INO Morning Market Commentary
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Started by tallpine - April 12, 2018, 7:52 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

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 STOCK INDEXES:The June NASDAQ 100 was higher overnight. 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 6666.75 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, February's low crossing at 6192.50 is the next downside target. First resistance is the 20-day moving average crossing at 6666.75. Second resistance is the 50-day moving average crossing at 6761.43. 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 was higher overnight. 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 2655.44 are needed to confirm that a short-term low has been posted. If June resumes 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 2655.44. Second resistance is the 50-day moving average crossing at 2695.64. First support is April's low crossing at 2554.00. Second support isthe 38% retracement level of the 2016-2018-rally crossing at 2533.51.   



INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"



INTEREST RATES: June T-bonds were lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 145-10 would confirm that a short-term top has been posted. If June renews the rally off February's low, the 50% retracement level of the December-February-decline crossing at 147-14 is the next upside target. First resistance is last Monday's high crossing at 147-03. Second resistance is the 50% retracement level of the December-February-decline crossing at 147-14. First support is the 20-day moving average crossing at 145-10. Second support is the 50-day moving average crossing at 144-09.



June T-notes were lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 120.216 would confirm that a short-term top has been posted. If June resumes the rally off February's low, the reaction high crossing at 122.020 is the next upside target. First resistance is last Monday's high crossing at 121.120. Second resistance is the reaction high crossing at 122.020. First support is the 20-day moving average crossing at 120.216. Second support is March's low crossing at 119.220.  



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



ENERGY MARKETS: MayNymex crude oil was steady to slightly lower overnight as it consolidates some of the rally off April's low.Stochastics and the RSI are becoming overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. Closes below the 50-day moving average crossing at 62.64 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 67.45. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46. First support is April's low crossing at 61.81. Second support is March's low crossing at 59.91.  



May heating oil was lower overnight as it consolidates some of the rally off April's low. Stochastics and the RSI are overbought, diverging 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 February-2015-high crossing at 216.58 is the next upside target. Closes below the 50-day moving average crossing at 195.04 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 212.27. Second resistance is the February-2015-high crossing at 216.58. First support is the 10-day moving average crossing at 201.59. Second support is the 50-day moving average crossing at 195.04. 



May unleaded gas was lower overnight as it consolidates some of this week's gains. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, January's high crossing at 210.12 is the next upside target. Closes below the 50-day moving average crossing at 196.95 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 208.89. Second resistance is January's high crossing at 210.12. First support is the 20-day moving average crossing at 199.73. Second support is the 50-day moving average crossing at 196.95. 



May Henry natural gas was slightly lower overnight.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, March's low crossing at 2.610 is the next downside target. Closes above the reaction high crossing at 2.764 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 2.764. Second resistance is March's high crossing at 2.831. First support is March's low crossing at 2.610. Second support is February's low crossing at 2.600.  



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



CURRENCIES:The June Dollar was higher overnight as it consolidates some of the decline off April's high. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If June extends the aforementioned decline, March's low crossing at 88.53 is the next downside target. Closes above the 10-day moving average crossing at 89.66 would temper the near-term bearish outlook. 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 87.93.



The June Euro was lower overnight as it consolidates some of the rally off last week's low. 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 week's low March's high crossing 125.53 is the next upside target. If June renews the decline off March's high, March's low crossing at 122.54 is the next downside target. First resistance is March's high crossing at 125.53. Second resistance is February's high crossing at 126.58. First support is March's low crossing at 122.54. Second support is the 50% retracement level of the November-February-decline crossing at 121.97. 



The June British Pound was steady to slightly higher overnight as it extends the rally off last Thursday's low. 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 Thursday's low, March's high crossing at 1.4294 is the next upside target. Closes below the 50-day moving average crossing at 1.4055 would confirm that a short-term top has been posted. First resistance is March's high crossing at 1.4294. Second high is January's high crossing at 1.4404. First support is last Thursday's low crossing at 1.4007. Second support is the 38% retracement level of the December-February-decline crossing at 1.3926.  



The June Swiss Franc were lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off February's high, the 75% retracement level of the November-February-rally crossing at 1.0344 is the next downside target. Closes above the 20-day moving average crossing at 1.0545 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0545. Second resistance is the 50-day moving average crossing at 1.0678. 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 was steady to slightly lower overnight as it consolidates some of the rally off March's low. 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 80.45 is the next upside target. Closes below the 20-day moving average crossing at 77.92 would confirm that a short-term top has been posted.First resistance is the reaction high crossing at 80.45. Second resistance is January's high crossing at 81.75. First support is the 10-day moving average crossing at 78.61. Second support is the 20-day moving average crossing at 77.92.  



The June Japanese Yen was lower overnight as it extends the trading range of the past five-days. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 38% retracement level of the November-March-rally crossing at 0.9327 is the next downside target. Closes above the 20-day moving average crossing at 0.9454 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9454. Second resistance is March's high crossing at 0.9615. First support is the 38% retracement level of the November-March-rally crossing at 0.9327. Second support is the 50% retracement level of the November-March-rally crossing at 0.9237.  



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



PRECIOUS METALS: June gold was lower overnight as it consolidates some of the rally off last Friday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, January's high crossing at 1375.50 is the next upside target. Closes below the 50-day moving average crossing at 1336.80 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 38% retracement level of the December-January-rally crossing at 1326.70. Second support is the 50% retracement level of the December-January-rally crossing at 1311.50.



May silver was steady to slightly lower overnight as it consolidates some of the rally off last Thursday's low. 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 17.025 are needed to confirm an upside breakout of a two-month old trading range. Closes below the 20-day moving average crossing at 16.446 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 17.025. Second resistance is February's high crossing at 17.455. First support is the 20-day moving average crossing at 16.446. Second support is March's low crossing at 16.100.



May copper was sharply lower overnight as it consolidates some of the rally off March's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 305.21 would confirm that a short-term top has been posted. If May extends the aforementioned rally, the reaction high crossing at 319.20 is the next upside target. First resistance is the reaction high crossing at 319.20. Second resistance is February's high crossing at 329.05. First support is the 20-day moving average crossing at 305.21. Second support is April's low crossing at 297.00. 



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



May corn was lower overnight. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 3.80 would confirm that a short-term top has been posted. If May resumes the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. First resistance is March's high crossing at 3.95 1/4. Second resistance is the 62% retracement level of the July-January-decline crossing at 4.01 is the next upside target. First support is the 50-day moving average crossing at 3.80. Second support is March's low crossing at 3.69 1/4.  



May wheat lower overnight as it consolidates some of the rally off March's low. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.63 are needed to confirm that a short-term top has been posted. If May resumes the aforementioned rally, the reaction high crossing at 4.98 is the next upside target. First resistance is Tuesday's high crossing at 4.94. Second resistance is the reaction high crossing at 4.98. First support is Monday's gap crossing at 4.72 3/4. Second support is the 20-day moving average crossing at 4.63.      



May Kansas City Wheat closed down 5-cents at 5.16 3/4. 



May Kansas City wheat closed lower on Wednesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower 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 the aforementioned rally, the reaction high crossing at 5.33 1/4 is the next upside target. Closes below the 20-day moving average crossing at 4.88 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 Monday's gap crossing at 5.06 3/4. Second support is the 20-day moving average crossing at 4.88.    



May Minneapolis wheat was slightly lower overnight as it consolidates some of the rally off April's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, March's high crossing at 6.36 is the next upside target. Closes below the 20-day moving average crossing at 6.00 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 6.34. Second resistance is March's high crossing at 6.36. First support is Monday's gap crossing at 6.08 1/4. Second support is the 20-day moving average crossing at 6.00. 



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



May soybeans were higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 last Wednesday's low, March's high crossing at 10.82 1/2 is the next upside target. Closes below the 50-day moving average crossing at 10.33 1/2 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 10.64. Second resistance is March's high crossing at 10.82 1/2. First support is the 50-day moving average crossing at 10.33 1/2. Second support is the 75% retracement level of the January-March-rally crossing at 9.87 1/4. 



May soybean meal was lower overnight as it extends this week's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 371.70 would confirm that a short-term top has been posted. If May extends the rally off March's low, March's high crossing at 404.00 is the next upside target. First resistance is Monday's high crossing at 393.30. Second resistance is March's high crossing at 404.00. First support is the 50-day moving average crossing at 371.70. Second support is the 50% retracement level of the January-March-rally crossing at 359.00. 



May soybean oil was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off November's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above last Tuesday's high crossing at 32.73 are needed to confirm that a short-term low has been posted. First resistance is last Tuesday's high crossing at 32.73. Second resistance is the reaction high crossing at 32.96. First support is April's low crossing at 31.44. Second support is the January-2016-low crossing at 30.67.



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



June hogs closed up $0.73 at $75.78. 



June hogs closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 78.56 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 78.56. First support is April's low crossing at 70.25. Second support is weekly support crossing at 69.77.



June cattle closed down $0.53 at 101.57. 



June cattle 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 105.68 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 105.68. Second resistance is the 50-day moving average crossing at 111.88. 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 up $0.28 at $135.55. 



May Feeder cattle closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 136.96 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 136.96. Second resistance is the 50-day moving average crossing at 144.00. 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 Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 12.07 are needed to confirm that a low has been posted. If May renews the decline off January's high, weekly support crossing at 11.55 is the next downside target.      



May cocoa closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target. If May extends the decline off April's high, the 50-day moving average crossing at 23.33 is the next downside target.  



May sugar closed lower on Wednesday as it extended this year's decline. The low-range close set the stage for a steady to lower opening on Thursday. 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, monthly support crossing at 11.88 is the next downside target. Closes above the 20-day moving average crossing at 12.48 are needed to confirm that a low has been posted. 



May cotton closed higher on Wednesday. The high-range close sets 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 the rally off last Wednesday's low, March's high crossing at 86.60 is the next upside target. Closes below the 50-day moving average crossing at 81.01 would temper the near-term friendly outlook.  

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