Summary
The Dow Future is trending higher 38 points to 31325. The US Dollar Index trended higher 0.197 points to 90.331. Gold is declining 5.4 dollars to 1762.2. Silver is falling 0.3980 dollars to 26.8120. The Dow Industrials moved lower 559.85 points, at 31402.01, while the S&P 500 eased 96.09 points, last seen at 3829.34. The Nasdaq Composite edged lower 478.54 points to 13119.43. Streaming charts of these markets are available at MarketClub
Key Events for Friday
8:30 AM ET. January Personal Income & Outlays Personal Income, M/M% (previous +0.6%) Consumer Spending, M/M% (previous -0.2%) PCE Price Idx, M/M% (previous +0.4%) PCE Price Idx, Y/Y% (previous +1.3%) PCE Core Price Idx, M/M% (previous +0.3%) PCE Core Price Idx, Y/Y% (previous +1.5%) 8:30 AM ET. January Advance Economic Indicators Report 9:45 AM ET. February Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI PMI-Adj (previous 63.8) 10:00 AM ET. February University of Michigan Survey of Consumers - final End-Mo Sentiment Idx (previous 79.0) End-Mo Expectations Idx (previous 74.0) 12-Month Inflation Forecast (previous 3.0%) 5-Year Inflation Forecast (previous 2.7%) End-Mo Current Idx (previous 86.7) 3:00 PM ET. January Agricultural Prices Farm Prices, M/M% (previous +0.8%)
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies" The March Dollar was sharply higher in overnight trading as it extends the rebound off Thursday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $90.63 would signal that a short-term low has been posted. If March resumes the decline off February's high, January's low crossing at $89.16 is the next downside target. First resistance is the 20-day moving average crossing at $90.63. Second resistance is last-Wednesday's high crossing at $91.05. Third resistance is February's high crossing at $91.61. First support is Thursday's low crossing at $89.68. Second support is January's low crossing at $89.16. The March Euro was lower overnight. The low-range overnight trade sets the stage for a steady to 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 the 20-day moving average crossing at $121.03 would signal that a short-term top has been posted. If March extends the rally off February's low, the 75% retracement level of the January-February-decline crossing at $122.69 is the next upside target. First resistance is the 75% retracement level of the January-February-decline crossing at $122.69. Second resistance is the 87% retracement level of the January-February-decline crossing at $123.18. First support is the 20-day moving average crossing at $121.03. Second support is last-Wednesday's low crossing at $120.29. Third support is February's low crossing at $119.60. The March British Pound was lower overnight as it extends the decline off Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.3859 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 September's low, the 87% retracement level of the 2017-2020-decline crossing at 1.4577 is the next upside target. First resistance is Wednesday's high crossing at 1.4245. Second resistance is the 87% retracement level of the 2017-2020-decline crossing at 1.4577. First support is the 20-day moving average crossing at 1.3859. Second support is the 50-day moving average crossing at 1.3699. The March Swiss Franc was lower overnight. The low-range overnight trade 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 the decline off last-Tuesday's high, the 38% retracement level of the 2020-2021-rally crossing at 1.0994 is the next downside target. Closes above the 20-day moving average crossing at 1.1148 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1148. Second resistance is the 50-day moving average crossing at 1.1242. First support is Wednesday's low crossing at 1.1001. Second support is the 38% retracement level of the 2020-2021-rally crossing at 1.0994. The March Canadian Dollar was lower overnight following Thursday's key reversal down. The low-range trade 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 the 50-day moving average crossing at $78.59 would signal that a short-term top has been posted. If March resumes the rally off February's low, the 87% retracement level of the 2018-2020-decline crossing at $80.50 is the next upside target. First resistance is Thursday's high crossing at $80.19. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $80.50. First support is the 20-day moving average crossing at $78.75. Second support is the 50-day moving average crossing at $78.59. The March Japanese Yen was lower overnight as it extends the decline off January's high. The low-range overnight trade 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. If March extends the decline off January's high, last-August's low crossing at 0.0938 is the next downside target. Closes above the 20-day moving average crossing at 0.0950 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0950. Second resistance is the 50-day moving average crossing at 0.0959. First support is the 50% retracement level of the 2020-2021-rally crossing at 0.0942. Second support is last-August's low crossing at 0.0938.
April crude oil was lower due to profit taking overnight as it consolidates some of this week's rally but remains above the 87% retracement level of the 2018-2020 decline crossing at $62.15. The low-range overnight trade sets the stage for a steady to 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 April extends the rally off November's low, the October-2018 high crossing at $67.23 is the next upside target. Closes below the 20-day moving average crossing at $58.70 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at $63.79. Second resistance is the October-2018 high crossing at $67.23. First support is the 20-day moving average crossing at $58.70. Second support is the 50-day moving average crossing at $53.82. April heating oil was lower due to profit taking overnight as it consolidates some of the rally off November's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signals that sideways to higher prices are possible near-term. If April extends the rally off November's low, the 75% retracement level of the 2018-2020-decline crossing at $200.04 is the next upside target. Closes below the 20-day moving average crossing at $176.78 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at $191.30. Second resistance is the 75% retracement level of the 2018-2020-decline crossing at $200.04. First support is the 10-day moving average crossing at $183.99. Second support is the 20-day moving average crossing at $176.78. April unleaded gas was lower overnight as it consolidates some of the rally off November's low. The low-range overnight trade sets the stage for a steady to 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 April extends the rally off November's low, the 87% retracement level of the 2018-2020-decline crossing at $204.11 is the next upside target. Closes below the 20-day moving average crossing at $182.82 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $198.94. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $204.11. First support is the 10-day moving average crossing at $191.31. Second support is the 20-day moving average crossing at $182.82. April Henry natural gas was lower overnight and testing support marked by the 50-day moving average crossing at 2.712. The low-range overnight trade 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. Closes below the 50-day moving average crossing at 2.712, which coincides with the December-January uptrend line would signal a trend change has taken place. Closes above the 10-day moving average crossing at 2.893 would signal that a short-term low has been posted. First resistance resistance is the 10-day moving average crossing at 2.893. Second resistance is February's high crossing at 3.060. First support is the 50-day moving average crossing at 2.712. Second support is the 62% retracement level of the December-February rally crossing at 2.596.
May coffee closed higher on Thursday as it extends the rally off November's low. The mid-range close sets the stage for a steady to higher opening on Friday. 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 aforementioned rally, the 87% retracement level of the 2019-2020-decline crossing at 14.42 is the next upside target. Closes below the 50-day moving average crossing at 12.74 would signal that a short-term top has been posted. May cocoa closed sharply higher for the second day in a row on Thursday as it extended the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening on Friday. 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 last-Wednesday's low, the 75% retracement level of the November-February-decline crossing at 26.63 is the next upside target. Closes below the 20-day moving average crossing at 24.66 would confirm that a short-term top has been posted. May sugar closed lower on Thursday as it posted a key reversal down. The low-range close set the stage for a steady to lower opening on Friday. 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 15.98 would signal that a short-term top has been posted. If May extends the rally off last-April's low, weekly resistance crossing at 18.42 is the next upside target. May cotton posted a huge key reversal down with today's limit down close signaling that a short-term top has likely been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 87.17 would signal that a short-term top has been posted. If May extends the rally off April's low, the June-2018 high on the weekly continuation chart crossing at 96.50 is the next upside target.
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May corn was lower overnight as it extends Thursday's decline following this week's negative export sales report. The low-range close sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 25% retracement level of the August-February-rally crossing at $5.14 is the next downside target. If May extends the rally off February's low, February's high crossing at $5.72 is the next upside target. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is the February 11th low crossing at $5.23 1/4. Second support is the the 25% retracement level of the August-February-rally crossing at $5.14. May wheat was lower overnight as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.56 1/4 would signal that a short-term top has likely been posted. If May extends the rally off February's low, January's high crossing at $6.93 is the next upside target. First resistance is Wednesday's high crossing at $6.88 1/2. Second resistance is January's high crossing at $6.93. First support is the 20-day moving average crossing at $6.56 1/4. Second support is the 50-day moving average crossing at $6.46 3/4. May Kansas City wheat was lower overnight as it extends Thursday's decline. The low-range close 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 the 20-day moving average crossing at $6.36 1/4 would signal that a short-term top has likely been posted. If May extends the rally off February's low, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is Wednesday's high crossing at $6.64. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the 20-day moving average crossing at $6.36 1/4. Second support is the 50-day moving average crossing at $6.19 3/4. May Minneapolis wheat was lower overnight as it consolidates some of the rally off February's low. The low-range close 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 the 20-day moving average crossing at $6.39 would temper the near-term friendly outlook. If May extends the rally off February's low, January's high crossing at $6.62 is the next upside target. First resistance is Wednesday's high crossing at $6.58 3/4. Second resistance is January's high crossing at $6.62. First support is the 20-day moving average crossing at $6.39. Second support is the 50-day moving average at crossing at $6.23. SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains " May soybeans were sharply lower overnight following Thursday's disappointing export sales report. The low-range close sets the stage for a steady to 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 the 20-day moving average crossing at $13.80 would signal that a short-term top has been posted. If May extends the rally above January's high crossing at $14.33, the 75% retracement level of the 2012-2019-decline crossing at $15.39 1/2 on the monthly continuation chart is the next upside target. First resistance is Thursday's high crossing at $14.45 3/4. Second resistance is the 75% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $15.39 1/2. First support is the 20-day moving average crossing at $13.80. Second support is the 50-day moving average crossing at $13.44 1/4. May soybean meal was lower overnight trading and is poised to test the bottom of the trading range of the past five-weeks, which crosses at $413.40. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the January 25th low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for a possible test of the 38% retracement level of August-January rally crossing at $396.90. Closes above the February 9th high crossing at $442.10 would mark an upside breakout of the aforementioned trading range. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $463.60. First support is February's low crossing at $413.40. Second support is the 38% retracement level of the August-January rally crossing at $396.90. May soybean oil was lower overnight as it consolidates some of the rally off last-April's low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 46.00 would signal that a short-term top has been posted. If May extends the rally off October's low, the 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45 is the next upside target. First resistance is Thursday's high crossing at 50.95. Second resistance is the 62% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at 53.45. First support is the 10-day moving average crossing at 47.56. Second support is the 20-day moving average crossing at 46.00.
The March NASDAQ 100 was lower overnight as it extends the decline off February's high. The mid-range trade sets the stage for a steady to 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 March extends this month's decline, January's low crossing at 12,491.25 is the next downside target. Closes above the 20-day moving average crossing at 13,433.81 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,433.81. Second resistance is February's high crossing at 13,900.50. First support is January's low crossing at 12,491.25. Second support is the December 10th low crossing at 12,217.00. The March S&P 500 was lower overnight as it extends Thursday's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3802.03 would open the door for additional weakness and a possible test of February's low crossing at 3656.50. Closes above Thursday's high crossing at 3934.50 are needed to signal that a short-term low has been posted. First resistance is February's high crossing at 3959.25. Second resistance is unknown. First support is the 50-day moving average crossing at 3802.03. Second support is February's low crossing at 3656.50.
March T-bonds were higher due to short covering overnight as they consolidate some of this year's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 165-09 would signal that a short-term low has been posted. If March extends the decline off August's high, a test of the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20 is the next downside target. First resistance is the 10-day moving average crossing at 162-27. Second resistance is the 20-day moving average crossing at 165-09. First support is Thursday's low crossing at 157-23. Second support is the 62% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 157-20. March T-notes were higher due to short covering overnight as they consolidate some of the decline off January's high. The mid-range overnight trade sets the stage for a steady to higher opening with 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 the January 27th high, the 38% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 131.278 is the next downside target. Closes above the 20-day moving average crossing at 136.023 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 135.089. Second resistance is the 20-day moving average crossing at 136.023. First support is Thursday's low crossing at 133.105. Second support is the 38% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 131.278.
April hogs closed up $0.33 at $89.75. April hogs closed higher on Thursday as it extends the rally off November's low. The low-range close sets the stage for a steady to slightly higher opening when Friday's night 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 renews the rally off November's low, the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25 is the next upside target. Closes below the 20-day moving average crossing at $82.45 would signal that a short-term top has been posted. First resistance is today's high crossing at $90.68. Second resistance is the 87% retracement level of the 2019-2020-decline on the weekly continuation chart crossing at $92.25. First support is the 10-day moving average crossing at $86.08. Second support is the 20-day moving average crossing at $82.45. April cattle closed down $0.55 at $121.68 April cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If April extends the decline off last-Tuesday's high, the 50-day moving average crossing at $120.67 is the next downside target. Closes above the 10-day moving average crossing at $123.30 would signal that a short-term low has been posted. If April renews the rally off October's low, the December-2019 high on the monthly continuation chart crossing at $127.90 is the next upside target. First resistance is last-Tuesday's high crossing at $126.70. Second resistance is the December-2019 high crossing at $127.90. First support is the 50-day moving average crossing at $120.67. Second support is the 38% retracement level of the October-February rally crossing at $119.86. April Feeder cattle closed up $0.33 at $145.08. April Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April resumes the rally off February's low, January's high crossing at $147.00 is the next upside target. Closes below the 50-day moving average crossing at $142.04 would signal that a short-term top has been posted. First resistance is February's high crossing at $145.80. Second resistance is January's high crossing at $147.00. First support is February's low crossing at $140.05. Second support is January's low crossing at $135.03.
April gold was lower overnight as it extends the decline off January's high. The low-range overnight trade 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. If April extends the decline off January's high, the 50% retracement level of the 2019-2020-rally crossing at $1725.30. is the next downside target. Closes above the 20-day moving average crossing at $1811.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1811.10. Second resistance is 50-day moving average crossing at $1850.20. First support is the overnight low crossing at $1753.50. Second support is the 50% retracement level of the 2019-2020-rally crossing at $1725.30. May silver was steady to lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 $26.517 would confirm that a top has been posted. If May extends the rally off last-Friday's low, February's high crossing at $30.040 is the next upside target. First resistance is Tuesday's high crossing at $28.470. Second resistance is February's high crossing at $30.040. First support is the 50-day moving average crossing at $26.517. Second support is the January 27th low crossing at $24.775. May copper was lower due to profit taking overnight it consolidates some of the rally off February's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 4.0469 would signal that a short-term top has been posted. If May extends the rally off October's low, the August-2011 high on the monthly continuation chart crossing at 4.5400 is the next upside target. First resistance is Thursday's high crossing at 4.3755. Second resistance is the August-2011 high on the monthly continuation chart crossing at 4.5400. First support is the 10-day moving average crossing at 4.0469. Second support is the 20-day moving average crossing at 3.8387.
| | | Top Stocks | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | BAC | Bank of America Corp | 35.94 | -0.44 | -1.22% | 70,647,531 | +90 |    | Entry Signal | | 2. | NCLH | Norwegian Cruise Line Holdings | 28.760 | -2.510 | -8.73% | 40,863,576 | +90 | | Entry Signal | | 3. | WFC | Wells Fargo | 37.56 | -0.73 | -1.94% | 34,310,379 | +90 | | Entry Signal | | 4. | VALE | Vale | 17.410 | -0.640 | -3.68% | 31,004,467 | +90 | | Entry Signal | | 5. | X | United States Steel Corp | 17.605 | -1.705 | -9.69% | 28,996,450 | +90 | | Entry Signal | | 6. | BP | BP Plc | 25.585 | +0.285 | +1.11% | 27,360,406 | +100 | | Entry Signal | | 7. | XOM | Exxon Mobil Corp | 55.7700 | -0.9300 | -1.67% | 27,129,790 | +90 | | Entry Signal | | 8. | UAL | United Airlines Holdings, Inc. | 51.76 | -3.20 | -6.18% | 25,198,059 | +90 | | Entry Signal | | 9. | C | Citigroup, Inc | 67.405 | -1.195 | -1.77% | 23,810,590 | +90 | | Entry Signal | | 10. | FCX | Freeport-McMoRan, Inc | 35.72 | -2.17 | -6.08% | 23,622,619 | +90 | | Entry Signal | |
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