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%)

                       Shipmnts: 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 STOCK INDEXES: The March NASDAQ 100 was higher overnight as it consolidates some of the decline off February's high. Overnight trading set the stage for a higher 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 aforementioned decline, the 50-day moving average crossing at 11,784.94 is the next downside target. Closes above the 20-day moving average crossing at 12,392.76 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 12,392.76. Second resistance is February's high crossing at 12,949.75. First support is the 50% retracement level of the October-February rally crossing at 11,773.24. Second support is the 62% retracement level of the October-February rally crossing at 11,494.88.

The March S&P 500 was higher overnight as it consolidates some of the decline off February's high. Overnight trading sets the stage for a higher 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, the 50% retracement level of the October-February rally crossing at 3868.84 is the next downside target. Closes above the 20-day moving average crossing at 4092.35 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4092.35. Second resistance is February's high crossing at 4208.50. First support is the 38% retracement level of the October-February rally crossing at 3948.84. Second support is the 50% retracement level of the October-February rally crossing at 3868.84. 

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

INTEREST RATES: March T-bonds were steady to lower overnight and sets the stage for a steady to 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 127-11 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 125-10. Second resistance is the 20-day moving average crossing at 127-11. 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 were lower overnight as they extend 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 this month's 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 112.266 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 111.208. Second resistance is the 20-day moving average crossing at 112.266. 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 slightly lower overnight as it consolidates some of the rally off last-Wednesday's low. Overnight trading sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Monday's high, 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 while opening the door for additional short-term gains. First resistance is February's high crossing at $80.78. Second resistance is January's high crossing at $82.89. First support is last-Wednesday's low crossing at $73.80. Second support is February's low crossing at $72.64.  

April heating oil is was steady to slightly higher overnight. Overnight trading sets the stage for a higher 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. If April extends 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 February 14^th high crossing at $2.9150 would confirm that a short-term low has been posted while renewing the rally off February's low. First resistance is the 20-day moving average crossing at $2.8145. Second resistance is the 50-day moving average crossing at $2.9221. 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 steady to slightly lower overnight and sets the stage for a slightly 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 extends the decline off February's high, February's low crossing at $2.4671 is the next downside target. Closes above the 20-day moving average crossing at $2.6337 would open the door for additional gains near-term. First resistance is the 20-day moving average crossing at $2.6337. Second resistance is February's high crossing at $2.7303. First support is last-Friday's low crossing at $2.5195. Second support is February's low crossing at $2.4671.    

April natural gas was higher overnight as it extends the rally off last-Wednesday's low. Overnight trading sets the stage for a higher 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 February 15^st high crossing at 2.693 would signal that a short-term low has been posted. If April renews 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^st high crossing at 2.693. Second resistance is the January 24^th high crossing at 3.256. First support is last-Wednesday's low crossing at 2.113. Second support is the September-21^st-2020 low on the monthly continuation chart crossing at 1.795.

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

CURRENCIES:The March Dollar was lower overnight as it consolidates some of the rally off February's low. Overnight trading sets the stage for a slightly lower 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 103.131 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 $105.320. Second resistance is January's high crossing at $105.500. First support is the 50-day moving average crossing at $103.446. Second support is the February 14^th low crossing at $102.390. Third 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 $1.07418 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1.06615. Second resistance is the 20-day moving average crossing at $1.07418. First support is the overnight low crossing at $1.05420. Second support is January's low crossing at $1.05290.    

The March British Pound was steady to slightly higher overnight. Overnight trading sets the stage for a higher 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 50-day moving average crossing at 1.2172 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.2172. Second resistance is January's high crossing at 1.2462. First support is the reaction low crossing at 1.1920. Second support is January's low crossing at 1.2083.  

The March Swiss Franc was slightly higher overnight and sets the stage for a steady to slightly higher 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, 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 1.08668 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.07908. Second resistance is the 50-day moving average crossing at 1.08668. First support is the overnight low crossing at 1.06210. Second support is the 50-day moving average crossing at 1.08668.

The March Canadian Dollar was steady to slightly higher overnight as it consolidates some of the decline off February's high. Overnight trading sets the stage for a steady to slightly higher 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 aforementioned decline, January's low crossing at $73.10 is the next downside target. Closes above the 20-day moving average crossing at $74.47 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $74.28. Second resistance is the 20-day moving average crossing at $74.47. First support is Friday's low crossing at $73.18. Second support is January's low crossing at $73.10.  

The March Japanese Yen was steady to slightly higher overnight and sets the stage for a steady to slightly higher 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 0.075718 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.074565. Second resistance is the 20-day moving average crossing at 0.075718. 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 steady to slightly higher overnight as it consolidates some of the decline off February's high. Overnight trading sets the stage for a slightly higher 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 62% retracement level of the November-February crossing at $1772.80 is the next downside target. Closes above the 20-day moving average crossing at $1873.30 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1842.40. Second resistance is the 20-day moving average crossing at $1873.30. First support is the 50% retracement level of the November-February rally crossing at $1811.60. Second support is the 62% retracement level of the November-February crossing at $1772.80.

March silver 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 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 $22.169 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $22.169. Second resistance is the 50-day moving average crossing at $23.182. First support the overnight low crossing at $20.515. Second support is the 62% retracement level of the September-February rally crossing at $20.325.     

March copper was higher overnight as it consolidates some of the decline off last-Tuesday's high. Overnight trading sets the stage for a slightly higher 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 aforementioned decline, the 50% retracement level of the September-January rally crossing at 3.7956 is the next downside target. Closes above the 20-day moving average crossing at 4.0874 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.0305. Second resistance is the 20-day moving average crossing at 4.0874. First support is the 38% retracement level of the September-January rally crossing at 3.9285. Second support 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 was fractionally lower overnight as it extends the decline off February's high. Overnight market action sets the stage for a steady to fractionally lower opening when the day sessions 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 sharp decline, January's low crossing at $6.48 1/4 is the next downside target. Closes above the 20-day moving average crossing at $6.73 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 $6.73. First support is January's low crossing at $6.48 1/4. Second support is the December 19^th low crossing at $6.44 3/4.  

May wheat 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 May extends the aforementioned decline, the September-2021 low crossing at $6.93 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.55 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.55 1/2. Second resistance is February's high crossing at $8.07 1/2. First support is the overnight low crossing at $7.01 1/2. Second support is the September-2021 low crossing at $6.93 1/2. 

May Kansas City wheat was lower overnight and 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 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 20-day moving average crossing at $8.74 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.74 1/4. Second resistance is February's high crossing at $9.09 3/4. First support is the January 23^rd low crossing at $8.06 3/4. Second support is January's low crossing at $8.00 1/4.

May Minneapolis wheat was steady to slightly higher overnight as it consolidates some of last-week's decline. Overnight trading sets the stage for a higher 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. Closes above the 20-day moving average crossing at $9.13 1/4 would signal that a short-term low has been posted. If March extends last-week's decline, the January-2022 low crossing at $8.42 1/4 is the next downside target. First resistance is the 50-day moving average crossing at $9.09. Second resistance is the 20-day moving average crossing at $9.13 1/4. First support is the January 23^rd low crossing at $8.80 1/4. Second support is the January-2022 low crossing at $8.42 1/4.  

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

May soybeans was higher overnight as it consolidates some of the decline off last-Wednesday'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 $15.09 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 $14.76. If May renews the rally off October's low, the June 6^th, 2022 high crossing at $15.67 1/2 is the next upside target. First resistance is last-Wednesday's high crossing at $15.49 3/4. Second resistance is the June 6^th, 2022 high crossing at $15.67 1/2. First support is the 50-day moving average crossing at $15.09 1/4. Second support is the January 25^th low crossing at $14.76.

May soybean meal was steady to slightly lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May resumes 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 $476.30 would signal that a short-term top has been posted while opening the door for a larger-degree decline near-term. First resistance is February'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 $476.30. Second support is the 50-day moving average crossing at $462.20. 

May soybean oil was higher overnight and 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 61.19 would signal that a short-term top has been posted. If May renews the rally off February's low, the January 18^th high crossing at 64.37 is the next upside target. First resistance is last-Wednesday's high crossing at 63.83. Second resistance is the January 18^th high crossing at 64.37. First support is the 20-day moving average crossing at 61.19. Second support is February's low crossing at 58.70.