KEY EVENTS TO WATCH FOR:

Thursday, February 21, 2019 

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

                       Jobless Claims (expected 230K; previous 239K)

                       Jobless Claims, Net Chg (previous +4K)

                       Continuing Claims (previous 1773000)

                       Continuing Claims, Net Chg (previous +37K)

8:30 AM ET. December Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (expected +1.5%; previous +0.8%)

                       Dur Goods, Ex-Defense, M/M% (previous -0.1%)

                       Dur Goods, Ex-Transport, M/M% (previous -0.3%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.6%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)

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

                       Business Activity (expected 13.0; previous 17.0)

                       Prices Paid (previous 32.7)

                       Employment (previous 9.6)

                       New Orders (previous 21.3)

                       Prices Received (previous 24.8)

                       Delivery Times (previous 13.4)

                       Inventories (previous -7.6)

                       Shipments (previous 11.4)

9:45 AM ET. February US Flash Services PMI

                       PMI, Services (previous 54.2)

9:45 AM ET. February US Flash Manufacturing PMI

                       PMI, Mfg (expected 54.2; previous 54.9)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. January Leading Indicators

                       Leading Index, M/M% (expected +0.1%; previous -0.1%)

                       Leading Index (previous -111.7)

                       Coincident Index, M/M% (previous +0.2%)

                       Lagging Index, M/M% (previous +0.5%)

10:00 AM ET. January Existing Home Sales

                       Existing Sales (expected 5.10M; previous 4.99M)

                       Existing Sales, M/M% (expected +2.2%; previous -6.4%)

                       Unsold Homes Month's Supply (previous 3.7)

                       Median Price (USD) (previous 253600)

                       Median Home Price, Y/Y% (previous +2.9%)

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

                       Working Gas In Storage (Cbf) (previous 1882B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -78B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 450.84M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +3.633M)

                       Gasoline Stocks (Bbl) (previous 258.301M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.408M)

                       Distillate Stocks (Bbl) (previous 140.2M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.187M)

                       Refinery Usage (previous 85.9%)

                       Total Prod Supplied (Bbl/day) (previous 19.114M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -2.724M)

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, February 22, 2019 

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

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)

Monday, February 25, 2019 

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

                       NAI (previous 0.27)

                       NAI, 3-mo Moving Avg (previous 0.16)

10:00 AM ET. December Monthly Wholesale Trade * Release delayed from 8 Feb due to

                    the partial shutdown of the U.S. federal government which ended 25 January

                      Inventories, M/M% (previous +0.3%)

10:30 AM ET. February Texas Manufacturing Outlook Survey

                       Business Activity (previous 1.0)

                       Mfg Production Idx (previous 14.5)

  N/A              Trump departs en route for Vietnam for second meeting with

                    Kim Jong Un

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

The March NASDAQ 100 closed slightly lower on Wednesday as it extends the trading range of the past three days. 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 March extends the rally off December's low, December's high crossing at 7169.00 is the next upside target. Closes below the 20-day moving average crossing at 6926.93 are needed to confirm that a short-term top has been posted. First resistance is December's high crossing at 7169.00. Second resistance is the 75% retracement level of the October-December-decline crossing at 7280.27. First support is the 20-day moving average crossing at 6926.93. Second support is the 50-day moving average crossing at 6669.80.  

The March S&P 500 closed slightly 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December's low, the 75% retracement level of the September-December-decline crossing at 2789.62 is the next upside target. Closes below the 20-day moving average crossing at 2716.58 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the September-December-decline crossing at 2789.62. Second resistance is the 87% retracement level of the September-December-decline crossing at 2865.28. First support is the 20-day moving average crossing at 2716.58. Second support is the 50-day moving average crossing at 2621.38.  

The Dow closed higher on Wednesday as it extends 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 the Dow extends the rally off December's low, the 87% retracement level of the October-December-decline crossing at 26,271.97 is the next upside target. Closes below the 20-day moving average crossing at 25,176.59 would confirm that a short-term top has been posted. First resistance is December's high crossing at 25,980.21. Second resistance is the 87% retracement level of the October-December-decline crossing at 26,271.97. First support is the 20-day moving average crossing at 25,176.59. Second support is the 50-day moving average crossing at 24,287.71.

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March T-bonds closed down 7/32's at 146-20.

March T-bonds 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 147-01 would open the door for a possible test of January's high crossing at 148-27. Closes below the 50-day moving average crossing at 145-12 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 147-01. Second resistance is January's high crossing at 148-27. First support is the 38% retracement level of the November-January-rally crossing at 144-30. Second support is the 50% retracement level of the November-January-rally crossing at 142-16.         

March T-notes closed down 20 points at 122.050.

March T-notes 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 122.190 would renew the rally off January's low while opening the door for a possible test of January's high crossing at 123.055. Closes below the 50-day moving average crossing at 121.193 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 122.190. Second resistance is January's high crossing at 123.055. First support is the 38% retracement level of the October-December-rally crossing at 120.301. Second support is the 50% retracement level of the October-December-decline crossing at 120.071.        

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

April crude oil closed higher on Wednesday and above the upper boundary of the January-February trading range crossing at 55.75.The high-range close sets the stage for a steady to higher opening when Wednesday'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 December's low, the 50% retracement level of the October-December-decline crossing at 59.51 is the next upside target. Closes below the 50-day moving average crossing at 51.78 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the October-December-decline crossing at 59.51. Second resistance is the 62% retracement level of the October-December-decline crossing at 63.44. First support is the reaction low crossing at 51.62. Second support is December's low crossing at 43.00.

April heating oil closed 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 when Thursday'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 April extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 212.17 is the next upside target. Closes below the 20-day moving average crossing at 191.96 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the October-December-decline crossing at 202.41. Second resistance is the 62% retracement level of the October-December-decline crossing at 212.17. First support is the 20-day moving average crossing at 191.96. Second support is the 50-day moving average crossing at 183.79. 

April unleaded gas closed 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 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 April extends the rally off December's low, the 38% retracement level of the October-December-decline crossing at 177.50 is the next upside target. Closes below the 20-day moving average crossing at 164.15 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the October-December-decline crossing at 177.50. Second resistance is the 50% retracement level of the October-December-decline crossing at 188.48. First support is the reaction low crossing at 155.13. Second support is December's low crossing at 142.54. 

April Henry natural gas 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 neutral to bullish signaling that sideways to higher prices are possible near-term.Closes above the 20-day moving average crossing at 2.707 would confirm that a short-term low has been posted. If April extends the decline off January's high, the May 2018 low crossing at 2.523 is the next downside target. First resistance is the 20-day moving average crossing at 3.707. Second resistance is the 50-day moving average crossing at 2.773. First support is February's low crossing at 2.565. Second support is the May 2018 low crossing at 2.523.     

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

The March Dollar closed slightly 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 96.11 are needed to confirm that a short-term top has been posted.If March resumes the rally off January's low, weekly resistance crossing at 97.83 is the next upside target. First resistance is last-Friday's high crossing at 97.23. Second resistance is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 96.11. Second support is the 50-day moving average crossing at 96.02.    

The March Euro closed slightly 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 114.46 would confirm that a short-term low has been posted. If March renews the decline off January's high, the 87% retracement level of the 2016-2018 rally crossing at 111.94 is the next downside target.First resistance is the 50-day moving average crossing at 114.46. Second resistance is the reaction high crossing at 115.57. First support is last-Friday's low crossing at 112.61. Second support is the 87% retracement level of the 2016-2018 rally crossing at 111.94.      

The March British Pound closed slightly lower on Wednesday but remains above the 20-day moving average crossing at 1.3022 confirming that a short-term low has been posted. The mid-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 March extends this week's rally, January's high crossing at 1.3252 is the next upside target. If March resumes the decline off January's high, the reaction low crossing at 1.2707 is the next downside target. First resistance is January's high crossing at 1.3252. Second resistance is October's high crossing at 1.3356. First support is last-Thursday's low crossing at 1.2791. Second support is the reaction low crossing at 1.2707.   

The March Swiss Franc closed slightly higher on Wednesday as it consolidates some of the decline off January'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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.0035 would confirm that a short-term low has been posted. If March resumes this winter's decline, weekly support crossing at 0.9902 is the next downside target. First resistance is the 20-day moving average crossing at 1.0035. Second resistance is the 50-day moving average crossing at 1.0124. First support is last-Thursday's low crossing at 0.9930. Second support is weekly support crossing at 0.9902.

The March Canadian Dollar closed higher on Wednesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, January's high crossing at 76.95 is the next upside target. Closes below the 50-day moving average crossing at 75.12 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 76.49. Second resistance is the 75% retracement level of the October-December-decline crossing at 77.18. First support is the 50-day moving average crossing at 75.12. Second support is the reaction low crossing at 74.85.  

The March 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 75% retracement level of the November-January-rally crossing at 0.0900 is the next downside target. Closes above the 20-day moving average crossing at 0.0912 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 0.0925. Second resistance is the reaction high crossing at 0.0933. First support is the 75% retracement level of the November-January-rally crossing at 0.0900. Second support is the 87% retracement level of the November-January-rally crossing at 0.0892.  

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

April gold closed slightly lower due to light profit taking on Wednesday after testing the 75% retracement level of the April-August-Decline crossing at 1349.50. The mid-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 April extends the rally off November's low, the 87% retracement level of the April-August-decline crossing at 1376.20. Closes below the 20-day moving average crossing at 1318.20 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the April-August-decline crossing at 1349.50. Second resistance is the 87% retracement level of the April-August-decline crossing at 1376.20. First support is the 20-day moving average crossing at 1318.20. Second support is the 50-day moving average crossing at 1295.60.

May silver closed higher on Wednesday. The mid-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 November's low, the 50% retracement level of the 2017-2018-decline crossing at 16.355 is the next upside target. Closes below the 50-day moving average crossing at 15.557 would confirm that a short-term top has been posted. First resistance is today's high crossing at 16.295. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 16.355. First support is the 50-day moving average crossing at 15.557. Second support is January's low crossing at 15.280.          

May copper closed higher on Wednesday as it extends the rally off January'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 but remain neutral to bullish signaling that sideways to higher prices are possible. If March extends the rally, the 50% retracement level of the April-December-2018 decline crossing at 296.76 is the next upside target. Closes below the 20-day moving average crossing at 277.43 would confirm that a short-term top has been posted. First resistance is today's high crossing at 287.80. Second resistance is September's high crossing at 288.80. First support is the 20-day moving average crossing at 279.41. Second support is the 50-day moving average crossing at 272.69. 

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

May Corn closed up 1 3/4-cents at 3.79 3/4. 

May corn posted an inside day with a higher close on Wednesday as it consolidated some of Tuesday's loss. The mid-range close sets the stage for a steady to higher opening when Thursday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends Tuesday's decline, November's low crossing at 3.75 is the next downside targets. Closes above the 50-day moving average crossing at 3.86 1/2 are needed to confirm that a short-term low has been posted. First resistance is January's high crossing at 3.92 1/4. Second resistance is December's high crossing at 3.95. First support is Tuesday's low crossing at 3.77. Second support is November's low crossing at 3.75.  

May wheat closed down 10-cents at 4.79 3/4. 

May wheat closed lower for the fourth day in a row 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, weekly support crossing at 4.66 3/4 is the next downside target. Closes above last-Wednesday's high crossing at 5.24 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 5.24. Second resistance is February's high crossing at 5.31 1/4. First support is today's low crossing at 4.75 3/4. Second support is weekly support crossing at 4.66 3/4.     

May Kansas City Wheat closed down 10 1/4-cents at 4.58.

May Kansas City wheat closed lower for the fourth day in a row on Wednesday as it extended this month's decline. If May extends the aforementioned decline, weekly support crossing at 4.56 3/4 is the next downside target. The low-range close sets the stage for a steady to lower opening when Wednesday 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 today's decline, weekly support crossing at 4.56 3/4 is the next downside target. Closes above the 50-day moving average crossing at 5.11 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 4.91 1/2. Second resistance is the 20-day moving average crossing at 5.04. First support is today's low crossing at 4.57 1/2. Second support is weekly support crossing at 4.56 3/4.  

May Minneapolis wheat closed down 7-cents at 5.48 1/4. 

May Minneapolis wheat closed lower on Wednesday and below key support marked by December's low crossing at 5.50 1/2. 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 May extends this week's decline, weekly support crossing at 5.44 1/2 is the next downside target. Closes above last-Thursday's high crossing at 5.77 1/4 would confirm that a low has been posted. First resistance is January's high crossing at 5.83 3/4. Second resistance is December's high crossing at 5.93 3/4. First support is today's low crossing at 5.48. Second support is weekly support crossing at 5.44 1/2.    

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

May soybeans closed up 2 1/4-cents at 9.16 3/4.

May soybeans 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off February's high, January's low crossing at 9.04 3/4 is the next downside target. Closes above last-Wednesday's high crossing at 9.34 1/4 would temper the near-term bearish outlook. First resistance is February's high crossing at 9.45. Second resistance is December's high crossing at 9.53. First support is January's low crossing at 9.04 3/4. Second support is December's low crossing at 8.93 1/2.  

May soybean meal closed down $0.20 at 309.60. 

May soybean meal closed slightly lower 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 diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, September's low crossing at 303.70 is the next downside target. Multiple closes above the 20-day moving average crossing at 313.30 would temper the bearish outlook. First resistance is the reaction high crossing at 321.30. Second resistance is January's high crossing at 327.90. First support is Tuesday's low crossing at 306.60. Second support is September's low crossing at 303.70.  

May soybean oil closed up 22 pts. at 30.30. 

May soybean oil closed higher on Wednesday but remain below the 20-day moving average crossing at 30.45. 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 bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50-day moving average crossing at 29.44 is the next downside target. If May resumes the rally off December's low, the 50% retracement level of the 2017-2018-decline crossing at 32.02 is the next upside target. First resistance is February's high crossing at 31.32. Second resistance is the 50% retracement level of the 2017-2018-decline crossing at 32.02. First support is today's low crossing at 29.94. Second support is the 50-day moving average crossing at 29.44.    

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

April hogs closed down $3.55 at $52.97. 

April hogs closed sharply lower for the second day in a row 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off November's high, weekly support crossing at 51.27 is the next downside target. Closes above the 20-day moving average crossing at 60.42 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 60.42. Second resistance is the reaction high crossing at 63.33. First support is today's low crossing at 52.25. Second support is weekly support crossing at 51.27.   

April cattle closed up $0.75 at 129.20. 

April cattle 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off November's low, weekly resistance crossing at 134.55 is the next upside target. Closes below the 50-day moving average crossing at 126.23 are needed to confirm that a short-term top has been posted. First resistance is January's high crossing at 129.48. Second resistance is weekly resistance crossing at 134.55. First support is the 50-day moving average crossing at 126.23. Second support is January's low crossing at 123.50.   

April Feeder cattle closed up $0.08 at $146.08. 

April Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing at 146.88 would temper the bearish outlook. If April extends last-Friday's decline, February's low crossing at 142.63 is the next downside target. First resistance is the reaction high crossing at 146.88. Second resistance is December's high crossing at 147.83. First support is February's low crossing at 142.63. Second support is January's low crossing at 141.30.  

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

May coffee closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, weekly support crossing at 95.10 is the next downside target. Closes above the 20-day moving average crossing at 10.55 are needed to confirm that a low has been posted.

May cocoa 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 bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off January's low, the December high crossing at 24.64 is the next upside target. Closes below the 20-day moving average crossing at 22.68 would confirm that a short-term top has been posted.       

May sugar closed higher on Wednesday. The high-range close set 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 this week's rally, October's high crossing at 14.29 is the next upside target. Closes below the 50-day moving average crossing at 12.73 would confirm that a short-term top has been posted.   

May cotton closed slightly 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 73.78 would confirm that a short-term low has been posted. If May renews the decline off December's high, the 87% retracement level of the 2016-2018-rally crossing at 68.36 is the next downside target.