KEY EVENTS TO WATCH FOR:
Thursday, February 10, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 238K)
Jobless Claims, Net Chg (previous -23K)
Continuing Claims (previous 1628000)
Continuing Claims, Net Chg (previous -44K)
8:30 AM ET. January CPI
CPI, M/M% (previous +0.5%)
Core CPI, M/M% (previous +0.6%)
Energy Idx, M/M% (previous -0.4%)
Food Idx, M/M% (previous +0.5%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)
CPI, Y/Y% (previous +7%)
Core Annual, Y/Y% (previous +5.5%)
8:30 AM ET. January Real Earnings
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1175.2K)
Soybeans (Metric Tons) (previous 1977.3K)
Wheat (Metric Tons) (previous 161K)
9:45 AM ET. Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2323B)
Working Gas In Storage, Net Chg (Cbf) (previous -268B)
2:00 PM ET. January Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, February 11, 2022
10:00 AM ET. February University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 68.8)
Mid-Mo Expectations (previous 65.9)
Mid-Mo Current Idx (previous 73.2)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply lower on Thursday as Wall Street weighed another decades-high inflation print for clues on how aggressively the Federal Reserve will adjust monetary conditions to rein in surging prices levels. Today's low-range close sets the stage for a steady to lower opening when Friday'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 the Dow extends the aforementioned rally off January's low, the 75% retracement level of January's decline crossing at 35,997.12 is the next upside target. Closes below last-Friday's low crossing at 34,799.08 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of January's decline crossing at 35,997.12. Second resistance is the 87% retracement level of January's decline crossing at 36,454.25. First support is last-Friday's low crossing at 34,799.08. Second support is January's low crossing at 33,150.33.
The March NASDAQ 100 closed sharply lower on Thursday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. If March renews the rally off January's low, the 50-day moving average crossing at 15,544.04 is the next upside target. Closes below last-Friday's low crossing at 14,362.75 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 15,260.00. Second resistance is the 50-day moving average crossing at 15,544.04. First support is last-Friday's low crossing at 14,362.75. Second support is January's low crossing at 13,706.00.
The March S&P 500 closed sharply lower on Thursday. The low-session close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 4602.09 is the next upside target. Closes below last-Friday's low crossing at 4438.50 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 4602.09. Second resistance is the January 12th high crossing at 4738.50. First support is last-Friday's low crossing at 4438.50. Second support is January's low crossing at 4212.75.
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March T-bonds closed down 2-00/32's at 151-09.
March T-bonds closed sharply lower on Thursday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday'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 extends the decline off December's high, the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06 is the next downside target. Closes above the 20-day moving average crossing at 154-21 would signal that a short-term low has been posted while opening the door for additional short covering gains. First resistance is the January 13th high crossing at 156-28. Second resistance is the 50-day moving average crossing at 157-29. First support is today's low crossing at 151-02. 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 down 1,055-pts. at 125.190.
March T-notes closed sharply lower on Thursday as it extends the decline off December's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off December's high, the 75% retracement level of the 2018-2020 rally on the monthly continuation chart crossing at 123.084 is the next downside target. Closes above the 20-day moving average crossing at 127.193 would confirm that a short-term low has been posted. First resistance is the January 13th high crossing at 128.270. Second resistance is the 50-day moving average crossing at 129.038. First support is today's low crossing at 125.205. Second support is the 75% retracement level of the 2018-2020 rally on the monthly continuation chart crossing at 123.084.
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March crude oil closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $87.17 would signal that a short-term top has been posted. If March renews the rally off December's low, monthly resistance crossing at $100.36 is the next upside target. First resistance is last-Friday's high crossing at $93.17. Second resistance is monthly resistance crossing at $100.36. First support is the 20-day moving average crossing at $87.17. Second support is the January 24th low crossing at $81.90.
March heating oil closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. 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 $271.19 would signal that a short-term top has been posted. If March extends the rally off December's low, monthly resistance crossing at $307.11 is the next upside target. First resistance is Monday's high crossing at $293.18. Second resistance is monthly resistance crossing at $307.11. First support is the 20-day moving average crossing at $271.19. Second support is the January 24th low crossing at $256.16.
March unleaded gas closed slightly higher on Thursday. The low-range close sets the stage for a steady to slightly higher opening when Friday'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 $253.77 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 272.00. Second resistance is monthly resistance crossing at 281.81. First support is the 20-day moving average crossing at $253.77. Second support is the January 24th low crossing at $237.36.
March Henry natural gas closed lower on Thursday as it extended the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to lower opening when Friday'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 this week's decline, the January 20th low crossing at 3.629 is the next downside target. Closes above the 10-day moving average crossing at 4.569 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.259. Second resistance is the 10-day moving average crossing at 4.569. First support is the 50-day moving average crossing at 3.931. Second support is the January 20th low crossing at 3.629.
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The March Dollar closed slightly lower on Thursday as it extends the trading range of the past four-days. The mid-range close sets the stage for a steady to lower opening when Friday's nights 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, January's low crossing at $94.61 is the next downside target. Closes above the 50-day moving average crossing at 95.98 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 95.98. Second resistance is January's high crossing at $97.44. First support is last-Friday's low crossing at $95.15. Second support is January's low crossing at $94.61.
The March Euro closed higher on Thursday as it extends this week's trading range. The mid-range close sets the stage for a steady to higher opening when Friday'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 38% retracement level of the 2021-2022-decline crossing at 114.63 is the next upside target. Closes below the 50-day moving average crossing at 113.42 would signal that a short-term top has been posted. First resistance is today's high crossing at 115.04. Second resistance is the 38% retracement level of the 2021-2022-decline crossing at 114.63. First support is the 50-day moving average crossing at 113.42. Second support is January's low crossing at 111.31.
The March British Pound closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If March extends the rally off January's low, the January 20th high crossing at 1.3659 is the next upside target. Closes below the 50-day moving average crossing at 1.3446 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 today's high crossing at 1.3641. Second resistance is January's high crossing at 1.3745. First support is the 10-day moving average crossing at 1.3521. Second support is the 50-day moving average crossing at 1.3446.
The March Swiss Franc closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 last-Wednesday's high, January's low crossing at 1.0715 is the next upside target. If March renews the rally off January's low, January's high crossing at 1.1015 is the next upside target. First resistance is last-Wednesday's high crossing at 1.0907. Second resistance is January's high crossing at 1.1015. First support is January's low crossing at 1.0715. Second support is the November's low crossing at 1.0712.
The March Canadian Dollar closed lower on Thursday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday'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 20-day moving average crossing at 79.11 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 79.11. 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 lower on Thursday and spiked to a new contract low. The mid-range close sets the stage for a steady to lower 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 extends the decline off January's high, January's low crossing at 0.085980 is the next downside target. Closes above the 50-day moving average crossing at 0.087454 would signal that a short-term low has been posted. First resistance is January's high crossing at 0.088170. Second resistance is the December 17th high crossing at 0.088485. First support is today's low crossing at 0.086380. Second support is monthly support on the continuation chart crossing at 0.084932.
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April gold closed lower on Thursday as it consolidated some of the rally off January's low. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off January's low, January's high crossing at $1856.70 is the next upside target. Closes below the 50-day moving average crossing at $1808.20 would signal that a short-term top has been posted. First resistance is today's high crossing at $1843.30. Second resistance is January's high crossing at $1856.70. First support is January's low crossing at $1780.60. Second support is December's low crossing at $1755.40.
March silver closed lower on Thursday as a late-day sell off erased early-session gains. The low-range close sets the stage for a steady to lower opening when Friday'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 February's low, January's high crossing at 24.755 is the next upside target. Closes below the 10-day moving average crossing at 22.771 would signal that a short-term top has been posted. First resistance is today's high crossing at 23.735. Second resistance is January's high crossing at 24.755. First support is January's low crossing at 21.945. Second support is December's low crossing at 21.410.
March copper closed slightly higher on Thursday as extended the rally off December's low.The low-range close sets the stage for a steady to slightly higher opening when Friday'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 December's low, last-October's high crossing at 477.70 is the next upside target. Closes below the 50-day moving average crossing at 440.47 would signal that a short-term top has been posted. First resistance is today's high crossing at 470.85. Second resistance is last-October's high crossing at 477.70. First support is the 50-day moving average crossing at 440.47. Second support is January's low crossing at 428.20.
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March Corn closed down $0.05-cents at $6.41 3/4.
March corn posted a downside reversal and closed lower on Thursday. The low-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Additional weakness on Friday would increase the odds that a short-term top has likely been posted. Stochastics and the RSI are overbought, diverging and 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 $6.21 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 75% retracement level of 2021's decline on the weekly continuation chart crossing at $6.81 3/4 is the next upside target. First resistance is today's high crossing at $6.62 3/4. Second resistance is the 75% retracement level of 2021's decline on the weekly continuation chart crossing at $6.81 3/4. First support is the 20-day moving average crossing at $6.21 1/4. Second support is the 50-day moving average crossing at $6.05 1/4.
March wheat closed down $0.13 1/2-cents at $7.71 1/2.
March wheat posted a key reversal down as it closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 February's low, January's high crossing at $8.31 1/2. If March renews the decline off January's high, January's low crossing at $7.35 1/2 is the next downside target. First resistance is today's highcrossing at $8.01 3/4. Second resistance is January's high crossing at $8.31 1/2. First support is February's low crossing at $7.40. Second support is the January 7th low crossing at $7.35 1/2.
March Kansas City Wheat closed down $0.16-cents at $7.99.
March Kansas City wheat closed lower on Thursday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 the rally off last-Thursday's low, January's high crossing at $8.49 1/4. If March renews 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. First resistance is today's high crossing at $8.30. 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 $0.11 1/2-cents at $9.42 1/4.
March Minneapolis wheat closed lower on Thursday as it consolidated some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at $9.67 1/4 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at $9.22 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $9.67 1/4. Second resistance is the December 27th high crossing at $10.36 3/4. 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 $0.20 1/2-cents at $15.74 1/4.
March soybeans closed sharply lower on Thursday as early-session gains triggered by bullish news out of Brazil led to profit taking in the afternoon session. Today's low-range close sets the stage for a steady to lower opening when Friday'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, resistance on the weekly continuation chart crossing at $16.67 1/2 is the next upside target. Closes below the 10-day moving average crossing at $15.45 would signal that a short-term top has been posted. First resistance is today's high crossing at $16.33. Second resistance is resistance on the weekly continuation chart crossing at $16.67 1/2. First support is the 10-day moving average crossing at $15.45. Second support is the 20-day moving average crossing at $14.74 1/4.
March soybean meal closed down $7.90 at $454.00.
March soybean meal posted a key reversal down as it closed lower on Thursday. Today's poor close suggest that the market has run out of buyers at least for the time being. The low-range close sets the stage for a steady to lower opening when Friday'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 June-2014 high on the monthly continuation chart crossing at $509.40 is the next upside target. Closes below the 10-day moving average crossing at $440.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $477.90. Second resistance is the June-2014 high on the month continuation chart crossing at $509.40. First support is the 10-day moving average crossing at $440.40. Second support is the 20-day moving average crossing at $419.60.
March soybean oil closed up 41 pts. at 64.51.
March soybean oil closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night 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 63.28 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 2021's decline crossing at 68.07 is the next upside target. First resistance is last-Wednesday'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 20-day moving average crossing at 63.28. Second support is the January 24th low crossing at 61.22.
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April hogs closed down $1.28 at $103.50.
April hogs posted a huge key reversal down and closed lower on Thursday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are overbought, diverging 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 the 20-day moving average crossing at $96.31 would signal that a short-term top has been posted. First resistance is today's high crossing at $107.70. Second resistance is monthly resistance on the continuation chart crossing at $110.53. First support is the 10-day moving average crossing at $99.92. Second support is the 20-day moving average crossing at $96.31.
April cattle closed down $0.98 at $146.85
April cattle closed lower on Thursday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 87% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $159.54 is the next upside target. Closes below Tuesday's low crossing at $145.23 would signal that a short-term top has been posted. First resistance is today's high crossing at $148.70. Second resistance is the 87% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $159.54. First support is Tuesday's low crossing at $145.23. Second support is the 20-day moving average crossing at $143.90.
March Feeder cattle closed down $1.50 at $166.78.
March feeder cattle closed lower on Thursday 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 Friday'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 March extends the rally off January's low, the January 4th gap crossing at $169.23 is the next upside target. Closes below the 20-day moving average crossing at $164.34 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 20-day moving average crossing at $164.34. Second support is January's low crossing at $125.22.
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March coffee closed lower on Thursday as it consolidated some of this week's gains. The low-range close sets the stage for a steady to lower opening on Friday. 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, monthly resistance on the continuation chart crossing at 280.94 signal is the next upside target. Closes below the January 28th low crossing at 230.30 would confirm that a short-term top has been posted.
March cocoa closed higher for the third day in a row on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, last October's high crossing at 28.12 is the next upside target. Closes below the 20-day moving average crossing at 26.07 would temper the friendly outlook.
March sugar posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 18.73 would confirm that a short-term low has been posted. If March renews the decline off January's high, January's low crossing at 17.60 is the next downside target.
March cotton closed lower on Thursday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 123.73 would signal that a short-term top has been posted. If March renews the rally off September's low, monthly resistance on the continuation chart crossing at 134.17 is the next upside target.