KEY EVENTS TO WATCH FOR:
Tuesday, April 10, 2018
6:00 AM ET. March NFIB Index of Small Business Optimism
Small Business Idx (previous 107.6)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -1.9%)
Chain Store Sales, M/M% (previous +3.4%)
8:30 AM ET. March PPI
PPI, M/M% (previous +0.2%)
Ex-Food & Energy PPI, M/M% (previous +0.2%)
Personal Consumption (previous +0.2%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.4%0
Ret Sales Mo-to-Date, Y/Y% (previous +3.5%)
Latest Wk, Y/Y% (previous +4.4%)
10:00 AM ET. February Monthly Wholesale Trade
Inventories, M/M% (previous +0.8%)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -3.3M)
Gasoline Stocks, Net Chg (Bbls) (previous +1.1M)
Distillate Stocks, Net Chg (Bbls) (previous +2.2M)
Wednesday, April 11, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 388.1)
Composite Idx, W/W% (previous -3.3%)
Purchase Idx-SA (previous 252.3)
Purchase Idx-SA, W/W% (previous -2.1%)
Refinance Idx (previous 1130.1)
Refinance Idx, W/W% (previous -4.9%)
8:30 AM ET. March Real Earnings
8:30 AM ET. March CPI
CPI, M/M% (expected +0.1%; previous +0.2%)
Core CPI, M/M% (expected +0.2%; previous +0.2%)
Energy Idx, M/M% (previous +0.1%)
Food Idx, M/M% (previous +0.0%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.3%)
CPI, Y/Y% (expected +2.4%; previous +2.2%)
Core Annual, Y/Y% (expected +2.1%; previous +1.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 425.332M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.617M)
Gasoline Stocks (Bbl) (previous 238.477M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.116M)
Distillate Stocks (Bbl) (previous 129.491M)
Distillate Stocks, Net Chg (Bbl) (previous +0.537M)
Refinery Usage (previous 93.0%)
Total Prod Supplied (Bbl/day) (previous 21.217M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.3M)
2:00 PM ET. March Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast
Thursday, April 12, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 909.3K)
Soybeans (Metric Tons) (previous 1491.2K)
Wheat (Metric Tons) (previous 309.2K)
8:30 AM ET. March Import & Export Price Indexes
Import Prices (expected +0.2%; previous +0.4%)
Non-Petroleum Prices (previous +0.5%)
Petroleum Prices (previous -0.5%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 230K; previous 242K)
Jobless Claims, Net Chg (previous +24K)
Continuing Claims (previous 1808000)
Continuing Claims, Net Chg (previous -64K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1354B)
Working Gas In Storage, Net Chg (Cbf) (previous -29B)
12:00 PM ET. March Monthly U.S. Retail Chain Store Sales Index
1:30 PM ET. SEC Closed Meeting
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
N/A IMF Fiscal Monitor analytical chapter presentation
Friday, April 13, 2018
10:00 AM ET. April University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (expected 100.0; previous 102.0)
Mid-Mo Expectations (previous 88.6)
Mid-Mo Current Idx (previous 122.8)
10:00 AM ET. February Job Openings & Labor Turnover Survey
Monday, April 16, 2018
8:30 AM ET. March Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous -0.1%)
Sales, Ex-Auto, M/M% (previous +0.2%)
Sales, Ex-Auto & Gas, M/M% (previous +0.3%)
8:30 AM ET. G24 Committee of the Whole
8:30 AM ET. April Empire State Manufacturing Survey
Mfg Idx (previous 22.5)
Employment Idx (previous 9.4)
New Orders Idx (previous 16.8)
Prices Received (previous 22.4)
10:00 AM ET. February Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +0.6%)
10:00 AM ET. April NAHB Housing Market Index
Housing Mkt Idx (previous 70)
4:00 PM ET. February Treasury International Capital Data
N/A Emancipation Day in Washington, DC
N/A Patriot's Day in Massachusetts and Maine
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The June NASDAQ 100 closed higher on Monday. A late-day selling tempered early-session gains and the low-range close sets the stage for a steady to lower opening when Tuesday'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 20-day moving average crossing at 6738.24 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, February's low crossing at 6192.50 is the next downside target. First resistance is last Thursday's high crossing at 6654.50. Second resistance is the 20-day moving average crossing at 6744.46. First support is last Wednesday's low crossing at 6306.75. Second support is February's low crossing at 6192.50.
The June S&P 500 closed higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 2673.68 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, the 38% retracement level of the 2016-2018-rally crossing at 2533.51 is the next downside target. First resistance is the 20-day moving average crossing at 2673.68. Second resistance is the 50-day moving average crossing at 2707.97. First support is last Monday's low crossing at 2554.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.
The Dow closed higher on Monday as comments from President Donald Trump and administration officials helped to ease concerns about the rise in trade hostilities between the U.S. and China. A sell off in the afternoon session erased most of today's early gains. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 24,332.43 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off March's high, weekly support crossing at 23,101.28 is the next downside target. First resistance is the 20-day moving average crossing at 24,332.43. Second resistance is the 50-day moving average crossing at 24,810.36. First support is last Monday's low crossing at 23,344.52. Second support is weekly support crossing at 23,101.28.
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June T-bonds closed up 5/32's at 146-06.
June T-bonds closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 resumes the rally off February's low, the 50% retracement level of the December-February-decline crossing at 147-14 is the next upside target. Closes below the 20-day moving average crossing at 145-02 are needed to confirm that a short-term top has been posted. First resistance is the 50% retracement level of the December-February-decline crossing at 147-14. Second resistance is the 62% retracement level of the December-February-decline crossing at 148-28. First support is the 20-day moving average crossing at 115-02. Second support is the reaction low crossing at 142-30.
June T-notes closed down 10 pts at 120-315.
June T-notes posted an inside day with a lower close on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 February's low, the 38% retracement level of the 2017-2018-decline crossing at 121.257 is the next upside target. Closes below the 20-day moving average crossing at 120.195 would confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 121.110. Second resistance is the 38% retracement level of the 2017-2018-decline crossing at 121.257. First support is the 20-day moving average crossing at 120.195. Second resistance is the reaction low crossing at 119.220.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil closed higher on Monday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, March's low crossing at 59.91 is the next downside target. If May resumes the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. First resistance is March's high crossing at 66.55. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46.First support is last Friday's low crossing at 61.81. Second support is March's low crossing at 59.91.
May heating oil closed higher on Monday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off February's low, January's high crossing at 208.95 is the next upside target. Closes below the 50-day moving average crossing at 194.90 are needed to confirm that a short-term top has been posted. First resistance is March's high crossing at 207.28. Second resistance is January's high crossing at 208.95. First support is the 50-day moving average crossing at 194.90. Second support is the 50% retracement level of the February-March-rally crossing at 192.90.
May unleaded gas closed higher on Monday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 aforementioned decline, the 62% retracement level of the February-March-rally crossing at 192.70 is the next downside target. Closes above the 10-day moving average crossing at 199.23 would confirm that a short-term low has been posted. First resistance is March's high crossing at 205.45. Second resistance is February's high crossing at 208.89. First support is the 62% retracement level of the February-March-rally crossing at 192.70. Second support is the 75% retracement level of the February-March-rally crossing at 189.95.
May Henry natural gas closed slightly lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 resumes the rally off March's low, March's high crossing at 2.831 is the next upside target. If May renews the decline off March's high, February's low crossing at 2.600 is the next downside target. First resistance is the reaction high crossing at 2.764. Second resistance is March's high crossing at 2.831. First support is February's low crossing at 2.600. Second support is December's low crossing at 2.504.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed lower on Monday while extending the trading range of the past three-months.The low-range close sets the stage for a steady to lower opening when Tuesday's night 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 50-day moving average crossing at 89.37 would confirm that a short-term top has been posted. From a broader perspective, closes above 90.49 or below 78.83 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trading range. First resistance is the 38% retracement level of the November-February-decline crossing at 90.35. Second resistance is the 50% retracement level of the November-February-decline crossing at 91.13. First support is March's low crossing at 88.53. Second support is February's low crossing at 87.83.
The June Euro closed higher on Monday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 124.31 are needed to confirm that a short-term low has been posted. If June extends the decline off March's high, the 50% retracement of the November-February-rally crossing at 121.97 is the next downside target. First resistance is March's high crossing at 125.54. Second resistance is February's high crossing at 126.58. First support is the March 1st low crossing at 122.54. Second support is the 50% retracement level of the November-February-rally crossing at 121.97.
The June British Pound closed higher on Monday as it extends the rally off last Thursday's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 renews the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. If June extends the aforementioned decline, the reaction low crossing at 1.3945 is the next downside target. First resistance is March's high crossing at 1.4294. Second resistance is February's high crossing at 1.4404. First support is the reaction low crossing at 1.3945. Second support is March's low crossing at 1.3779.
The June Swiss Franc closed higher due to short covering on Monday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 20-day moving average crossing at 1.0572 are needed to confirm that a short-term low has been posted. If June extends the decline off February's high, the 75% retracement level of the November-February-rally crossing at 1.0344 is the next downside target. First resistance is the 20-day moving average crossing at 1.0572. Second resistance is the 50-day moving average crossing at 1.0698. First support is last Friday's low crossing at 1.0422. Second support is the 75% retracement level of the November-February-rally crossing at 1.0344.
The June Canadian Dollar closed higher on Monday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 79.41 is the next upside target. Closes below the 20-day moving average crossing at 77.62 would confirm that a short-term top has been posted. First resistance is today's high crossing at 78.92. Second resistance is the reaction high crossing at 79.41. First support is last Monday's low crossing at 77.35. Second support is March's low crossing at 76.33.
The June Japanese Yen closed higher on Monday 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 38% retracement level of the October-March-rally crossing at 0.9327 is the next downside target. Closes above the 20-day moving average crossing at 0.9466 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9466. Second resistance is March's high crossing at 0.9615. First support is the 38% retracement level of the October-March-rally crossing at 0.9327. Second support is the 50% retracement level of the October-March-rally crossing at 0.9238.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
June gold closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 renews the rally off March's low, February's high crossing at 1369.60 is the next upside target. If June renews the decline off March's high, the 50% retracement level of the December-January-rally crossing at 1311.50 is the next downside target. First resistance is March's high crossing at 1362.60. Second resistance is February's high crossing at 1369.60. 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 Monday. The high-range close set the stage for a steady to higher opening when Tuesday'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 16.599 are needed to confirm that a short-term low has been posted. Closes below March'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 16.599. Second resistance is the reaction high crossing at 16.810. First support is March's low crossing at 16.100. Second support is December's low crossing at 15.705.
May copper closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above last Thursday's high crossing at 308.80 are needed to confirm that a short-term low has been posted. If May renews the decline off February's high, the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target. First resistance is last Thursday's high crossing at 308.80. Second resistance is the 50-day moving average crossing at 313.19. First support is March's low crossing at 293.75. Second support is last September's low crossing at 293.25.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up 2 1/4-cents at 3.90 3/4.
May corn closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 resumes the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. Closes below the 50-day moving average crossing at 3.78 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.92 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 17 1/2-cents at 4.89 3/4.
May wheat gapped up and closed higher on Monday as it extends the rally off March's low. Today's rally was supported by concerns about cold, wet weather and a slow start to planting. Export inspections soared to a new high for the marketing year at 76.2 million bushels, which is one of the highest weekly totals on record. While shipments got off to a slow start during the first quarter of the marketing year they’ve come on strong lately. A South Korean feed maker was also in the market overnight, as buyers from that country continue to hedge bets before USDA reports. Coupled with good usage by ethanol plants, the stronger pace to exports could offset weaker feed usage over the winter when USDA updates its supply and demand balance sheet Tuesday. The trade, however, is looking for a modest increase in projected 2017 crop carryout due to higher than expected March 1 stocks reported at the end of last month. The high-range close sets the stage for a steady to higher opening when Tuesday'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 March's low, the reaction high crossing at 4.98 is the next upside target. Closes below the 10-day moving average crossing at 4.58 1/4 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 4.98. Second resistance is March's high crossing at 5.18 1/2. First support is today's gap crossing at 4.72 3/4. Second support is March's low crossing at 4.41 1/2. Third support is the 87% retracement level of the December-March-rally crossing at 4.36.
May Kansas City Wheat closed up 16-cents at 5.22 3/4.
May Kansas City wheat gapped up and closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 aforementioned rally, the reaction high crossing at 5.33 1/4 is the next upside target. Closes below the 10-day moving average crossing at 4.82 1/2 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 5.33 1/4. Second resistance is March's high crossing at 5.48 1/2. First support is today's gap crossing at 5.06 3/4. Second support is March's low crossing at 4.56. Third support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.
May Minneapolis wheat closed up 19 1/4-cents at 6.26 1/2.
May Minneapolis wheat gapped up and closed sharply higher on Monday as it extends the rally off last Wednesday's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 aforementioned rally, March's high crossing at 6.36 is the next upside target. Closes below the 10-day moving average crossing at 5.91 1/2 would confirm that a short-term top has been posted. 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 today's gap crossing at 6.08 1/4. Second support is last Wednesday's low crossing at 5.71. Third support is the December-2016 low crossing at 5.59 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up 13 3/4-cents at 10.47 1/2.
May soybeans closed higher on Monday despite additional data confirming a slowing of exports. Inspections last week fell to a disappointing 13.7 million bushels, 10 million behind the rate needed every week through August to meet USDA’s forecast for the 2017 crop. China took just 2.8 million bushels, but other countries appear to be buying. USDA reported another sale on its daily wire for large purchases today, this one for 8.5 million bushels. Still, total commitments are weak enough to suggest USDA will lower its sales total for the 2017 crop in Tuesday’s monthly report. Stronger crush should offset some of those losses, but cold crop carryout could still be up 25 million to 30 million bushels. The mid-range close sets the stage for a steady opening when Tuesday'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 last Monday's high crossing at 10.60 1/2 are needed to confirm that a short-term low has been posted. Closes below last Friday's low crossing at 10.03 would confirm that a short-term top has been posted. First resistance is last Monday's high crossing at 10.60 1/2. Second resistance is March's high crossing at 10.82 1/2. First support is the 75% retracement level of the January-March-rally crossing at 9.87 1/4. Second support is the 87% retracement level of the January-March-rally crossing at 9.72.
May soybean meal closed up $3.20 at 389.50.
May soybean meal closed higher on Monday as it extended the rally off March's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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, March's high crossing at 404.00 is the next upside target. Closes below the 50-day moving average crossing at 369.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at 389.70. 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 2 pts. At 31.55.
May soybean oil closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 renews the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. If May renews the rally off March's low, the reaction high crossing at 32.96 is the next upside target. First resistance is the reaction high crossing at 32.96. Second resistance is the 38% retracement level of the September 2017/ March 2018 decline crossing at 33.33. First support is today's low crossing at 31.29. Second support is the January-2016 low crossing at 30.67.
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June hogs closed up $2.60 at $75.88.
June hogs closed sharply higher on Monday and above the 20-day moving average crossing at 75.72 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 last Wednesdays' low, the 50-day moving average crossing at 78.87 is the next upside target. If June resumes the decline off January's high, weekly support crossing at 69.77 is the next downside target. First resistance is the reaction high crossing at 76.92. Second resistance is the 50-day moving average crossing at 78.87. First support is last Wednesday's low crossing at 70.25. Second support is weekly support crossing at 69.77.
June cattle closed up $0.18 at 102.50.
June cattle closed higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 106.82 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. First resistance is the 20-day moving average crossing at 106.82. Second resistance is the 50-day moving average crossing at 112.46. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.
May Feeder cattle closed down $0.10 at $135.53.
May Feeder cattle closed lower on Monday as it consolidated some of the rally off last Wednesday's low. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 137.78 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, weekly support crossing at 126.09 is the next downside target. First resistance is the 20-day moving average crossing at 137.78. Second resistance is the 50-day moving average crossing at 144.46. First support is last Wednesday's low crossing at 130.80. Second support is weekly support crossing at 126.09.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher on Monday. The mid-range close sets the stage for a steady opening on Tuesday. 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 12.11 are needed to confirm that a low has been posted. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target.
May cocoa closed higher on Monday as it consolidates some of last week's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends last week's decline, the 50-day moving average crossing at 23.12 is the next downside target. If May renews the rally off December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target.
May sugar closed slightly higher on Monday. The mid-range close set the stage for a steady opening on Tuesday. 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 12.55 are needed to confirm that a low has been posted. If May extends this year's decline, weekly support crossing at 12.00 is the next downside target.
May cotton closed slightly higher on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last Wednesday's low, March's high crossing at 86.60 is the next upside target. If May resumes the decline off March's high, February's low crossing at 76.44 is the next downside target.