KEY EVENTS TO WATCH FOR:

Wednesday, January 25, 2023 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 238.7)

                       Composite Idx, W/W% (previous +27.9%)

                       Purchase Idx-SA (previous 198.7)

                       Purchase Idx-SA, W/W% (previous +24.7%)

                       Refinance Idx (previous 438.3)

                       Refinance Idx, W/W% (previous +34.2%)

10:00 AM ET. SEC Open Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 448.015M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +8.408M)

                       Gasoline Stocks (Bbl) (previous 230.259M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +3.483M)

                       Distillate Stocks (Bbl) (previous 115.777M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.939M)

                       Refinery Usage (previous 85.3%)

                       Total Prod Supplied (Bbl/day) (previous 20.314M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +2.687M)

Thursday, January 26, 2023 

8:30 AM ET. December CFNAI Chicago Fed National Activity Index

                       NAI

                       NAI, 3-mo Moving Avg

8:30 AM ET. 4^th Quarter Advance estimate GDP

                       Annual Rate, Q/Q% (expected +2.8%; previous +3.2%)

                       Chain-Weighted Price Idx, Q/Q% (expected +3.4%; previous +4.4%)

                       PCE Price Idx, Q/Q% (previous +4.3%)

                       Purchase Price Idx, Q/Q% (previous +4.8%)

                       Real Final Sales 1st Est, Q/Q% (previous +4.5%)

                       Core PCE Price Idx, Q/Q% (previous +4.7%)

                       Personal Consumption, Q/Q% (previous +2.3%)

8:30 AM ET. December Advance Economic Indicators Report

8:30 AM ET. December Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (expected +2.9%; previous -2.1%)

                       Dur Goods, Ex-Defense, M/M% (previous -2.6%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.2%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.2%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)

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

                       Jobless Claims (expected 199K; previous 190K)

                       Jobless Claims, Net Chg (previous -15K)

                       Continuing Claims (previous 1647000)

                       Continuing Claims, Net Chg (previous +17K)

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

10:00 AM ET. December New Residential Sales

                       New Home Sales (expected 615K; previous 640K)

                       New Home Sales, M/M% (expected -3.9%; previous +5.8%)

                       New Home Sales Months Supply (previous 8.6)

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

                       Working Gas In Storage (Cbf) (previous 2820B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -82B)

11:00 AM ET. January Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous -13)

                       6-Mo Exp Prod Idx (previous 12)

                       Mfg Composite Idx (previous -9)

                       6-Mo Exp Composite Idx (previous 2)

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, January 27, 2023 

8:30 AM ET. December Personal Income & Outlays

                       Personal Income, M/M% (expected +0.3%; previous +0.4%)

                       Consumer Spending, M/M% (expected -0.1%; previous +0.1%)

                       PCE Price Idx, M/M% (previous +0.1%)

                       PCE Price Idx, Y/Y% (previous +5.5%)

                       PCE Core Price Idx, M/M% (expected +0.3%; previous +0.2%)

                       PCE Core Price Idx, Y/Y% (expected +4.4%; previous +4.7%)

10:00 AM ET. December Pending Home Sales Index

                       Pending Home Sales (previous 73.9)

                       Pending Home Sales Idx, M/M% (expected -1.5%; previous -4.0%)

                       Pending Home Sales Idx , Y/Y% (previous -37.8%)

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

                       End-Mo Sentiment Idx (expected 64.6; previous 59.7)

                       End-Mo Expectations Idx (previous 59.9)

                       12-Month Inflation Forecast (previous 4.4%)

                       5-Year Inflation Forecast (previous 2.9%)

                       End-Mo Current Idx (previous 59.4)

Monday, January 30, 2023 

10:30 AM ET. January Texas Manufacturing Outlook Survey

                       Business Activity (previous -18.8)

                       Mfg Production Idx (previous 9.7)

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

The Dow closed higher on Tuesday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to lower opening when Wednesday'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 the Dow extends the rally off last-Friday's low, January's high crossing at 34,342.32 is the next upside target. If the Dow renews last-week's decline, the December 22^nd low crossing at 32,573.43 is the next downside target. First resistance is January's high crossing at 34,342.32. Second resistance is the December 13^th 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 higher on Tuesday as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling sideways to higher prices are possible. If March extends the rally off January's low, the 50% retracement level of the August-October decline crossing at 12,237.16 is the next upside target. Closes below the 20-day moving average crossing at 11,288.34 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 11,983.00. Second resistance is the 50% retracement level of the August-October decline crossing at 12,237.16. First support is the 50-day moving average crossing at 11,560.85. Second support is the 20-day moving average crossing at 11,288.34.   

The March S&P 500 posted an inside day with a slightly higher close on Tuesday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are overbought, diverging 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 75% retracement level of the August-October decline crossing at 4154.88 is the next upside target. Closes below the 20-day moving average crossing at 3926.54 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 the 75% retracement level of the August-October decline crossing at 4154.88. First support is the 20-day moving average crossing at 3926.54. Second support is the December 22^nd low crossing at 3788.50.       

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March T-bonds closed up 1-06-pts. at 131-01. 

March T-bonds closed higher on Tuesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 128-07 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 133-30 is the next upside target. First resistance is last-Thursday'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 20-day moving average crossing at 128-18. Second support is the 50-day moving average crossing at 128-07. 

March T-notes closed up 130-pts. at 115.030.

March T-notes closed higher on Tuesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 113.311 would signal that a short-term top has been posted. If December renews the rally off December's low, the 62% retracement level of the August-October-2022 decline crossing at 116.235 is the next upside target. First resistance is last-Thursday'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 20-day moving average crossing at 113.255. Second support is the 50-day moving average crossing at 113.311. 

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

March crude oil closed lower on Tuesday as it consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins. 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 aforementioned rally, December's high crossing at $83.14 is the next upside target. Closes below the 50-day moving average crossing at $81.71 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $82.66. Second resistance is December's high crossing at $83.14. First support is the 50-day moving average crossing at $81.71. Second support is the January 5^thlow crossing at $72.74.  

March heating oil posted a key reversal down and closed lower on Tuesday ending a twelve day rally off the January 5^th low. The low-range close sets the stage for a steady to lower opening when Wednesday's day trading session begins. 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 January 5^th low, October's high crossing at $3.4793 is the next upside target. Closes below the 50-day moving average crossing at $3.0883 would signal that a short-term top has been posted. First resistance is today's high crossing at $3.4664. Second resistance is October's high crossing at $3.4793. First support is the 10-day moving average crossing at $3.2150. Second support is the 20-day moving average crossing at $3.1322. 

March unleaded gas closed lower on Tuesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 75% retracement level of 2022's decline crossing at $2.7856 is the next upside target. Closes below the 20-day moving average crossing at 2.4471 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $2.7135. Second resistance is the 75% retracement level of 2022's decline crossing at $2.7856. First support is the 10-day moving average crossing at 2.5483. Second support is the 20-day moving average crossing at $2.4471. 

March Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 November's high, the March-2020 low crossing at 2.473 is the next downside target. Closes above the 20-day moving average crossing at 3.557 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.557. Second resistance is the December 27^th high crossing at 4.674. First support is last-Friday's low crossing at 2.985. Second support is the March-2020 low crossing at 2.473.

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

The March Dollar closed lower on Tuesday as it consolidates above the 75% retracement level of the January-September rally crossing at $101.331. The low-range close sets the stage for a steady to higher opening when Wednesday'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 $102.889 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $102.889. Second resistance is the 50-day moving average crossing at $104.195. 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 slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are overbought, diverging 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 March 31^st high crossing at $1.09680 is the next upside target. Closes below the 20-day moving average crossing at 1.07744 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $1.09625. Second resistance is the March 31^st high crossing at $1.09680. First support is the 20-day moving average crossing at 1.07744. Second support is the 50-day moving average crossing at $1.06362. 

The March British Pound closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 January's low, December's high crossing at 1.2229 is the next upside target. Closes below the 50-day moving average crossing at 1.2138 would signal that a short-term top has been posted while opening the door for a possible test of the January 6^th low crossing at 1.1867. First resistance is Monday's high crossing at 1.2462. Second resistance is December's high crossing at 1.2479. First support is the 50-day moving average crossing at 1.2138. Second support is the January 6^th low crossing at 1.1861. 

The March Swiss Franc closed slightly lower on Tuesday as it extends the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 1.08055 would signal that a short-term top has been posted. 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. 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 1.08055. Second support is the January 6^th low crossing at 1.06915. 

The March Canadian Dollar closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 this month's rally, November's high crossing at 75.71 is the next upside target. Closes below last-Thursday's low crossing at 73.40 would signal that a short-term top has been posted. First resistance is the November 25^thhigh crossing at 75.16. Second resistance is November's high crossing at 75.71. First support is last-Thursday low crossing at 73.40. Second support is the December 16^th low crossing at 73.04.

The March Japanese Yen closed lower on Tuesday as it consolidates some of the decline off last-Tuesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday’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 0.076919 would signal 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 May 24^th -2021 high crossing at 0.080525 is the next upside target. First resistance is last-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 0.076919. Second support is the January 6^th low crossing at 0.074830.    

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

April gold closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 April extends the rally off November's low, the 75% retracement level of the March-October decline crossing at $1978.50 is the next upside target. Closes below the 20-day moving average crossing at $1891.40 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 $1960.50. Second resistance is the 75% retracement level of the March-October decline crossing at $1978.50. First support is the 10-day moving average crossing at $1927.90. Second support is the 20-day moving average crossing at $1891.40.

March silver posted an inside day with a higher close on Tuesday as it extends the December-January trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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 renews the rally off October's low, the 87% retracement level of the March-August decline crossing at 25.995 is the next upside target. Closes below the 50-day moving average crossing at 23.076 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. 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 23.076. Second support is the December 6^th low crossing at 22.190.   

March copper closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 4.0252 would signal that a short-term top has been posted. First resistance is last-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 4.2112. Second support is the 20-day moving average crossing at 4.0252.  

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

March Corn closed down $0.10 3/4-cents at $6.77. 

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

March wheat closed higher $0.14 1/2-cents at $7.34 1/2.  

March wheat posted an inside day with a higher close on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are oversold, diverging 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 $7.70 would signal that a short-term low has been posted. If March extends this month'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 $7.51 3/4. Second resistance is the 50-day moving average crossing at $7.70. First support is Monday's low crossing at $7.12 1/2. Second support is the September 6^th 2021 low crossing at $6.93 1/2. 

March Kansas City Wheat closed up $0.14 3/4-cents at $8.33 3/4.

March Kansas City wheat posted an inside day with a higher close on Tuesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 December's high, the January 10^th 2022 low crossing at $7.68 3/4 is the next downside target. If March resumes the rally off January's low, the 50-day moving average crossing at $8.70 1/4 is the next upside target. First resistance is the 50-day moving average crossing at $8.70 1/4. Second resistance is the December 27 high crossing at $8.94 3/4. First support is January'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 $0.15 1/4-cents crossing at $9.03.

March Minneapolis wheat closed higher on Tuesday and above the December-January lows crossing at $8.90. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $9.24 1/2 would signal that a short-term low has been posted. If March extends 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 $9.24 1/2. Second resistance is the January 30^th high crossing at $9.40. First support is Monday's low crossing at $8.85. 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 $0.01 3/4-cents at $14.88 1/2.

March soybeans closed lower on Tuesday as it extends the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day trade begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off last-Wednesday's high, January's low crossing at $14.65 is the next downside target. If March renews this month's rally. last-June's high crossing at $15.72 1/4 is the next upside target.First resistance is last-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 50-day moving average crossing at $14.76 1/2. Second support is January's low crossing at $14.65.

March soybean meal closed down $2.10 at $459.80. 

March soybean meal closed lower on Tuesday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extended the aforementioned decline, the 25% retracement level of the 2021-2023-rally crossing at $446.10 is the next downside target. Closes above the 10-day moving average crossing at $471.60 would temper the near-term bearish outlook. First resistance is last-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 January 5^th low crossing at $457.20. Second support is the 25% retracement level of the 2021-2023 rally crossing at $446.10.

March soybean oil closed down 106-pts. At 60.98. 

March soybean oil closed sharply lower on Tuesday marking a downside breakout of the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday'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, December's low crossing at 58.50 is the next downside target. Closes above last-Wednesday's high crossing at 64.75 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 64.75. Second resistance is the 50-day moving average crossing at 65.20. First support is today's low crossing at 60.88. Second support is December's low crossing at 58.50. 

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

April hogs closed up $0.08 at $85.53. 

April hogs closed slightly higher on Tuesday. The high-range close sets the stage for a steady to slightly higher opening when Wednesday'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 $86.78 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $86.78. Second resistance is the January 17^th high crossing at $89.08. First support is last-Thursday's low crossing at $84.08. Second support is October's low crossing at $82.63. 

April cattle closed up $0.80 at $161.35. 

April cattle closed higher on Tuesday as it extends the rally off last-Thursday's low. Today's close above the 20-day moving average crossing at $161.08 signals that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the decline off January's high, the 25% retracement level of the 2021-2022 rally crossing at $157.566 is the next downside target. First resistance is today's high crossing at $161.40. Second resistance is December's high crossing at $162.75. First support is the 25% retracement level of the 2021-2022 rally crossing at $157.566. Second support is the December 7^th low crossing at $156.85.   

March Feeder cattle closed up $0.20 at $183.48. 

March Feeder cattle closed higher on Tuesday as it consolidated some of the decline off the January 4^th high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 the 50-day moving average crossing at $184.09 would signal that a short-term low has been posted. If March renews the decline off January's high, the October 14^th low crossing at $176.28 is the next downside target. First resistance is the 50-day moving average crossing at $184.09. Second resistance is the 20-day moving average crossing at $184.65. First support is last-Thursday'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 higher on Tuesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $16.22 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 50-day moving average crossing at $16.22. Second resistance is December's high crossing at $17.50. First support is the January 11^th low crossing at $14.21. Second support is the 87% retracement level of the 2020-2022 rally crossing at $13.20. 

March cocoa posted an inside day with a lower close on Tuesday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 26.13 would signal that a short-term low has been posted. If March renews the decline off January's high, the December 16^th low crossing at 24.68 is the next downside target.                

March sugar closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, November's high crossing at 20.48 is the next upside target. Closes below the reaction low crossing at 19.45 would signal that a short-term top has been posted while opening the door for additional weakness near-term.    

March cotton closed lower on Tuesday as it extends the November-January trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. 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. Closes below the 50-day moving average crossing at 83.56 would signal that a short-term top has been posted.