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March T-bonds closed down 1-02/32's at 125-27. March T-bonds closed lower on Friday and below the 50% retracement level of the October-December rally crossing at 126-16 as it extends this year's decline. The low-range close sets the stage for a steady to lower opening on Monday. 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 year's decline, the 62% retracement level of the October-December rally crossing at 122-28 is the next downside target. Closes above the 20-day moving average crossing at 130-28 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 127-26. Second resistance is the 20-day moving average crossing at 130-28. First support is today's low crossing at 125-21. Second support is the 62% retracement level crossing at 122-28. ENERGY MARKETS
PRECIOUS METALS
March coffee closed higher on Friday as it consolidates above the 20-day moving average crossing at 11.812. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 12.04 are needed to confirm that a short-term low has been posted. If March renews this week's decline, the reaction low crossing at 11.270 is the next downside target. March cocoa closed higher on Friday and 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. If March extends this week's rally, the reaction high crossing at 29.00 is the next upside target. Closes below the 20-day moving average crossing at 26.34 would temper the near-term friendly outlook in the market. March sugar closed higher on Friday and above the 50% retracement level of last fall's decline crossing at 13.14. The high- range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the 62% retracement level of the August- October decline crossing at 13.78 is the next upside target. Multiple closes below the 20-day moving average crossing at 12.45 are needed to confirm that a short-term top has been posted. March cotton closed slightly higher on Friday as it consolidates above the 20-day moving average crossing at 49.08. The mid- range close sets the stage for a steady opening on Monday. 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 49.08 are needed to confirm that a short-term top has been posted. If March extends this year's rally, the 25% retracement level of last year's decline crossing at 54.53 is the next upside target. GRAINS March Corn closed up 6-cents at 3.77 1/4. March corn closed higher on Friday and above the 10-day moving average crossing at 3.75 1/2. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above Monday's gap crossing at 3.78 1/2 would temper the near-term bearish outlook. Closes above the 20-day moving average crossing at 3.80 1/2 are needed to confirm that a short-term low has been posted. If March renews this year's decline, the 62% retracement level of the December-January rally crossing at 3.52 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 3.79 1/4. Second resistance is the January 27th gap crossing at 3.92. First support is Wednesday's low crossing at 3.56. Second support is the 62% retracement level of the December-January rally crossing at 3.52 3/4. March wheat closed down 4 3/4-cents at 5.57. March wheat closed lower on Friday due to profit taking as it consolidated some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. 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 week's decline, the reaction low crossing at 5.18 is the next downside target. Closes above the 20-day moving average crossing at 5.72 3/4 are needed confirm that a short-term low has been posted. March Kansas City Wheat closed up 3 1/2-cents at 5.86 1/2. Kansas City Wheat closed lower due to profit taking on Friday as it consolidated some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. 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 week's decline, the 62% retracement level of the December-January rally crossing at 5.65 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.01 1/4 are needed to confirm that a short-term low has been posted. March Minneapolis wheat closed down 1-cent at 6.54 3/4. March Minneapolis wheat closed lower on Friday as it consolidates some of Thursday's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. March is range bound and needs to close above 6.85 3/4 or below 6.24 1/2 to confirm a breakout. Look for choppy action to continue near-term. SOYBEAN COMPLEX March soybeans closed up 21-cents at 10.01. March soybeans closed higher on Friday and above the 20-day moving average crossing at 9.87 1/2 confirming that a short- term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, January's high crossing at 10.40 is the next upside target. Closes below the 10-day moving average crossing at 9.75 1/4 would temper the near-term friendly outlook in the market. March soybean meal closed up $9.30 at $317.30. March soybean meal closed higher on Friday and above the 10-day moving average crossing at 308.90 confirming that a short- term low has been posted. 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. If March extends this week's rally, January's high crossing at 326.00 is the next upside target. Closes below this week's low crossing at 297.50 would confirm that a short-term has been posted. March soybean oil closed up 35 pts. at 33.40. March soybean oil closed higher on Friday as it extended Thursday's rally above the 10-day moving average crossing at 32.66. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 33.52 are needed to confirm that a short-term low has been posted. If March renews this month's decline, the reaction low crossing at 30.59 is the next downside target. LIVESTOCK April hogs closed up $0.15 at $60.40.
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