KEY EVENTS TO WATCH FOR:
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 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. Multiple closes above the 20-day moving average crossing at 6668.96 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 the 20-day moving average crossing at 6668.96. Second resistance is the 50-day moving average crossing at 6762.30. First support is April's low crossing at 6306.75. Second support is February's low crossing at 6192.50.
The June S&P 500 closed higher on Thursday and above the 20-day moving average crossing at 2656.07 confirming that a short-term 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 50-day moving average crossing at 2695.91 is the next upside target. 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 50-day moving average crossing at 2695.89. Second resistance is the reaction high crossing at 2741.00. First support is April'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 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. If the Dow extends the rally off April's low, the 50-day moving average crossing at 24,689.28 is the next upside target. 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 50-day moving average crossing at 24,689.28. Second resistance is March's high crossing at 25,449.15. First support is April'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 down 26/32's at 145-08.
June T-bonds 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 diverging, 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 145-09 are needed to confirm that a short-term top has been posted. 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. 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 145-09. Second support is the reaction low crossing at 142-30.
June T-notes closed down 130 pts at 120-140.
June T-notes 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 120.211 confirms that a short-term top has been posted. 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. 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 50-day moving average crossing at 120.140. Second resistance is the reaction low crossing at 119.220.
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May crude oil closed higher on Thursday as it extends the rally off last June's low. The high-range close sets the stage for a steady to higher opening when Friday's night 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 February's low, 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 62.65 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 last Friday's low crossing at 61.81. Second support is March's low crossing at 59.91.
May heating oil closed lower on Thursday as it consolidated some of the rally off February's low. The mid-range close sets the stage for a steady opening when Friday's night trading session begins. 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 rally off February's low, weekly resistance crossing at 216.58 is the next upside target. Closes below the 20-day moving average crossing at 199.62 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 212.27. Second resistance is weekly resistance crossing at 216.58. First support is the 10-day moving average crossing at 201.58. Second support is the 20-day moving average crossing at 199.62.
May unleaded gas posted an inside day with a lower close on Thursday as it consolidated some of the rally off February's low. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. 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, January's high crossing at 210.12 is the next upside target. Closes below the 20-day moving average crossing at 199.76 would confirm that a short-term top has been posted. First resistance is February's 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 199.76. Second support is the 50-day moving average crossing at 196.96.
May Henry natural gas 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 turning neutral signaling that sideways trading is possible near-term. If May renews the decline off March's high, February's low crossing at 2.600 is the next downside target. Closes above the 50-day moving average crossing at 2.713 would 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. Third support is December's low crossing at 2.504.
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The June Dollar closed higher on Thursday as it consolidated some of the decline off last Friday's high.The mid-range close sets the stage for a steady 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 this week's decline March's low crossing at 88.53 is the next downside target. From a broader perspective, June needs to close 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 lower on Thursday as it consolidated some of the rally off last Friday's low, 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 124.25 are needed to confirm that a short-term low has been posted. If June resumes 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 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. If June extends the rally off March's low, January's high crossing at 1.4404 is the next upside target. Closes below the 50-day moving average crossing at 1.4056 would temper the near-term friendly outlook. First resistance is February's high crossing at 1.4352. Second resistance is January's high crossing at 1.4404. First support is April's low crossing at 1.4007. Second support is March's low crossing at 1.3779.
The June Swiss Franc 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews 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 today's low crossing at 1.0419. Second support is the 75% retracement level of the November-February-rally crossing at 1.0344.
The June Canadian Dollar closed slightly lower on Thursday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady 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, 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 Wednesday's high crossing at 79.83. Second resistance is the reaction high crossing at 80.45. First support is Monday's low crossing at 78.10. Second support is last Monday's low crossing at 77.35. Third support is March's low crossing at 76.33.
The June Japanese Yen closed lower on Thursday as it extends the trading range of the past five-days. 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 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 0.9454 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 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 lower on Thursday as it consolidated some of the rally off last Friday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Friday's low crossing at 1322.60 would confirm that a short-term top has been posted. If June extends the rally off March's low, January's high crossing at 1375.50 is the next upside target. First resistance is Wednesday's high crossing at 1369.40. Second resistance is January's high crossing at 1375.50. 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 lower on Thursday as it consolidated some of the rally off last Thursday's low. The low-range close set 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. If May extends today's decline, April's low crossing at 16.150 is the next downside target. If May resumes the rally off last Thursday's low, the reaction high crossing at 17.025 is the next upside target. First resistance is the reaction high crossing at 17.025. Second resistance is the reaction high crossing at 17.460. First support is March's low crossing at 16.100. Second support is December's low crossing at 15.705.
May copper closed lower 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 are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 305.27 would temper the near-term friendly outlook. If May resumes the rally off March's low, March's high crossing at 319.20 is the next upside target. First resistance is March's high crossing at 319.20. Second resistance is February's high crossing at 329.05. First support is April's low crossing at 297.00. Second support is March's low crossing at 293.75.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up 1 1/2-cents at 3.88 1/2.
May corn 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 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 3.80 would confirm that a short-term top has been posted. First resistance is Monday'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 down 6 1/2-cents at 4.80 3/4.
May wheat closed lower on Thursday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. 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 4.63 would confirm that a short-term top has been posted. If May extends the rally off March's low, the reaction high crossing at 4.98 is the next upside target. 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 Monday'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 down 9 1/4-cents at 5.07 1/2.
May Kansas City wheat closed lower on Thursday filling Monday's gap crossing at 5.06 3/4. The mid-range close sets the stage for a steady to lower opening on Friday. 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 4.87 would confirm that a short-term top has been posted. If May resumes the rally off March's low, the reaction high crossing at 5.33 1/4 is the next upside target. 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 the 10-day moving average crossing at 4.98. Second support is the 20-day moving average crossing at 4.87.
May Minneapolis wheat closed down 6-cents at 6.23.
May Minneapolis wheat 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 overbought but remain 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 20-day moving average crossing at 5.99 3/4 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 10-day moving average crossing at 5.98.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up 13 1/4-cents at 10.61.
May soybeans closed higher on Thursday. The high-range close sets the stage for a steady to higher opening with Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off April'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 April's low crossing at 9.83 1/2.
May soybean meal closed up $3.60 at 383.80.
May soybean meal 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 371.80 would confirm that a short-term top has been posted. If May resumes the rally off March's low, March's high crossing at 404.00 is the next upside target. First resistance is Monday'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 up 13 pts. At 31.66.
May soybean oil 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 diverging but remain neutral signaling that sideways trading is 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. Closes above the reaction high crossing at 32.73 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 32.73. Second resistance is the 38% retracement level of the September 2017/ March 2018 decline crossing at 33.33. First support is Monday'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 $1.48 at $77.25.
June hogs closed higher on Thursday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher 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. If June extends the rally off last Wednesdays' low, the 50-day moving average crossing at 78.45 is the next upside target. If Closes below the 10-day moving average crossing at 74.61 would temper the near-term friendly outlook. First resistance is today's high crossing at 77.50. Second resistance is the 50-day moving average crossing at 78.45. First support is April's low crossing at 70.25. Second support is weekly support crossing at 69.77.
June cattle closed up $2.13 at 103.70.
June 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 the 20-day moving average crossing at 105.20 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 105.20. Second resistance is the 50-day moving average crossing at 111.63. 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 $4.43 at $139.98.
May Feeder cattle closed sharply higher on Thursday and above the 20-day moving average crossing at 136.78 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher 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. If May extends the rally off April's low, the 50-day moving average crossing at 143.84 is the next upside target. If May resumes this year's decline, weekly support crossing at 126.09 is the next downside target. First resistance is today's high crossing at 140.05. Second resistance is the 50-day moving average crossing at 143.84. First support is Tuesday's low crossing at 134.33. Second support is April's low crossing at 128.88.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed lower on Thursday. The mid-range close sets the stage for a steady opening on Friday. 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 12.06 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May 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 23.44 is the next downside target.
May sugar closed slightly lower on Thursday as it extended this year's decline. The mid-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, monthly support crossing at 11.88 is the next downside target. Closes above the 20-day moving average crossing at 12.45 are needed to confirm that a low has been posted.
May cotton closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 81.12 would temper the near-term friendly outlook.