KEY EVENTS TO WATCH FOR:
Wednesday, March 9, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 463.1)
Composite Idx, W/W% (previous -0.7%)
Purchase Idx-SA (previous 246.3)
Purchase Idx-SA, W/W% (previous -1.8%)
Refinance Idx (previous 1685.7)
Refinance Idx, W/W% (previous +0.5%)
10:00 AM ET. January Job Openings & Labor Turnover Survey
10:00 AM ET. SEC Open Meeting
10:00 AM ET. February Online Help Wanted Index
10:30 AM ET, EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 413.425M)
Crude Oil Stocks, Net Chg (Bbl) (previous -2.597M)
Gasoline Stocks (Bbl) (previous 246.011M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.468M)
Distillate Stocks (Bbl) (previous 119.104M)
Distillate Stocks, Net Chg (Bbl) (previous -0.574M)
Refinery Usage (previous 87.7%)
Total Prod Supplied (Bbl/day) (previous 20.83M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.653M)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
12:00 PM ET. SEC Closed Meeting
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The March NASDAQ 100 was sharply higher overnight due to short covering as it consolidated some of the sharp decline off last-Thursday's high. 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 to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off February's high, the 87% retracement level of 2021's rally crossing at 12,847.13 is the next downside target. Closes above the 20-day moving average crossing at 14,080.70 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 14,080.70. Second resistance is the 50-day moving average crossing at 14,796.72. First support is February's low crossing at 13,025.75. Second support is the 87% retracement level of 2021's rally crossing at 12,847.13.
The March S&P 500 was higher overnight as it consolidates some of the decline off last-Thursday's high. 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 to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, the 62% retracement level of the 2020-2022 rally crossing at 4055.79 is the next downside target. Closes above the 20-day moving average crossing at 4353.31 are needed to signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4353.31. Second resistance is the February 16th high crossing at 4484.50. First support is February's low crossing at 4101.75. Second support is the 62% retracement level of the 2020-2022 rally crossing at 4055.79.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds was lower in late-overnight trading. The low-range overnight trade sets the stage for a lower opening when the day 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 155-12 would signal that a short-term top has been posted. If June renews the rally off February's low, the 62% retracement level of the December-February decline crossing at 160-17 is the next upside target. First resistance is Monday's high crossing at 160-12. Second resistance is the 62% retracement level of the December-February decline crossing at 160-17. First support is the 20-day moving average crossing at 155-12. Second support is the February 25th low crossing at 153-10.
June T-notes was lower in late-overnight trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 126.254 would signal that a short-term top has been posted. If June resumes the rally off February's low, the 75% retracement level of the December-February decline crossing at 129.296 is the next upside target. 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 126.254. Second support is the February 25th low crossing at 125.290.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:May crude oil was lower overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional gains are possible. If May extends the rally off December's low, the July-2008 high on the monthly continuation chart crossing at $147.27 is the next upside target. Closes below the 10-day moving average crossing at $104.96 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $130.50. Second resistance is the July-2008 high on the monthly continuation chart crossing at $147.27. First support is the 10-day moving average crossing at $104.96. Second support is the 20-day moving average crossing at $97.07.
May heating oil was sharply lower in late-overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a sharply 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 May extends the rally off December's low above the 2008 high on the monthly continuation chart crossing at $4.1586, upside targets will be hard to project. Closes below the 20-day moving average crossing at $3.0220 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $4.3138. Second resistance is unknown. First support is Monday's gap crossing at 3.5910. Second support is the 10-day moving average crossing at $3.3313.
May unleaded gas was lower overnight as it consolidates some of the rally off December's low. The low-range trade overnight sets the stage for a steady to 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 May extends the rally off December's low, the all-time high posted in July-2008 on the monthly continuation chart crossing at $4.1140 is the next upside target. Closes below the 10-day moving average crossing at $3.2409 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $3.8075. Second resistance is the July-2008 high on the monthly continuation chart crossing at $4.1140. First support is the 10-day moving average crossing at 3.2409. Second support is the 20-day moving average crossing at $3.0231.
May Henry natural gas was lower overnight as it extends the decline off Monday's high. Overnight trading 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.480 would signal that a short-term top has been posted. If May renews the rally off February's low, last-November's high on the weekly continuation chart crossing at 5.562 is the next upside target. First resistance is Monday's high crossing at 5.199. Second resistance is last-November's high on the weekly continuation chart crossing at 5.562. First support is the 20-day moving average crossing at 4.480. Second resistance is the 50-day moving average crossing at 4.197.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was lower overnight as it consolidates some of this year's rally. Overnight trading sets the stage for a steady to 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 February's low, 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 $96.92 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $99.42. 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 $97.88. Second support is the 20-day moving average crossing at $96.92.
The March Euro was higher overnight as it consolidates some of this year'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 February's high, the March-2020 low on the weekly continuation chart crossing at $106.71 is the next downside target. Closes above the 20-day moving average crossing at $112.14 would signal that a short-term low has likely been posted. First resistance is the 10-day moving average crossing at $110.62. Second resistance is the 20-day moving average crossing at $112.14. First support is Monday's low crossing at $108.07. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.
The March British Pound was steady to higher overnight as it consolidates some of the decline off January's high. Overnight trading 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 January's high, the 50% retracement level of the 2020-2021 rally on the weekly continuation chart crossing at 1.2846 is the next downside target. Closes above the 20-day moving average crossing at 1.3423 would signal that a short-term low has been posted.First resistance is the 10-day moving average crossing at 1.3280. Second resistance is the 20-day moving average crossing at 1.3423. First support is Tuesday's low crossing at 1.3081. Second support is the 50% retracement level of the 2020-2021 rally on the weekly continuation chart crossing at 1.2846.
The March Swiss Franc was slightly higher in late-overnight trading as it consolidates some of the decline off last-Tuesday's high. 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 aforementioned decline, January's low crossing at 1.0715 is the next downside target. Closes above the 50-day moving average crossing at 1.0873 would signal that a short-term low has been posted. First resistance is the February 22nd high crossing at 1.0935. Second resistance is the January 21st high crossing at 1.0994. First support is Tuesday's low crossing at 1.0747. Second support is January's low crossing at 1.0715.
The March Canadian Dollar was higher overnight as it consolidates some of the decline off last-Thursday's high. 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, December's low crossing at $77.13 is the next downside target. Closes above the 50-day moving average crossing at $78.80 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $78.50. Second resistance is the 50-day moving average crossing at $78.50. First support is Tuesday's low crossing at $77.51. Second support is December's low crossing at $77.13.
The March Japanese Yen was lower overnight as it extends the February-March trading range. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a 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 the February 24th high crossing at 0.087425 would confirm that a short-term low has been posted. First resistance is the February 24th high crossing at 0.087425. Second resistance is January's high crossing at 0.088170. First support is February'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: Aprilgold was lower overnight as it consolidates some of the rally off January's low. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $1913.80 would signal that a short-term top has been posted. If April extends the rally off January's low, the August-2020 low crossing at $2117.10 is the next upside target. First resistance is the 87% retracement level of the 2020-2021-decline crossing at $2061.00. Second resistance is the August-2020 high crossing at $2117.10. First support is the 10-day moving average crossing at $1954.40. Second support is the 20-day moving average crossing at $1913.80.
May silver was lower overnight as it consolidates some of the rally off February's low. The low-range 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, diverging 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 75% retracement level of the 2020-2021-decline crossing at $28.134 is the next upside target. Closes below the 20-day moving average crossing at $24.616 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $27.495. Second resistance is the 75% retracement level of the 2020-2021-decline crossing at $28.134. First support is the 10-day moving average crossing at $25.409. Second support is the 20-day moving average crossing at $24.616.
May copper was lower overnight as it extends the decline off Monday's high. Overnight trading 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. Closes below the 20-day moving average crossing at 4.5932 would signal that a short-term top has been posted. If May renews last-Friday's breakout above last-May's high crossing at 4.8400, which marks the upper boundary of 2021-2022-trading range upside targets will be hard to project. First resistance is Monday's high crossing at 5.0395. Second resistance is unknown. First support is the 20-day moving average crossing at 4.5932. Second support is the 50-day moving average crossing at 4.5028.
GRAINS http://quotes.ino.com/ex changes/?c=grains
May corn was lower overnight due to profit taking. Overnight trading sets the stage for a steady to lower 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 $6.88 1/2 would signal that a short-term top has been posted. If May extends the rally off September's low, the June-2011 high on the monthly continuation chart crossing at $7.99 3/4 is the next upside target. First resistance is the 87% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $7.72 3/4. Second resistance is the June-2011 high on the monthly continuation chart crossing at $7.99 3/4. First support is the 10-day moving average crossing at $7.24. Second support is the 20-day moving average crossing at $6.88 1/2.
May wheat was sharply lower overnight as it consolidates some of the rally off February's low. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's gap crossing at $11.34 would signal that a short-term top has been posted. If May extends the rally off February's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at $13.64 1/2. Second resistance is unknown. First support is last-Friday's high crossing at $12.09. Second support is last-Friday's gap crossing at $11.34.
May Kansas City wheat was sharply lower overnight as it consolidated some of this year's rally. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's gap crossing at $11.50 1/4 would signal that a short-term top has been posted. If May extends the rally off January's low, the 2008 high on the monthly continuation chart crossing at $13.84 3/4 is the next upside target. First resistance is Monday's high crossing at $12.99 1/2. Second resistance is the 2008 high on the monthly continuation chart crossing at $13.84 3/4. First support is last-Friday's gap crossing at $11.50 1/4. Second support is the 10-day moving average crossing at $10.83 3/4.
May Minneapolis wheat was sharply 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $10.78 1/2 would signal that a short-term top has been posted. If May extends the rally off January's low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2 is the next upside target. First resistance is Tuesday's high crossing at $12.11 3/4. Second resistance is the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2. First support is the 10-day moving average crossing at $10.78 1/2. Second support is the 20-day moving average crossing at $10.20.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans was higher overnight marking a possible upside breakout of the trading range of the past five-days. 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 possible near-term. If May renews the rally off November's low, the September-2012 high on the monthly continuation chart crossing at $17.89 is the next upside target. Closes below the 20-day moving average crossing at $16.30 would signal that a short-term top has been posted. First resistance is February's high crossing at $17.59 1/4. Second resistance is the September-2012 high on the monthly continuation chart crossing at $17.89. First support is the 20-day moving average crossing at $16.30. Second support is the February 25th low crossing at $15.79.
May soybean meal was higher overnight and 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. If May renews the rally off last-October's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the February 16th low crossing at $435.80 would signal that a short-term top has been posted. First resistance is February's high crossing at $487.00. Second resistance is psychological resistance crossing at $500.00. First support is the February 16th low crossing at $435.80. Second support is the 50-day moving average crossing at $428.70.
May soybean oil was higher overnight as it renewed the rally off December's low into uncharted territory. 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 May renews the rally off December's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 70.41 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 78.58. Second resistance is unknown. First support is last-Friday's low crossing at 71.87. Second support is the 20-day moving average crossing at 70.41.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed up $2.65 at $102.92.
April hogs closed higher on Tuesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 April extends the decline off February's high, the 50-day moving average crossing at 96.85 is the next downside target. Closes above last-Friday's gap crossing at $105.05 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $107.45. Second resistance is February's high crossing at $112.85. First support is Monday's low crossing at $98.47. Second support is the 50-day moving average crossing at $96.85.
April cattle closed up $1.15 at $139.05
April cattle closed higher on Tuesday as it consolidates some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 $143.40 would signal that a short-term low has been posted. 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. First resistance is the 10-day moving average crossing at $140.21. Second resistance is the 20-day moving average crossing at $143.40. First support is last-Friday'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 up $1.05 at $160.73.
April feeder cattle closed higher on Tuesday as it consolidates some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $166.70 would signal that a short-term low has been posted. If April resumes the decline off February's high, the 87% retracement level of the 2021-2022 rally crossing at $152.09 is the next downside target. First resistance is the 10-day moving average crossing at $161.98. Second resistance is the 20-day moving average crossing at $166.70. First support is last-Friday'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 Tuesday as it bounces off support marked by the 25% retracement level of the 2020-2022-rally crossing at 22.25. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 24.19 would signal that a short-term low has been posted. If May extends the aforementioned decline, the 38% retracement level of the 2020-2022-rally crossing at 20.24 is the next downside target.
May cocoa closed slightly higher on Tuesday as it extended the rally off last-Tuesday's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 26.58 would signal that a short-term low has been posted. If May extends the decline off February's high, January's low crossing at 24.54 is the next downside target.
May sugar closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 month's rally, November's high crossing at 20.29 is the next upside target. Closes below the 20-day moving average crossing at 18.12 would signal that a short-term top has been posted.
May cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the December-February rally crossing at 113.54 is the next downside target. Closes above the 20-day moving average crossing at 120.32 would signal that a short-term low has been posted.
Thanks tallpine!!