KEY EVENTS TO WATCH FOR:
Friday, March 22, 2019
8:30 AM ET. New York Fed Research Conference on Fin-Tech
9:45 AM ET. March US Flash Services PMI
PMI, Services (previous 56.2)
9:45 AM ET. March US Flash Manufacturing PMI
PMI, Mfg (previous 53.7)
10:00 AM ET. February Regional & State Employment & Unemployment
10:00 AM ET. January Monthly Wholesale Trade
Inventories, M/M% (previous +1.1%)
10:00 AM ET. February Existing Home Sales
Existing Sales (previous 4.94M)
Existing Sales, M/M% (previous -1.2%)
Unsold Homes Month's Supply (previous 3.9)
Median Price (USD) (previous 247500)
Median Home Price, Y/Y% (previous +2.8%)
2:00 PM ET. February Monthly Treasury Statement of Receipts & Outlays of the U.S.
Govt * Release delayed from 12 Mar due to the partial
shutdown of the U.S. federal government which ended 25 January
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The June NASDAQ 100 closes sharply higher on Thursday underpinned by a rally in the technology sector, while shares of Apple Inc. surged, putting the company on track to reclaim the crown as the largest company by market value. Gains come a day after the Federal Reserve signaled that it was unlikely to raise interest rates this year amid worries over slowing economic growth. The high-range close sets the stage for a steady to higher opening when Friday'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 December's low, last-September high crossing at 7767.00 is the next upside target. Closes below the 20-day moving average crossing at 7226.91 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at 7524.41. Second resistance is last-September's high crossing at 7767.00. First support is the 20-day moving average crossing at 7226.91. Second support is the 50-day moving average crossing at 7007.73.
The June S&P 500 closed sharply higher on Thursday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday'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 December's low, the 87% retracement level of the September-December-decline crossing at 2879.73 is the next upside target. Closes below the 20-day moving average crossing at 2804.44 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2861.00. Second resistance is the 87% retracement level of the September-December-decline crossing at 2879.73. First support is the 20-day moving low crossing at 2804.44. Second support is the 50-day moving average crossing at 2734.29.
The Dow closed higher on Thursday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday'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 the Dow extends the rally off March's low, February's high crossing at 26,241.42 is the next upside target. Closes below March's low crossing at 25,208.00 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-December-decline crossing at 26,282.97. Second resistance is the October 2018 high crossing at 26,951.81. First support is the 10-day moving average crossing at 25,743.77. Second support is the 50-day moving average crossing at 25,265.47.
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June T-bonds closed up 3/32's at 147-02.
June T-bonds closed higher on Thursday as it extends the rally off March's low. The mid-range close sets the stage for a steady to higher opening when Friday'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, January's high crossing at 147-31 is the next upside target. Closes below the 50-day moving average crossing at 145-11 would temper the near-term friendly outlook. First resistance is today's high crossing at 147-15. Second resistance is January's high crossing at 147-31. First support is the 38% retracement level of the November-January-rally crossing at 143-10. Second support is the 50% retracement level of the November-January-rally crossing at 141-27.
June T-notes closed down 20-pts. at 123.110.
June T-notes closed lower due to profit taking on Thursday 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 Friday'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 aforementioned rally. Weekly resistance crossing at 123.270 is the next upside target. Closes below the 50-day moving average crossing at 122.093 would confirm that a double top with January's high has been posted. First resistance is today's high crossing at 123.220. Second resistance is weekly resistance crossing at 123.270. First support is the 50-day moving average crossing at 122.093. Second support is March's low crossing at 121.155.
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May crude oil closed lower on Thursday but remains above the 50% retracement level of the October-December-decline crossing at 59.55.The low-range close sets the stage for a steady to lower opening when Friday'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 December's low, the 62% retracement level of the October-December-decline crossing at 63.39 is the next upside target. Closes below the 20-day moving average crossing at 57.67 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 60.39. Second resistance is the 62% retracement level of the October-December-decline crossing at 63.39. First support is the 20-day moving average crossing at 57.67. Second support is the 50-day moving average crossing at 55.67.
May heating oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. 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 62% retracement level of the October-December-decline crossing at 211.17 is the next upside target. Closes below the 50-day moving average crossing at 193.79 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the October-December-decline crossing at 201.58. Second resistance is the 62% retracement level of the October-December-decline crossing at 211.17. First support is the 50-day moving average crossing at 193.79. Second support is the reaction low crossing at 194.18.
May unleaded gas closed higher on Thursday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday'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 the rally off December's low, the 62% retracement level of the October-December-decline crossing at 200.45 is the next upside target. Closes below the 20-day moving average crossing at 180.74 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 190.65. Second resistance is the 62% retracement level of the October-December-decline crossing at 200.45. First support is the 20-day moving average crossing at 180.74. Second support is the 50-day moving average crossing at 171.48.
May Henry natural gas closed lower on Thursday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's crossing at 2.765 would confirm that a short-term top has been posted. If May renews the rally off February's low, January's high crossing at 2.923 is the next upside target. First resistance is Tuesday's high crossing at 2.897. Second resistance is January's high crossing at 2.923. First support is last-Tuesday's low crossing at 2.765. Second support is the reaction low crossing at 2.620.
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The June Dollar closed sharply higher on Thursday 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 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 June extends the decline off March's high, the late-January low crossing at 94.38 is the next downside target. Closes above the 10-day moving average crossing at 96.11 would confirm that a short-term low has been posted. First resistance is March's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is the late-January low crossing at 94.38. Second support is the January's low crossing at 94.15.
The June Euro closed lower on Thursday as it consolidated some of the rally off March's low. The low-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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the last-January high crossing at 116.46 is the next upside target. Closes below the 10-day moving average crossing at 114.08 would confirm that a short-term top has likely been posted.First resistance is Wednesday's high crossing at 115.33. Second resistance is the late-January high crossing at 116.46. First support is the 87% retracement level of the 2016-2018 rally crossing at 112.62. Second support is the January 2017 low crossing at 110.16.
The June British Pound closed sharply lower on Thursday. 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. Closes below the 50-day moving average crossing at 1.3133 would confirm that a short-term top has been posted. If June extends the rally off January's low, the 50% retracement level of the April-December-2018 decline crossing at 1.3603 is the next upside target. First resistance is last-Wednesday's high crossing at 1.3441. Second resistance is the 50% retracement level of the April-December-2018 decline crossing at 1.3603. First support is the 50-day moving average crossing at 1.3133. Second support is February's low crossing at 1.2854.
The June Swiss Franc closed slightly lower on Thursday but remains abovethe 50-day moving average crossing at 1.0133 confirming that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening when Friday'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, the September-January downtrend line crossing near 1.0254 is the next upside target. Closes below the 10-day moving average crossing at 1.0065 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.0190. Second resistance is the September-January downtrend line crossing near 1.0254. First support is March's low crossing at 0.9970. Second support is weekly support crossing at 0.9902.
The June Canadian Dollar closed lower on Thursday. The low-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 75.59 are needed to confirm that a short-term low has been posted. If June renews the decline off February's high, December's low crossing at 74.47 is the next downside target. First resistance is the 50-day moving average crossing at 75.59. Second resistance is the reaction high crossing at 76.46. First support is March's low crossing at 74.43. Second support is December's low crossing at 73.47.
The June Japanese Yen closed lower on Thursday leaving yesterday's key reversal up unconfirmed. The low-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 0.0911 are needed to confirm that a short-term low has been posted. If June resumes the decline off January's high, November's low crossing at 0.0893 is the next downside target. First resistance is the reaction high crossing at 0.0915. Second resistance is the reaction high crossing at 0.0922. First support is the 87% retracement level of the November-January-rally crossing at 0.0900. Second support is November's low crossing at 0.0893.
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April gold closed lower on Friday as it consolidated some of the rally off March's low. The low-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 bullish signaling that sideways to higher prices are possible near-term. If April extends the rebound off March's low, February's high crossing at 1349.80 is a potential upside target. Closes below the reaction low crossing at 1292.50 would temper the near-term friendly outlook. First resistance is today's high crossing at 1320.20. Second resistance is February's high crossing at 1349.80. First support is January's low crossing at 1281.50. Second support is the 50% retracement level of the August-February-rally crossing at 1273.20.
May silver closed slightly lower on Thursday. The mid-range close set the stage for a steady to lower opening when Friday'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 15.655 are needed to confirm that a low has been posted. If May renews the decline off February's high, the 62% retracement level of the November-February-rally crossing at 14.935 is the next downside target. First resistance is the 50-day moving average crossing at 15.655. Second resistance is the reaction high crossing at 16.060. First support is the 62% retracement level of the November-February-rally crossing at 14.935. Second support is the 75% retracement level of the November-February-rally crossing at 14.644.
May copper closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March renews the rally, the 62% retracement level of the April-December-2018 decline crossing at 306.69 is the next upside target. Closes below the reaction low crossing at 287.45 are needed to confirm that a short-term top has been posted. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance is the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the reaction low crossing at 287.45. Second support is the 50-day moving average crossing at 282.29.
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May Corn closed up 4-cents at 3.75 1/2.
May corn closed higher on Thursday and above the 20-day moving average crossing at 3.71 3/4 confirming that a short-term low has been posted. Today's high-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rebound off March's low, the 50-day moving average crossing at 3.80 is the next upside target. If May renews the decline off November's high, weekly support crossing at 3.55 1/4 is the next downside target. First resistance is the 50-day moving average crossing at 3.80. Second resistance is the February 25th reaction high crossing at 3.87 3/4. First support is March's low crossing at 3.61. Second support is weekly support crossing at 3.55 1/4.
May wheat closed up a 1/4-cent at 4.65.
May wheat closed fractionally higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 the rally off March's low, the 50-day moving average crossing at 4.94 1/4 is the next upside target. Closes below the 10-day moving average crossing at 4.52 would temper the near-term friendly outlook. First resistance is today's high crossing at 4.67 1/2. Second resistance is the 50-day moving average crossing at 4.94 1/4. First support is the 10-day moving average crossing at 4.52. Second support is March's low crossing at 4.27.
May Kansas City Wheat closed up 3-cents at 4.47.
May Kansas City wheat closed higher on Thursday and above the 20-day moving average crossing at 4.41 1/2 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday 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 March's low, the 50-day moving average crossing at 4.79 3/4 is the next upside target. If May renews the decline off December's high, weekly support crossing at 4.17 3/4 is the next downside target. First resistance is the reaction high crossing at 4.52 3/4. Second resistance is the 50-day moving average crossing at 4.79 3/4. First support is last-Tuesday's low crossing at 4.18 1/4. Second support is weekly support crossing at 4.17 3/4.
May Minneapolis wheat closed down a 1/4-cent at 5.71 1/4.
May Minneapolis wheat closed fractionally lower on Thursday but remain above the 50-day moving average crossing at 5.65 3/4 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought bur remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at 5.81 1/4 is the next upside target. Closes below the 20-day moving average crossing at 5.57 would temper the near-term friendly outlook. 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 March's low crossing at 5.44. Second support is weekly support crossing at 5.23 3/4.
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May soybeans closed up 4 1/2-cents at 9.10 1/2.
May soybeans closed higher on Thursday as it extends the rebound off March's low. The high-range close sets the stage for a steady to higher opening when Friday's night 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 20-day moving average crossing at 9.07 1/2 confirms that a short-term low has been posted. If May renews the decline off February's high, the November 26th low crossing at 8.84 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 9.07 1/2. Second resistance is the 50-day moving average crossing at 9.18 3/4. First support is March's low crossing at 8.87 3/4. Second support is the November 26th low crossing at 8.84 3/4.
May soybean meal closed up $3.90 at 315.50.
May soybean meal closed higher on Thursday and above the 50-day moving average crossing at 311.80 confirming that the short-term trend has turned neutral to bullish. The high-range close sets the stage for a steady to higher opening when Friday'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 the rally off March's low, February's high crossing at 321.30 is the next upside target. Closes below the 10-day moving average crossing at 307.60 would confirm that a short-term top has been posted. First resistance is today's high crossing at 315.80. Second resistance is February's high crossing at 321.30. First support is the 10-day moving average crossing at 307.60. Second support is last-Tuesday's low crossing at 300.30.
May soybean oil closed down 16-pt. at 29.11.
May soybean oil closed lower on Thursday and tested the 62% retracement level of the November-February-rally crossing at 29.08. The low-range close sets the stage for a steady to lower opening when Friday'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, the 75% retracement level of the November-February-rally crossing at 28.60 is the next downside target. Closes above the 20-day moving average crossing at 29.87 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.87. Second resistance is the reaction high crossing at 30.64. First support is the 62% retracement level of the November-February-rally crossing at 29.08. Second support is the 75% retracement level of the November-February-rally crossing at 28.60.
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April hogs closed up $4.50 at $78.33.
April hogs closed limit up on Thursday and posted a new contract high as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Friday'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 February's low, weekly resistance crossing at 98.17 is the next upside target. Closes below the 10-day moving average crossing at 67.91 would temper the near-term bullish outlook. First resistance is today's high crossing at 78.33. Second resistance is weekly resistance crossing at 98.17. First support is the 10-day moving average crossing at 67.91. Second support is the 20-day moving average crossing at 62.11.
April cattle closed up $0.33 at 129.90.
April cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 March's high crossing at 130.45 are needed to renew the rally off November's low. Closes below March's low crossing at 1265.33 are needed to confirm that a short-term top has been posted. First resistance is March's high crossing at 130.45. Second resistance is weekly resistance crossing at 134.55. First support is the 25% retracement level of the 2018-2019-rally crossing at 125.41. Second support the 38% retracement level of the 2018-2019-rally crossing at 122.76.
April Feeder cattle closed up $0.60 at $148.93.
April Feeder cattle closed higher on Thursday and above trading range resistance crossing at 147.83 confirming an upside breakout of this winter's trading range while opening the door for additional gains near-term. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 50-day moving average crossing at 145.62 would confirm that a short-term top has been posted. First resistance is December's high crossing at 147.83. Second resistance is November's high crossing at 150.20. First support is March's low crossing at 143.50. Second support is January's low crossing at 142.62.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed slightly higher on Thursday. 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. If May extends this winter's decline, weekly support crossing at 92.45 is the next downside target. Closes above the 20-day moving average crossing at 9.77 are needed to confirm that a low has been posted.
May cocoa closed lower on Thursday as it extends the decline off February's high. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If May extends the decline off February's high, October's low crossing at 20.23 is the next downside target. Closes above the 50-day moving average crossing at 22.62 are needed to confirm that a low has been posted.
May sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. May renews the decline off February's high, January's low crossing at 11.82 is the next downside target. If May extends the rally off March's low, February's high crossing at 13.42 is the next upside target.
May cotton closed higher on Thursday and above the 25% retracement level of the 2018-2019-decline crossing at 76.69 as it extends the rally off February'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 May extends the rally off February's low, the 38% retracement level of the 2018-2019-decline crossing at 79.88 is the next upside target. Closes below the 20-day moving average crossing at 74.14 would confirm that a short-term top has been posted.
Thanks tallpine!