KEY EVENTS TO WATCH FOR:

Wednesday, April 10, 2019 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 503.6)

                       Composite Idx, W/W% (previous +18.6%)

                       Purchase Idx-SA (previous 276.6)

                       Purchase Idx-SA, W/W% (previous +3.4%)

                       Refinance Idx (previous 1786.0)

                       Refinance Idx, W/W% (previous +38.5%)

8:30 AM ET. March Real Earnings

8:30 AM ET. March CPI

                       CPI, M/M% (expected +0.3%; previous +0.2%)

                       Core CPI, M/M% (expected +0.2%; previous +0.1%)

                       Energy Idx, M/M% (previous +0.4%)

                       Food Idx, M/M% (previous +0.4%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -0.1%)

                       CPI, Y/Y% (expected +1.8%; previous +1.5%)

                       Core Annual, Y/Y% (expected +2.1%; previous +2.1%)

8:30 AM ET. G24 Deputies Meeting

8:30 AM ET. IMF Global Financial Stability Report main chapters published

9:30 AM ET. IMF Fiscal Monitor published

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 449.521M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +7.238M)

                       Gasoline Stocks (Bbl) (previous 236.839M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.781M)

                       Distillate Stocks (Bbl) (previous 128.169M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.998M)

                       Refinery Usage (previous 86.4%)

                       Total Prod Supplied (Bbl/day) (previous 19.998M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.132M)

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

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

The June NASDAQ 100 closed lower on Tuesday as it consolidates some of the rally off December's low.The low-range close sets the stage for a steady to lower opening when Wednesday'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 7438.52 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7633.75. Second resistance is last-September's high crossing at 7767.00. First support is the 20-day moving average crossing at 7438.52. Second support is the 50-day moving average crossing at 7209.27.  

The June S&P 500 closed lower due to profit taking on Tuesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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's high crossing at 2957.90 is the next upside target. Closes below the 20-day moving average crossing at 2845.73 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 2899.00. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving low crossing at 2845.73. Second support is the 50-day moving average crossing at 2792.94.  

The Dow closed lower on Tuesday 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 Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 25,704.63 would confirm that a short-term top has been posted. If the Dow extends the rally off March's low, last-October's high crossing at 26,951.81 is the next upside target. First resistance is last-Friday's high crossing at 26,487.57. Second resistance is last-October 2018 high crossing at 26,951.81. First support is the 50-day moving average crossing at 25,704.63. Second support is the late-March's low crossing at 25,372.26.

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

June T-bonds closed up 10/32's at 147-30.

June T-bonds closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 last-Friday's low crossing at 147-01 would confirm that a short-term top has been posted. If June renews the rally off March's low, weekly resistance crossing at 152-01 is the next upside target. First resistance is March's high crossing at 150-21. Second resistance is weekly resistance crossing at 152-01. First support is last-Friday's low crossing at 147-01. Second support is the 50-day moving average crossing at 146-11.         

June T-notes closed up 50-pts. at 123.195.

June T-notes closed higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 last-Friday's low crossing at 123.085 would confirm that a short-term top has been posted. If June renews the rally off March's low. weekly resistance crossing at 125.265 is the next upside target. First resistance is March's high crossing at 124.310. Second resistance is weekly resistance crossing at 125.265. First support is last-Friday's low crossing at 123.085. Second support is the 50-day moving average crossing at 122.265.        

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

May crude oil closed slightly lower on Tuesday but remains above the 62% retracement level of the October-December-decline crossing at 63.39. The mid-range close sets the stage for a steady opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher. If May extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 67.68 is the next upside target. Closes below the 20-day moving average crossing at 60.64 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 64.79. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.68. First support is the 20-day moving average crossing at 60.64. Second support is the 50-day moving average crossing at 57.78.  

May heating oil closed lower on Tuesday as it consolidates some of its recent gains. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 extends 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 197.49 would confirm that a short-term top has been posted. First resistance is today's high crossing at 206.48. 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 197.49. Second support is the reaction low crossing at 193.69. 

May unleaded gas closed higher on Tuesday and above the 62% retracement level of the October-December-decline crossing at 200.45 as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 75% retracement level of the October-December-decline crossing at 212.54 is the next upside target. Closes below the 20-day moving average crossing at 190.24 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 201.55. Second resistance is the 75% retracement level of the October-December-decline crossing at 212.54. First support is the 20-day moving average crossing at 190.24. Second support is the 50-day moving average crossing at 179.00.

May Henry natural gas closed slightly lower on Wednesday. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.754 would confirm that a short-term low has been posted. If May extends the decline off March's high, the reaction low crossing at 2.620 is the next downside target. First resistance is the 20-day moving average crossing at 2.754. Second resistance is the 50-day moving average crossing at 2.759. First support is last-Friday's low crossing at 2.632. Second support is the reaction low crossing at 2.620.       

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

The June Dollar closed lower on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 96.09 would temper the near-term friendly outlook.If June extends the rally off March's low, March's high crossing at 97.16 is the next upside target. First resistance is March's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 96.37. Second support is the 50-day moving average crossing at 96.09.

The June Euro closed slightly lower on Tuesday as it consolidates above the 87% retracement level of the 2016-2018 rally crossing at 112.62.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 114.16 would temper the near-term bearish outlook. If June extends the decline off March's high, the January 2017 low crossing at 110.16 is the next downside target. First resistance is the 50-day moving average crossing at 114.16. Second resistance is March's high crossing at 115.33. 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 lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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, February's low crossing at 1.2854 is the next downside target. Closes above last-Wednesday's high crossing at 1.3245 would confirm that a low has been posted. First resistance is March'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 March's low crossing at 1.3026. Second support is February's low crossing at 1.2854.   

The June Swiss Franc closed lower on Tuesday.The mid-range close sets the stage for a steady to lower opening when Wednesday'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 decline off March's high, March's low crossing at 0.9970 is a potential downside target. If June renews the rally off March's low, the September-January downtrend line crossing near 1.0210 is the next upside target. First resistance is March's high crossing at 1.0190. Second resistance is the September-January downtrend line crossing near 1.0210. 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 Tuesday. 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 50-day moving average crossing at 75.43 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 74.48 is the next downside target. First resistance is the 50-day moving average crossing at 75.43. 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 Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Closes above the 50-day moving average crossing at 0.0910 would temper the near-term bearish outlook. If June extends the decline off March's low, December's low crossing at 0.0894 is the next downside target. First resistance is March's high crossing at 0.0918. 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 December's low crossing at 0.0894.  

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

June gold closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 1315.20 are needed to confirm that a low has been posted. If June extends the decline off February's high, the 38% retracement level of the August-February-rally crossing at 1273.10 is the next downside target. First resistance is March's high crossing at 1330.80. Second resistance is February's high crossing at 1356.00. First support is last-Thursday's low crossing at 1284.90. Second support is the 38% retracement level of the August-February-rally crossing at 1273.10.

May silver closed lower on Tuesday. The low-range close set the stage for a steady to lower opening when Wednesday'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 15.263 are needed to confirm that a low has been posted. If May extends the decline off February's high, the 75% retracement level of the November-February-rally crossing at 14.644 is the next downside target. First resistance is the 20-day moving average crossing at 15.263. Second resistance is the 50-day moving average crossing at 15.535. 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 slightly lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 288.12 would confirm that a short-term top has been posted. If May extends the rally off March's low, the 50% retracement level of the April-December-2018 decline crossing at 296.76 is the next upside target. 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 50-day moving average crossing at 288.12. Second support is the reaction low crossing at 283.45. 

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

May Corn closed up a 1/4-cent at 3.60 1/4. 

May corn closed fractionally higher on Tuesday following today's slightly bearish WASDE report.Today's high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 extends the decline off March's high, psychological support crossing at 3.50 is the next downside target. Closes above the 20-day moving average crossing at 3.68 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.68 1/2. Second resistance is March's high crossing at 3.80 3/4. First support is today's low crossing at 3.55 1/4. Second support is psychological support crossing at 3.50.   

May wheat closed down 6 1/4-cents at 4.59. 

May wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 reaction low crossing at 4.52 1/2 would temper the near-term friendly outlook. If May resumes the rally off March's low, the 50-day moving average crossing at 4.79 1/4 is the next upside target. First resistance is last-Tuesday's high crossing at 4.78. Second resistance is the 50-day moving average crossing at 4.79 1/4. First support is the reaction low crossing at 4.52 1/2. Second support is March's low crossing at 4.27.     

May Kansas City Wheat closed down 4-cents at 4.27 1/2.

May Kansas City wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday 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 December's high, weekly support crossing at 4.17 3/4 is the next downside target. If May resumes the rally off March's low, the 50-day moving average crossing at 4.59 1/2 is the next upside target. First resistance is the reaction high crossing at 4.54. Second resistance is the 50-day moving average crossing at 4.59 1/2. First support is March's low crossing at 4.18 1/4. Second support is weekly support crossing at 4.17 3/4.  

May Minneapolis wheat closed down 1-cent at 5.23. 

May Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March's high, weekly support crossing at 5.15 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.52 1/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 5.40 3/4. Second resistance is the 20-day moving average crossing at 5.52 1/4. First support is Monday's low crossing at 5.21. Second support is weekly support crossing at 5.15 1/4.    

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

May soybeans closed unchanged at 8.98 3/4

May soybeans closed unchanged on Tuesday as it consolidated some of the gains off March's low.The mid-range close sets the stage for a steady opening when Wednesday'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 February's high, the 75% retracement level of the 2018 rally crossing at 8.78 is the next downside target. If May extends the rally off March's low, the 50-day moving average crossing at 9.11 3/4. First resistance is the reaction high crossing at 9.12. Second resistance is the reaction high crossing at 9.24 3/4. First support is March's low crossing at 8.83. Second support is the 75% retracement level of the 2018 rally crossing at 8.78.

May soybean meal closed up $0.10 at 309.30. 

May soybean meal closed slightly higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If May extends the rally off March's low, March's high crossing at 316.50 is the next upside target. If May renews the decline off March's high, March's low crossing at 300.30 is the next downside target. First resistance is March's high crossing at 316.50. Second resistance is February's high crossing at 321.30. First support is the late-March's low crossing at 303.60. Second support is March's low crossing at 300.30.   

May soybean oil closed up 10-pts. at 28.98. 

May soybean oil closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 rally off March's low, the 50-day moving average crossing at 29.83 is the next upside target. If May renews the decline off February's high, the 87% retracement level of the November-February-rally crossing at 28.17 is the next downside target. First resistance is the 50-day moving average crossing at 29.83. Second resistance is the reaction high crossing at 30.08. First support is March's low crossing at 28.34. Second support is the 87% retracement level of the November-February-rally crossing at 28.17.    

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

June hogs closed down $3.00 at $95.15. 

June hogs closed limit down on Tuesday as it consolidates some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 20-day moving average crossing at 91.88 would confirm that a short-term top has been posted. If June extends the rally off February's low, weekly resistance crossing at 110.53 is the next upside target. First resistance is last-Friday's high crossing at 99.83. Second resistance is weekly resistance crossing at 110.53. First support is the 20-day moving average crossing at 91.88. Second support is April's low crossing at 86.25. 

April cattle closed up $0.10 at 125.90. 

April cattle closed slightly higher on Tuesday. 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 March's high, January's low crossing at 123.50 is the next downside target. Closes above 50-day moving average crossing at 127.86 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 127.86. Second resistance is March's high crossing at 130.45. First support is the 25% retracement level of the 2018-2019-rally crossing at 125.45. Second support the 38% retracement level of the 2018-2019-rally crossing at 122.80. 

April Feeder cattle closed down $0.58 at $146.15. 

April Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 147.20 would confirm that a low has been posted. If April extends the decline off March's high, March's low crossing at 143.50 is the next downside target. First resistance is March's high crossing at 150.80. Second resistance is last-October's high crossing at 155.70. 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 higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 9.12 is the next downside target. Closes above the 20-day moving average crossing at 9.48 are needed to confirm that a low has been posted. 

May cocoa closed slightly higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If May extends the rally off March's low, December's high crossing at 24.64 is the next upside target. Closes below the 20-day moving average crossing at 22.75 would confirm that a short-term top has been posted.          

May sugar closed higher on Tuesday as it extends this year's trading range. The high-range close set the stage for a steady to higher opening on Wednesday. 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, February's high crossing at 13.42 is the next upside target. May renews the decline off February's high, January's low crossing at 11.82 is the next downside target. 

May cotton posted a key reversal down on Tuesday as it consolidated some of the rally off February's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 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 76.80 would confirm that a short-term top has been posted.