at $8.49 1/4. Second resistance is December's high crossing at $8.71. First support is the 20-day moving average crossing at $7.90. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.

March Minneapolis wheat was steady to higher overnight as it consolidates some of this week's decline. Overnight trading 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 this week's decline, the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2 is the next downside target. Closes above Tuesday's high crossing at $9.65 would confirm that a short-term low has been posted while opening the door for additional short-term gains. First resistance is Tuesday's high crossing at $9.65. Second resistance is the 50-day moving average crossing at $9.86 3/4. 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 and posted a new contract 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the July 19^th high on the weekly continuation chart crossing at $14.80 is the next upside target. Closes below Monday's low crossing at $13.82 1/2 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $14.60. Second resistance is the July 19^th high on the weekly continuation chart crossing at $14.80. First support is Monday's low crossing at $13.82 1/2. Second support is the January 18^th low crossing at $13.49 3/4.

March soybean meal was higher overnight as it extends this week's rally. Overnight trading 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 $405.80 would signal that a short-term low has been posted. If March renews the decline off January's high, the 50-day moving average crossing at $383.60 is the next downside target. First resistance is the 20-day moving average crossing at $405.80. Second resistance is January's high crossing at $431.80. First support is the 50-day moving average crossing at $383.60. Second support is the 50% retracement level of the October-January rally crossing at $373.00. 

March soybean oil was higher overnight and spiked to a new contract high 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, the 75% retracement level of the 2021's decline on the weekly continuation chart crossing at 68.07 is the next upside target. Closes below the 20-day moving average crossing at 60.25 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 65.23. Second resistance is the 75% retracement level of the 2021's decline on the weekly continuation chart crossing at 68.07. First support is the 10-day moving average crossing at 62.20. Second support is the 20-day moving average crossing at 60.25.