KEY EVENTS TO WATCH FOR:

Monday, February 27, 2023   

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

                       Durable Goods-SA, M/M% (previous +5.6%)

                       Dur Goods, Ex-Defense, M/M% (previous +6.3%)

                       Dur Goods, Ex-Transport, M/M% (previous -0.1%)

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

                       Shipments: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.4%)

10:00 AM ET. January Pending Home Sales Index

                       Pending Home Sales (previous 76.9)

                       Pending Home Sales Idx, M/M% (previous +2.5%)

                       Pending Home Sales Idx , Y/Y% (previous -33.8%)

10:30 AM ET. February Texas Manufacturing Outlook Survey

                       Business Activity (previous -8.4)

                       Mfg Production Idx (previous 0.2)

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

The Dow closed lower on Friday as it extended the decline off February's high. The mid-range close sets the stage for a steady to lower opening when Monday'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 the Dow extends this month's decline, the 38% retracement level of the October-December rally crossing at 32,396.11 is the next downside target. Closes above the 20-day moving average crossing at 33,779.77 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 33,576.54. Second resistance is February's high crossing at 34,334.70. First support is today's low crossing at 32,643.48. Second support is the December 22^nd low crossing at 32,573.43. 

The March NASDAQ 100 closed lower on Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible. If March extends the decline off February's high, the 50-day moving average crossing at 11,782.67 is the next downside target. Closes above the 20-day moving average crossing at 12,400.35 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 12,400.35. Second resistance is last-Thursday's high crossing at 12,992.75. First support is the 50-day moving average crossing at 11,779.17. Second support is the 62% retracement level of the January-February rally crossing at 11,494.88.  

The March S&P 500 closed lower on Friday as it extends the decline off February's high. The mid-range close sets the stage for a steady to lower opening when Monday'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. Today's close below the 50-day moving average crossing at 3998.30 would open the door for a possible test of the January 19^th low crossing at 3901.75. Closes above the 20-day moving average crossing at 4097.19 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4097.19. Second resistance is February's high crossing at 4208.50. First support is today's low crossing at 3947.50. Second support is the January 19^th low crossing at 3901.75.        

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March T-bonds closed down 1-05/32's at 123-30. 

March T-bonds closed lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 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 127-21 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 125-20. Second resistance is the 20-day moving average crossing at 127-21. First support is the 62% retracement level of the October-January rally crossing at 123-12. Second support is the 75% retracement level of the October-January rally crossing at 121-10.

March T-notes closed down 150-pts. at 110.310.

March T-notes closed lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 aforementioned decline, the 87% retracement level of the October-January rally crossing at 110.035 is the next downside target. Closes above the 20-day moving average crossing at 113.007 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 111.268. Second resistance is the 20-day moving average crossing at 113.007. First support is the 75% retracement level of the October-January rally crossing at 110.309. Second support is the 87% retracement level of the October-January rally crossing at 110.035.  

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

April crude oil closed higher on Friday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Monday's day session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are  possible near-term. If April extends the aforementioned decline, February's low crossing at $72.64 is the next downside target. Closes above the 50-day moving average crossing at $77.82 would signal that a short-term low has been posted. First resistance is February's high crossing at $80.78. Second resistance is January's high crossing at $82.89. First support is Wednesday's low crossing at $73.80. Second support is February's low crossing at $72.64. 

April heating oil closed higher on Friday as it consolidated some of the decline off the February 14^th high. The high-range close sets the stage for a steady to higher opening when Monday's day trading session begins. Stochastics and the RSI are neutral to 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 the 20-day moving average crossing at $2.8488 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2.8485. Second resistance is the 50-day moving average crossing at $2.9245. 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 closed slightly higher on Friday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month's decline, February's low crossing at 2.4671 is the next downside target. Closes above the 20-day moving average crossing at 2.6430 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.6430. Second resistance is February's high crossing at 2.7303. First support is today's low crossing at 2.5195. Second support is February's low crossing at 2.4671.  

April Henry natural gas closed higher due to short covering on Friday as it consolidated some of the decline off December's high. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signal that sideways to higher prices are possible near-term. Closes above the February 15^th high crossing at 2.693 would signal that a short-term low has been posted. If April resumes the decline off November's high, the September-21^st-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target.First resistance is the February 15^th high crossing at 2.693. Second resistance is the January 24^th high crossing at 3.256. First support is Wednesday's low crossing at 2.113. Second support is the September-21st-2020 low on the monthly continuation chart crossing at 1.795.

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

The March Dollar closed higher on Friday as it extended the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday's 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, January's high crossing at $105.500 is the next upside target. Closes below the 20-day moving average crossing at 103.297 would signal that a short-term top has been posted. If March renews the decline off September's high, the 87% retracement level of the January-September rally crossing at $99.229 is the next downside target. First resistance is today's high crossing at $105.275. Second resistance is January's high crossing at $105.500. First support is the 20-day moving average crossing at 103.297. Second support is February's low crossing at $100.680.  

The March Euro closed lower on Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 this month's decline, January's low crossing at $1.05290 is the next downside target. Closes above the 20-day moving average crossing at $1.07585 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.07585. Second resistance is February's high crossing at $1.10590. First support is today's low crossing at $1.05455. Second support is January's low crossing at $1.05290. 

The March British Pound closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If March renews February's decline, January's low crossing at 1.1861 is the next downside target. Closes above the 50-day moving average crossing at 1.2180 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.2180. Second resistance is January's high crossing at 1.2462. First support is last-Friday's low crossing at 1.1920. Second support is January's low crossing at 1.1861. 

The March Swiss Franc closed sharply lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower trading is possible near-term. If March extends the decline off February's high, the 50% retracement level of the November-February rally crossing at 1.05461 is the next downside target. Closes above the 50-day moving average crossing at 1.08715 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.08106. Second resistance is the 50-day moving average crossing at 1.08715. First support is today's low crossing at 1.06465. Second support is the 50% retracement level of the November-February rally crossing at 1.05461. 

The March Canadian Dollar closed lower on Friday as it extended this month's decline.The low-range close sets the stage for a steady to higher opening when Monday'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 February's high, January's low crossing at 73.10 is the next downside target. Closes above the 20-day moving average crossing at 74.55 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 74.55. Second resistance is the February 2^ndhigh crossing at 75.42. First support is today's low crossing at 73.18. Second support is January's low crossing at 73.10.

The March Japanese Yen closed lower on Friday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday’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 aforementioned decline, the 50% retracement level of the October-January rally crossing at 0.073136 is the next downside target. Closes above the 20-day moving average crossing at 0.075912 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.074845. Second resistance is the 20-day moving average crossing at 0.075912. 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 ""

April gold closed lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 April extends the decline off February's high, the 50% retracement level of the November-February rally crossing at 1811.60 is the next downside target. Closes above the 20-day moving average crossing at 1879.70 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1848.00. Second resistance is the 50-day moving average crossing at $1878.50. First support is today's low crossing at $1815.50. Second support is the 50% retracement level of the November-February rally crossing at $1811.60. 

March silver closed lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 this month's decline, 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 22.312 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 21.645. Second resistance is the 20-day moving average crossing at 22.313. First support is the 62% retracement level of the September-February rally crossing at 20.326. Second support is the 75% retracement level of the September-February rally crossing at 20.321. 

March copper closed sharply lower on Friday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 50-day moving average crossing at 4.0246 would open the door for additional weakness and a possible test of the 38% retracement level of the September-January rally crossing at 3.9285. Closes above the 20-day moving average crossing at 4.0995 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 4.2370. Second resistance is the January 18^th high crossing at 4.3550. First support is the 38% retracement level of the September-January rally crossing at 3.9285. Second support is is the 50% retracement level of the September-January rally crossing at 3.7956.

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

May Corn closed down $0.10-cents at $6.49 1/4. 

May corn closed lower on Friday but fell just short of testing the bottom of the December-February trading range crossing at $6.48 1/4. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends today's decline, the bottom of the December-February trading range crossing at $6.48 1/4 is the next line of key support. Closes above the 20-day moving average crossing at $6.74 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $6.68 3/4. Second resistance is the 20-day moving average crossing at $6.74 1/2. First support is today's low crossing at $6.49. Second support is the bottom of the December-February trading range crossing at $6.48 1/4. 

May wheat closed down $0.28 3/4-cents at $7.21 3/4.  

May wheat closed sharply lower on Friday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday'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 May extends the aforementioned decline, the September-2021 low crossing at $6.81 3/4 is the next downside target. Closes above the 10-day moving average crossing at $7.70 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.70 3/4. Second resistance is February's high crossing at $8.07 1/2. First support is today's low crossing at $7.17. Second support is the September-2021 low crossing at $6.81 3/4. 

May Kansas City Wheat closed down $0.21 1/2-cents at $8.35 1/4.

May Kansas City wheat closed sharply lower for the fourth-day in a row on Monday as it extended this week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. If May extends this week's decline, the January 23^rd low crossing at $8.06 3/4 is the next downside target. Closes above the 10-day moving average crossing at $8.81 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.76. Second resistance is the 20-day moving average crossing at $8.81. First support is today's low crossing at $8.25 3/4. Second support is the January 23rd low crossing at $8.06 3/4.  

May Minneapolis wheat closed down $0.21 1/2-cents crossing at $8.82 1/2.

March Minneapolis wheat closed lower for the fifth-day in a row on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 May extends this week's decline, January's low crossing at $8.80 1/4 is the next downside target. Closes above the 20-day moving average crossing at $9.14 3/4 is the next upside target. First resistance is the 50-day moving average crossing at $9.09 3/4. Second resistance is Tuesday's high crossing at $9.28 1/2. First support is today's low crossing at $8.81. Second support is January's low crossing at $8.80 1/4. 

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

May soybeans closed down $0.08-cents at $15.19 1/4.

May soybeans closed lower on Friday as it extended the decline off Wednesday's high. The low-range close sets the stage for a steady to lower opening when Monday's day trade begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $15.08 3/4 would signal that a short-term top has been posted. If May extends the rally off last-year's low, the contract high crossing at $15.67 1/2 is the next upside target. First resistance is Wednesday's high crossing at $15.49 3/4. Second resistance is the contract high crossing at $15.67 1/2. First support is the 50-day moving average crossing at $15.08 3/4. Second support is the February 8^th low crossing at $15.00 1/4.  

May soybean meal closed up $2.00 at $480.00. 

May soybean meal closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 May renews the rally off January's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the 20-day moving average crossing at $475.30 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $488.60. Second resistance is psychological resistance crossing at $500.00. First support is the 20-day moving average crossing at $475.30. Second support is the 50-day moving average crossing at $461.60.

May soybean oil closed down 96-pts. At 61.22. 

May soybean oil closed lower on Friday as it consolidated some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Monday'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 61.15 would signal that a short-term top has been posted. If May extends this month's rally, the January 18^th high crossing at 64.37 is the next upside target. First resistance is the January 18^th high crossing at 64.37. Second resistance is the December 30^th high crossing at 66.17. First support is February's low crossing at 58.43. Second support is the 75% retracement of the July-November-2022 crossing at 58.36. 

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

April hogs closed down $0.23 at $85.98. 

April hogs closed lower on Friday as it consolidated some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Monday'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 $85.59 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at $88.61 would open the door for additional gains near-term. First resistance is Tuesday's high crossing at $89.88. Second resistance is January's high crossing at $95.40. First support is the 20-day moving average crossing at $85.59. Second support is February's low crossing at $81.28.   

April cattle closed up $0.18 at $165.50. 

April cattle closed higher on Friday as it posted a new contract high. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the rally off January's low, the November-2014 on the monthly continuation chart crossing at $171.65 is the next upside target. Closes below the 20-day moving average crossing at $164.04 would signal that a short-term top has been posted. First resistance is today's high crossing at $166.40. Second resistance is the November-2014 on the monthly continuation chart crossing at $171.65. First support is the 20-day moving average crossing at $164.04. Second support is the 50-day moving average crossing at $162.09.    

May Feeder cattle closed up $0.38 at $198.10. 

May Feeder cattle closed higher on Friday as it extended the rally off October's low. The high-range close sets the stage for a steady to higher opening when Monday'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 May extends the rally off January's low, the 75% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $210.28 is the next upside target. Closes below the 50-day moving average crossing at $193.29 would signal that a short-term top has been posted. First resistance is today's high crossing at $198.60. Second resistance is the 75% retracement level of the 2014-2020 decline on the monthly continuation chart crossing at $210.28. First support is the 50-day moving average crossing at $193.29. Second support is February's low crossing at $191.65.       

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

May coffee closed lower on Friday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If May extends the aforementioned rally, the 50% retracement level of the August-January decline crossing at $19.54 is the next upside target. Closes below the 20-day moving average crossing at $17.95 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2022-2023 decline crossing at $19.54. Second resistance is the 62% retracement level of the 2022-2023 decline crossing at $20.78. First support is the 20-day moving average crossing at $17.95. Second support is the 50-day moving average crossing at $16.87. 

May cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, weekly resistance crossing at 29.98 is the next upside target. Closes below the 20-day moving average crossing at 26.77 would confirm that a short-term top has been posted.                     

May sugar posted a huge key reversal down and closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the February 7^th low crossing at 19.43 would signal that a short-term top has been posted. If May resumes the rally off January's low, monthly resistance crossing at 22.64 is the next upside target.       

May cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 84.80 signals that a short-term low has been posted. If May renews the decline off January's high, December's low crossing at 78.80 is the next downside target.