KEY EVENTS TO WATCH FOR:

Friday, May 19, 2023  

10:00 AM ET. 1^st Quarter Advance Quarterly Services

10:00 AM ET. April State Employment and Unemployment

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The Dow closed lower on Thursday as it extends the April-May trading range.Today's high-range close sets the stage for a steady to higher opening when Friday's 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 33,551.67 would signal that a short-term low has been posted. Closes below the May 4^th low crossing at 32,937.50 would renew the decline off May's high while opening the door for additional weakness near-term. First resistance is the 20-day moving average crossing at 33,542.72. Second resistance is May's high crossing at 34,257.83. First support is the May 4^th low crossing at 32,937.50. Second support is the 38% retracement level of the 2022 rally crossing at 32,399.25. 

The June NASDAQ 100 closed sharply higher on Thursday as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. If June extends this year's rally, the 75% retracement level of the 2022-decline crossing at 14,245.67 is the next upside target. Closes below the 20-day moving average crossing at 13,281.02 would signal that a short-term top has likely been posted while opening the door for a possible test of the 50-day moving average crossing at 13,033.92. First resistance is today's high crossing at 13,855.25. Second resistance is the 75% retracement level of the 2022-decline crossing at 14,245.01. First support is the 20-day moving average crossing at 13,281.02. Second support is the 50-day moving average crossing at 13,033.92.  

The June S&P 500 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, the February 14^th high crossing at 4223.00 is the next upside target. Closes below the 50-day moving average crossing at 4092.02 would confirm that a short-term top has been posted. First resistance is the May 1^st high crossing at 4206.25. Second resistance is the February 14^th high crossing at 4223.00. First support is May's low crossing at 4062.25. Second support is the 38% retracement level of the 2022-2023 rally crossing at 3904.06.      

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June T-bonds closed down 30/32's at 127-27. 

June T-bonds closed lower on Thursday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Friday's 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. Today's close below the 38% retracement level of the October-January rally crossing at 128-08 opens the door for a test of the 50% retracement level of the October-January rally crossing at 126-10. Closes above the 50-day moving average crossing at 131-00 would confirm that a short-term low has been posted. First resistance is the May 11^th high crossing at 132-08. Second resistance is the May 4^thhigh crossing at 133-00. First support is today's low crossing at 127-27. Second support is the 50% retracement level of the October-January rally crossing at 126-10. 

June T-notes closed down 195-pts. At 113.310.

June T-notes closed lower on Thursday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Friday's 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 June extends the decline off May's high, the 50% retracement level of the 2022-2023 rally crossing at 113.116 is the next downside target. Closes above the 20-day moving average crossing at 115.085 would signal that a short-term low has been posted. First resistance is the May 11^th high crossing at 116.160. Second resistance is May's high crossing at 117.000. First support is today's low crossing at 113.285. Second support is the 50% retracement level of the 2022-2023 rally crossing at 113.116.  

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June crude oil posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins. 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 $74.65 would confirm that a short-term low has been posted. If June resumes the decline off last-week's high, the March 24^th low crossing at $67.02 is the next downside target. First resistance is the 50-day moving average crossing at $74.65. Second resistance is the April 23^th high crossing at $79.18. First support is the March 24^th low crossing at $67.02. Second support is the May 4^thlow crossing at $63.64. 

June heating oil posted an inside day with a higher close on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's day trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 50-day moving average crossing at $2.4882 is the next upside target. Closes below Monday's low crossing at $2.2812 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $2.4882. Second resistance is April's high crossing at $2.7095. First support is Monday's low crossing at $2.2812. Second support is the May 4^th low crossing at $2.1500. 

June unleaded gas closed slightly higher on Thursday and above the 50-day moving average crossing at 2.5616 as it extends this month's rally. The high-range close sets the stage for a steady to higher opening when Friday's 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 June extends the rally off May's low, the April 25^th high crossing at 2.6295 is the next upside target. Closes below Monday's low crossing at 2.4017 would signal that a short-term top has been posted. First resistance is the April 25^th high crossing at 2.6295. Second resistance is the 75% retracement level of the April-May decline crossing at 2.6834. First support is Monday's low crossing at 2.4017. Second support is May's low crossing at 2.2500.  

June Henry natural gas closed sharply higher on Thursday and above the 50-day moving average crossing at 2.434. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 2.434 open the door for a larger-degree rally near-term. If June extends today's rally, the 25% retracement level of the 2022-2023 decline crossing at 2.877 is the next upside target. If June renews the decline off March's high, monthly support crossing at 1.795 is the next downside target.First resistance is today's high crossing at 2.634. Second resistance is the 25% retracement level of the 2022-2023 decline crossing at 2.877. First support is the May 5^th low crossing at 2.031. Second support is the September-2020 low on the monthly continuation chart crossing at 1.795.

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

The June Dollar closed higher on Thursday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday'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 rally off May's low, the 25% retracement level of the 2022-2023 decline crossing at 103.594 is the next upside target. Closes below the 20-day moving average crossing at 101.704 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the September-February decline crossing at $103.586. Second resistance is the March 15^th high crossing at 104.720. First support is the 20-day moving average crossing at 101.704. Second support is May's low crossing at 100.520. 

The June Euro closed lower on Thursday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices is possible near-term. If June extends this month's decline, the 38% retracement level of the 2022-2023 rally crossing at $1.05914 is the next downside target. Closes above the 20-day moving average crossing at $1.09885 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1.09885. Second resistance is the April 14^th high crossing at 1.11145. First support is the 25% retracement level of the 2022-2023 rally crossing at $1.07774. Second support is the 38% retracement level of the 2022-2023 rally crossing at $1.05914.

The June British Pound closed lower on Thursday and below the 50-day moving average crossing at 1.2422. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI remain neutral to bearish signaling sideways to lower prices are possible near-term. If June extends the decline off May's high, April's low crossing at 1.2293 is the next downside target. Closes above the 10-day moving average crossing at 1.2547 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2547. Second resistance is May's high crossing at 1.2692. First support is the April 10^th low crossing at 1.2364. Second support is April's low crossing at 1.2293. 

The June Swiss Franc closed lower on Thursday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's 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 June extends today's decline, the April 3^rd low crossing at 1.09640 is the next downside target. Closes above the 20-day moving average crossing at 1.12543 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.12543. Second resistance is the May 4^th high crossing at 1.13940. First support is the April 10^th low crossing at 1.10495. Second support is the April 3^rd low crossing at 1.09640. 

The June Canadian Dollar posted an inside day with a lower close on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Close below the 50-day moving average crossing at 73.92 would open the door for a possible test of April's low. If June renews the rally off April's low, May's high crossing at 75.18 is the next upside target. First resistance is the 10-day moving average crossing at 74.44. Second resistance is May's high crossing at 75.18. First support is the 50-day moving average crossing at 73.92. Second support is April's low crossing at 73.23.   

The June Japanese Yen closed lower on Thursday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday’s 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 June extends the decline off March's high, the 75% retracement level of the October-January rally crossing at 0.071337 is the next downside target. Closes above the 50-day moving average crossing at 0.075485 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.074350. Second resistance is the 50-day moving average crossing at 0.075485. First support is the 75% retracement level of the October-January rally crossing at 0.071337. Second support is the 87% retracement level of the October-January rally crossing at 0.069908.    

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June gold closed sharply lower on Thursday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's 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 June extends this month's decline, the 38% retracement level of the 2022-2023 rally crossing at $1925.20. Closes above the 10-day moving average crossing at $2013.90 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $2013.90. Second resistance is May's high crossing at $2085.40. First support is the March 22^nd low crossing at $1953.70. Second support is the 38% retracement level of the 2022-2023 rally crossing at $1925.20.  

July silver closed lower on Thursday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's 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 July extends this month's decline, the 50% retracement level of the March-May rally crossing at 23.289 is the next downside target. Closes above the 20-day moving average crossing at 25.090 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 25.090. Second resistance is May's high crossing at 26.435. First support is today's low crossing at 23.485. Second support is the 50% retracement level of the March-May rally crossing at 23.289.  

July copper posted an inside day with a lower close on Thursday as it extends this week's trading range. The low-range close sets the stage for a steady to lower opening when Friday's 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 July extends the decline off April's high, the 62% retracement level of the 2022-2023 rally crossing at 3.6247 is the next downside target. Closes above the 20-day moving average crossing at 3.8410 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 3.8410. Second resistance is the 50-day moving average crossing at 3.9579. First support is the 62% retracement level of the 2022-2023 rally crossing at 3.6247. Second support is the 75% retracement level of the 2022-2023 rally crossing at 3.4683.

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July Corn closed down $0.06 1/4-cents at $5.55 1/4. 

July corn closed lower on Thursday and extends this month's decline. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the November-2021 low crossing at $5.41 1/2 is the next downside target. Closes above the May 8^th high crossing at $6.00 would signal that a short-term low has been posted. First resistance is the May 8^th high crossing at $6.00. Second resistance is the 50-day moving average crossing at $6.09 1/4. First support is today's low crossing at $5.47. Second support is the November-2021 low crossing at $5.41 1/2. 

July wheat closed down $0.13 3/4-cents at $6.11 3/4.  

July wheat closed lower on Thursday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling signaling that sideways to lower prices are possible near-term. If July renews the decline off February's high, the March-2021 low crossing at $5.71 is the next downside target. Closes above the 50-day moving average crossing at $6.74 1/2 would signal that a short-term low has been posted while opening the door for additional short-covering gains. First resistance is the 50-day moving average crossing at $6.74 1/2. Second resistance is the April 18^th high crossing at $7.17 1/4. First support is the May 3^rd low crossing at $6.03 3/4. Second support is the March-2021 low crossing at $5.71. 

July Kansas City Wheat closed down $0.28 1/2-cents at $8.57.

July Kansas City wheat closed lower on Thursday due to profit taking following Wednesday's key reversal down. The low-range close sets the stage for a steady to lower opening when Friday's 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 $8.24 1/2 would signal that a short-term top has been posted. If July extends the rally off May's low, the 50% retracement level of the 2022-2023 decline crossing at $9.73 1/4 is the next upside target. First resistance is the 38% retracement level of the 2022-2023 decline crossing at $9.17 1/4. Second resistance is the 50% retracement level of the 2022-2023 decline crossing at $9.73 1/4. First support is the 50-day moving average crossing at $8.30. Second support is the 20-day moving average crossing at $8.24 1/2.

July Minneapolis wheat closed down $0.31 1/4-cents crossing at $8.28 1/2.

July Minneapolis wheat closed sharply lower for the second day in a row on Thursday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Thursday's 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. Today's close below the 20-day moving average crossing at $8.30 signals that a short-term top has been posted. If July renews the rally off May's low, the April 18^th high crossing at $8.95 1/4 is the next upside target. First resistance is the April 18^th high crossing at $8.95 1/4. Second resistance is April's high crossing at $9.13 1/2. First support is today's low crossing at $8.21 3/4. Second support is May's low crossing at $8.69.  

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July soybeans closed down $0.03 3/4-cents at $13.33 1/4.

July soybeans closed lower for the third-day in a row on Thursday as it posted a new low for the year. July spiked below the 87% retracement level of the 2022-rally crossing at $13.31 as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Friday's 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 July extends the decline off April's high, the July-22^nd -2022 low crossing at $12.99 is the next downside target. Closes above the 20-day moving average crossing at $14.06 1/2 would signal that a low has been posted. First resistance is the 20-day moving average crossing at $14.06 1/2. Second resistance is the 50-day moving average crossing at $14.41 1/4. First support is the 87% retracement level of the 2022-2023 rally crossing at $13.31. Second support is the 87% retracement level of the July-22^nd -2022 low crossing at $12.99.

July soybean meal closed down $11.20 at $414.10. 

July soybean meal closed sharply lower on Thursday and posted a new low for the year. The low-range close sets the stage for a steady to lower opening when Friday's day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, the 38% retracement level of the 2020-2023 rally crossing at $411.90 is the next downside target. Closes above Monday's high crossing at $442.30 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $442.30. Second resistance is the 50-day moving average crossing at $445.40. First support is today's low crossing at $413.70. Second support is the 38% retracement level of the 2020-2023 rally crossing at $411.90. 

July soybean oil closed up 88-pts. at 47.29. 

July soybean oil posted an inside day with a higher close on Thursday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's 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 July extends this month's decline, the 75% retracement level of the 2020-2022 rally crossing at 40.19 is the next downside target. Closes above the 20-day moving average crossing at 51.34 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 51.34. second support is the 50-day moving average crossing at 53.78. First support is Wednesday's low crossing at 45.75. Second support is the 75% retracement level of the 2020-2022 rally crossing at 40.19. 

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

June hogs closed up $0.38 at $85.25. 

June hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes this year's decline, weekly support on the continuation chart crossing at $80.99 is the next downside target. If June extends the rally off May's low, the 50-day moving average crossing at $89.60 is the next upside target. First resistance is the 50-day moving average crossing at $89.60. Second resistance is the April 28^th high crossing at $92.00. First support is May's low crossing at $82.73. Second support is weekly support on the continuation chart crossing at $80.99.  

June cattle closed up $0.70 at $165.53. 

June cattle closed higher on Thursday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, April's high crossing at $166.28 is the next upside target. Closes below the 50-day moving average crossing at $161.70 would signal that a short-term top has been posted. First resistance is the May 1^st high crossing at $165.78. Second resistance is April's high crossing at $166.28. First support is the 50-day moving average crossing at $161.70. Second support is the 50% retracement level of the March-April rally crossing at $160.33.     

August Feeder cattle closed up $3.28 at $234.43. 

August Feeder cattle closed sharply higher on Thursday as it extends the rally off the May 8^th low. The high-range close sets the stage for a steady to higher opening when Friday's 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 August extends the rally off May's low, the October-2014 high on the monthly continuation chart crossing at $245.20 is the next upside target. Closes below the 10-day moving average crossing at $227.90 would temper the near-term friendly outlook. First resistance is today's high crossing at $234.55. Second resistance is the October-2014 high on the monthly continuation chart crossing at $245.20. First support is the 20-day moving average crossing at $228.19. Second support is the 10-day moving average crossing at $227.90. 

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

July coffee closed unchanged on Thursday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above Tuesday's high crossing at $19.30 would mark an upside breakout of the aforementioned trading range while opening the door for additional short covering gains. Closes below last-Friday's low crossing at $18.06 would renew the decline off April's high thereby opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at $19.30. Second resistance is April's high crossing at $20.49. First support is last-Friday's low crossing at $18.06. Second support is the January-April uptrend line crossing near $17.89. 

July cocoa closed slightly lower on Thursday. The low-range close sets the stage for a steady to slightly lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, monthly resistance crossing at 32.15 is the next upside target. Closes below the 50-day moving average crossing at 28.80 would confirm that a short-term top has been posted.  

July sugar closed lower on Thursday as it extends the trading range of the past four-weeks. 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 near-term. Closes below the May 3^rd low crossing at 24.88 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If July renews the rally off October's low, weekly resistance on the continuation chart crossing at 29.36 is the next upside target.            

July cotton closed slightly lower on Thursday as it consolidates some of Wednesday's rally, which posted an upside breakout of the February-May trading range. 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 July extends the rally off April's low, the January 26^th high crossing at 89.59 is the next upside target. Closes below the 50-day moving average crossing at 81.43 would signal that a short-term top has been posted.