KEY EVENTS TO WATCH FOR:

Thursday, January 12, 2023   

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

8:30 AM ET. December CPI

                       CPI, M/M% (previous +0.1%)

                       Core CPI, M/M% (previous +0.2%)

                       Energy Idx, M/M% (previous -1.6%)

                       Food Idx, M/M% (previous +0.5%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.2%)

                       CPI, Y/Y% (previous +7.1%)

                       Core Annual, Y/Y% (previous +6.0%)

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

                       Jobless Claims (previous 204K)

                       Jobless Claims, Net Chg (previous -19K)

                       Continuing Claims (previous 1694000)

                       Continuing Claims, Net Chg (previous -24K)

8:30 AM ET. December Real Earnings

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

                       Working Gas In Storage (Cbf) (previous 2891B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -221B)

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. World Social Report launch

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, January 13, 2023  

8:30 AM ET. December Import & Export Price Indexes

                       Import Prices (previous -0.6%)

                       Non-Petroleum Prices (previous -0.3%)

                       Petroleum Prices (previous -3.3%)

10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data

                       Mid-Mo Sentiment (previous 59.1)

                       Mid-Mo Expectations (previous 58.4)

                       Mid-Mo Current Idx (previous 60.2)

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

The STOCK INDEXES: The March NASDAQ 100 was slightly lower overnight as it consolidates some of the rally off last-Friday's low. Overnight trading sets the stage for a slightly 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. Closes above the 50-day moving average crossing at 11,479.87 would open the door for additional short covering gains. Closes below the 10-day moving average crossing at 11,134.56 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 11,479.87. Second resistance is the 38% retracement level of the August-October decline crossing at 11,849.67. First support is the 10-day moving average crossing at 11,134.56. Second support is last-Friday's low crossing at 10,751.00.

The March S&P 500 was steady to slightly higher overnight as it extends the rally off December's low and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 62% retracement level of the August-October decline crossing at 4045.36 is the next upside target. Closes below last-Friday's low crossing at 3819.00 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 4045.36. Second resistance is the 75% retracement level of the August-October decline crossing at 4155.39. First support is last-Friday's low crossing at 3819.00. Second support is December's low crossing at 3788.50. 

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

INTEREST RATES: March T-bonds were higher overnight and sets the stage for a higher opening when the day 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 the December 30^th low, December's high crossing at 132-15 is the next upside target. Closes below the 50-day moving average crossing at 126-22 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 130-01. Second resistance is December's high crossing at 132-15. First support is the 50-day moving average crossing at 126-22. Second support is the December's low crossing at 124-11.  

March T-notes were steady to slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the December 30^th low, December's high crossing at 115.115 is the next upside target. Closes below the 50-day moving average crossing at 113.044 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 114.235. Second resistance is December's high crossing at 115.115. First support is the 50-day moving average crossing at 113.044. Second support is December's low crossing at 112.280. 

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

ENERGIES:Februarycrude oil was higher overnight as it extends the rally off last-Thursday'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. Closes above the January 3^rd high crossing at $81.50 would renew the rally off December's low. If February renews last-week's decline, December's low crossing at $70.31 is the next downside target. First resistance is the 50-day moving average crossing at $79.19. Second resistance is the January 3^rd high crossing at $81.50. First support is last-Thursday's low crossing at $72.46. Second support is December's low crossing at $70.31.  

February heating oil is working on a possible inside day and is lower overnight setting the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off this month's low, December's high crossing at $3.3543 is the next upside target. If February resumes the decline off December's high, December's low crossing at $2.7517 is the next downside target. First resistance is Wednesday's high crossing at $3.2488. Second resistance is December's high crossing at $3.3543. First support is last-Thursday's low crossing at $2.9200. Second support is December's low crossing at $2.7517.    

February unleaded gas was higher overnight as it extends the rally off last-Friday's low and sets the stage for a slightly 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 February resumes the rally off December's low, the November 14^th high crossing at $2.5783 is the next upside target. Closes below last-Friday's low crossing at $2.2356 would renew the decline off December's high. First resistance is December's high crossing at $2.5233. Second resistance is the November 14^th high crossing at $2.5783. First support is last-Friday's low crossing at $2.2356. Second support is the December 16^th low crossing at $2.1157.  

February natural gas was slightly higher overnight and sets the stage for a slightly 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 February extends the decline off November's high, the March-2022 low crossing at 2.598 is the next downside target, Closes above the 20-day moving average crossing at 4.730 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.963. Second resistance is the 20-day moving average crossing at 4.730. First support is the 87% retracement level of the 2020-2022 rally crossing at 3.491. Second support is the March-2022 low crossing at 2.598.

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

CURRENCIES:The March Dollar was steady to slightly lower overnight. Overnight trading sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off September's high, the 75% retracement level of the March-September rally crossing at $101.331 is the next downside target. Closes above the 50-day moving average crossing at $105.419 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $105.419.Second resistance is last-Friday's high crossing at $105.500. First support is Monday's low crossing at $102.680. Second support is the 75% retracement level of the March-September rally crossing at $101.331.

The March Euro was steady to slightly lower overnight and sets the stage for a slightly 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 renews the rally off September's low, the March 31^st high crossing at $1.09680 is the next upside target. Closes below the 50-day moving average crossing at $1.05180 would open the door for a larger-degree decline during January. 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 $1.05180.  

The March British Pound was slightly higher overnight as it consolidates some of the rally off last-Friday's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last-Friday's low, December's high crossing at 1.2477 is the next upside target. Closes below last-Friday's low crossing at 1.1861 would renew the decline off December's high while opening the door for a possible test of the 38% retracement level of the September-December rally crossing at 1.1697. First resistance is Monday's high crossing at 1.2229. Second resistance is December's high crossing at 1.2477. First support is last-Friday's low crossing at 1.1861. Second support is the 38% retracement level of the September-December rally crossing at 1.1697.    

The March Swiss Franc was lower overnight as it extends the decline off Monday's high. Overnight trading sets the stage for a 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 50-day moving average crossing at 1.06930 would open the door for a larger-degree decline during January. If March extends the rally off November's low, the 62% retracement level of the 2021-2022 decline crossing at 1.10351 is the next upside target. First resistance is Monday's high crossing at 1.09845. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.07047. Second support is last-Friday's low crossing at 1.06915. 

The March Canadian Dollar was steady to slightly lower overnight as it consolidates some of the rally last-Tuesday's low. Overnight trading sets the stage for a steady to slightly 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 last-Tuesday's low, November's high crossing at $75.71 is the next upside target. Closes below the 20-day moving average crossing at $73.85 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $74.91. Second resistance is November's high crossing at $75.71. 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 higher overnight and sets the stage for a 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 March renews the rally off October's, the August high crossing at 0.078135 is the next upside target. Closes below last-Friday's low crossing at 0.074830 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Tuesday's high crossing at 0.077935. Second resistance is the August high crossing at 0.078135. First support is last-Friday's low crossing at 0.074830. Second support is the 50-day moving average crossing at 0.073771.  

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

Februarygold was higher overnight as it extends 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off November's low, the 62% retracement level of the March-October decline crossing at $1915.10 is the next upside target. Closes below the 20-day moving average crossing at $1834.20 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $1890.90. Second resistance is the 62% retracement level of the March-October decline crossing at $1915.10. First support is the 20-day moving average crossing at $1834.20. Second support is the December 15^th low crossing at $1782.00.

March silver was higher overnight as it extends the December-January trading range. Overnight strength sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $23.260 would open the door for additional weakness near-term. If March renews the rally off October's low, the 87% retracement level of the March-August decline crossing at $25.938 is the next upside target. 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 last-Thursday's low crossing at $23.260. Second support is the December 16^th low crossing at $22.735.    

March copper was lower overnight as it consolidates some of the rally off the January 4^th 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off the November 28^th low, the 62% retracement level of the March-July-2022 decline crossing at 4.2424 is the next upside target. Closes below the 20-day moving average crossing at 3.8666 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.1865. Second resistance is the 62% retracement level of the March-July-2022 decline crossing at 4.2424. First support is the 20-day moving average crossing at 3.8665. Second support is the 50-day moving average crossing at 3.7737.

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

March corn was higher overnight as it extends the trading range of the past five-days. Overnight trading sets the stage for steady to higher opening when the day sessions begins trading. However, trading is likely to remain subdued ahead of the release of today's WASDE report. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off December's high, the December 19^th low crossing at $6.44 is the next downside target. Closes above Tuesday's high crossing at $6.64 would temper the near-term bearish outlook. First resistance is Tuesday's high crossing at $6.64. Second resistance is December's high crossing at $6.85. First support is is the December 19^th low crossing at $6.44. Second support is December's low crossing at $6.35.  

March wheat was steady to slightly higher overnight and sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.87 1/2 are needed to signal that a short-term low has been posted. If March extends last-week's decline, the September 6^th 2022 low crossing at $6.93 1/2 is the next downside target. First resistance is 50-day moving average crossing at $7.87 1/2. Second resistance is the November 25^th high crossing at $8.20 1/4. First support is the 75% retracement level of the 2020-2022 rally crossing at $7.24 1/4. Second support is the September 6^th2022 low crossing at $6.93 1/2.  

March Kansas City wheat was higher overnight as it consolidates some of the decline off October's high. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $8.51 3/4 would signal that a short-term low has been posted. If March extends last-week's decline, the January 31^st 2022 low crossing at $7.80 is the next downside target. First resistance is the 20-day moving average crossing at $8.51 3/4. Second resistance is the 50-day moving average crossing at $8.85 1/4. First support is Tuesday's low crossing at $8.03 1/4. Second support is theJanuary 31^st 2022 low crossing at $7.80.

March Minneapolis wheat was higher overnight as it consolidates some of this month's decline. 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 this month's decline, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 20-day moving average crossing at $9.15 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $9.15. Second resistance is the 50-day moving average crossing at $9.33. First support is Wednesday's low crossing at $8.90. Second support is August's low crossing at $8.75 3/4.  

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

March soybeans were higher overnight as it extends the rally off last-Thursday's low. Overnight trading sets the stage for a higher opening. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $15.01 3/4 would temper the near-term bearish outlook while opening the door for additional short covering gains. If March renews the rally off October's low, December's high crossing at $15.37 1/2 is the next upside target. If March renews the decline off this month's high, the 50% retracement level of the October-December rally crossing at $14.54 1/4 is the next downside target. First resistance is December's high crossing at $15.37 1/2. Second resistance is last-June's high crossing at $15.72 1/2. First support is last-Thursday's low crossing at $14.65. Second support is the 50% retracement level of the October-December rally crossing at $14.54 1/4.

March soybean meal was a higher overnight and has traded to a new contract high. Overnight trading sets the stage for a higher opening when the day 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 October's low, the August 29^th high on the monthly continuation chart crossing at $488.40 is the next upside target. Closes below the 20-day moving average crossing at $460.90 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $480.00. Second resistance is the August 29^th high on the monthly continuation chart crossing at $488.40. First support is the 20-day moving average crossing at $460.90. Second support is the December 19^th low crossing at $443.40. 

March soybean oil was steady to slightly higher overnight as it extends the trading range of the past six-days. 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 renews last-week's decline, the December 16^th low crossing at 61.47 is the next downside target. Closes above the 50-day moving average crossing at 66.36 would confirm that a low has been posted while opening the door for additional short-term gains. First resistance is the 50-day moving average crossing at 66.36. Second resistance is the December 27^th  high crossing at 66.97. First support is the December 16^th low crossing at 61.47. Second support is December's low crossing at 58.50.