KEY EVENTS TO WATCH FOR:

Monday, March 7, 2022  

10:00 AM ET. February Employment Trends Index

                       ETI (previous 117.62)

                       ETI, Y/Y%

3:00 PM ET. January Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +18.9B)

Tuesday, March 8, 2022 

N/A 2^nd Quarter Manpower U.S. Employment Outlook Survey

6:00 AM ET. February NFIB Index of Small Business Optimism

                       Small Business Idx (previous 97.1)

8:30 AM ET. January U.S. International Trade in Goods & Services

                       Trade Balance (USD) (previous -80.7B)

                       Exports (USD) (previous 228.1B)

                       Exports, M/M% (previous +1.5%)

                       Imports (USD) (previous 308.9B)

                       Imports, M/M% (previous +1.6%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

10:00 AM ET. March IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 44.0)

                       6-Mo Economic Outlook (previous 38.9)

10:00 AM ET. January Monthly Wholesale Trade

                       Inventories, M/M% (previous +2.2%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

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

The Dow closed lower on Friday as traders continue to monitor global economic fallout from Russia's war in Ukraine while discounting today's better-than-expected jobs report.The low-range close sets the stage for a steady to lower opening when Monday'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 last-Friday's high crossing at 34,095.74 would confirm that a short-term low has been posted while opening the door for additional short-covering gains during the first half of March. A resumption of the decline off February's high could lead to a retest of the 25% retracement level of the 2020-2022-rally crossing at 32,264.22 is possible. First resistance is Thursday's high crossing at 34,179.07. Second resistance is the 20-day moving average crossing at 34,329.61. First support is the 25% retracement level of the 2020-2022-rally crossing at 32,264.22. Second support is the March-2021 low crossing at 30,547.53.

The March NASDAQ 100 closed lower on Friday 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 Monday's night session begins trading. If March resumes the decline off February's high, the 87% retracement level of the 2021 rally crossing at 12,847.13 is the next downside target. Closes above the 20-day moving average crossing at 14,269.17 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 14,269.17. Second resistance is the February 9^th high crossing at 15,068.00. First support is last-Thursday's low crossing at 13,025.75. Second support is the 87% retracement level of the 2021 rally crossing at 12,847.13.

The March S&P 500 closed lower on Friday 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 Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4306.00 would confirm that a short-term low has been posted. If March renews the decline off February's high, the 62% retracement level of the 2020-2022 rally crossing at 4055.79 is the next downside target. First resistance is the 20-day moving average crossing at 4306.00. Second resistance is the February 9^th high crossing at 4484.50. First support is last-Thursday's low crossing at 4101.75. Second support is the 62% retracement level of the 2020-2022 rally crossing at 4055.79.

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June T-bonds closed up 2-17/32's at 159-10. 

June T-bonds closed sharply higher on Friday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 62% retracement level of the December-February decline crossing at 160-17 is the next upside target. Closes below the 20-day moving average crossing at 154-30 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the December-February decline crossing at 160-17. Second resistance is the 75% retracement level of the December-February decline crossing at 162-12. First support is 20-day moving average crossing at 154-30. Second support is February's low crossing at 151-29.

June T-notes closed up 300-pts. at 128.145.

June T-notes closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral signaling sideways trading is possible near-term. If June extends the rally off February's low, the 62% retracement level of the December-February decline crossing at 129.043 is the next upside target. Closes below the 20-day moving average crossing at 126.217 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the December-February decline crossing at 129.043. Second resistance is the 75% retracement level of the December-February decline crossing at 129.296. First support is the 20-day moving average crossing at 126.217. Second support is the February 10^th low crossing at 125.145.  

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

April crude oil posted an inside day with a sharply higher close on Friday as it extends the rally off December's low.The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to higher prices are still possible. If April extends the rally off December's low, the 87% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $122.88 is the next upside target. Closes below the 20-day moving average crossing at $94.67 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $116.57. Second resistance is the 87% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $122.88. First support is the 10-day moving average crossing at $99.12. Second support is the 20-day moving average crossing at $94.67.   

April heating oil posted an inside day with a higher close on Friday and posting another new high close for the year. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. 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 December's low, the 87% retracement level of the July-2008 high on the monthly continuation chart crossing at $415.86 is the next upside target. Closes below the 20-day moving average crossing at $292.22 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $384.16. Second resistance is the July-2008 high on the monthly continuation chart crossing at $415.86. First support is the 20-day moving average crossing at $292.22. Second support is the February 18^th low crossing at $267.28.   

April unleaded gas close sharply higher on Friday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Monday's night 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 December's low, the July-2008 high on the monthly continuation chart crossing at $363.10 is the next upside target. Closes below the 20-day moving average crossing at $292.81 would signal that a short-term top has been posted. First resistance is today's high crossing at 355.04. Second resistance is the July-2008 high on the monthly continuation chart crossing at $363.10. First support is the 20-day moving average crossing at $292.81. Second support is the February 18^th low crossing at $273.16.    

April Henry natural gas closed higher on Friday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday'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 February's high crossing at 5.053 would renew this year's rally while opening the door for additional gains near-term. Closes below Tuesday's low crossing at 4.340 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is February's high crossing at 5.053. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is Tuesday's low crossing at 4.340. Second support is the 50-day moving average crossing at 4.113.    

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

The March Dollar closed sharply higher on Friday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Monday's nights 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 February's high, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. Closes below the 20-day moving average crossing at $96.39 would signal that a short-term top has likely been posted. First resistance is today's high crossing at $98.94. Second resistance is the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26. First support is the 10-day moving average crossing at $96.98. Second support is the 20-day moving average crossing at $96.39.  

The March Euro closed sharply lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 February's high, last-March's low crossing at $108.22 is the next downside target. Closes above the 50-day moving average crossing at 113.20 would signal that a short-term low has been posted. First resistance is the February 16^th high crossing at 114.02. Second resistance is February's high crossing at 115.04. First support is today's low crossing at 108.87. Second support is last-March's low crossing at $108.22.

The March British Pound closed lower on Friday and renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If March extends the decline off January's high, the December-2021 low crossing at 1.3166 is the next downside target. Closes above the 20-day moving average crossing at 1.3485 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3485. Second resistance is the February 10^th high crossing at 1.3641. First support is today's low crossing at 1.3201. Second support is December's low crossing at 1.3166. 

The March Swiss Franc closed higher on Friday. The high-range close sets the stage for a steady to  higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above last-Tuesday's high crossing at 1.0935 would renew the rally off January's low while opening the door for additional gains near-term. Closes below Wednesday's low crossing at 1.00825 would signal that sideways to lower prices are possible near-term. First resistance is last-Tuesday's high crossing at 1.0935. Second resistance is January's high crossing at 1.1015. First support is February's low crossing at 1.0764. Second support is the January's low crossing at 1.0715.  

The March Canadian Dollar closed lower on Friday as it extends the January-March trading range. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, December's low crossing at 71.13 is the next downside target. If March renews the decline off January's high, December's low crossing at 71.13 is the next downside target. Closes above the reaction high crossing at 79.13 would mark an upside breakout of the January-March trading range while signaling that a short-term low has been posted. First resistance is the reaction high crossing at 79.13. Second resistance is January's high crossing at 80.32. First support is last-Thursday's low crossing at 77.64. Second support is December's low crossing at 77.13.

The March Japanese Yen closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday’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 renews 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 last-Thursday's high crossing at 0.087425 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 0.087425. Second resistance is January's high crossing at 0.088170. First support is February's low crossing at 0.086380. Second support is the 75% retracement level of the 2015-2016 rally crossing at 0.084932.  

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

April gold posted the highest close of the year on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 April extends the rally off January's low, the November-2020 high crossing at $1985.10 is the next upside target. Closes below last-Thursday's low crossing at $1878.60 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $1976.50. Second resistance is the November-2020 high crossing at $1985.10. First support is last-Thursday's low crossing at $1878.60. Second support is the 20-day moving average crossing at $1883.90.  

May silver closed higher on Friday as it extended the rally off December's low and tested the 50% retracement level of the 2020-2021 decline crossing at 25.904. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 62% retracement level of the 2020-2021 decline crossing at 26.956 is the next upside target. Closes below the 20-day moving average crossing at 27.096 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2020-2021 decline crossing at 25.904. Second resistance is the 62% retracement level of the 2020-2021 decline crossing at 26.956. First support is the 10-day moving average crossing at 24.780. Second support is the 20-day moving average crossing at 24.096.       

May copper closed sharply higher for the fourth-day in a row on Friday as it extended the rally off December's low into uncharted territory.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are becoming 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 into uncharted territory, upside target will be hard to project. Closes below the 50-day moving average crossing at 438.60 would signal that a short-term top has been posted. First resistance is today's high crossing at 494.90. Second resistance is unknown. First support is the 50-day moving average crossing at 438.67. Second support is January's low crossing at 428.80.

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

May Corn closed up $0.06 1/2-cents at $7.54 1/4. 

May corn closed higher on Friday as it extended the rally off September's low. However, profit taking ahead of the weekend erased most of early-session gains and the mid-range close sets the stage for a steady to higher opening when Monday'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 May corn extends this week's rally, psychological resistance crossing at $8.00 is the next upside target. Closes below the 10-day moving average crossing at $6.99 1/4 would temper this year's rally. First resistance is today's high crossing at $7.82 3/4. Second resistance is psychological resistance crossing at $8.00. First support is the 10-day moving average crossing at $6.99 1/4. Second support is the 20-day moving average crossing at $6.70 1/2.     

May wheat closed up $0.75-cents at $12.09.  

May wheat gapped limit up on the opening and closed limit up on Friday as it posted a new contract high while extending the rally off January's low. The limit up close sets the stage for a steady to higher opening when Monday'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 May extends the rally off February's low, the 87% retracement level of the 87% retracement level of the 2008-2016-decline crossing at $12.11 is the next upside target. Closes below today's gap crossing at $11.34 would signal that a short-term top has been posted. First resistance is today's high crossing at $12.09. Second resistance is the 87% retracement level of the 2008-2016-decline crossing at $12.11. First support is today's gap crossing at $11.34. Second support is the 10-day moving average crossing at $9.65 1/2.

May Kansas City Wheat closed up $0.64 1/4-cents at $12.14 1/2.

May Kansas City wheat gapped up and closed sharply higher on Friday as it posted a new contract high. The high-range close sets the stage for a steady to higher opening when Monday'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 May extends the rally off February's low, the 87% retracement level of the 2008-high on the monthly continuation chart crossing at $13.84 3/4 is the next upside target. Closes below Thursday's low crossing at $10.75 1/2 would signal that a short-term top has been posted.First resistance is today's high crossing at $12.25 1/4. Second resistance is the 2008-high on the monthly continuation chart crossing at $13.84 3/4. First support is the 10-day moving average crossing at $9.88 1/4. Second support is the 20-day moving average crossing at $9.00.

May Minneapolis wheat closed up $0.28 3/4-cents at $11.47.

May Minneapolis wheat closed higher on Friday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are is possible near-term. If May extends the rally off January's low, the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2 is the next upside target. Closes below the 20-day moving average crossing at $9.86 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $11.78 1/4. Second resistance is the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2. First support is the 10-day moving average crossing at $10.30 1/4. Second support is the 20-day moving average crossing at $9.86 3/4. 

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

May soybeans closed down $0.07 1/4-cents at $16.60 1/2

May soybeans closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night 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 20-day moving average crossing at $16.12 1/2 would signal that a short-term top has been posted. If May resumes the rally off November's low, the 2012 high on the monthly continuation chart crossing at $17.89 is the next upside target. First resistance is last-Thursday's high crossing at $17.59 1/4. Second resistance is the 2012 high on the monthly continuation chart crossing at $17.89. First support is the 20-day moving average crossing at $16.12 1/2. Second support is the February 25^th low crossing at $15.79.  

May soybean meal closed up $7.00 at $460.40. 

May soybean meal closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off last-October's low, the June-2014 high on the month continuation chart crossing at $509.40 is the next upside target. Closes below the February 16^th low crossing at $435.80 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $487.00. Second resistance is the June-2014 high on the month continuation chart crossing at $509.40. First support is the February 16^th low crossing at $435.80. Second support is the 50-day moving average crossing at $424.40.        

May soybean oil closed down 201 pts. at 72.80. 

May soybean oil closed sharply lower on Friday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought 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 68.76 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May extends the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is Thursday's high crossing at 77.33. Second resistance is unknown. First support is the 20-day moving average crossing at 68.76. Second support is the February 9^th low crossing at 62.81. 

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

April hogs closed down $4.75 at $100.45. 

April hogs gapped down and closed sharply lower on Friday as it renewed the rally off February's high. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the February 4^th low crossing at 97.90 is the next downside target. If April renews the rally off October's low, monthly resistance on the continuation chart crossing at $121.70 is the next upside target. First resistance is February's high crossing at $112.85. Second resistance is monthly resistance on the continuation chart crossing at $121.70. First support is the February 4^th low crossing at $97.90. Second support is the 50-day moving average crossing at $96.26. 

April cattle closed down $2.67 at $135.67 

April cattle closed lower for the eight-day in a row on Friday as it extends the decline off February's high. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 50% retracement level of the 2020-2022-rally crossing at $132.46 is the next downside target. Closes above the 20-day moving average crossing at $144.21 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $141.69. Second resistance is the 50-day moving average crossing at $143.45. First support is today's low crossing at $133.50. Second support is the 50% retracement level of the 2020-2022-rally crossing at $132.46. 

April Feeder cattle closed down $2.92 at $157.60. 

April feeder cattle closed sharply lower on Friday as it extended the decline off February's high. The mid-range close sets the stage for a steady to lower opening when Monday's 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 April extends the decline off February's high, the 87% retracement level of the 2021-2022 rally crossing at $152.09 is the next downside target. Closes above the 20-day moving average crossing at $168.49 would signal that a short-term low has been posted. First resistance is last-Friday's gap crossing at $167.72. Second resistance is the 20-day moving average crossing at $167.78. First support is today's low crossing at $154.27. Second support is the 87% retracement level of the 2021-2022 rally crossing at $152.09.  

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

May coffee closed higher on Friday as it consolidated some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned decline, the November 9^th low crossing at 202.30 is the next downside target. Closes above the 20-day moving average crossing at 243.27 would signal that a short-term low has been posted.           

May cocoa closed higher on Friday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 26.65 would signal that a short-term low has been posted. If May extends the aforementioned decline, January's low crossing at 24.54 is the next downside target.    

May sugar closed higher on Friday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, November's high crossing at 20.29 is the next upside target. If May renews the decline off January's high, January's low crossing at 17.39 is the next downside target.           

May cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 117.71 opens the door for a larger-degree decline into early-March. If May renews the rally off January's low, last-Thursday's high crossing at 125.13 is the next upside target.