KEY EVENTS TO WATCH FOR:

Monday, January 31, 2022   

9:45 AM ET. January Chicago Business Barometer - ISM-Chicago Business Survey -Chicago PMI

                       PMI-Adj (previous 63.1)

10:30 AM ET. January Texas Manufacturing Outlook Survey

                       Business Activity (previous 8.1)

                       Mfg Production Idx (previous 26.7)

3:00 PM ET. December Agricultural Prices

                       Farm Prices, M/M% (previous +1.9%)

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

The STOCK INDEXES: The March NASDAQ 100 was higher overnight as it extends last-week's trading range to consolidate the sharp decline off January's high.Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI were oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 10-day moving average crossing at 14,521.12 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 14,521.12. Second resistance is the 20-day moving average crossing at 15,174.62. First support is last-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 steady to slightly lower overnight as it extends last-week's trading range as it consolidates 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 have turned neutral to bullish signaling that sideways to higher 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. Multiple closes above the 10-day moving average crossing at 4421.05 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4421.05. Second resistance is the 20-day moving average crossing at 4560.96. 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 steady to slightly lower overnight as it extends the trading range of the past four-weeks. The mid-range overnight trade sets the stage for a steady to slightly 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 January 13^th high crossing at 156-28 are needed to confirm that a short-term low has been posted. 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. 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 January'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 and sets the stage for a steady to slightly lower opening with the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the the January 13^th high crossing at 128.270 would confirm that a short-term low has been posted. If March resumes the decline off December's high, weekly support crossing at 126.110 is the next downside target. 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 January'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 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 $82.54 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $88.84. Second resistance is monthly resistance on the monthly continuation chart crossing at $92.96. First support is the 20-day moving average crossing at $82.54. 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 $2.5642 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $2.7754. Second resistance is monthly resistance crossing at $2.7919. First support is the 20-day moving average crossing at $2.5642. 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 low-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 $2.4060 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.5841. Second resistance is monthly resistance crossing at $2.8181. First support is the 20-day moving average crossing at $2.4060. 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 diverging 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 62% retracement level of the October-December decline crossing at 5.094 is the next upside target. Closes below the 20-day moving average crossing at 3.977 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the October-December decline crossing at 5.094. Second resistance is the 75% retracement level of the October-December decline crossing at 5.454. First support is the 20-day moving average crossing at 3.977. Second support is the January 20^th low crossing at 3.629. 

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

CURRENCIES:The March Dollar was lower due to profit taking overnight as it consolidates some of the rally off the January 14^th 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 January's rally, 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 $95.93 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $97.44. Second resistance is weekly resistance on the weekly continuation chart crossing at 99.31. First support is the 20-day moving average crossing at $95.93. Second support is the January 14^th low crossing at $94.61.

The March Euro was slightly higher overnight as it consolidates some of January's decline. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are 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 $113.24 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $113.24. Second resistance is January's high crossing at $114.96. First support is last-Friday's 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 1.3547 would confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 1.3547. 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 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 but remain neutral to bearish signaling that sideways to lower prices possible near-term. If March extends this month's decline, November's low crossing at 1.0712 is the next downside target. Closes above the 20-day moving average crossing at 1.0888 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0880. Second resistance is the 20-day moving average crossing at 1.0888. First support is November's low crossing at 1.0712. Second support is weekly support on the weekly continuation chart crossing at 1.0673.  

The March Canadian Dollar was 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 January 6^th low crossing at $78.03 is the next downside target. Closes above the 10-day moving average crossing at $79.21 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $78.65. Second resistance is the 10-day moving average crossing at $79.21. 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 last-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 last-week's decline, January's low crossing at 0.085980 is the next downside target. Closes above the 50-day moving average crossing at 0.087538 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.087104. Second resistance is last-Monday's high crossing at 0.088170. First support is last-Friday's 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 higher overnight as it consolidates some of the decline off last-Tuesday's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends last-week's decline, December's low crossing at $1755.40 is the next downside target. Closes above the 10-day moving average crossing at $1824.40 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1806.60. Second resistance is the 10-day moving average crossing at $1824.40. First support is last-Friday's low crossing at $1780.60. Second support is December's low crossing at $1755.40.

March silver was higher overnight as it consolidates some of the decline off January's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, January's low crossing at $21.945 is the next downside target. Closes above the 10-day moving average crossing at $23.572 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $22.985. Second resistance is the 10-day moving average crossing at $23.572. First support is January's low crossing at $21.945. Second support is December's low crossing at $21.410.  

March copper was slightly higher overnight as it consolidates some of the decline off January's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are still possible near-term. If March extends the decline off January's high, the the 75% retracement level of the December-January rally crossing at 4.2388 is the next downside target. First resistance is the 50-day moving average crossing at 4.3825. Second resistance is the 20-day moving average crossing at 4.4398. First support is the 62% retracement level of the December-January rally crossing at 4.3026. Second support is the 75% retracement level of the December-January rally crossing at 4.2388.

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

March corn was higher overnight and spiked above last-May's high crossing at $6.40 1/2 as it extends the rally off January's low.The mid-range trade overnight sets the stage for a steady to higher 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, weekly resistance on the continuation chart crossing at $6.49 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.09 3/4 would signal that a short-term top has likely been posted. First resistance is last-May's high crossing at $6.40 1/2. Second resistance is weekly resistance on the continuation chart crossing at $6.49 1/4. First support is the 10-day moving average crossing at $6.20 1/4. Second support is the 20-day moving average crossing at $6.09 3/4. 

March wheat was higher overnight as it consolidates some of the decline off last-Tuesday's high. 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. Closes below the 20-day moving average crossing at $7.73 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 last-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 $7.73 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 last-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 1/2 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 last-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 1/2. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.

March Minneapolis wheat was higher overnight as it consolidates some of last-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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-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. If March extends last-week's decline, the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2 is the next downside target. First resistance is last-Tuesday's high crossing at $9.65. Second resistance is the 50-day moving average crossing at $9.85. 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 mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $15.45 1/2 is the next upside target. Closes below the 20-day moving average crossing at $14.05 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $14.96 3/4. Second resistance is the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $15.45 1/2. First support is the 10-day moving average crossing at $14.24 1/2. Second support is the 20-day moving average crossing at $14.05.

March soybean meal was higher overnight as it extends the rally off January's low. Overnight trading 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. If March extends the rally off January's low, January's high crossing at $431.80 is the next upside target. If March renews the decline off January's high, the 50-day moving average crossing at $384.60 is the next downside target. First resistance is the overnight high crossing at $416.20. Second resistance is January's high crossing at $431.80. First support is the 50-day moving average crossing at $384.60. Second support is the 50% retracement level of the October-January rally crossing at $373.00. 

March soybean oil was higher overnight and posted 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 60.73 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 66.77. 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 62.97. Second support is the 20-day moving average crossing at 60.73.      

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

April hogs closed up $0.40 at $95.08. 

April hogs closed higher on Friday. The low-range close sets the stage for a steady to slightly higher opening when Monday's 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 October's low, monthly resistance on the continuation chart crossing at $98.24 is the next upside target. Closes below the 10-day moving average crossing at $93.68 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $97.50. Second resistance is monthly resistance on the continuation chart crossing at $98.24. First support is the 10-day moving average crossing at $93.68. Second support is the 20-day moving average crossing at $90.11. 

April cattle closed up $1.55 at $143.18 

April cattle closed higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, the January 19^th high crossing at $143.78 is the next upside target. First resistance is the January 19^th high crossing at $143.78. Second resistance is December's high crossing at $145.85. First support is the 50% retracement level of the September-November rally crossing at $139.44. Second support is the 62% retracement level of the September-December rally crossing at $137.87.

March Feeder cattle closed up $0.03 at $159.53. 

March feeder cattle closed slightly higher on Friday as it extended this week's trading range. The mid-range close sets the stage for a steady opening when Monday's session begins trading. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, November's low crossing at $152.25 is the next downside target. Closes above Monday's gap crossing at $163.15 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at $163.15. Second resistance is the 20-day moving average crossing at $164.80. First support is Monday's low crossing at $125.22. Second support is November's low crossing at $152.25. 

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

March coffee closed higher on Friday as it extends this month's trading range. 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. Closes below today's low crossing at 230.30 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews this month's rally, December's high crossing at 252.35 signal is the next upside target.         

March cocoa closed higher due to short covering on Friday as it consolidates some of the decline off January's high. 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 March extends the decline off January's high, January's low crossing at 24.08 is the next downside target. Closes above the 10-day moving average crossing at 25.63 would signal that a short-term low has been posted.  

March sugar 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 on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, January's low crossing at 17.60 is the next downside target. Multiple closes above the 50-day moving average crossing at 19.00 would open the door for additional gains near-term.      

March cotton closed sharply higher on Friday as it posted a key reversal up. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish again signaling that sideways to higher prices are possible near-term. If March resumes 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 118.57 would signal that a short-term top has been posted.