KEY EVENTS TO WATCH FOR:

Friday, January 20, 2023 

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

10:00 AM ET. ABA Economic Advisory Committee economic forecast

10:00 AM ET. December Existing Home Sales

                       Existing Sales (previous 4.09M)

                       Existing Sales, M/M% (previous  -7.7%)

                       Unsold Homes Month's Supply (previous 3.3)

                       Median Price (USD) (previous 370700)

                       Median Home Price, Y/Y% (previous +3.5%)

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

The Dow gapped down and closed lower on Thursday as it extends the decline off last-Friday'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 bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this week's decline, the December 22^nd low crossing at 32,573.43 is the next downside target. If the Dow renews the rally off December's low, December's high crossing at 34,712.28 is the next upside target. First resistance is last-Friday's high crossing at 34,342.32. Second resistance is December's high crossing at 34,712.28. First support is the January 5^th low crossing at 32,812.33. Second support is the December 22^nd low crossing at 32,573.43.   

The March NASDAQ 100 closed lower on Thursday following yesterday's key reversal down as it consolidated some of the rally off January's low. The high-range close sets the stage for a steady to slightly lower opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible. Closes below the 20-day moving average crossing at 11,194.14 would signal that a short-term top has been posted. If March renews the rally off January's low, the 38% retracement level of the August-October decline crossing at 11,839.97 is the next upside target. 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 20-day moving average crossing at 11,194.14. Second support is January's low crossing at 10,751.00.  

The March S&P 500 closed lower on Thursday as it extended this week's decline. The high-range close sets the stage for a steady to slightly 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 20-day moving average crossing at 3904.61 would signal that a short-term top has been posted. If March resumes the rally off December's low, the 62% retracement level of the August-October decline crossing at 4045.36 is the next upside target. First resistance isthe 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 3904.61. Second support is the December 22^nd low crossing at 3788.50.        

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March T-bonds closed down 11-pts. at 131-23. 

March T-bonds closed lower on Thursday as it consolidated some of the rally off December's low. 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 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 133-30 is the next upside target. Closes below the 20-day moving average crossing at 128-07 would signal that a short-term top has been posted. First resistance is today's high crossing at 132-31. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 133-30. First support is the 10-day moving average crossing at 129-26. Second support is the 20-day moving average crossing at 128-07. 

March T-notes closed down 90-pts. at 115.205.

March T-notes closed lower on Thursday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to slightly lower 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 20-day moving average crossing at 113.245 would signal that a short-term top has been posted. First resistance is today's high crossing at 116.080. Second resistance is the 62% retracement level of the August-October-2022 decline crossing at 116.235. First support is the 10-day moving average crossing at 114.208. Second support is the 20-day moving average crossing at 113.245. 

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

February crude oil closed higher on Thursday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the aforementioned rally, December's high crossing at $83.27 is the next upside target. Closes below the 10-day moving average crossing at $77.30 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $82.38. Second resistance is December's high crossing at $83.27. First support is the 10-day moving average crossing at $77.30. Second support is the January 5^thlow crossing at $72.46.  

February heating oil closed higher on Thursday as it extends the rally off the January 5^th low. The high-range close sets the stage for a steady to higher opening when Friday's day trading session begins. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off the January 5^th low, the November 15^th high crossing at $3.4722 is the next upside target. Closes below the 20-day moving average crossing at $3.1706 would temper the near-term friendly outlook. First resistance is today's high crossing at $3.3839. Second resistance is the November 15^th high crossing at $3.4722. First support is the 20-day moving average crossing at $3.1704. Second support is the January 5^th low crossing at $2.9200.

February unleaded gas closed higher on Thursday as it extended the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 December's low, November's high crossing at $2.6682 is the next upside target. Closes below the 20-day moving average crossing at 2.3804 would signal that a short-term top has been posted. First resistance is today's high crossing at 2.6219. Second resistance is November's high crossing at $2.6682. First support is the 10-day moving average crossing at 2.4244. Second support is the 20-day moving average crossing at $2.3804.

February Henry natural gas closed lower on Thursday as it extends the decline off November's 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the decline off November's high, the March-2020 low crossing at 2.598 is the next downside target. Closes above the 20-day moving average crossing at 4.164 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.164. Second resistance is the December 27^th high crossing at 5.245. First support is today's low crossing at 3.194. Second support is the March-2020 low crossing at 2.598.

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

The March Dollar closed lower on Thursday as it consolidated above support marked by the 75% retracement level of the January-September rally crossing at $101.331. The low-range close sets the stage for a steady to lower opening when Friday's 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 87% retracement level of the January-September rally crossing at $99.229 is the next downside target. Closes above the 20-day moving average crossing at $103.216 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.216. Second resistance is the 50-day moving average crossing at $104.556. First support is the 75% retracement level of the January-September rally crossing at $101.331. Second support is the 87% retracement level of the January-September rally crossing at $99.229. 

The March Euro closed higher on Thursday as it extends the trading range of the past four-days. 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 1.07408 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $1.09275. Second resistance is the March 31^st high crossing at $1.09680. First support is the 20-day moving average crossing at 1.07408. Second support is the 50-day moving average crossing at $1.05903. 

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 the 50-day moving average crossing at 1.2086 would signal that a short-term top has been posted while opening the door for a possible test of the December 6^th low crossing at 1.1867. First resistance is Wednesday's high crossing at 1.2452. Second resistance is December's high crossing at 1.2479. First support is the 50-day moving average crossing at 1.2086. Second support is the January 6^th low crossing at 1.1861. 

The March Swiss Franc closed slightly higher on Thursday as it extends the rally off last-Wednesday'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 September's low, the 75% retracement level of the 2018-2022 decline crossing at 1.10351 is the next upside target. Closes below the 50-day moving average crossing at 1.07690 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2018-2022 decline crossing at 1.10351. Second resistance is the 75% retracement level of the 2018-2022 decline crossing at 1.10351. First support is the 50-day moving average crossing at 1.07690. Second support is the January 6^th low crossing at 1.06915. 

The March Canadian Dollar closed higher on Thursday as it consolidated some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when Friday's 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 74.09 would signal that a short-term top has been posted. If March renews this month's rally, November's high crossing at 75.71 is the next upside target. First resistance is the November 25^thhigh crossing at 75.16. Second resistance is November's high crossing at 75.71. First support is the 20-day moving average crossing at 74.09. Second support is the December 16^th low crossing at 73.04.

The March Japanese Yen closed slightly higher on Thursday. 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 October's low, the May 24^th -2021 high crossing at 0.080525 is the next upside target. Closes below the 20-day moving average crossing at 0.076807 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 0.079190. Second resistance is the May 24^th -2021 high crossing at 0.080525. First support is the 20-day moving average crossing at 0.076807. Second support is the January 6^th low crossing at 0.074830.    

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February gold closed sharply 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 75% retracement level of the March-October decline crossing at $1975.80 is the next upside target. Closes below the 20-day moving average crossing at $1858.10 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 $1936.90. Second resistance is the 75% retracement level of the March-October decline crossing at $1975.80. First support is the 10-day moving average crossing at $1891.60. Second support is the 20-day moving average crossing at $1858.10.

March silver closed higher on Thursday as it extends the trading range of the past three-weeks. 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. If March renews the decline off the January 3^rd high, the 50-day moving average crossing at 22.938 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 50-day moving average crossing at 22.938. Second support is the December 16^th low crossing at 22.735.   

March copper closed higher on Thursday as it posted a new high close for the year. 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 September's low, the 75% retracement level of the March-July decline crossing at 4.4773 is the next upside target. Closes below the 20-day moving average crossing at 3.9562 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 4.3550. Second resistance is the 75% retracement level of the March-July decline crossing at 4.4773. First support is the 10-day moving average crossing at 4.1126. Second support is the 20-day moving average crossing at 3.9563.  

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

March Corn closed down $0.04-cents at $6.77 1/4. 

March corn closed lower on Thursday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Friday's night 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 this month's rally, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. Closes below the 50-day moving average crossing at $6.62 1/4 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $6.88 3/4. 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 $6.62 1/4. Second support is last-Tuesday's low crossing at $6.48 1/4.    

March wheat closed down $0.08-cents at $7.34 1/2.  

March wheat closed lower on Thursday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews this month's decline, the September 6^th 2021 low crossing at $6.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.56 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.56. Second resistance is the 50-day moving average crossing at $7.76 3/4. First support is last-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 down $0.09 1/2-cents at $8.32.

March Kansas City wheat closed lower on Thursday as it consolidates some of the rally off last-Tuesday's low. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off December's high, the January 10^th 2022 low crossing at $7.68 3/4 is the next downside target. If March extends the rally off last-Tuesday's low, the 50-day moving average crossing at $8.79 3/4 is the next upside target. First resistance is the 50-day moving average crossing at $8.76 3/4. Second resistance is the December 27^th high crossing at $8.94 3/4. First support is last-Tuesday's low crossing at $8.03 1/4. Second support is the January 10^th 2022 low crossing at $7.68 3/4.

March Minneapolis wheat closed up $0.03-cents crossing at $9.04.

March Minneapolis wheat closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off November's high, August's low crossing at $8.75 3/4 is the next downside target. Closes above the 50-day moving average crossing at $9.28 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $9.28 1/4. Second resistance is the January 30^th high crossing at $9.40. First support is last-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 closed down $0.09 3/4-cents at $15.14 3/4.

March soybeans closed lower on Thursday as it consolidated some of the rally off the January 5^th low. The mid-range close sets the stage for a steady to lower opening when Friday's day trade begins. 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 $14.99 3/4 would signal that a short-term top has been posted. If March extends this month's rally. last-June's high crossing at $15.72 1/4 is the next upside target. First resistance is Wednesday's high crossing at $15.48 1/2. Second resistance is last-June's high crossing at $15.72 1/4. First support is the 20-day moving average crossing at $14.99 3/4. Second support is the 50-day moving average crossing at $14.74 1/4.

March soybean meal closed down $6.90 at $471.20. 

March soybean meal closed lower on Thursday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $465.60 would signal that a short-term top has been posted. 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. First resistance is Wednesday's high crossing at $487.00. 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 $465.60. Second support is the December 19^th low crossing at $443.40. 

March soybean oil closed down 97-pts. At 63.15. 

March soybean oil closed lower on Thursday as it extends the trading range of the past two-weeks. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 64.43 would signal that a short-term low has been posted. If March renews the decline off the December 27^th high, the December 16^th low crossing at 61.47 is the next downside target. First resistance is last-Monday's high crossing at 64.43. Second resistance is the 50-day moving average crossing at 65.77. First support is the December 16^th low crossing at 61.47. Second support is December's low crossing at 58.50. 

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

April hogs closed down $1.90 at $84.30. 

April hogs closed lower on Thursday as it extended the decline off the December 27^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 oversold but remain bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, October's low crossing at $82.63 is the next downside target. Closes above the 10-day moving average crossing at $88.30 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $88.30. Second resistance is the 20-day moving average crossing at $91.63. First support is today's low crossing at $84.08. Second support is October's low crossing at $82.63. 

April cattle closed down $1.23 at $159.00. 

April cattle closed lower on Thursday and below the 50-day moving average crossing at $159.69 confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, the 25% retracement level of the 2021-2022 rally crossing at $157.566 is the next downside target. If April renews the rally off November's low, the April-2015 high on the monthly continuation chart crossing at $164.13 is the next upside target. First resistance is December's high crossing at $162.75. Second resistance is the June-2015 high on the monthly continuation chart crossing at $164.13. First support is the 25% retracement level of the 2021-2022 rally crossing at $157.566. Second support is the 50-day moving average crossing at $156.43.   

March Feeder cattle closed down $1.80 at $179.93. 

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 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 October 14^th low crossing at $176.28 is the next downside target. Closes above the 50-day moving average crossing at $184.05 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $184.05. Second resistance is the 20-day moving average crossing at $185.11. First support is today's low crossing at $179.18. Second support is the October 14^th low crossing at $176.28.      

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

March coffee closed slightly higher on Thursday as it extends the rally off last-Wednesday's low. The low-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $16.26 would signal that a short-term low has been posted. If March renews the decline off December's high, the 87% retracement level of the 2020-2022 rally crossing at $13.20 is the next downside target. First resistance is the 20-day moving average crossing at $16.09. Second resistance is the 50-day moving average crossing at $16.26. First support is last-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 sharply lower on Thursday and below the 20-day moving average crossing at 26.06 signaling that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 50-day moving average crossing at 25.41 is the next downside target. Closes above the 10-day moving average crossing at 26.27 would signal that a short-term low has been posted.              

March sugar closed lower on Thursday as it consolidates some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, November's high crossing at 20.48 is the next upside target. Closes below last-Thursday low crossing at 19.45 would signal that a short-term top has been posted.    

March cotton closed lower on Wednesday as it extends the November-January trading range. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If March extends the decline off last-Monday's high, the January 4^th low crossing at 80.37 is the next downside target.