KEY EVENTS TO WATCH FOR:

Tuesday, January 3, 2023  

9:45 AM ET. December US Manufacturing PMI

                       PMI, Mfg (previous 47.7)

10:00 AM ET. November Construction Spending - Construction Put in Place

                       New Construction (expected -0.4%; previous -0.3%)

                       Residential Construction

11:00 AM ET. December Global Manufacturing PMI

                       PMI, Mfg (previous 48.8)

Wednesday, January 4, 2023   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 212.5)

                       Composite Idx, W/W% (previous +0.9%)

                       Purchase Idx-SA (previous 182.5)

                       Purchase Idx-SA, W/W% (previous -0.1%)

                       Refinance Idx (previous 371.4)

                       Refinance Idx, W/W% (previous +6.0%)

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 212.5)

                       Composite Idx, W/W% (previous +0.9%)

                       Purchase Idx-SA (previous 182.5)

                       Purchase Idx-SA, W/W% (previous -0.1%)

                       Refinance Idx (previous 371.4)

                       Refinance Idx, W/W% (previous +6.0%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, Y/Y% (previous +7.2%)

                       Latest Wk, Y/Y% (previous +9.6%)

10:00 AM ET. December ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (expected 48.8; previous 49.0)

                       Prices Idx (previous 43.0)

                       Employment Idx (previous 48.4)

                       Inventories (previous 50.9)

                       New Orders Idx (previous 47.2)

                       Production Idx (previous 51.5)

10:00 AM ET. November Job Openings & Labor Turnover Survey

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

4:00 PM ET. December Domestic Auto Industry Sales

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -1.3M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.5M)

                       Distillate Stocks, Net Chg (Bbls) (previous +0.4M)

Thursday, January 5, 2023

N/A 1^st Quarter Manpower U.S. Employment Outlook Survey

7:30 AM ET. December Challenger Job-Cut Report

                       Job Cuts, M/M% (previous +127%)

8:15 AM ET. December ADP National Employment Report

                       Private Sector Jobs, Net Chg (expected +158000; previous +127000)

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

                       Trade Balance (USD) (expected -68.2B; previous -78.16B)

                       Exports (USD) (previous 256.63B)

                       Exports, M/M% (previous -0.7%)

                       Imports (USD) (previous 334.79B)

                       Imports, M/M% (previous +0.6%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 225K; previous 225K)

                       Jobless Claims, Net Chg (previous +9K)

                       Continuing Claims (previous 1710000)

                       Continuing Claims, Net Chg (previous +41K)

9:45 AM ET. December US Services PMI

                       PMI, Services (previous 46.2)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 3112B)

                       Working Gas In Storage, Net Chg (previous -213B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 418.952M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +0.718M)

                       Gasoline Stocks (Bbl) (previous 223.008M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -3.105M)

                       Distillate Stocks (Bbl) (previous 120.212M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.283M)

                       Refinery Usage (previous 92.0%)

                       Total Prod Supplied (Bbl/day) (previous 22.822M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.898M)

11:00 AM ET. December Global Services PMI

                       PMI, Services (previous 48.1)

12:00 PM ET. December Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, January 6, 2023  

8:30 AM ET. December U.S. Employment Report

                       Non-Farm Payrolls (expected +180K; previous +263K)

                       Unemployment Rate (expected 3.7%; previous 3.7%)

                       Avg Hourly Earnings (USD) (previous 32.82)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.18)

                       Avg Hourly Earnings, M/M% (expected +0.4%; previous +0.55%)

                       Avg Hourly Earnings, Y/Y% (previous +5.09%)

                       Overall Workweek (previous 34.4)

                       Overall Workweek Net Chg (previous -0.1)

                       Government Payrolls (previous +42K)

                       Private Payroll (previous +221K)

                       Participation Rate (previous 62.1%)

                       Non-Farm Payrolls Bench Net Chg

8:30 AM ET. U.S. Weekly Export Sales

10:00 AM ET. December ISM Report On Business Services PMI

                       Services PMI (expected 55.1; previous 56.5)

                       Business Activity Idx (previous 64.7)

                       Prices Idx (previous 70.0)

                       Employment Idx (previous 51.5)

                       New Orders Idx (previous 56.0)

10:00 AM ET. November Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (expected -1.0%; previous +1.0%)

                       Orders, Ex-Defense, M/M% (previous +0.9%)

                       Orders, Ex-Transport, M/M% (previous +0.8%)

                       Durable Goods, M/M%

Monday, January 9, 2023  

10:00 AM ET. December Employment Trends Index

                       ETI (previous 117.65)

                       ETI, Y/Y%

3:00 PM ET. November Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +27.0B)

Tuesday, January 10, 2023  

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

                       Small Business Idx (previous 91.9)

8:55 PM ET. Johnson Redbook Retail Sales Index

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

                       Latest Wk, Y/Y%

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

                       Economic Optimism Idx (previous 42.9)

                       6-Mo Economic Outlook (previous 37.7)

10:00 AM ET. November Monthly Wholesale Trade

                       Inventories, M/M% (previous +0.5%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

  N/A               World Bank's Global Economic Prospects report

Wednesday, January 11, 2023  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx

                       Composite Idx, W/W%

                       Purchase Idx-SA

                       Purchase Idx-SA, W/W%

                       Refinance Idx

                       Refinance Idx, W/W%

10:00 AM ET. December Online Help Wanted Index

  N/A               EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl)

                       Crude Oil Stocks, Net Chg (Bbl)  Gasoline Stocks (Bbl)

                       Gasoline Stocks, Net Chg (Bbl)

                       Distillate Stocks (Bbl)

                       Distillate Stocks, Net Chg (Bbl)

                       Refinery Usage

                       Total Prod Supplied (Bbl/day)

                       Total Prod Supplied, Net Chg

                       (Bbl/day)

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

The STOCK INDEXES: The March NASDAQ 100 was higher overnight and sets the stage for a higher opening when the day 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 11,391.21 would signal that a short-term low has been posted. If March resumes the decline off December's high, October's low crossing at 10,595.25 is the next downside target. First resistance is the 20-day moving average crossing at 11,391.21. Second resistance is the 50-day moving average crossing at 11,538.28. First support is November's low crossing at 10,746.75. Second support is October's low crossing at 10,595.25.

The March S&P 500 was higher overnight as it extends the trading range of the past three-weeks. Overnight trading sets the stage for a higher opening when the day 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 50-day moving average crossing at 3938.41 would signal that a short-term low has been posted. If March extends the decline off December's high, November's low crossing at 3735.00 is the next downside target. First resistance is the 50-day moving average crossing at 3938.41. Second resistance is the 75% retracement level of the August-October decline crossing at 4155.39. First support is the November 9^th low crossing at 3782.75. Second support is November's low crossing at 3735.00. 

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

INTEREST RATES: March T-bonds was higher overnight as it consolidates some of the decline off December's high. Overnight strength sets the stage for a higher opening when the day 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 128-26 would signal that a short-term low has been posted. If March extends the aforementioned decline, the 62% retracement level of the October-December rally crossing at 123-06 is the next downside target. First resistance is the 10-day moving average crossing at 126-29. Second resistance is the 20-day moving average crossing at 128-26. First support is the 50% retracement level of the October-December rally crossing at 124-31. Second support is the 62% retracement level of the October-December rally crossing at 123-06.  

March T-notes were higher overnight as it consolidates some of the decline off December high. Overnight trading sets the stage for a higher opening when the day 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 113.240 would signal that a low has been posted. If March extends the decline off December's high, the 62% retracement level of the October-December rally crossing at 111.174 is the next downside target. First resistance is the 10-day moving average crossing at 113.001. Second resistance is the 20-day moving average crossing at 113.240. First support is the 50% retracement level of the October-December rally crossing at 112.087. Second support is the 62% retracement level of the October-December rally crossing at 111.174. 

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

ENERGIES:Februarycrude oil was steady to lower overnight. Overnight trading sets the stage for a  lower opening when the day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $76.32 would signal that a short-term top has been posted. If February extends the rally off December's low, December's high crossing at $83.27 is the next upside target. First resistance is the 50-day moving average crossing at $80.52. Second resistance is December's high crossing at $83.27. First support is the 20-day moving average crossing at $76.32. Second support is the December 16^th low crossing at $73.40.  

February heating oil was lower overnight as it consolidates some of the rally off December's low. Overnight trading 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 February extends the rally off December's low, the November 15^th high crossing at $3.4722 is the next upside target. Closes below the 20-day moving average crossing at $3.0814 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $3.3543. Second resistance is the November 15^th high crossing at $3.4722. First support is the 20-day moving average crossing at $3.0814. Second support is the December 20^th low crossing at $2.9682.    

February unleaded gas was lower overnight due to profit taking as it consolidates some of the rally off December'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 February extends the rally off December's low, the November 14^th high crossing at $2.5783 is the next upside target. Closes below the 20-day moving average crossing at $2.2400 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $2.5233. Second resistance is the November 14^th high crossing at $2.5783. First support is the 10-day moving average crossing at $2.3360. Second support is the 20-day moving average crossing at $2.2400.  

February natural gas was lower overnight as it extends the decline off November's high. Overnight trading sets the stage for a 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 February extends the decline off November's high, the 87% retracement level of the 2020-2022 rally crossing at 3.491 is the next downside target, Closes above the 20-day moving average crossing at 5.482 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.900. Second resistance is the 20-day moving average crossing at 5.482. First support is the overnight low crossing at 4.016. Second support is the 87% retracement level of the 2020-2022 rally crossing at 3.491. 

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

CURRENCIES:The March Dollar was sharply higher overnight as it extends the trading range of the past three-weeks. 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. Closes above the reaction high crossing at $104.560 would signal that a short-term low has been posted. If March renews the decline off September's high, the 75% retracement level of the March-September rally crossing at $101.331 is the next downside target. First resistance is the reaction high crossing at $104.560. Second resistance is the 50-day moving average crossing at $106.411. First support is the December 15^th low crossing at $102.875. Second support is the 75% retracement level of the March-September rally crossing at $101.331.

The March Euro was sharply lower overnight as it has broken out to the downside of the trading range of the past three-weeks. Overnight trading sets the stage for a sharply lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the overnight decline, the December 7^th low crossing at $1.05210 is the next downside target. If March renews the rally off September's low, the March 31^st high crossing at $1.09680 is the next upside target. First resistance is the 25% retracement level of the 2021-2022 crossing at $1.08062. Second resistance is the March 31^st high crossing at $1.09680. First support is the December 7^th low crossing at $1.05210. Second support is the 50-day moving average crossing at $1.04212.  

The March British Pound was sharply lower overnight as it extends the decline off December's high and is testing support marked by the 50-day moving average crossing at 1.1925. Overnight trading sets the stage for a lower opening when the day session begins trading.Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.1925 would open the door for a possible test of the November 17^th low crossing at 1.1804. Closes above the 20-day moving average crossing at 1.2179 would signal the a short-term low has likely been posted. First resistance is the 20-day moving average crossing at 1.2179. Second resistance is December's high crossing at 1.2477. First support is the 50-day moving average crossing at 1.1925. Second support is the November 17^th low crossing at 1.1804.    

The March Swiss Franc was sharply lower overnight and has broken out to the downside of the trading range of the past three-weeks. Overnight trading sets the stage for a sharply lower opening when the day 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 December 23^rd low crossing at 1.07930 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off the November 21^st low, the 62% retracement level of the 2021-2022 decline crossing at 1.10351 is the next upside target. First resistance is December's high crossing at 1.09665. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.10351. First support is the December 6^th low crossing at 1.07000. Second support is the 50-day moving average crossing at 1.06136.

The March Canadian Dollar was lower overnight as it extends December's trading range. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off November's high, November's low crossing at $72.58 is the next downside target. Closes above last-Tuesday's high crossing at $74.22 would mark a potential upside breakout of December's trading range. First resistance is last-Tuesday's high crossing at $74.22. Second resistance is the December 5^th high crossing at $74.82. First support is the December 20^th low crossing at $73.04. Second support is November low crossing at $72.58.

The March Japanese Yen was slightly lower in late-overnight trading due to strength in the U.S. Dollar and weakness in either currencies. Overnight trading sets the stage for a 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 renews the rally off October's, the August high crossing at 0.078135 is the next upside target. Closes below the 20-day moving average crossing at 0.075094 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 0.077935. Second resistance is the August high crossing at 0.078135. First support is the 20-day moving average crossing at 0.075094. Second support is the December 15^th low crossing at 0.073210.  

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

PRECIOUS METALS: Februarygold was higher overnight as it has resumed the rally off November's low. 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. If February extends the rally off November's low, the 50% retracement level of the March-October decline crossing at $1861.40 is the next upside target. Closes below the 20-day moving average crossing at $1808.90 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1856.60. Second resistance is the 50% retracement level of the March-October decline crossing at $1861.40. First support is the 20-day moving average crossing at $1808.90. Second support is the December 15^th low crossing at $1782.00.

March silver was higher overnight as it extends the rally off September's low. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March extends the rally off October's low, the 87% retracement level of the March-August decline crossing at $25.938 is the next upside target. Closes below the 20-day moving average crossing at $23.642 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the March-August decline crossing at $24.779. Second resistance is the 87% retracement level of the March-August decline crossing at $25.938. First support the 20-day moving average crossing at $23.642. Second support is the December 16^th low crossing at $22.735.    

March copper was slightly higher overnight while extending December's trading range. 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 turning neutral signaling that sideways trading is possible near-term. Closes below the December 20^th low crossing at 3.7230 would mark a downside breakout of the aforementioned trading range. If March resumes the rally off the November 28^th low, the 50% retracement level of the March-July decline crossing at 4.0343 is the next upside target. First resistance is November's high crossing at 3.9470. Second resistance is the 50% retracement level of the March-July decline crossing at 4.0343. First support is the December 20^th low crossing at 3.7230. Second support is the 50-day moving average crossing at 3.6982.

Grains will open at 8:30 AM EST. this morning. Here is a recap of last-Friday's trade

March Corn closed down $0.01-cent at $6.78 1/2. 

March corn closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's 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. Closes above the October downtrend line crossing near $6.85 would open the door for a possible test of the 75% retracement level of the October-December decline crossing at $6.92 1/2. Closes below the 10-day moving average crossing at $6.65 1/2 would signal that a short-term top has been posted. First resistance is October's downtrend line crossing near $6.85. Second resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. First support is the 50-day moving average crossing at $6.68 1/4. Second support is the 10-day moving average crossing at $6.65 1/2.  

March wheat closed up $0.18-cents at $7.92.  

March wheat closed 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 Tuesday's 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 this month's rally, the 50-day moving average crossing at $8.06 1/2 is the next upside target. Closes below the 20-day moving average crossing at $7.57 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $7.99. Second resistance is the 50-day moving average crossing at $8.06 1/2. First support is the 20-day moving average crossing at $7.57 1/2. Second support is the 75% retracement level of the 2018-2022 rally crossing at $7.24 1/4. 

March Kansas City Wheat closed up $0.21 1/2-cents at $8.88.

March Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 extends this month's rally, the 50-day moving average crossing at $9.02 3/4. Closes below the 20-day moving average crossing at $8.58 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $8.94 3/4. Second resistance is the 50-day moving average crossing at $9.02 3/4. First support is the 19^th low crossing at $8.30 3/4. Second support is the December 6^th low crossing at $8.21 3/4.

March Minneapolis wheat closed up $0.24 3/4-cents at $9.38 3/4.

March Minneapolis wheat closed sharply higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 50-day moving average crossing at $9.42 3/4 would open the door for additional short-term gains. If March renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $9.42 3/4. Second resistance is the November 15^th high crossing at $9.91 1/4. First support is last-Monday's low crossing at $9.00 3/4. Second support is the December 6^th low crossing at $8.90.  

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

March soybeans closed up $0.07 3/4-cents at $15.24.

March soybeans closed higher on Friday as it extends the rally off October's low. Early gains filled June's low crossing at $15.28 1/2. The mid-range close sets the stage for a steady to higher opening when Tuesday's day trade begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, June's high crossing at $15.72 1/4 is the next upside target. Closes below the 20-day moving average crossing at $14.81 1/2 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the June-July decline crossing at $15.37 1/2. Second resistance is June's high crossing at $15.72 1/4. First support is the 10-day moving average crossing at $14.91. Second support is the 20-day moving average crossing at $14.81 1/2.    

March soybean meal closed up $12.50 at $471.00. 

March soybean meal closed sharply higher on Friday as it closed above the upper boundary of this month's trading range to renew the rally off November's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off October's low, monthly resistance on the continuation chart crossing at $478.60 is the next upside target. Closes below the December 19^th low crossing at $443.40 would confirm a downside breakout of the aforementioned trading range. First resistance is today's high crossing at $476.10. Second resistance is monthly resistance crossing at $478.60. First support is the December 19^th low crossing at $443.40. Second support is the 50-day moving average crossing at $422.90. 

March soybean oil closed down 229-pts. At 64.07. 

March soybean oil posted a key reversal down on Friday due to profit taking. The low-range close sets the stage for a steady to lower opening when Tuesday's 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. Closes above the 50-day moving average crossing at 67.00 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 63.23 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 67.00. Second resistance is the November 29^th high crossing at 72.49. First support is the 20-day moving average crossing at 63.23. Second support is the December 16^th crossing at 61.47.  

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

February hogs closed down $0.70 at $87.98. 

February hogs closed lower on Friday as it consolidates some of the rally off December's low. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 February renews this month's rally, December's high crossing at $91.90 is the next upside target. Closes below the 20-day moving average crossing at $86.82 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $91.60 Second resistance is December's high crossing at $91.90. First support is the 20-day moving average crossing at $86.82. Second support is last-Wednesday's low crossing at $83.90. 

February cattle closed down $0.93 at $157.93. 

February cattle posted an inside day with a lower close 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 on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends this month's rally, the 87% retracement level of the monthly continuation chart crossing at $159.54 is the next upside target. Closes below the 20-day moving average crossing at $156.20 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $159.18. Second resistance is the 87% retracement level of the monthly continuation chart crossing at $159.54. First support is the 10-day moving average crossing at $157.26. Second support is the 20-day moving average crossing at $156.20.  

March Feeder cattle closed down $0.75 at $186.03. 

March Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the September 20^th high crossing at $188.23 is the next upside target. Closes below Wednesday's low crossing at $184.80 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Thursday's high crossing at $187.30. Second resistance is the 75% retracement level of the August-October decline crossing at $188.29. First support is Wednesday's low crossing at $184.80. Second support is the 50-day moving average crossing at $183.48.      

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

March coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews the decline off August's high, November's low crossing at $15.41 is the next downside target. Closes above Wednesday's high crossing at $17.50 would open the door for additional gains near-term. First resistance is Wednesday's high crossing at $17.50. Second resistance is November's high crossing at $17.82. First support is November's low crossing at $15.41. Second support is the 75% retracement level of the 2020-2022 rally crossing at $14.74. 

March cocoa posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 25.39 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If March extends the rally off September low, the March-2022 high on the weekly continuation chart crossing at 27.10 is the next upside target.             

March sugar closed low on Friday as it extended the decline off December's high and is testing support marked by the 20-day moving average crossing at 19.44. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 19.44 would signal that a short-term top has been posted. If March resumes the rally off September's low, weekly resistance on the weekly continuation chart crossing at 26.46 is the next upside target.   

March cotton closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 81.97 would signal that a short-term top has been posted. If March extends the rally off October's low, the 50% retracement level of the August-October decline crossing at 93.31 is the next upside target.