KEY EVENTS TO WATCH FOR:

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 STOCK INDEXES: The March NASDAQ 100 was lower overnight as it consolidates some of the rally off January's low.Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 14,530.95 would temper the near-term friendly outlook. If March extends the aforementioned rally. the 50-day moving average crossing at 15,660.57 is the next upside target. First resistance is Wednesday's high crossing at 15,260.00. Second resistance is the 50-day moving average crossing at 15,660.57. First support is January'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 consolidates some of the rally off January's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the 50-day moving average crossing at 4610.02 is the next upside target. Closes below the 10-day moving average crossing at 4439.02 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 4610.02. Second resistance is the December 12^th high crossing at 4739.50. First support is the 10-day moving average crossing at 4439.02. Second support is the 50% retracement level of the 2020-2022 rally crossing at 4199.38. 

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

INTEREST RATES: March T-bonds was higher overnight as it extends the trading range of the past four-weeks. 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 neutral signaling that sideways trading is possible near-term. Closes above the January 13^th high crossing at 156-28 are needed to confirm an upside breakout of the January-February trading range. 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 higher overnight as it extends the January-February trading range. Overnight trading sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are turning 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 while opening the door for additional short-term gains. 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 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 $92.96 is the next upside target. Closes below the 20-day moving average crossing at $85.08 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $92.16. Second resistance is monthly resistance on the monthly continuation chart crossing at $92.96. First support is the 20-day moving average crossing at $85.08. Second support is the January 24^th low crossing at $81.90.

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, the 75% retracement level of the 2008-2020 decline on the monthly continuation chart crossing at $3.2643 is the next upside target. Closes below the 20-day moving average crossing at $2.6462 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $2.8934. Second resistance is the 75% retracement level of the 2008-2020 decline on the monthly continuation chart crossing at $3.2643. First support is the 20-day moving average crossing at $2.6462. Second support is the January 24^th low crossing at $2.5616.  

March unleaded gas was higher overnight as it extends the rally off December's low. The high-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 $2.4737 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.6825. Second resistance is monthly resistance crossing at $2.8181. First support is the 20-day moving average crossing at $2.4738. Second support is the January 24^th low crossing at $2.3736.    

March Henry natural gas was lower overnight as it consolidates some of the rally off January's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.238 would signal that a short-term top has been posted. 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. First resistance is the 75% retracement level of the October-December decline crossing at 5.454. Second resistance is the 87% retracement level of the October-December decline crossing at 5.781. First support is the 10-day moving average crossing at 4.547. Second support is the 20-day moving average crossing at 4.237.

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

CURRENCIES:The March Dollar was lower for the fifth-session in a row overnight as it consolidates some of the rally off the January 14^th low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the January 14^th low crossing at $94.61 is the next downside target. Closes above the 10-day moving average crossing at 96.22 would signal that a short-term low 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 January 14^th low crossing at $94.61. Second support is the 38% retracement level of the 2021-2022-rally crossing at $94.44.

The March Euro was higher for the fifth-session in a row overnight as it extends this week's rally. 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 bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, January's high crossing at $114.96 is the next upside target. Closes below the 10-day moving average crossing at $112.98 would signal that a short-term top has been posted. First resistance is January's high crossing at $114.96. Second resistance is the 38% retracement level of the 2021-2022-decline crossing at $116.26. First support is the 10-day moving average crossing at $112.98. Second support is January's low crossing at $111.31.

The March British Pound was steady to lower overnight as it consolidates some of the rally off last-Thursday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off last-Thursday's low, January's high crossing at 1.3745 is the next upside target.If March resumes 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 Thursday's high crossing at 1.3627. Second resistance is January's high crossing at 1.3745. First support is last-Thursday's low crossing at 1.3354. 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 consolidates some of the rally off Monday's low. 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 bullish signaling that sideways to higher prices possible near-term. Closes above Wednesday's high crossing at 1.0907 would signal that a short-term low has been posted while opening the door for additional short-term gains. If March renews the decline off January's high, November's low crossing at 1.0712 is the next downside target. First resistance is Wednesday's high crossing at 1.0907. Second resistance is the January 21^st high crossing at 1.0994. 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 lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, the January 6^th low crossing at $78.03 is the next downside target. Closes above the 20-day moving average crossing at $79.23 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $79.23. Second resistance is the January 26^th high crossing at $79.66. 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 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 are turning neutral signaling that a sideways trading is 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 the 50-day moving average crossing at 0.087526. Second resistance is January'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 January's high. 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 $1818.50 would signal that a short-term low has been posted. If April resumes the decline off January's high, December's low crossing at $1755.40 is the next downside target. First resistance is the 20-day moving average crossing at $1818.50. 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 was slightly higher overnight. The mid-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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $23.139 would confirm that a short-term low has been posted. If March renews the decline off January's high, January's low crossing at $21.945 is the next downside target. First resistance is the 50-day moving average crossing at $22.834. Second resistance is the 20-day moving average crossing at $23.139. First support is January's low crossing at $21.945. Second support is December's low crossing at $21.410.  

March copper was steady to slightly higher overnight. 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 neutral to bullish signaling that sideways to higher prices are still possible near-term. If March extends the rally off Monday's low, January's high crossing at 4.6010 is the next upside target. If March renews 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 Wednesday's high crossing at 4.5090. Second resistance is January's high crossing at 4.6010. 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 slightly higher overnight as it consolidates some of the decline off Monday's high. The low-range trade overnight sets the stage for a steady to lower opening when the day sessions 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 $6.13 3/4 would signal that a short-term top has been posted. 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. First resistance is Monday's high crossing at $6.42 1/2. Second resistance is weekly resistance on the continuation chart crossing at $6.49 1/4. First support is the 20-day moving average crossing at $6.13 3/4. Second support is the 50-day moving average crossing at $6.00 1/2. 

March wheat was higher overnight as it consolidates some of the decline off January's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI remain 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 average crossing at $7.83 1/4 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $7.98 1/2. Second resistance is January's high crossing at $8.31 1/2. First support is Thursday's low crossing at $7.40. 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 January's high. Stochastics and the RSI are neutral to bearish signaling that a short-term  top might be in or is near. 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 upside target. Closes above the 50-day moving average crossing at $8.07 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.07 1/4. Second resistance is January's high crossing at $8.49 1/4. First support is Thursday's  low crossing at $7.53 1/4. Second support is the 50% retracement level of the July-November rally crossing at $7.46 3/4.

March Minneapolis wheat was higher overnight. 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 resumes the decline off last-Thursday's high, the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2 is the next downside target. Closes above Monday's high crossing at $9.34 3/4 would signal that a short-term low has been posted while opening the door for additional short-term gains. First resistance is Monday's high crossing at $9.34 3/4. Second resistance is the January 25^th high crossing at $9.65. 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 November's low. 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 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 $14.37 1/4 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $15.64. Second resistance is the 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 $14.82 3/4. Second support is the 20-day moving average crossing at $14.37 1/4.

March soybean meal 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 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 crossing at $450.80 is the next upside target. Closes below the 20-day moving average crossing at $411.70 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $447.60. Second resistance is the 87% retracement level of 2021's decline crossing at $450.80. First support is the 10-day moving average crossing at $416.70. Second support is the 20-day moving average crossing at $411.70. 

March soybean oil was higher overnight as it extends the rally off December's 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 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 62.23 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 66.92. 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 64.69. Second support is the 20-day moving average crossing at 62.23.