KEY EVENTS TO WATCH FOR:

Friday, February 17, 2023   

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

                       Import Prices (expected -0.1%; previous +0.4%)

                       Non-Petroleum Prices (previous +0.8%)

                       Petroleum Prices (previous -2.7%)

10:00 AM ET. January Leading Indicators

                       Leading Index, M/M% (expected -0.4%; previous -1.0%)

                       Leading Index

                       Coincident Index, M/M% (previous +0.1%)

                       Lagging Index, M/M% (previous +0.3%)

10:00 AM ET. 4^th Quarter Advance Quarterly Services

10:00 AM ET. 4^th Quarter Quarterly Retail E-Commerce Sales

Monday, February 20, 2023   

N/A               U.S. Presidents Day / Washington's Birthday. Financial markets closed

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

The STOCK INDEXES: The March NASDAQ 100 was lower overnight following Thursday's key reversal down. Overnight trading set the stage for a lower opening when the day session begins trading.Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 12,370.83 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 January's low, the 75% retracement level of the August-October decline crossing at 13,058.13 is the next upside target. First resistance is February's high crossing at 12,949.75. Second resistance is the 75% retracement level of the August-October decline crossing at 13,058.13. First support is the 20-day moving average crossing at 12,370.83. Second support is the January 31^st low crossing at 11,871.00.

The March S&P 500 was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 4060.75 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 December's low, the 87% retracement level of the August-October decline crossing at 4255.15 is the next upside target. First resistance is February's high crossing at 4208.50. Second resistance is the 87% retracement level of the August-October decline crossing at 4255.15. First support is last-Friday's low crossing at 4060.75. Second support is the 50-day moving average crossing at 3997.09. 

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

INTEREST RATES: March T-bonds were lower overnight as they extend the decline off February's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 62% retracement level of the October-January rally crossing at 123-12 is the next downside target. Closes above the 20-day moving average crossing at 128-26 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 127-04. Second resistance is the 20-day moving average crossing at 128-26. First support is the overnight low crossing at 124-14. Second support is the the 62% retracement level of the October-January rally crossing at 123-12.  

March T-notes were lower overnight as they extend the decline off February's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the 75% retracement level of the October-January rally crossing at 110.309 is the next downside target. Closes above the 20-day moving average crossing at 113.239 is the next upside target. First resistance is the 10-day moving average crossing at 112.203. Second resistance is the 20-day moving average crossing at 113.239. First support is the 75% retracement level of the October-January rally crossing at 110.309. Second support is 87% retracement level of the October-January rally crossing at 110.035. 

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

ENERGIES:Aprilcrude oil was sharply lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $76.76 would signal that a short-term top has been posted. If April resumes the rally off February's low, January's high crossing at $82.89 is the next upside target. First resistance is January's high crossing at $82.89. Second resistance is the November 14^th high crossing at $86.05. First support is last-Thursday's low crossing at $76.76. Second support is February's low crossing at $72.64.  

April heating oil is was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off January's high, the 50% retracement level of the 2020-2022 rally crossing at $2.4732 is the next downside target. Closes above last-Wednesday's high crossing at $2.9177 would renew the rally off February's low while opening the door for a possible test of the 20-day moving average crossing at $2.9428. First resistance is last-Wednesday's high crossing at $2.9177. Second resistance is February's high crossing at $3.0487. First support is February's low crossing at $2.6350. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.4732. 

April unleaded gas was sharply lower overnight as it extends this week's decline. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $2.5687 would temper the near-term friendly outlook while opening the door for a possible test of February's low crossing at $2.4671. Closes above Monday's high crossing at $2.7303 would open the door for additional gains near-term. First resistance is Monday's high crossing at $2.7303. Second resistance is January's high crossing at $2.8578. First support is the 50-day moving average crossing at $2.5687. Second support is February's low crossing at $2.4671.    

April natural gas was steady to slightly lower overnight as it extends the trading range of the past three-weeks. 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. If April resumes the decline off November's high, the December-2020 low on the monthly continuation chart crossing at 2.238 is the next downside target. Closes above the February 1^st high crossing at 2.836 would temper the near-term bearish outlook. First resistance is the February 1^st high crossing at 2.836. Second resistance is the January 24^th high crossing at 3.256. First support is the February 3^rd low crossing at 2.416. Second support is the December-2020 low on the monthly continuation chart crossing at 2.238.

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

CURRENCIES:The March Dollar was higher overnight as it renews the rally off February'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 March extends the rally off February's low, January's high crossing at $105.500 is the next upside target. Closes below the 20-day moving average crossing at 102.646 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at $104.500. Second resistance is January's high crossing at $105.500. First support is the 20-day moving average crossing at $102.646. Second support is February's low crossing at $100.680.

The March Euro was lower overnight as it extends the decline off February's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, January's low crossing at $1.05290 is the next downside target. Closes above the 20-day moving average crossing at $1.08170 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1.08170. Second resistance is February's high crossing at $1.10590. First support is the overnight low crossing at $1.06415. Second support is January's low crossing at $1.05290.    

The March British Pound was lower overnight as it extends the decline off January's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, January's low crossing at 1.2083 is the next downside target. Closes above the 20-day moving average crossing at 1.2199 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2199. Second resistance is January's high crossing at 1.2462. First support is the overnight low crossing at 1.1920. Second support is January's low crossing at 1.2083.  

The March Swiss Franc was sharply lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off February's high, the January 12^th low crossing at 1.07190 is the next downside target. Closes above Tuesday's high crossing at 1.09750 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 1.09750. Second resistance is February's high crossing at 1.10815. First support is the January 12^th low crossing at 1.07190. Second support is January's low crossing at 1.06915.

The March Canadian Dollar was lower overnight and is poised to breakout to the downside of the January-February trading range. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March confirms a downside breakout of the aforementioned trading range, January's low crossing at $73.10 is a potential downside target. If March renews the rally off January's low, November's high crossing at $75.71 is the next upside target. First resistance is February's high crossing at $75.42. Second resistance is November's high crossing at $75.71. First support is the 50-day moving average crossing at $74.26. Second support is January's low crossing at $73.10.  

The March Japanese Yen was lower overnight as it extends the decline off January's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 50% retracement level of the October-January rally crossing at 0.073136. Closes above the 20-day moving average crossing at 0.076533 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.075676. Second resistance is the 20-day moving average crossing at 0.076533. First support is the 50% retracement level of the October-January rally crossing at 0.073136. Second support is the 62% retracement level of the October-January rally crossing at 0.071710.

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

Aprilgold was lower overnight as it extends the decline off February's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 50% retracement level of the November-February crossing at $1811.60 is the next downside target. Closes above the 20-day moving average crossing at $1902.60 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1876.80. Second resistance is the 20-day moving average crossing at $1902.60. First support is the overnight low crossing at $1827.70. Second support is the 50% retracement level of the November-February rally crossing at $1811.60.

March silver was lower overnight and tested the 50% retracement level of the September-February rally crossing at $21.177 as it extends the decline off February's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. 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 February's high, the 62% retracement level of the September-February rally crossing at $20.326 is the next downside target. Closes above the 20-day moving average crossing at $22.768 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $21.927. Second resistance is the 20-day moving average crossing at $22.768. First support is the 50% retracement level of the September-February rally crossing at $21.177. Second support the November 21^st low crossing at $20.790.    

March copper was lower overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.1269 are needed to signal that a short-term low has been posted. Closes below the the 50-day moving average crossing at 4.0069 would open the door for a larger-degree decline near-term. First resistance is the 20-day moving average crossing at 4.1269. Second resistance is the January 18^th high crossing at 4.3550. First support is the 50-day moving average crossing at 4.0069. Second support is the 38% retracement level of the September-January rally crossing at 3.9285.

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

March corn was slightly higher overnight as it extends the the January-February trading range. Overnight market action sets the stage for a steady to higher opening when the day sessions 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 $6.68 1/4 would open the door for additional weakness near-term. If March renews the rally off January's low, the 75% retracement level of the October-December decline crossing at $6.92 1/2 is the next upside target. First resistance is the 75% retracement level of the October-December decline crossing at $6.92 1/2. Second resistance is the 87% retracement level of the October-December decline crossing at $7.01 3/4. First support is the 50-day moving average crossing at $6.68 1/4. Second support is the January 23^rd low crossing at $6.61 1/4.   

March wheat was lower overnight as it extends the decline off Tuesday's high. Overnight trading sets the stage for a steady to 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 $7.55 1/2 would confirm that a short-term top has been posted. If March renews the rally off January's low, the 38% retracement level of the October-January decline crossing at $8.07 1/2 is the next upside target. First resistance is the December 30^th high crossing at $7.99. Second resistance is the 38% retracement level of the October-January decline crossing at $8.07 1/2. First support is the 50-day moving average crossing at $7.55 1/2. Second support is the January 23^rd low crossing at $7.12 1/2. 

March Kansas City wheat was steady to fractionally lower overnight. Overnight trading sets the stage for a steady to fractionally lower 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 the 20-day moving average crossing at $8.78 3/4 would signal that a short-term top has been posted. If March extends the rally off January's low, the 62% retracement level of the October-January decline crossing at $9.45 is the next upside target. First resistance is the 50% retracement level of the October-January decline crossing at $9.17 3/4. Second resistance isthe 62% retracement level of the October-January decline crossing at $9.45. First support isthe 20-day moving average crossing at $8.78 3/4. Second support is the 50-day moving average crossing at $8.61 3/4. 

March Minneapolis wheat was higher overnight as it extends the trading range of the past four-weeks. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January's low, the December 30^th high crossing at $9.40 is the next upside target. Closes below the 50-day moving average crossing at $9.16 1/2 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $9.36 1/4. Second resistance is the December 30^th high crossing at $9.40. First support is the 50-day moving average crossing at $9.16 1/2. Second support is the January 23^rd low crossing at $8.85.   

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

March soybeans were higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a higher opening. 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 $15.05 1/4 would confirm that a top has been posted while opening the door for a test of the January 25^th low crossing at $14.78 1/4. If March resumes the rally off October's low, the June 9^th high crossing at $15.72 1/2 is the next upside target. First resistance is Monday's high crossing at $15.55 1/2. Second resistance is the June 9^th -2022 high crossing at $15.72 1/2. First support is the 50-day moving average crossing at $15.05 1/4. Second support is the January 25^th low crossing at $14.78 1/4.

March soybean meal was higher overnight as it consolidates some of the decline off Monday's high. Overnight trading sets the stage for a higher 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 20-day moving average crossing at $485.70 would signal that a short-term top has been posted while opening the door for a larger-degree decline near-term.If March resumes the rally off January's low, the July 2022-high on the monthly continuation chart crossing at $513.90 is the next upside target. First resistance is Monday's high crossing at $508.20. Second resistance is the July 2022-high on the monthly continuation chart crossing at $513.90. First support is the 20-day moving average crossing at $485.70. Second support is the 50-day moving average crossing at $471.80. 

March soybean oil was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 62.21 would signal that a short-term low has been posted while opening the door for additional gains near-term. If March renews the decline off December's high, the 87% retracement level of the July-November-2022 rally crossing at 56.49 is the next downside target. First resistance is the 50-day moving average crossing at 62.21. Second resistance is the January 18^th high crossing at 64.75. First support is February's low crossing at 58.43. Second support is the 87% retracement level of the July-November-2022 rally crossing at 56.49.