KEY EVENTS TO WATCH FOR:

Thursday, April 19, 2018

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 226K; previous 233K)

                       Jobless Claims, Net Chg (previous -9K)

                       Continuing Claims (previous 1871000)

                       Continuing Claims, Net Chg (previous +53K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 895.9K)

                       Soybeans (Metric Tons) (previous 2464.5K)

                       Wheat (Metric Tons) (previous 188.7K)

8:30 AM ET. April Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 20.8; previous 22.3)

                       Prices Paid (previous 42.6)

                       Employment (previous 25.6)

                       New Orders (previous 35.7)

                       Prices Received (previous 20.7)

                       Delivery Times (previous 14.0)

                       Inventories (previous 16.5)

                       Shipments (previous 32.4)

8:30 AM ET. Annual   Advance GDP by Industry

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. March Leading Indicators

                       Leading Index (expected +0.3%; previous +0.6%)

                       Coincident Index (previous +0.3%)

                       Lagging Index (previous +0.4%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1335B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -19B)

3:30 PM ET. G24 Ministers and Governors Meeting

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

Friday, April 20, 2018  

10:00 AM ET. March Regional & State Employment & Unemployment

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

                       NAI (previous 0.88)

                       NAI, 3-mo Moving Avg (previous 0.37)

9:45 AM ET. April US Flash Services PMI

                       PMI, Services (previous 54.1)

9:45 AM ET. April US Flash Manufacturing PMI

                       PMI, Mfg (previous 55.7)

10:00 AM ET. March Existing Home Sales

                       Existing Sales (previous 5.54M)

                       Existing Sales, M/M% (previous +3.0%)

                       Unsold Homes Month's Supply (previous 3.4)

                       Median Price (USD) (previous 241700)

                       Median Home Price, Y/Y% (previous +5.9%)

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

The June NASDAQ 100 closed higher on Wednesday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the reaction high crossing at 6951.00 is the next upside target. Closes below the 20-day moving average crossing at 6622.73 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 6951.00. Second resistance is March's high crossing at 7214.50. First support is the 20-day moving average crossing at 6622.73. Second support is April's low crossing at 6306.75.  

The June S&P 500 closed higher on Wednesday as it extends the rally off April's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 June extends the rally off April's low, the reaction high crossing at 2741.00 is the next upside target. Closes below the 20-day moving average crossing at 2646.07 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2741.00. Second resistance is March's high crossing at 2806.00. First support is the 20-day moving average crossing at 2646.07. Second support is April's low crossing at 2554.00. 

The Dow posted an inside day with a lower close on Wednesday as it consolidates above the 50-day moving average crossing at 24.615.14. Today's lower close was due to IBM’s stocks trading sharply lower. However, energy, industrials and materials helped the broader market trade modestly higher. Wall Street showed a muted reaction to the release of the Beige Book report, which underscored that activity remained modest in March and early April. The low-range close sets the stage for a steady to lower opening when Thursday'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 the Dow extends this month's rally, the reaction high crossing at 24,977.65 is the next upside target. Closes below the 20-day moving average crossing at 24,205.71 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 24,977.65. Second resistance is March's high crossing at 25,449.15. First support is the 20-day moving average crossing at 24,205.71. Second support is April's low crossing at 23,344.52.      

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

June T-bonds closed down 1-08/32's at 144-25.

June T-bonds closed lower on Wednesday and below the 20-day moving average crossing at 145-16 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the rally off February's low, the 50% retracement level of the December-February-decline crossing at 147-14 is the next upside target. First resistance is the 50% retracement level of the December-February-decline crossing at 147-14. Second resistance is the 62% retracement level of the December-February-decline crossing at 148-28. First support is the 50-day moving average crossing at 144-08. Second support is the reaction low crossing at 142-30.     

June T-notes closed down 140 pts at 120-040.

June T-notes closed lower on Wednesday as it extended the decline off April's high. Today's close below the 50-day moving average crossing at 120.120 confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 April's high, March's low crossing at 119.220 is the next downside target. Closes above the 20-day moving average crossing at 120.218 would temper the near-term bearish outlook. First resistance is April's high crossing at 121.110. Second resistance is the 38% retracement level of the 2017-2018-decline crossing at 121.257. First support is today's low crossing at 120.045. Second resistance is March's low crossing at 119.220.     

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

May crude oil closed sharply higher on Wednesday and at their highest level in nearly 3 1/2 years, due to an unexpected decline in weekly U.S. crude inventories and expectations that major oil producers will stick to their pact to curb global production.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. 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 65.13 would confirm that a short-term top has been posted. First resistance is today's high crossing at 68.64. 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 65.13. Second support is April's low crossing at 61.81. 

May heating oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are diverging but are turning neutral to bearish signaling that a short-term top might be in or near. Closes below the 20-day moving average crossing at 202.83 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 216.58 is the next upside target. First resistance is last Wednesday's high crossing at 212.27. Second resistance is weekly resistance crossing at 216.58. First support is the 10-day moving average crossing at 205.06. Second support is the 20-day moving average crossing at 202.83.  

May unleaded gas closed higher on Wednesday and renewed the rally off April's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off February's low, January's high crossing at 210.12 is the next upside target. Closes below the 20-day moving average crossing at 201.83 would confirm that a short-term top has been posted. First resistance is February's high crossing at 208.89. Second resistance is January's high crossing at 210.12. First support is the 20-day moving average crossing at 201.83. Second support is the 50-day moving average crossing at 196.98.

May Henry natural gas closed slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the previous reaction high crossing at 2.764 are needed to renew the rally off April's low while opening the door for a possible test of March's high crossing at 2.831. If May renews the decline off March's high, February's low crossing at 2.600 is the next downside target. First resistance is the reaction high crossing at 2.764. Second resistance is March's high crossing at 2.831. First support is March's low crossing at 2.610. Second support is February's low crossing at 2.600. Third support is December's low crossing at 2.504. 

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

The June Dollar closed higher on Wednesday.The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, March's low crossing at 88.53 is the next downside target. From a broader perspective, June needs to close above 90.49 or below 78.83 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trading range. 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 March's low crossing at 88.53. Second support is February's low crossing at 87.83. 

The June Euro closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, March's high crossing at 125.54 is the next upside target. If June resumes the decline off March's high, the 50% retracement of the November-February-rally crossing at 121.97 is the next downside target. First resistance is March's high crossing at 125.54. Second resistance is February's high crossing at 126.58. First support is the March 1st low crossing at 122.54. Second support is the 50% retracement level of the November-February-rally crossing at 121.97.   

The June British Pound closed sharply lower on Wednesday due to disappointing economic data regarding inflation. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.4188 would confirm that a short-term top has been posted. If June extends the rally off March's low, the 50% retracement level of the 2014-2016-decline crossing at 1.4617 is the next upside target. First resistance is Tuesday's high crossing at 1.4413. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 1.4617. First support is April's low crossing at 1.4007. Second support is March's low crossing at 1.3779.

The June Swiss Franc closed lower on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 75% retracement level of the November-February-rally crossing at 1.0344 is the next downside target. Closes above the 20-day moving average crossing at 1.0514 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0514. Second resistance is the 50-day moving average crossing at 1.0642. First support is today's low crossing at 1.0361. Second support is the 75% retracement level of the November-February-rally crossing at 1.0344. 

The June Canadian Dollar closed lower on Wednesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 June extends the rally off March's low, the reaction high crossing at 80.45 is the next upside target. Closes below the 20-day moving average crossing at 78.51 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 79.92. Second resistance is the reaction high crossing at 80.45. First support is the 10-day moving average crossing at 79.24. Second support is the 20-day moving average crossing at 78.51.  

The June Japanese Yen closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 0.9432 would confirm that a short-term low has been posted. If June extends the aforementioned decline, the 50% retracement level of the October-March-rally crossing at 0.9237 is the next downside target. First resistance is the 50-day moving average crossing at 0.9423. Second resistance is the 20-day moving average crossing at 0.9432. First support is the 38% retracement level of the October-March-rally crossing at 0.9327. Second support is the 50% retracement level of the October-March-rally crossing at 0.9238.   

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

June gold closed slightly higher on Wednesday. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. 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, January's high crossing at 1375.50 is the next upside target. Closes below the 50-day moving average crossing at 1336.50 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 1369.40. 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 closed sharply higher on Wednesday and above the reaction high crossing at 17.025 confirming an upside breakout of a three-month-old trading range. The high-range close set the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off April's low, the reaction high crossing at 17.460 is the next upside target. Closes below the 20-day moving average crossing at 16.539 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 17.460. Second resistance is January's high crossing at 17.785. First support is the 20-day moving average crossing at 16.539. Second support is April's low crossing at 16.150.       

May copper closed sharply higher on Wednesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 319.20 is the next upside target. Closes below the 20-day moving average crossing at 305.50 would temper the near-term friendly outlook. First resistance is March's high crossing at 319.20. Second resistance is February's high crossing at 329.05.First support is April's low crossing at 297.00. Second support is March's low crossing at 293.75.  

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

May Corn closed up 2 1/4-cents at 3.82 1/4. 

May corn posted an inside day with a higher close on Wednesday as it consolidates some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 50% retracement level of the January-March-rally crossing at 374 1/2 is the next downside target. If May resumes the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. First resistance is April's high crossing at 3.92 1/2. Second resistance is March's high crossing at 3.95 1/4. First support is the 38% retracement level of the January-March-rally crossing at 3.79 1/2. Second support is the 50% retracement level of the January-March-rally crossing at 374 1/2.  

May wheat closed up 9-cents at 4.75 1/4. 

May wheat closed higher on Wednesday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off March's low, the reaction high crossing at 4.98 is the next upside target. Closes below the 20-day moving average crossing at 4.64 1/4 would open the door for additional weakness and a possible test of March's low crossing at 4.41 1/2. First resistance is the reaction high crossing at 4.98. Second resistance is March's high crossing at 5.18 1/2. First support is the 20-day moving average crossing at 4.64 1/4. Second support is March's low crossing at 4.41 1/2.       

May Kansas City Wheat closed up 8 1/4-cents at 4.88 3/4. 

May Kansas City wheat closed higher on Wednesday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 75% retracement level of the December-March-rally crossing at 4.54 1/2 is the next downside target. Closes above the 10-day moving average crossing at 5.01 3/4 would confirm that a short-term low has been posted. First resistance is April's high crossing at 5.28 3/4. Second resistance is March's high crossing at 5.48 1/2. First support is Tuesday's low crossing at 4.76. Second support is March's low crossing at 4.56. 

May Minneapolis wheat closed up 5 1/2-cents at 6.18. 

May Minneapolis wheat closed higher on Wednesday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off April's low, March's high crossing at 6.36 is the next upside target. Closes below the 20-day moving average crossing at 6.01 1/2 would confirm that a short-term top has been posted. First resistance is April's high crossing at 6.34. Second resistance is March's high crossing at 6.36. First support is the 20-day moving average crossing at 6.01 1/2. Second support is April's low crossing at 5.71.  

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

May soybeans closed down 4 3/4-cents at 10.41 1/4. 

May soybeans closed lower on Wednesday as it extends the decline off last Friday's high. The low-range close sets the stage for a steady to lower opening with Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 10.37 3/4 would confirm that a short-term top has been posted. If May resumes the rally off April's low, March's high crossing at 10.82 1/2 is the next upside target. First resistance is last Friday's high crossing at 10.67 1/4. Second resistance is March's high crossing at 10.82 1/2. First support is the 50-day moving average crossing at 10.37 3/4. Second support is April's low crossing at 9.83 1/2.

May soybean meal closed down $4.90 at 376.20. 

May soybean meal closed lower on Wednesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. 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 375.20 would confirm that a short-term top has been posted. If May resumes the rally off March's low, March's high crossing at 404.00 is the next upside target. First resistance is April's high crossing at 389.70. Second resistance is March's high crossing at 404.00. First support is the 38% retracement level of the January-March-rally crossing at 369.60. Second support is the 50% retracement level of the January-March-rally crossing at 359.00.  

May soybean oil closed up 16 pts. At 31.35. 

May soybean oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 January's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 31.97 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 31.97. Second resistance is the reaction high crossing at 32.73. First support is Monday's low crossing at 31.14. Second support is the January-2016 low crossing at 30.67.

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

June hogs closed up $1.78 at $78.53. 

June hogs closed higher on Wednesday and above the 50-day moving average crossing at 78.01. The high-range close sets the stage for a steady to higher opening when Thursday's 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 June extends the reaction high, crossing at 79.60 is the next upside target. Closes below the 20-day moving average crossing at 75.37 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 79.60. Second resistance is March's high crossing at 81.33. First support is the 20-day moving average crossing at 75.37. Second support is April's low crossing at 70.25. 

June cattle closed up $0.38 at 105.28. 

June cattle closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the reaction high crossing at 106.93 is the next upside target. If June resumes the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. First resistance is the reaction high crossing at 106.93. Second resistance is the 50-day moving average crossing at 110.64. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.

May Feeder cattle closed up at $140.68. 

May Feeder cattle closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's 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 May extends the rally off April's low, the 50-day moving average crossing at 143.11 is the next upside target. Closes below the 20-day moving average crossing at 136.86 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 142.65. Second resistance is the 50-day moving average crossing at 143.11. First support is last Tuesday's low crossing at 134.33. Second support is April's low crossing at 128.88.   

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

May 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 but remain 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 11.25 is the next downside target. Closes above the 50-day moving average crossing at 11.98 are needed to confirm that a low has been posted.      

May cocoa closed sharply higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher 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 May extends the rally off December's low, the 87% retracement level of the 2016-2017-decline crossing at 29.07 is the next upside target. Closes below the 20-day moving average crossing at 25.71 would confirm that a short-term top has been posted.  

May sugar closed slightly higher on Wednesday as it consolidated some of this year's decline. The high-range close set the stage for a steady to higher 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 May extends this year's decline, monthly support crossing at 10.13 is the next downside target. Closes above the 20-day moving average crossing at 12.27 are needed to confirm that a low has been posted. 

May cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 81.48 are needed to confirm that a short-term top has been posted. If May resumes the rally off April's low, March's high crossing at 86.60 is the next upside target.