KEY EVENTS TO WATCH FOR:
Thursday, February 3, 2022
7:30 AM ET. January Challenger Job-Cut Report
Job Cuts, M/M% (previous +28.01%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1237.3K)
Soybeans (Metric Tons) (previous 1228.3K)
Wheat (Metric Tons) (previous 736.7K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 230K; previous 260K)
Jobless Claims, Net Chg (previous -30K)
Continuing Claims (previous 1675000)
Continuing Claims, Net Chg (previous +51K)
8:30 AM ET. 4th Quarter Preliminary Productivity & Costs
Non-Farm Productivity, Q/Q% (expected +3.1%; previous -5.0%)
Unit Labor Costs (expected +1.7%; previous +8.3%)
9:45 AM ET. Consumer Comfort Index
9:45 AM ET. January US Services PMI
PMI, Services (expected 50.9; previous 57.6)
10:00 AM ET. January ISM Report On Business Services PMI
Services PMI (expected 60.0; previous 62.0)
Business Activity Idx (previous 67.6)
Prices Idx (previous 82.5)
Employment Idx (previous 54.9)
New Orders Idx (previous 61.5)
10:00 AM ET. December Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected -0.3%; previous +1.6%)
Orders, Ex-Defense, M/M% (previous +1.3%)
Orders, Ex-Transport, M/M% (previous +0.8%)
Durable Goods, M/M%
Durable Goods, M/M%
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2591B)
Working Gas In Storage, Net Chg (Cbf) (previous -219B)
11:00 AM ET. January Global Services PMI
PMI, Services (previous 54.6)
12:00 PM ET. January Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, February 4, 2022
8:30 AM ET. January U.S. Employment Report
Non-Farm Payrolls (expected +178K; previous +199K)
Unemployment Rate (expected 3.9%; previous 3.9%)
Avg Hourly Earnings (USD) (previous 31.31)
Avg Hourly Earnings-Net Chg (USD) (previous +0.19)
Avg Hourly Earnings, M/M% (expected +0.5%; previous +0.61%)
Avg Hourly Earnings, Y/Y% (expected +5.2%; previous +4.68%)
Overall Workweek (previous 34.7)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous -12K)
Private Payroll (previous +211K)
Participation Rate (previous 61.9%)
Non-Farm Payrolls Bench Net Chg
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher for the fifth-day in a row on Wednesday as it extended the rally off January's low. Today's high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rebound off January's low, the 75% retracement level of January's decline crossing at 35,997.12 is the next upside target. Closes below the 10-day moving average crossing at 34,685.67 would signal that a short-term top has been posted. First resistance is today's high crossing at 35,637.23. Second resistance is the 75% retracement level of January's decline crossing at 35,997.12. First support is the 10-day moving average crossing at 34,685.67. Second support is January's low crossing at 33,150.33.
The March NASDAQ 100 closed lower on Wednesday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. If March extends the rally off January's low, the 50-day moving average crossing at 15,733.06 is the next upside target. Closes below the 10-day moving average crossing at 14,550.25 would signal that a short-term top has been posted. First resistance is the 20-day moving average crossing at 15,063.14. Second resistance is the 50-day moving average crossing at 15,733.06. First support is the 10-day moving average crossing at 14,550.25. Second support is January's low crossing at 13,706.00.
The March S&P 500 closed higher on Wednesday as it extended the rally off January's low. The low-session close sets the stage for a steady to higher opening when Thursday's night 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, the 50-day moving average crossing at 4618.38 is the next upside target. Closes below the 10-day moving average crossing at 4431.48 is the next downside target. First resistance is the 50-day moving average crossing at 4618.38. Second resistance is the January 12th high crossing at 4739.50. First support is the 10-day moving average crossing at 4431.48. Second support is January's low crossing at 4212.75.
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March T-bonds closed up 18/32's at 155-29.
March T-bonds closed higher on Wednesday while extending January's trading range. The mid-range close sets the stage for a steady to higher opening when Thursday's night 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 13th high crossing at 156-28 are needed to confirm that a short-term low has been posted while opening the door for additional short covering gains. 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 13th 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 closed up 75-pts. at 128.035.
March T-notes closed higher on Wednesday as it extends the January-February trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the January 13th high crossing at 128.270 are needed to confirm an upside breakout of the January-February trading range while opening the door for additional short-term gains. If March resume the decline off December's high, weekly support crossing at 126.110 is the next downside target. First resistance is the January 13th high crossing at 128.270. Second resistance is the 50-day moving average crossing at 129.156. First support is January's low crossing at 127.020. Second support is long-term support on the weekly continuation chart crossing at 126.110.
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March crude oil closed slightly higher on Wednesday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins. 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 $83.79 would signal that a short-term top has been posted. First resistance is today's high crossing at $89.72. Second resistance is monthly resistance crossing at $92.96. First support is the 20-day moving average crossing at $83.79. Second support is the January 24th low crossing at $81.90.
March heating oil closed 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 when Thursday's night trading session begins. 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 $279.19 is the next upside target. Closes below the 20-day moving average crossing at $260.33 would signal that a short-term top has been posted. First resistance is today's high crossing at $278.48. Second resistance is monthly resistance crossing at $279.19. First support is the 20-day moving average crossing at $260.33. Second support is the January 24th low crossing at $256.16.
March unleaded gas closed 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 when Thursday'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 March extends the rally off December's low, monthly resistance crossing at $281.81 is the next upside target. Closes below the 20-day moving average crossing at $243.81 would signal that a short-term top has been posted. First resistance is today's high crossing at 261.73. Second resistance is monthly resistance crossing at 281.81. First support is the 20-day moving average crossing at $243.81. Second support is the January 24th low crossing at $237.36.
March Henry natural gas 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 when Thursday's night 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 87% retracement level of the October-December decline crossing at 5.781 is the next upside target. Closes below the 20-day moving average crossing at 4.121 would signal that a short-term top has been posted.First resistance is the 75% retracement level of the October-December crossing at 5.454. Second resistance the 87% retracement level of the October-December crossing at 5.781. First support is the 10-day moving average crossing at 4.319. Second support is the 20-day moving average crossing at 4.121.
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The March Dollar closed lower for the third day in a row on Wednesday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's nights session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $95.89 would confirms that a short-term top has been posted and opens the door for additional weakness near-term. If March renews the rally off January's low, the 62% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at 98.31 is the next upside target. First resistance is last-Friday's high crossing at $97.44. Second resistance is the 62% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at 98.31. First support is the 20-day moving average crossing at $95.89. Second support is January's low crossing at $94.61.
The March Euro closed higher for the third-day in a row on Wednesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 113.26 would signal that a short-term low has been posted. If March resumes the decline off January's high, the 75% retracement level of the 2020-2021-decline on the weekly continuation chart crossing at 110.94 is the next downside target. First resistance is the 20-day moving average crossing at 113.26. Second resistance is the January 14th 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-decline on the weekly continuation chart crossing at 110.94.
The March British Pound closed higher for the fourth-day in a row on Wednesday and above the 20-day moving average crossing at 1.3554 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible. If March extends the rebound off last-Friday's low, the January 20th high crossing at 1.3659 is the next upside target. Closes below the 50-day moving average crossing at 1.3417 would signal that a short-term top has been posted. If March renews the decline off January's high, the 75% retracement level of the December-January rally crossing at 1.3311 is the next downside target. 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 75% retracement level of the December-January rally crossing at 1.3311. Second support is the 87% retracement level of the December-January rally crossing at 1.3241.
The March Swiss Franc closed higher for the third-day in a row on Wednesday as it closed above the 20-day moving average crossing at 1.0891 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the decline off January's high, November's low crossing at 1.0712 is the next upside target. First resistance is today's high crossing at 1.0907. Second resistance is January's high crossing at 1.1015. First support is Monday's low crossing at 1.0715. Second support is the November's low crossing at 1.0712.
The March Canadian Dollar closed higher on Wednesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 79.21 would confirm that a short-term low has been posted. If March renews the decline off January's high, the January 6th low crossing at 78.03 is the next downside target. First resistance is the 20-day moving average crossing at 79.21. Second resistance is January's high crossing at 80.32. First support is the January 6th low crossing at 78.03. Second support is December's low crossing at 77.13.
The March Japanese Yen closed higher for the fourth-day in a row on Wednesday as it consolidates some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.087526 would signal that a short-term low has been posted. If March resumes the decline off January's high, January's low crossing at 0.085980 is the next downside target. First resistance is January's high crossing at 0.088170. Second resistance is the December 17th high crossing at 0.088485. First support is last-Friday's low crossing at 0.086465. Second support is January's low crossing at 0.085980.
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April gold closed higher due to short covering on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 10-day moving average crossing at $1819.60 would signal that a short-term low has been posted. If April renews the decline off Tuesday's high, December's low crossing at 1755.40 is the next downside target. First resistance is the 10-day moving average crossing at $1819.60. Second resistance is January's high crossing at $1856.70. First support is last-Friday's low crossing at $1780.60. Second support is December's low crossing at $1755.40.
March silver closed higher on Wednesday as it consolidated some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 renews the decline off January's high, January's low crossing at 21.945 is the next downside target. Closes above the 10-day moving average crossing at 23.316 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 22.892. Second resistance is the 10-day moving average crossing at 23.316. First support is January's low crossing at 21.945. Second support is December's low crossing at 21.410.
March copper closed higher on Wednesday as it consolidates some of the decline off January's high.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, January's high crossing at 460.10 is the next upside target. If March resumes the decline off January's high, December's low crossing at 411.95 is the next downside target. First resistance is today's high crossing at 450.90. Second resistance is January's high crossing at 460.10. First support is Monday's low crossing at 428.20. Second support is the 75% retracement level of the December-January rally crossing at 423.88.
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March Corn closed down $0.12 1/2-cents at $6.22 1/4.
March corn posted another key reversal down on Wednesday due to profit taking. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging 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 $6.12 1/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off January's low, the 62% retracement level of 2021's decline on the weekly continuation chart crossing at $6.49 1/4 is the next upside target. First resistance is Monday's high crossing at $6.42 1/2. Second resistance is the 62% retracement level of 2021's decline on the weekly continuation chart crossing at $6.49 1/4. First support is the 20-day moving average crossing at $6.12 1/4. Second support is the 50-day moving average crossing at $5.99 1/4.
March wheat closed down $0.14-cents at $7.55.
March wheat closed lower on Wednesday as it resumed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off January's high, January's low crossing at $7.35 1/2 is the next downside target. Closes above the 50-day moving averagecrossing at $7.87 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $7.87 1/2. Second resistance is January's high crossing at $8.00 1/2. First support is the January 7th 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 closed down $0.16 3/4-cents at $7.69 1/2.
March Kansas City wheat closed sharply lower on Wednesday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off January's high, the 50% retracement level of the July-November rally crossing at $7.46 3/4 is the next downside target. Closes above the 50-day moving average crossing at $8.11 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.11 1/4. Second resistance is January's high crossing at $8.49 1/4. First support is the 50% retracement level of the July-November rallycrossing at $7.46 3/4. Second support is the October 13th low crossing at $7.24 1/4.
March Minneapolis wheat closed down $0.07-cents at $9.08.
March Minneapolis wheat closed lower on Wednesday as it extended the trading range of the past four trading sessions. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews the decline off last-week's high, the 38% retracement level of the 2020-2021-decline crossing at $8.78 1/2 is the next downside target. Closes above last-week's high crossing at $9.65 would confirm that a short-term low has been posted. First resistance is last-week's high crossing at $9.65. Second resistance is the 50-day moving average crossing at $9.80 1/4. First support is the 38% retracement level of the 2020-2021-decline crossing at $8.78 1/2. Second support is the September 10th low crossing at $8.51.
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March soybeans closed up $0.16 3/4-cents at $15.45 1/4.
March soybeans closed higher for the seventh-day in a row on Wednesday as it extends the rally off November's low. Today's mid-range close sets the stage for a steady to higher opening when Thursday'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 January extends the rally off November's low, the 87% retracement level of 2021's decline on the weekly continuation chart crossing at $16.03 1/2 is the next upside target. Closes below the 20-day moving average crossing at $14.21 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $15.64. Second resistance is 87% retracement level of 2021's decline on the weekly continuation chart crossing at $16.03 1/2. First support is the 10-day moving average crossing at $14.57 1/4. Second support is the 20-day moving average crossing at $14.21 3/4.
March soybean meal closed down $0.90 at $435.10.
March soybean meal closed lower due to profit taking on Wednesday but not before posting a new contract high. The low-range close sets the stage for a steady to lower opening when Thursday'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 March extends the rally off January's low, the 87% retracement level of 2021's decline on the weekly continuation chart crossing at $450.80 is the next upside target. Closes below the 10-day moving average crossing at $408.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $447.60. Second resistance is the 87% retracement level of 2021's decline on the weekly continuation chart crossing at $450.80. First support is the 20-day moving average crossing at $409.20. Second support is the 10-day moving average crossing at $408.50.
March soybean oil closed up 15 pts. at 65.98.
March soybean oil closed higher on Wednesday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 March extends the rally off December's low, the 75% retracement level of 2021's decline crossing at 68.07 is the next upside target. Closes below the 20-day moving average crossing at 61.54 would signal that a short-term top has been posted. First resistance is today's high crossing at 66.92. Second resistance is the 75% retracement level of 2021's decline crossing at 68.07. First support is the 10-day moving average crossing at 64.06. Second support is the 20-day moving average crossing at 61.54.
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April hogs closed up $1.48 at $99.15.
April hogs closed higher on Wednesday as it extends the rally off October's low and posted a new contract high. The high-range close sets the stage for a steady to higher opening when Thursday'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 $110.53 is the next upside target. Closes below last-Friday's low crossing at $93.63 would signal that a short-term top has been posted. First resistance is today's high crossing at $100.28. Second resistance is monthly resistance on the continuation chart crossing at $110.53. First support is last-Friday's low crossing at $93.63. Second support is the 20-day moving average crossing at $91.71.
April cattle closed up $1.45 at $146.83
April cattle closed higher on Wednesday as it extends the rally off January's low and posted a new contract high. 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 April extends the aforementioned rally, the 75% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $148.06 is the next upside target. Closes below the 20-day moving average crossing at $142.29 would signal that a short-term top has been posted. First resistance is today's high crossing at $146.95. Second resistance is the 75% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $148.06. First support is the 20-day moving average crossing at $142.29. Second support is January's low crossing at $139.03.
March Feeder cattle closed up $3.33 at $167.03.
March feeder cattle closed sharply higher on Wednesday as it extends the rally off January'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 March extends the rally off January's low, the January 4th gap crossing at $169.23 is the next upside target. Closes below the 10-day moving average crossing at $162.30 would signal that a short-term top has been posted. First resistance is the January 4th gap crossing at $169.23. Second resistance is December's high crossing at $170.83. First support is the 10-day moving average crossing at $162.30. Second support is January's low crossing at $125.22.
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March coffee closed higher on Wednesday as it extends January's trading range. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 January's low, December's high crossing at 252.35 signal is the next upside target. Closes below last-Friday's low crossing at 230.30 would open the door for additional weakness near-term.
March cocoa closed slightly higher on Wednesday as it extends the rally off last-Thursday's low. The mid-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 the aforementioned rally, January's high crossing at 26.95 is the next upside target. Closes below the 50-day moving average crossing at 25.08 would temper the friendly outlook.
March sugar closed sharply lower on Wednesday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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 18.89 would confirm that a short-term low has been posted.
March cotton closed lower due to profit taking on Wednesday. The low-range close sets the stage for a steady to lower 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 120.52 would signal that a short-term top has been posted.
Thanks tallpine!