KEY EVENTS TO WATCH FOR:

Monday, March 26, 2018   

8:30 AM ET. February CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.12)

                       NAI, 3-mo Moving Avg (previous 0.17)

10:30 AM ET. March Texas Manufacturing Outlook Survey

                       Business Activity (previous 37.2)

                       Mfg Production Idx (previous 27.9)

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

The STOCK INDEXES:The June NASDAQ 100 was sharply higher overnight as it consolidates some of the decline off March's high.U.S. stocks were poised for a rebound after posting their worst weekly performance in more than two years. The overnight rally was triggered by reports that the U.S. and China officials are conducting behind-the-scenes talks to avert a global trade war. A number of Federal Reserve speakers may capture attention as well, as a holiday-shortened week of trading kicks off. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the reaction low crossing at 6485.25 is the next downside target. Closes above the 20-day moving average crossing at 6920.54 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6920.54. Second resistance is March's high crossing at 7214.50. First support is the reaction low crossing at 6485.25. Second support is February's low crossing at 6192.50.  

The June S&P 500 was higher due to short covering overnight as it consolidates some of the decline off March's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 38% retracement level of the 2016-2018-rally crossing at 2533.51 is the next downside target. Closes above the 50-day moving average crossing at 2743.27 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2743.27. Second resistance is March's high crossing at 2806.00. First support is last Friday's low crossing at 2588.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.   

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

INTEREST RATES: June T-bonds were lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 38% retracement level of the December-February-decline crossing at 146-01 is the next upside target. Closes below last Wednesday's low crossing at 142-30 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the December-February-decline crossing at 146-01. Second resistance is the 50% retracement level of the December-February-decline crossing at 147-14. First support is last Wednesday's low crossing at 142-30. Second support is February's low crossing at 141-14.    

June T-notes were lower overnight as it consolidates some of last week's rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 120.212 would open the door for additional gains near-term. Closes below last Wednesday's low crossing at 119.220 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 120.212. Second resistance is the reaction high crossing at 122.020. First support is last Wednesday's low crossing at 119.220. Second support is February's low crossing at 119.140. 

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

ENERGY MARKETS: MayNymex crude oil was steady to slightly lower overnight.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 February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. Closes below the 20-day moving average crossing at 62.42 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 66.55. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46. First support is the 20-day moving average crossing at 62.42. Second support is March's low crossing at 59.91.  

May heating oil was steady to slightly higher overnight as it extends the rally off February's low. 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 week's rally, the reaction high crossing at 207.28 is the next upside target. Closes below the 20-day moving average crossing at 192.44 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 207.28. Second resistance is January's high crossing at 208.95. First support is the 20-day moving average crossing at 192.44. Second support is March's low crossing at 184.42. 

May unleaded gas was steady to slightly higher overnight as it extends the rally off March's low. 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 March's low, the reaction high crossing at 208.89 is the next upside target. Closes below the 20-day moving average crossing at 195.32 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 205.45. Second resistance is the reaction high crossing at 208.89. First support is the 50-day moving average crossing at 198.36. Second support is 20-day moving average crossing at 195.32. 

May Henry natural gas was higher due to short covering overnight as it consolidates some of the decline off March's high.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, December's low crossing at 2.504 is the next downside target. Closes above the 50-day moving average crossing at 2.746 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.746. Second resistance is March's high crossing at 2.831. First support is February's low crossing at 2.666. Second support is December's low crossing at 2.504.

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

CURRENCIES:The June Dollar was lower in overnight trading while extending the trading range of the past three-months. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off March's high, February's low crossing at 87.83 is a potential downside target. If June renews the rally off February's low, the 50% retracement level of the November-February-decline crossing at 91.13. First resistance is the 38% retracement level of the November-February-decline crossing at 90.35. Second resistance is the 50% retracement level of the November-February-decline crossing at 91.13. First support is the overnight low crossing at 88.75. Second support is February's low crossing at 87.93.

The June Euro was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, February's high crossing at 126.58 is the next upside target. If June resumes the decline off March's high, March's low crossing at 122.54 is the next downside target. First resistance is March's high crossing at 125.47. Second resistance is February's high crossing at 126.58. First support is March's low crossing at 122.54. Second support is the 50% retracement level of the November-February-decline crossing at 121.97. 

The June British Pound was higher overnight as it extends the rally off March's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. Closes below the 20-day moving average crossing at 1.4003 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.4352. Second high is January's high crossing at 1.4404. First support is the 20-day moving average crossing at 1.4404. Second support is the 50% retracement level of the December-February-decline crossing at 1.3777.  

The June Swiss Franc were higher overnight as it consolidates some of the decline off February's high. 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 1.0654 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, the 62% retracement level of the November-February-rally crossing at 1.0458 is the next downside target. First resistance is the 20-day moving average crossing at 1.0654. Second resistance is March's high crossing at 1.0800. First support is the 50% retracement level of the November-February-rally crossing at 1.0559. Second support is the 62% retracement level of the November-February-rally crossing at 1.0458.

The June Canadian Dollar was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50-day moving average crossing at 79.13 is the next upside target. If June renews the decline off January's high, the 50% retracement level of the 2016-2017-rally crossing at 76.06 is the next downside target.First resistance is the reaction high crossing at 78.26. Second resistance is the 50-day moving average crossing at 79.13. First support is March's low crossing at 76.33. Second support is the 50% retracement level of the 2016-2017-rally crossing at 76.06.

The June Japanese Yen was lower overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off January's low, the 62% retracement level of the 2016-decline crossing at 0.9740 is the next upside target. Closes below March's low crossing at 0.9382 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2016 decline crossing at 0.9491. Second resistance is the 62% retracement level of the 2016 decline crossing at 0.9740. First support is last Wednesday's low crossing at 0.9433. Second support is March's crossing at 0.9382.  

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS: June gold was higher overnight as it extends the rally off March's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, February's high crossing at 1369.60 is the next upside target. Closes below the 20-day moving average crossing at 1330.80 would confirm that a short-term top has been posted. First resistance is February's high crossing at 1369.60. Second resistance is January's high crossing at 1375.50. First support is the 50% retracement level of the December-January-rally crossing at 1311.50. Second support is the 62% retracement level of the December-January-rally crossing at 1296.30.

May silver was higher overnight as it extends the rally off March's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 16.748 are needed to confirm that a short-term low has been posted. If May renews the decline off January's high, December's low crossing at 15.705 is the next downside target. First resistance is the 50-day moving average crossing at 16.748. Second resistance is March's high crossing at 16.895. First support is March's low crossing at 16.100. Second support is December's low crossing at 15.705. 

May copper was lower overnight as it extends the decline off February's high. The low-range 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 May extends the decline off February's high, the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target. Closes above the 20-day moving average crossing at 309.99 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 306.65. Second resistance is the 20-day moving average crossing at 309.99. First support is the overnight low crossing at 293.75. Second support is the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target.  

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

May corn was higher due to short covering overnight as it consolidates some of this month's decline. The mid-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.83 3/4 are needed to confirm that a short-term low has been posted. If May extends the decline off March's high, the 75% retracement level of the January-March-rally crossing at 3.64 is the next downside target. First resistance is the 10-day moving average crossing at 3.80 3/4. Second resistance is the 20-day moving average crossing at 3.83 3/4. First support is the 62% retracement level of the January-March-rally crossing at 3.69 1/2. Second support is the 75% retracement level of the January-March-rally crossing at 3.64.  

May wheat was lower overnight. 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 decline off February's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. Closes above last Monday's gap crossing at 4.67 are needed to confirm that a short-term low has been posted. First resistance is last Monday's gap crossing at 4.67. Second resistance is the 20-day moving average crossing at 4.81 1/2. First support is the 75% retracement level of the December-March-rally crossing at 4.47 1/2. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.    

May Kansas City Wheat closed up 8 1/4-cents at 4.79 1/4. 

May Kansas City wheat closed higher due to short covering on Friday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's gap crossing at 4.99 1/4 would confirm that a short-term low has been posted. If May extends this month's decline, the 75% retracement level of the December-March-rally crossing at 4.54 3/4 is the next downside target. First resistance is Monday's gap crossing at 4.99 1/4. Second resistance is the 20-day moving average crossing at 5.10 1/2. First support is Wednesday's low crossing at 4.58 1/4. Second support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.  

May Minneapolis wheat was steady to fractionally higher overnight as it consolidates some of decline off March's high. The mid-range overnight trade sets the stage for a steady to 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 50-day moving average crossing at 6.16 1/2 would confirm that a short-term low has been posted. If May resumes the decline off January's high, the December-2016 low crossing at 5.59 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 6.16 1/2. Second resistance is March's high crossing at 6.36. First support is last Wednesday's low crossing at 5.82 3/4. Second support is the December-2016 low crossing at 5.59 1/4. 

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

May soybeans were higher overnight as it consolidates some of the decline off March's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 10.46 3/4 would confirm that a short-term low has been posted. If May resumes the decline off March's high, the 62% retracement level of the January-March-rally crossing at 10.04 is the next downside target. First resistance is the 20-day moving average crossing at 10.46 3/4. Second resistance is March's high crossing at 10.82 1/2. First support is the 62% retracement level of the January-March-rally crossing at 10.04. Second support is the 75% retracement level of the January-March-rally crossing at 9.87 1/4.

May soybean meal was higher overnight extends the rally off last Tuesday's low. The high-range trade overnight sets the stage for a steady to 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 20-day moving average crossing at 378.20 are needed to confirm that a short-term low has been posted. If May resumes the decline off March's high, the 62% retracement level of the January-March-rally crossing at 348.30 is the next downside target. First resistance is the 20-day moving average crossing at 378.20. Second resistance is March's high crossing at 404.00. First support is the 50% retracement level of the January-March-rally crossing at 359.00. Second support is the 62% retracement level of the January-March-rally crossing at 348.30.

May soybean oil was higher overnight as it consolidates some of last Friday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off November's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 32.36 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.36. Second resistance is the late-February high crossing at 32.96. First support is March's low crossing at 31.37. Second support is the January-2016-low crossing at 30.67.

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

June hogs closed down $1.33 at $74.15. 

June hogs closed lower on Friday as it extends this year's decline. The mid-range close sets the stage for a steady to higher opening when Monday's 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 June extends the decline off January's high, weekly support crossing at 71.99 is the next downside target. Closes above the 20-day moving average crossing at 78.59 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 77.16. Second resistance is the 20-day moving average crossing at 78.59. First support is today's low crossing at 73.22. Second support is weekly support crossing at 71.99.

June cattle closed down $2.20 at 106.20. 

June cattle 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 night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 75% retracement level of 2017's rally crossing at 102.65 is the next downside target. Closes above the 20-day moving average crossing at 112.77 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 110.48. Second resistance is the 20-day moving average crossing at 112.65. First support is the 62% retracement level of 2017's rally crossing at 105.97. Second support is the 75% retracement level of 2017's rally crossing at 102.65.

May Feeder cattle closed down $1.22 at $137.30. 

May Feeder cattle closed lower on Friday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Monday's 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, last August's low crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 143.82 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 140.34. Second resistance is the 20-day moving average crossing at 143.82. First support is Thursday's low crossing at 136.40. Second support is last August's low crossing at 134.10.   

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

May coffee closed lower on Friday 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target. Closes above the 50-day moving average crossing at 12.24 are needed to confirm that a low has been posted.      

May cocoa closed higher on Friday and above the 62% retracement level of the 2016-2017-decline crossing at 25.89 as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target. Closes below the 20-day moving average crossing at 24.40 would confirm that a short-term top has been posted. 

May sugar closed lower on Friday. The low-range close set 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. If May extends this year's decline, weekly support crossing at 12.00 is the next downside target. Closes above the 20-day moving average crossing at 12.98 are needed to confirm that a low has been posted. 

May cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 81.09 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, weekly resistance crossing at 87.18 is the next upside target.