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)
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The June NASDAQ 100 closed lower on Friday as it extends the decline off March'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 becoming 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 reaction low crossing at 6485.25 is the next downside target. Closes above the 20-day moving average crossing at 6939.14 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6939.14. 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 closed lower on Friday as it extends the decline off March'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the reaction low crossing at 2565.70 is the next downside target. Closes above the 50-day moving average crossing at 2746.01 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2746.01. Second resistance is March's high crossing at 2806.00. First support is today's low crossing at 2588.00. Second support is the reaction low crossing at 2565.70.
The Dow closed lower on Fridayas it extended the decline off March'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 bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the aforementioned decline, February's low crossing at 23,360.29 is the next downside target. Closes above the 50-day moving average crossing at 25,212.09 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,818.82. Second resistance is March's high crossing at 25,449.15. First support is today's low crossing at 23,509.06. Second support is February's low crossing at 23,360.29.
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June T-bonds closed up 6/32's at 144-30.
June T-bonds closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned 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. Multiple closes below the 20-day moving average crossing at 143-27 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 144-29. Second resistance is the 38% retracement level of the December-February-decline crossing at 146-01. First support is March's low crossing at 142-21. Second support is February's low crossing at 141-14.
June T-notes closed up 65/32's at 120-230.
June T-notes closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 120-227 would confirm that an important low has been posted while opening the door for additional gains near-term. If June renews the decline off last September's high, February's low crossing at 119.140 is the next downside target. First resistance is the 50-day moving average crossing at 120.227. Second resistance is the reaction high crossing at 122.020. First support is Wednesday's low crossing at 119.220. Second support is February's low crossing at 119.140.
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May crude oil closed higher on Friday as it extended the rally off March's low.The high-range close sets the stage for a steady to higher opening when Monday'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 April extends the rally off February's low, January's high crossing at 66.02 is the next upside target. Closes below the 20-day moving average crossing at 62.33 would confirm that a short-term top has been posted. First resistance is today's high crossing at 65.94. Second resistance is January's high crossing at 66.02. First support is the 20-day moving average crossing at 62.33. Second support is March's low crossing at 59.91.
May heating oil closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Monday's night 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 May extends this week's rally, January's high crossing at 208.95 is the next upside target. Closes below the 20-day moving average crossing at 192.26 would confirm that a short-term top has been posted. First resistance is today's high crossing at 202.77. Second resistance is January's high crossing at 208.95. First support is March's low crossing at 184.42. Second support is February's low crossing at 180.93.
May unleaded gas closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Monday'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 May extends this week's rally, January's high crossing at 210.12 is the next upside target. Closes below the 20-day moving average crossing at 195.22 would confirm that a short-term top has been posted. First resistance is today's high crossing at 205.17. Second resistance is February's high crossing at 208.89. First support is March's low crossing at 187.19. Second support is February's low crossing at 184.84.
May Henry natural gas closed lower on Friday as it extends the decline off March'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 bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, February's low crossing at 2.600 is the next downside target. Closes above the 50-day moving average crossing at 2.749 would temper the near-term bearish outlook. First resistance is March's high crossing at 2.831. Second resistance is the reaction high crossing at 2.833. First support is the reaction low crossing at 2.648. Second support is February's low crossing at 2.600.
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The June Dollar closed lower on Friday while extend this year's trading range.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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, March's low crossing at 88.91 is the next downside target. If June renews the rally off February's low, the 50% retracement level of the November-February-decline crossing at 91.13 is the next upside target. 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 88.91. Second support is February's low crossing at 87.83.
The June Euro closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 June resumes the rally off the March 1st low, February's high crossing at 126.58 is the next upside target. If June renews the decline off February's high, the 50% retracement of the November-February-rally crossing at 121.97. First resistance is March's high crossing at 125.47. 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 higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Monday'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 1.4352 is the next upside target. Closes below the 20-day moving average crossing at 1.3991 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.4352. Second resistance is February's high crossing at 1.4404. First support is the 20-day moving average crossing at 1.3991. Second support is March's low crossing at 1.3779.
The June Swiss Franc closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a short-term lower prices might be in or is near. Closes above the 20-day moving average crossing at 1.0661 are needed to confirm that a short-term low has been posted. If June extends 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 1.0661. Second resistance is March's high crossing at 1.0800. First support is Tuesday's low crossing at 1.0545. Second support is the 62% retracement level of the November-February-rally crossing at 1.0458.
The June Canadian Dollar closed higher on Friday and above the 20-day moving average crossing at 77.60 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If June extends this week's rally, the reaction high crossing at 78.26 is the next upside target. If June renews the decline off January's high, weekly support crossing at 76.04 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 79.18. First support is Monday's low crossing at 76.33. Second support is weekly support crossing at 76.04.
The June Japanese Yen closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Monday’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 January's low, the 62% retracement level of 2016's trading range crossing at 0.9732 is the next upside target. Closes below Wednesday's low crossing at 0.9433 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9542. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9732. First support is Wednesday's low crossing at 0.9433. Second support is the reaction low crossing at 0.9382.
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June gold closed sharply higher on Friday and above the reaction high crossing at 1348.10 confirming an upside breakout of this month's trading range. The high-range close sets the stage for a steady to higher opening when Monday'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 this week's rally, February's high crossing at 1369.60 is the next upside target. Closes below the 10-day moving average crossing at 1330.00 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 closed higher on Friday as it extends the rally off Tuesday's low. The high-range close set the stage for a steady to higher opening when Monday's night 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 50-day moving average crossing at 16.757 are needed to confirm that a short-term low has been posted. Closes below Tuesday's low crossing at 16.100 would confirm a downside breakout of the February-March trading range. First resistance is the 50-day moving average crossing at 16.757. Second resistance is the reaction high crossing at 17.025. First support is Tuesday's low crossing at 16.100. Second support is December's low crossing at 15.705.
May copper 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 bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, December's low crossing at 295.85 is the next downside target. Closes above the 20-day moving average crossing at 311.41 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 308.46. Second resistance is the 20-day moving average crossing at 311.41.First support is today's low crossing at 297.15. Second support is December's low crossing at 295.85.
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May Corn closed up 1-cent at 3.77.
May corn posted a key reversal up as it closed higher on Friday. Early-session weakness saw May test support marked by the 62% retracement level of this year's rally crossing at 3.69 1/2. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 3.83 1/2 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 this year's rally crossing at 3.64 is the next downside target. First resistance is the 20-day moving average crossing at 3.83 1/2. Second resistance is March's high crossing at 3.95 1/4. First support is the 62% retracement level of this year's rally crossing at 3.69 1/2. Second support is the 75% retracement level of this year's rally crossing at 3.64.
May wheat closed up 4 1/4-cents at 4.60.
May wheat posted a key reversal up 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 when Monday's night session begins trading. 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 4.67 would confirm that a short-term low has been posted. If May extends the decline off March's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. First resistance is Monday's gap crossing at 4.67. Second resistance is the 20-day moving average crossing at 4.82 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 closed up 9 3/4-cents at 6.02 3/4.
May Minneapolis wheat closed higher due to short covering on Friday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 6.17 are needed to confirm that a short-term low has been posted. If May renews 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 reaction high crossing at 6.29 3/4. Second resistance is March's high crossing at 6.36. First support is Wednesday's low crossing at 5.82 3/4. Second support is the December-2016 low crossing at 5.59 1/4.
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May soybeans closed down 2-cents at 10.27 3/4.
May soybeans closed lower on Friday.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 10.47 1/4 would confirm that a short-term low has been posted. If May extends this month's decline, 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 10.47 1/4. Second resistance is March's high crossing at 10.82 1/2. First support is the the 50% retracement level of the January-March-rally crossing at 10.19. Second support is the 62% retracement level of the January-March-rally crossing at 10.04.
May soybean meal closed up $10.10 at 378.10.
May soybean meal closed higher 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 when Monday's night session begins trading. 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 378.10 would confirm that a short-term low has been posted. If May renews 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 378.10. 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 closed down 50 pts. At 31.38.
May soybean oil closed lower on Friday as it renewed the decline off November'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes 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 32.39 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.39. Second resistance is the late-February high crossing at 32.96. First support is today's low crossing at 31.37. Second support is the January-2016 low crossing at 30.67.
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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.
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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.