8:30 AM ET. Jan Import Prices (expected -1.5%; previous +1.1%)

8:30 AM ET. Feb NY Fed Mfg Index (expected 10.0; previous 9.1)

8:30 AM ET. Feb 10 Jobless Claims (expected +4K; previous +3K)

9:00 AM ET. Dec Treasury Intl Capital Flows (previous $74.9B)

9:15 AM ET. Jan Capacity Utilization (expected 81.6%; previous 81.8%)

9:15 AM ET. Jan Indus Production (expected unchanged; previous +0.4%)

10:00 AM ET. Feb 3 DJ-BTMU Business Barometer (previous +0.2%)

10:30 AM ET. Feb 9 US Energy Dept Natural Gas Stocks (in billion cubic feet) expected –253; previous –224)

12:00 PM ET. Feb Philadelphia Fed Business Index (expected 5.0; previous 8.3)

13:00 PM ET. Feb NAHB Housing Index (previous 35)

4:30 PM ET. Money Supply

The STOCK INDEXES & MARKETS

The March NASDAQ 100 was lower overnight as it consolidates some of Wednesday’s rally. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Multiple closes above the reaction high crossing at 1828 are needed to confirm that a short-term low has been posted. Closes below the reaction low crossing at 1773.00 would open the door for a possible test of January’s low crossing at 1747 later this winter. The March NASDAQ 100 was down 3.25 pts. at 1819.50 as of 6:13 AM CST. Overnight action sets the stage for a steady to lower opening by the NASDAQ composite index later this morning.

The March S&P 500 index was steady to slightly lower overnight as it consolidates some of Wednesday’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Wednesday’s close above the previous reaction high crossing at 1457.70 has renewed the long-term uptrend line. If March extends this week’s rally, weekly resistance crossing at 1473.00 is the next upside target. Closes below the reaction low crossing at 1435.10 would temper the near-term bullish outlook in the market. The March S&P 500 Index was down 0.10 pts. at 1458.50 as of 6:16 AM CST. Overnight action sets the stage for a steady to lower opening when the day session begins later this morning.

INTEREST RATES

March T-bonds were slightly higher overnight as they extend Wednesday’s rally above the 10-day moving average crossing at 110-20. Stochastics and the RSI are neutral to bullish tempering the near-term bearish outlook in the market. Closes above the reaction high crossing at 111-09 are needed to renew the rally off January’s low. If March renews this year’s rally, gap resistance crossing at 111-18 is the next upside target. If March renews this winter’s decline, the 62% retracement level of last year’s rally crossing at 108-27 is the next downside target.

ENERGY MARKETS

March crude oil was slightly higher in overnight trading but remains below the 50% retracement level of the December-January decline crossing at 58.64. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 56.98 are needed to confirm that a short-term top has been posted. If March extends the rally off January’s low, the 75% retracement level crossing at 62.46 is the next upside target. Overnight action sets the stage for a steady to higher opening when day session trading begins later this morning.

March heating oil was higher in overnight trading as it consolidates above the 20-day moving average crossing at 163.73. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 163.73 are needed to confirm that a short-term top has been posted. If March renews the rally off January’s low, the 75% retracement level of the December-January decline crossing at 179.72 is the next upside target. Overnight action sets the stage for a steady to higher opening when day session trading begins later this morning.

March unleaded gas was higher overnight as it extends Wednesday’s rally. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January’s low, the 75% retracement level crossing at 166.17 is the next upside target. Closes below the 20-day moving average crossing at 153.88 are needed to confirm that a short-term top has been posted. Overnight action sets the stage for a steady to higher opening when day session trading begins later this morning.

March Henry Hub natural was slightly higher overnight as it consolidates some of Wednesday’s decline but remains below the 20-day moving average crossing at 7.417. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible. If March extends this week’s decline, the reaction low crossing at 6.828 is the next downside target. Closes above Monday’s gap crossing at 7.74 would temper the near-term bearish outlook in the market. Overnight action sets the stage for a steady to higher opening when day session trading begins later this morning.

CURRENCIES

The March Dollar was slightly lower overnight as it extends Wednesday’s decline below the lower boundary of this year’s trading range crossing at 84.25. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends this week’s decline, the 50% retracement level of the rally off December’s low crossing at 83.57 is the next downside target. Closes above the reaction high crossing at 85.25 would renew the rally off December’s low while opening the door for a possible test of the 75% retracement level of this fall’s decline crossing at 85.56 later this winter. Overnight action sets the stage for a steady to lower opening in early-day session trading.

The March Euro was higher overnight as it extended Wednesday’s rally above the reaction high crossing at 130.92 confirming an upside breakout of this year’s trading range. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week’s rally, the 62% retracement level of the decline off December’s high crossing at 132.253 is the next upside target. Closes below January’s low crossing at 129.01 would renew this winter’s decline. If March renews this winter’s decline, the 75% retracement level of this fall’s rally crossing at 127.912 is the next downside target. Overnight action sets the stage for a steady to higher opening in early-day session trading.

The March British Pound was lower overnight as it consolidates some of Wednesday’s rally. Stochastics and the RSI are turning bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.9633 would confirm that a short-term low has been posted. Closes above December’s high crossing at 1.9853 are needed to renew the rally off last October’s low. If March extends the decline off January’s high, January’s low crossing at 1.9265 is the next downside target. Overnight action sets the stage for a lower opening in early-day session trading.

The March Swiss Franc was higher overnight as it extends this week’s short covering rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .8123 are needed to confirm that a short-term low has been posted. If March renews this winter’s decline, last October’s low crossing at .7951 is the next downside target. Overnight action sets the stage for a higher opening in early-day session trading.

The March Canadian Dollar was lower overnight as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last week’s low, the 38% retracement level of the September-February decline crossing at .8684 is the next upside target. Closes below the 20-day moving average crossing at .8501 would temper the near-term friendly outlook in the market. Overnight action sets the stage for a steady to lower opening in early-day session trading.

The March Japanese Yen was higher overnight as it extends this week’s short covering rally. Stochastics and the RSI are diverging and are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .8383 are needed to confirm that a short-term low has been posted. Closes below January’s low would open the door for a possible test of weekly support crossing at .8023 is the next downside target. Overnight action sets the stage for a higher opening in early-day session trading.

PRECIOUS METALS

April gold was slightly higher overnight as it consolidates above the 50% retracement level of 2006’s decline crossing at 670.10. Stochastics and the RSI are overbought, diverging but are bullish signal that sideways to higher prices are possible near-term. If April extends this year’s rally, the 62% retracement level crossing at 692.40 is the next upside target. Closes below the 20-day moving average crossing at 657.60 are needed to confirm that a double top with December’s high has been posted. Overnight action sets the stage for a $0.30 to $0.60 higher opening in early day session trading.

March silver was higher overnight and is challenging the 87% retracement level of the December-January decline crossing at 13.80. Stochastics and the RSI are overbought but are neutral to bullish hinting that sideways to higher prices are possible near-term. If March extends the rally off January’s low, December’s high crossing at 14.37 is the next upside target. Closes below the 20-day moving average crossing at 13.542 are needed to confirm that a short-term top has been posted. Overnight action sets the stage for a higher opening when day session trading begins later this morning.

March copper was higher overnight as it extends this week’s rally above the 20-day moving average crossing at 253.88. Stochastics and the RSI are bullish hinting that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 270 are needed to confirm that a short-term low has been posted. If March extends this winter’s decline, the 62% retracement level of the 2005-06 rally crossing at 209.43 is the next downside target. Overnight action sets the stage for a higher opening when day session trading begins.

GRAINS

March corn was higher overnight as it extends this week’s rally above the reaction high crossing at 4.09 1/4. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off last week’s low, January’s high crossing at 4.20 1/2 is the next upside target. Closes above January’s high would mark a resumption of this winter’s rally while opening the door for a possible test of the 75% retracement level of the 1096-1999 decline crossing at 4.59 later this year. Multiple closes below broken support crossing at 3.93 would open the door for a larger-degree decline during February to mark a seasonal low. Overnight action indicates that March corn should open 3 to 5-cents higher when the day session begins later this morning.

March wheat was higher overnight due to short covering but remains below the 10-day moving average crossing at 4.55 3/4. Stochastics and the RSI are neutral to bullish signaling that a double bottom with January’s low might be forming. Closes above last Friday’s high crossing at 4.70 1/2 are needed to confirm that a double bottom with January’s low has been posted. Closes above the reaction high crossing at 4.86 1/2 are needed to renew the rally off January’s low. Closes below January’s low crossing at 4.47 3/4 would renew this winter’s decline while opening the door for a possible test of the 75% retracement level of this fall’s rally crossing at 4.36. Overnight action indicates that March wheat should open 1 to 2-cents higher when the day session begins later this morning.

March Kansas City Wheat closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bullish hinting that a short-term low might be in or is near. Closes above the reaction high crossing at 4.97 are needed to confirm that a low has been posted. If March renews the decline off January’s high, January’s low crossing at 4.67 is the next downside target.

SOYBEAN COMPLEX

March soybeans were higher overnight as they extend this week’s breakout above weekly resistance crossing at 7.52 1/2. Stochastics and the RSI are overbought but are neutral to bullish hinting that additional short-term gains are possible. If March extends the rally off January’s low, weekly resistance crossing at 7.81 1/2 is the next upside target. Closes below the 20-day moving average crossing at 7.31 1/4 would confirm that a short-term top has been posted. Overnight action indicates that March soybeans should open 3 to 5-cents higher when the day session begins later this morning.

March soybean meal was higher overnight as it extends this week’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends this winter’s rally, weekly resistance crossing at 235.10 is the next upside target. Closes below the 20-day moving average crossing at 212.70 would confirm that a short-term top has been posted. Overnight action indicates that March soybean meal should open steady to $0.30 higher when the day session begins later this morning.

March soybean oil was steady to slightly higher overnight as it consolidates some of Wednesday’s decline but remains below the 20-day moving average crossing at 29.73. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 29.73 would confirm that a short-term top has been posted. If March renews the breakout above November’s high, weekly resistance crossing at 31.08 is the next upside target. Overnight action indicates that March soybean oil should open steady to 5-points higher when the day session begins later this morning.

LIVESTOCK

April hogs closed sharply higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews this year’s rally, fib resistance crossing at 69.20 is the next upside target. Closes below last week’s low crossing at 65.90 would confirm that a top has been posted.

March bellies closed higher on Wednesday as it extended this year’s rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year’s rally, weekly resistance crossing at 108.59 is the next upside target. Closes below the 10-day moving average crossing at 104.36 would signal that a short-term top has been posted.

April cattle closed slightly lower on Wednesday as it consolidated some of Tuesday’s rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends this winter’s rally, weekly resistance crossing at 97.25 is the next upside target. Closes below the 20-day moving average crossing at 94.10 are needed to confirm that a top has been posted.

March Feeder cattle closed higher on Wednesday and spiked above the 50% retracement level of this fall’s rally crossing at 101.04. The low-range close sets the stage for a steady to lower opening on Thursday. 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 January’s low, the 62% retracement level of this fall’s rally crossing at 103.55 is the next upside target. Closes below the 20-day moving average crossing at 96.24 would confirm that a short-term top has been posted.

FOOD & FIBER

March coffee closed higher on Wednesday as it consolidated some of this week’s decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are neutral to bullish hinting that a short-term low might be in or is near. If March extends this year’s decline, the 62% retracement level of this fall’s rally crossing at 112.59 is the next downside target. Closes above the 20-day moving average crossing at 116.59 are needed to confirm that a short-term low has been posted.

March cocoa closed lower on Wednesday consolidated some of this month’s rally but remains above January’s high crossing at 16.96. The high-range close sets the stage for a steady to higher opening on Thursday. If March extends this month’s rally, the 87% retracement level of last year’s decline crossing at 17.47 is the next upside target. Closes below the 10-day moving average crossing at 16.86 would signal that a short-term top has been posted.

March sugar closed higher on Wednesday and above the 20-day moving average crossing at 10.56. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that a short-term low might be in or is near. Closes above the reaction high crossing at 10.75 are needed to confirm that a short-term low has been posted. If March renews this year’s decline, weekly support crossing at 9.70 is the next downside target.

March cotton closed sharply lower on Wednesday as it extended this week’s decline. The low-range close sets the stage for a steady to lower opening on Thursday. 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, November’s low crossing at 50.81 is the next downside target. Closes above the 20-day moving average crossing at 53.61 are needed to confirm that a short-term low has been posted.