KEY EVENTS TO WATCH FOR:

Friday, January 13, 2023 

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

                       Import Prices (expected -0.8%; 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 (expected 60.7; previous 59.1)

                       Mid-Mo Expectations (previous 58.4)

                       Mid-Mo Current Idx (previous 60.2)

Monday, January 16, 2023 

  N/A              U.S: Martin Luther King Day. Financial markets closed

Tuesday, January 17, 2023 

8:30 AM ET. January Empire State Manufacturing Survey

                       Mfg Idx (previous -11.2)

                       Employment Idx (previous 14.0)

                       New Orders Idx (previous -3.6)

                       Prices Received (previous 25.2)

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The Dow closed higher on Thursday as it extends the rally off December's low. Today's CPI report came in a 6.5% down 0.1% from the previous month, which helped to provide underlying support of the aforementioned rally. The high-range close sets the stage for a higher opening when Friday'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 the Dow extends the aforementioned rally, December's high crossing at 34,712.28 is the next upside target. Closes below the 20-day moving average 33,308.85 would signal that a short-term top has likely been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 34,292.67. Second resistance is December's high crossing at 34,712.28. First support is the 20-day moving average 33,308.85. Second support is the December 22^nd low crossing at 32,573.43.   

The March NASDAQ 100 closed higher for the fifth-day in a row on Thursday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. Today's close above the 50-day moving average crossing at 11,481.50 signals that a short-term low has been posted as it extends the rally off last-Friday's low. If March extends the aforementioned rally, the 38% retracement level of the August-October decline crossing at 11,849.67 is the next upside target. Closes below the 10-day moving average crossing at 11,142.48 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-October decline crossing at 11,839.97. Second resistance is the 50% retracement level of the August-October decline crossing at 12,237.16. First support is the 10-day moving average crossing at 11,140.88. Second support is last-Friday's low crossing at 10,751.00.  

The March S&P 500 closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday'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 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 the 20-day moving average crossing at 3848.65 would signal 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 December's high crossing at 4180.00. First support is the 20-day moving average crossing at 3848.65. Second support is the December 22^nd low crossing at 3788.50.        

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March T-bonds closed up 1-15 pts. at 130-18. 

March T-bonds closed sharply higher on Thursday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday'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 December's 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 today's high crossing at 130-28. 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 50% retracement level of the October-December rally crossing at 124-31. 

March T-notes closed up 265-pts. at 115.085.

March T-notes closed sharply higher on Thursday and tested December's high crossing at 115.115. The high-range close sets the stage for a steady to higher opening when Friday'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 December extends the aforementioned rally, the 62% retracement level of the August-October-2022 decline crossing at 116.235 is the next upside target. Closes below the 50-day moving average crossing at 113.048 would signal that a short-term top has been posted. First resistance is today's high crossing at 115.115. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 116.235. First support is the 50-day moving average crossing at 113.048. Second support is the December 30^th low crossing at 111.280. 

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February crude oil closed higher on Thursday as it extends the rally off last-Thursday's low. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $79.19 would signal that a short-term low has been posted. If February resumes the decline off the January 3^rd high, 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 December's high crossing at $83.27. First support is last-Thursday's low crossing at $72.46. Second support is December's low crossing at $70.31. 

February heating oil closed slightly lower on Thursday as it consolidated some of the rally off last-Thursday's low. The mid-range close sets the stage for a steady to higher opening when Thursday's day trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off last-Thursday's low, December's high crossing at $3.3543 is the next upside target. Closes below the 10-day moving average crossing at $3.1199 would temper the near-term friendly outlook. First resistance is today's high crossing at $3.2673. Second resistance is December's high crossing at $3.3543. First support is the 10-day moving average crossing at $3.1199. Second support is last-Thursday's low crossing at $2.9200. 

February unleaded gas closed higher on Thursday as it extended the rally off last-Friday's low. The mid-range close sets the stage for a steady to higher opening when Friday's 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 last-Friday's low, December's high crossing at $3.5233 is the next upside target. Closes below the 20-day moving average crossing at 2.3081 would signal that a short-term top has been posted. Closes below last-Friday's low crossing at 2.2356 would open the door for a possible test of December's low crossing at 2.1157. First resistance is today's high crossing at 2.4944. Second resistance is December's high crossing at $3.5233. First support is last-Friday's low crossing at $2.2356. Second support is December's low crossing at 2.0321.   

February Henry natural gas closed slightly higher on Thursday as it consolidates the 87% retracement level of the 2020-2022 rally crossing at 3.238. The low-range close sets the stage for a steady to lower opening when Friday's 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 aforementioned decline, the July-19^th low crossing at 3.236 is the next downside target. Closes above the 20-day moving average crossing at 4.726 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.952. Second resistance is the 20-day moving average crossing at 4.726. First support is the 87% retracement level of the 2020-2022 rally crossing at 3.238. Second support is the July 19^th low crossing at 3.236.

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The March Dollar closed lower on Thursday as it renewed the decline off September's high. The low-range close sets the stage for a steady to lower opening when Friday's 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 January-September rally crossing at $101.331 is the next downside target. Closes above the 20-day moving average crossing at $103.713 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.713. Second resistance is the 50-day moving average crossing at $105.402. First support is today's low crossing at $101.810. Second support is 75% retracement level of the January-September rally crossing at $101.331.  

The March Euro closed sharply higher on Thursday as it renewed the rally off September's low. The high-range close sets the stage for a steady to higher opening when Friday'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 resumes the rally off September's low, the March 31^st high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at 1.07091 would signal that a short-term top has been posted. First resistance is today's high crossing at $1.09115. Second resistance is the March 31^st high crossing at $1.09680. First support is the 20-day moving average crossing at 1.07091. Second support is last-Friday's low crossing at $1.05290. 

The March British Pound closed higher on Thursday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If March extends the rally off last-Friday's low, December's high crossing at 1.2229 is the next upside target. Closes below last-Friday's low crossing at 1.1861 would confirm that a short-term top has been posted while opening the door for a possible test of the 38% retracement level of the September-December rally crossing at 1.1698. First resistance is today's high crossing at 1.2264. Second resistance is December's high crossing at 1.2479. 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 1.1698.    

The March Swiss Franc closed higher on Thursday as it consolidates some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Friday's 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 1.07056 would signal that a short-term top has been posted. If March renews the rally off September's low, the 62% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. First resistance is last-Monday's high crossing at 1.09845. Second resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.07056. Second support is last-Friday's low crossing at 1.06915. 

The March Canadian Dollar closed higher on Thursday as it extends the rally off last-Friday  low. The high-range close sets the stage for a steady to higher opening when Friday'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 November 25^th high crossing at 75.16 is the next upside target. Closes below the December 16^th low crossing at 73.04 would renew the decline off November's high while opening the door for a possible test of the November 3^rd low crossing at 72.58. First resistance is Today's high crossing at 74.97. Second resistance is the November 25^thhigh crossing at 75.16. First support is the December 16^th low crossing at 73.04. Second support is the November 3^rd low crossing at 72.58.

The March Japanese Yen closed sharply higher on Thursday as it renewed the rally off October's low. The high-range close sets the stage for a steady to higher opening when Friday’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 the rally off October's low, the May 24^th -2021 high crossing at 0.080525 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 today's high crossing at 0.078185. Second resistance is the May 24^th -2021 high crossing at 0.080525. First support is last-Friday's low crossing at 0.074830. Second support is the 50-day moving average crossing at 0.073790.  

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February gold closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday'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 extends the rally off November's low, the 62% 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 $1834.80 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at $1906.50. 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 $1834.80. Second support is the 50-day moving average crossing at $1790.40.

March silver closed higher on Thursday as it extended the trading range of the past three-weeks. The mid-range close sets the stage for a steady to higher opening when Friday's 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 the January 3^rd high, the 50-day moving average crossing at 22.615 is the next downside target. 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-September decline crossing at 24.779. Second resistance is the 87% retracement level of the March-August decline crossing at 25.938. First support is the December 16^th low crossing at 22.735. Second support is the 50-day moving average crossing at 22.615.  

March copper closed slightly higher on Thursday as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Friday'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 the rally off September's low, the 62% retracement level of the March-July decline crossing at 4.2424 is the next upside target. Closes below the 20-day moving average crossing at 3.8681 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the March-July decline crossing at 4.2424. Second resistance is the 75% retracement level of the March-July decline crossing at 4.4773. First support is the 20-day moving average crossing at 3.8681. Second support is the 50-day moving average crossing at 3.7743.  

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March Corn closed up $0.15-cents at $6.72 1/4. 

March corn closed higher on Thursday marking an upside breakout of the trading range of the past five-days. Today's rally was underpinned by today's WASDE report which was bullish. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally, December's high crossing at $6.85 is the next upside target. Closes below Tuesday's low crossing at $6.48 1/4 would renew the decline off December's high. First resistance is today's high crossing at $6.73 1/2. Second resistance is December's high crossing at $6.85. First support is the December 19^th low crossing at $6.44. Second support is December's low crossing at $6.35.  

March wheat closed up $0.02 3/4-cents at $7.42 3/4.  

March wheat closed higher on Thursday as it consolidated some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Friday's 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 $7.57 3/4 would signal that a short-term low has been posted. If March extends last-week's decline, the September 6^th 2021 low crossing at $6.93 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $7.57 3/4. Second resistance is the 50-day moving average crossing at $7.87 1/2. First support is Tuesday's low crossing at $7.20 1/2. Second support is the September 6^th 2021 low crossing at $6.93 1/2. 

March Kansas City Wheat closed up $0.12 3/4-cents at $8.35.

March Kansas City wheat closed higher on Thursday as it consolidates some of the decline off October's high. The high-range close sets the stage for a steady to higher opening when Friday's 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 $8.52 would signal that a short-term low has been posted. If March extends the aforementioned decline, the January 10^th low crossing at $7.68 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $8.52. Second resistance is the 50-day moving average crossing at $8.85 1/2. First support is Tuesday's low crossing at $8.03 1/4. Second support is the January 10^th low crossing at $7.68 3/4.

March Minneapolis wheat closed up $0.13-cents at $9.12 1/4.

March Minneapolis wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's 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 $9.15 1/2 would signal that a short-term low has been posted. 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 20-day moving average crossing at $9.15 1/2. Second resistance is the 50-day moving average crossing at $9.33 1/4. First support is Wednesday's low crossing at $8.90. Second support is August's low crossing at $8.75 3/4.

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March soybeans closed up $0.25 1/2-cents at $15.18 1/2.

March soybeans closed sharply higher on Thursday following a bullish WASDE supply-demand report. The high-range close sets the stage for a steady to higher opening when Friday's day trade begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today's rally. December's high crossing at $15.37 1/2 is the next upside target. Closes below the 50-day moving average crossing at $14.68 1/2 would signal that a short-term top has been posted. First resistance is December's high crossing at $15.37 1/2. Second resistance is June's high crossing at $15.72 1/4. First support is the 50% retracement level of the October-December rally crossing at $14.54 1/4. Second support is December's low crossing at $14.31 3/4.  

March soybean meal closed up $6.70 at $481.30. 

March soybean meal closed higher on Thursday as it extended the rally off July's low. The high-range close sets the stage for a steady to higher opening when Friday'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 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 $461.10 would signal that a short-term top has been posted. First resistance is today's high crossing at $484.40. Second resistance is the August 29^th high on the monthly continuation chart crossing at $488.40 is the next upside target. First support is the 20-day moving average crossing at $461.10. Second support is the December 19^th low crossing at $443.40. 

March soybean oil closed up 114-pts. At 63.25. 

March soybean oil closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's 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 the December 27^th high, the December 16^th low crossing at 61.47 is the next downside target. Closes above the 50-day moving average crossing at 66.37 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 66.37. Second resistance is the November 29^th high crossing at 72.49. First support is the December 16^th low crossing at 61.47. Second support is December's low crossing at 58.50. 

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February hogs closed down $0.45 at $78.85. 

February hogs closed lower on Thursday as it extended the decline off the December 27^th high. The mid-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, October's low crossing at $76.40 is the next downside target. Closes above the 20-day moving average crossing at $84.77 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $82.71. Second resistance is the 20-day moving average crossing at $84.77. First support is today's low crossing at $77.58. Second support is October's low crossing at $76.40. 

February cattle closed down $0.18 at $157.58. 

February cattle closed lower on Thursday and the mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at $156.53 would signal that a short-term top has been posted. If February renews the rally off November's low, the 87% retracement level of the monthly continuation chart crossing at $159.54 is the next upside target. First resistance is December'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 Monday's low crossing at $156.53. Second support is the 50-day moving average crossing at $155.80.  

March Feeder cattle closed down $1.25 at $184.30. 

March Feeder cattle closed lower on Thursday as it extended the decline off the January 4^th high. The low-range close sets the stage for a steady to lower opening when Friday's 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 $184.06 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off October's low, the 87% retracement level of the August-October decline crossing at $190.38 is the next upside target. First resistance is the 75% retracement level of the August-October decline crossing at $188.29. Second resistance is the 87% retracement level of the August-October decline crossing at $190.38. First support is the 50-day moving average crossing at $184.06. Second support is the December 20^th low crossing at $182.87.      

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March coffee closed higher on Thursday as it consolidated some of the decline off August's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If March extends the decline off December's high, the 87% retracement level of the 2020-2022 rally crossing at $13.20 is the next downside target. Closes above the 50-day moving average crossing at $16.41 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $16.41. Second resistance is December's high crossing at $17.50. First support is Wednesday's low crossing at $14.21. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.20. 

March cocoa closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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 25.83 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 Monday's low, the March-2022 high on the weekly continuation chart crossing at 27.10 is the next upside target.              

March sugar closed slightly lower on Thursday. The mid-range close sets the stage for a steady to slightly lower opening on Friday. 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 20.00 would signal that a short-term low has been posted. If March renews the decline off December's high, the 62% retracement level of the September-December rally crossing at 18.71 is the next downside target.    

March cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 83.24 tempers the near-term friendly outlook while opening the door for a possible test of the January 4^th low crossing at 80.37. If March resumes the rally off October's low, the 50% retracement level of the August-October decline crossing at 93.31 is the next upside target.