KEY EVENTS TO WATCH FOR:
Thursday, March 10, 2022
8:30 AM ET. February Real Earnings
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 707.9K)
Soybeans (Metric Tons) (previous 2243K)
Wheat (Metric Tons) (previous 369.8K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 216K; previous 215K)
Jobless Claims, Net Chg (previous -18K)
Continuing Claims (previous 1476000)
Continuing Claims, Net Chg (previous +2K)
8:30 AM ET. February CPI
CPI, M/M% (expected +0.7%; previous +0.6%)
Core CPI, M/M% (expected +0.5%; previous +0.6%)
Energy Idx, M/M% (previous +0.9%)
Food Idx, M/M% (previous +0.9%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.5%)
CPI, Y/Y% (expected +7.8%; previous +7.5%)
Core Annual, Y/Y% (expected +6.4%; previous +6%)
10:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1643B)
Working Gas In Storage, Net Chg (Cbf) (previous -139B)
2:00 PM ET. February Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, March 11, 2022
10:00 AM ET. 4th Quarter Quarterly Services
10:00 AM ET. March University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 62.0; previous 61.7)
Mid-Mo Expectations (previous 57.4)
Mid-Mo Current Idx (previous 68.5)
Monday, March 14, 2022
10:00 AM ET. January State Employment and Unemployment
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The June NASDAQ 100 was lower overnight as it consolidates some of Wednesday's rally. 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 turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 14,018.49 would signal that a short-term low has been posted. If June extends the decline off February's high, the March-2021 low crossing at 12,727.50 is the next downside target. First resistance is the 20-day moving average crossing at 14,018.49. Second resistance is the 50-day moving average crossing at 14,742.07. First support is February's low crossing at 13,031.00. Second support is the March-2021 low crossing at 12,727.50.
The June S&P 500 was lower overnight as it consolidates some of Wednesday's rally. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4330.73 would signal that a short-term low has been posted. If June extends the decline off February's high, the 75% retracement level of the 2020-2022 rally crossing at 4018.92 is the next downside target. First resistance is the 20-day moving average crossing at 4330.73. Second resistance is last-Thursday's high crossing at 4410.50. First support is February's low crossing at 4094.26. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4018.92.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds was steady to slightly higher in late-overnight trading. 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 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 while opening the door for additional weakness near-term. 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 steady to slightly higher in late-overnight trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the February 25th low crossing at 125.290 is the next downside target. Closes above the 50-day moving average crossing at 127.184 would signal that a short-term low 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 February 25th low crossing at 125.290. Second support is February's low crossing at 125.145.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:May crude oil was higher overnight as it consolidates some of Wednesday's sharp decline. Overnight trading sets the stage for a higher opening when the day session begins 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 $97.63 would signal that a short-term top has been posted. If May resumes the rally off December's low, the July-2008 high on the monthly continuation chart crossing at $147.27 is the next upside target. First resistance is Monday's high crossing at $126.42. Second resistance is the July-2008 high on the monthly continuation chart crossing at $147.27. First support is the 20-day moving average crossing at $97.63. Second support is the 50-day moving average crossing at $88.05.
May heating oil was higher in late-overnight as it consolidates some of Wednesday's sharp decline. Overnight trading sets the stage for a higher opening when the day session begins 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 $3.0392 would signal that a short-term top has been posted. If May renews the rally above the 2008 high on the monthly continuation chart crossing at $4.1586, upside targets will be hard to project. First resistance is Wednesday's high crossing at $4.3138. Second resistance is unknown. First support is the 10-day moving average crossing at 3.3541. Second support is the 20-day moving average crossing at $3.0389.
May unleaded gas was higher overnight as it consolidates some of Wednesday's sharp decline. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins 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 $3.0385 would signal that a short-term top has been posted. If May resumes 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. 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 3.2582. Second support is the 20-day moving average crossing at $3.0385.
May Henry natural gas was steady to slightly higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.511 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 4.511. Second resistance is the 50-day moving average crossing at 4.215.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was slightly higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins 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 $97.02 would signal that a short-term top has been posted. If March renews 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. 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 $97.91. Second support is the 20-day moving average crossing at $97.02.
The March Euro was lower overnight as it consolidates some of the rally off Monday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $112.00 would signal that a short-term low has likely been posted. If March renews the decline off February's high, the March-2020 low on the weekly continuation chart crossing at $106.71 is the next downside target. First resistance is the 10-day moving average crossing at $110.60. Second resistance is the 20-day moving average crossing at $112.00. 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 lower overnight and sets the stage for a steady to lower 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 1.3405 would signal that a short-term low has been posted.First resistance is the 10-day moving average crossing at 1.3261. Second resistance is the 20-day moving average crossing at 1.3405. 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 lower in late-overnight trading. The mid-range overnight trade sets the stage for a steady to lower 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, January's low crossing at 1.0715 is the next downside target. Closes above the 50-day moving average crossing at 1.0870 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 steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly 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 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 $78.45. Second resistance is the 50-day moving average crossing at $78.80. 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 mid-range overnight trade sets the stage for a steady to 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 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 higher overnight as it consolidates some of Wednesday's sharp decline. Stochastics and the RSI 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 $1920.90 would signal that a short-term top has been posted. If April resumes 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 $1959.50. Second support is the 20-day moving average crossing at $1920.90.
May silver was higher overnight as it consolidates some of Wednesday's decline. The high-range trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $24.718 would signal that a short-term top has been posted. If May resumes the rally off February's low, the 75% retracement level of the 2020-2021-decline crossing at $28.134 is the next upside target. 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 $25.480. Second support is the 20-day moving average crossing at $24.718.
May copper was higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50-day moving average crossing at 4.5059 is the next downside target. 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 50-day moving average crossing at 4.5059. Second support is the February 24th low crossing at 4.4470.
GRAINS http://quotes.ino.com/ex changes/?c=grains
May corn was higher overnight as it consolidates some of Wednesday's loss. Overnight trading sets the stage for a 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 $6.92 3/4 would signal that a short-term top has been posted. If May renews 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 $7.28 1/4. Second support is the 20-day moving average crossing at $6.92 3/4.
May wheat was higher in late-overnight trading as it is trying to recover from being down $0.92 1/2 earlier in the session. Stochastics and the RSI have turned 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 renews 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 the 10-day moving average crossing at $11.17 1/2.
May Kansas City wheat was higher overnight as it consolidated some of the decline off Monday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Wednesday's close below last-Friday's gap crossing at $11.50 1/4 signals that a short-term top has been posted. If May extends the decline off Monday's high, the 50% retracement level of the January-March rally crossing at $10.23 1/2 is the next downside target. If May renews 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 the 38% retracement level of the January-March rallycrossing at $10.88 3/4. Second support is the 50% retracement level of the January-March rally crossing at $10.23 1/2.
May Minneapolis wheat was higher overnight as it consolidates some of the decline off Tuesday's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews 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. Closes below the 20-day moving average crossing at $10.27 1/2 would signal that a short-term top has been posted. 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 $10.86 1/2. Second support is the 20-day moving average crossing at $10.27 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans was higher overnight as it extends the trading range of the past seven-days. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways 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 $16.32 3/4 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 $16.32 3/4. 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 $430.10.
May soybean oil was higher overnight as it consolidates some of Wednesday's loss. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. 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 70.82 would signal that a short-term top has been posted. First resistance is Wednesday's 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 70.82.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $1.98 at $100.95.
April hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 97.12 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 $97.12.
April cattle closed down $1.55 at $137.50
April cattle closed lower on Wednesday ending a two-day bounce off last-Friday's low. The low-range close sets the stage for a steady to lower opening on Thursday. 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 $139.49. 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 down $0.40 at $159.92.
April feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. 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 $166.09 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 $161.11. Second resistance is the 20-day moving average crossing at $166.09. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 24.09 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 higher on Wednesday as it extended the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 26.55 signals that a short-term low has been posted while opening the door for additional short-term gains. If May renews the decline off February's high, January's low crossing at 24.54 is the next downside target.
May sugar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 18.19 would signal that a short-term top has been posted. If May extends this month's rally, November's high crossing at 20.29 is the next upside target.
May cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 119.99 would signal that a short-term low has been posted.
Thanks tallpine!