KEY EVENTS TO WATCH FOR:

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 STOCK INDEXES: The March NASDAQ 100 was lower overnight as it extends Thursday's sharp sell off and sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness that would signal sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 14,362.75 would signal that a short-term top has been posted. Closes above last-Wednesday's high crossing at 15,260.00 are needed to renew the rally off January's low with the 50-day moving average crossing at 15,517.58 being the next upside target. First resistance is last-Wednesday's high crossing at 15,260.00. Second resistance is the 50-day moving average crossing at 15,517.58. 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 was lower overnight due to follow-through selling from Thursday's sharp decline. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and poised to turn neutral to bearish with additional weakness. If  March extends the rally off January's low, the 50-day moving average crossing at 4601.42 is the next upside target. Closes below last-Friday's low crossing at 4438.50 would confirm that a double top with last-Wednesday's high has been posted. First resistance is the 50-day moving average crossing at 4601.42. Second resistance is the December 12^th high crossing at 4739.50. First support is last-Friday's low crossing at 4438.50. Second support is January's low crossing at 4212.75.  

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

INTEREST RATES: March T-bonds was higher overnight as it consolidates some of this week's decline. 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 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 154-14 would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at 154-14. Second resistance is the January 13^th high crossing at 156-28. First support is Thursday'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 was higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a steady to higher opening with 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 December's high, the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 123.084 is the next downside target. Closes above the 20-day moving average crossing at 127.151 would temper the near-term bearish outlook. First resistance the 20-day moving average crossing at 127.151. Second resistance is the January 13^th high crossing at 128.270. First support is Thursday's low crossing at 125.175. Second support is the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 123.084.   

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

ENERGIES: March crude oil was steady to higher overnight as it extends this week's trading range. 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. If March renews the rally off December's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $100.36 is the next upside target. Closes below the 20-day moving average crossing at $87.63 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $93.17. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $100.36. First support is the 20-day moving average crossing at $87.63. Second support is the January 24^th low crossing at $81.90.

March heating oil was higher overnight as it extends this week's trading range. 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. If March renews the rally off December's low, the June-2014 high on the monthly continuation chart crossing at $3.0711 is the next upside target. Closes below the 20-day moving average crossing at $2.7267 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $2.9318. Second resistance is the June-2014 high on the monthly continuation chart crossing at $3.0711. First support is the 20-day moving average crossing at $2.7267. Second support is the January 24^th low crossing at $2.5616. 

March unleaded gas was steady to slightly higher overnight as it extends this week's trading range. 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 $2.5524 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $2.7200. Second resistance is monthly resistance crossing at $2.8181. First support is the 20-day moving average crossing at $2.5524. Second support is the January 24^th low crossing at $2.3736.    

March Henry natural gas was steady to slightly higher overnight as it consolidates some of the decline off last-Wednesday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Wednesday's high, the January 20^th low crossing at 3.629 is the next downside target. Closes above the 10-day moving average crossing at 4.502 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.257. Second resistance is the 10-day moving average crossing at 4.502. First support is the 50-day moving average crossing at 3.930. 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 higher overnight. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold and are poised to turn neutral to bullish with additional strength that would signal that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 95.98 would signal that a short-term low has been posted. If March extends the decline off January's high, the January 14^th low crossing at $94.61 is the next downside target. First resistance is January's high crossing at $97.44. Second resistance is weekly resistance on the weekly continuation chart crossing at 99.31. First support is last-Friday's low crossing at $95.15. Second support is January's low crossing at $94.61.

The March Euro was lower overnight. 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 overbought and are poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $113.42 would signal that a short-term top has been posted. If March renews the rally off January's low, the 38% retracement level of the 2020-2021-decline crossing at $116.26 is the next upside target. 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 50-day moving average crossing at $113.42. Second support is January's low crossing at $111.31.

The March British Pound was slightly lower overnight as it extends the trading range of the past seven-days. Overnight trading 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. If March resumes the rally off January'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 last-Thursday's high crossing at 1.3627. Second resistance is January's high crossing at 1.3745. First support is Monday's low crossing at 1.3487. Second support is the 50-day moving average crossing at 1.3452.

The March Swiss Franc was steady to lower overnight as it extends the decline off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to 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 1.0715 is the next downside target. Closes above the 50-day moving average crossing at 1.0883 would signal that a short-term low has been posted while opening the door for additional short covering gains. First resistance is last-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 steady to slightly lower overnight as it extends the trading range of the past two-weeks. Stochastics and the RSI are neutral signaling that sideways trading is 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 Thursday's high crossing at $79.13 would signal that a short-term low has been posted. First resistance is Thursday's high crossing at $79.13. 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 lower overnight and sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that a sideways to lower prices are possible near-term. If March extends the decline off January's high, the 75% retracement level of the 2015-2016-rally on the monthly continuation chart crossing at 0.084932 is the next downside target. Closes above the 50-day moving average crossing at 0.087359 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.087359. Second resistance is January's high crossing at 0.088170. First support is Thursday's low crossing at 0.085955. Second support is the 75% retracement level of the 2015-2016-rally on the monthly continuation chart crossing at 0.084932.  

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

PRECIOUS METALS: April gold was lower overnight as it consolidates some of the rally off January's low. 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 $1809.10 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $1843.30. Second resistance is January's high crossing at $1856.70. First support is the January 28^th low crossing at $1780.60. Second support is December's low crossing at $1755.40.

March silver was lower overnight as it consolidates some of the rally off last-Thursday's low. The low-range trade sets the stage for a 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 rally off last-Thursday's low, January's high crossing at $24.755 is the next upside target. Closes below the 10-day moving average crossing at $22.859 would signal that a short-term top has been posted. First resistance is Thursday'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 was sharply lower overnight as it consolidates some of the rally off January's low. Overnight weakness sets the stage for a 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 the rally off January's low, last-October's high crossing at 4.7770 is the next upside target. Closes below the 50-day moving average crossing at 4.4121 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 4.7085. Second resistance is last-October's high crossing at 4.7770. First support is the 50-day moving average crossing at 4.4121. Second support is January's low crossing at 4.2820.

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

March corn was higher overnight and remains poised to extend the rally off last-Thursday's low. The high-range trade overnight sets the stage for a steady to higher opening when the day sessions begins trading. 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 $6.24 1/4 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 $6.81 3/4 is the next upside target. First resistance is Thursday's high crossing at $6.62 3/4. Second resistance is weekly resistance on the continuation chart crossing at $6.81 3/4. First support is the 20-day moving average crossing at $6.24 1/4. Second support is the 50-day moving average crossing at $6.06 3/4. 

March wheat was higher overnight as it consolidates some of Thursday's decline. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Thursday's high crossing at $8.01 3/4 would confirm that a short-term low has been posted. 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 Thursday's high crossing at $8.01 3/4. Second resistance is January's high crossing at $8.31 1/2. First support is last-Thursday's low crossing at $7.40. Second support is January's low crossing at $7.35 1/2.

March Kansas City wheat was steady to higher overnight as it consolidates some of Thursday's decline. Overnight trading sets the stage for a steady to higher 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. Closes above Thursday's high crossing at $8.30 would confirm that a short-term low has been posted. 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 upside target. First resistance is Thursday's high crossing at $8.30. Second resistance is January's high crossing at $8.49 1/4. First support is last-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 steady to higher overnight as it consolidates some of Thursday's decline. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $9.65 3/4 would confirm that a short-term low has been posted while opening the door for additional short-term gains. If March resumes the decline off the January 25^th high, the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $9.65 3/4. Second resistance is Thursday's high crossing at $9.78 3/4. First support is the 38% retracement level of 2020-2021-rally crossing at $8.78 1/2. Second support is the September 10^th low crossing at $8.51.  

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains " 

March soybeans was higher overnight as it consolidates some of Thursday's loss. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off November's low, the June-2021 high 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 $15.56 1/2 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $16.33. Second resistance is the June-2021 high on the weekly continuation chart crossing at $16.67 1/2. First support is the 10-day moving average crossing at $15.56 1/2. Second support is the 20-day moving average crossing at $14.84 3/4.

March soybean meal was higher overnight as it consolidates some of Thursday's loss. 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 June-2014 high on the monthly continuation chart crossing at $509.40 is the next upside target. Closes below the 20-day moving average crossing at $422.10 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $477.90. Second resistance is the June-2014 high on the monthly continuation chart crossing at $509.40. First support is the 10-day moving average crossing at $445.20. Second support is the 20-day moving average crossing at $422.10. 

March soybean oil was higher overnight. Overnight trading sets the stage for a 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. If March resumes 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 63.62 would signal that a short-term top has been posted. First resistance is last-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 20-day moving average crossing at 63.62. Second support is the January 21^st low crossing at 61.74.