KEY EVENTS TO WATCH FOR:
Wednesday, April 25, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 399.4)
Composite Idx, W/W% (previous +4.9%)
Purchase Idx-SA (previous 262.4)
Purchase Idx-SA, W/W% (previous +6.1%)
Refinance Idx (previous 1149.5)
Refinance Idx, W/W% (previous +3.5%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 427.567M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.071M)
Gasoline Stocks (Bbl) (previous 235.967M)
Gasoline Stocks, Net Chg (Bbl) (previous -2.968M)
Distillate Stocks (Bbl) (previous 125.34M)
Distillate Stocks, Net Chg (Bbl) (previous -3.107M)
Refinery Usage (previous 92.4%)
Total Prod Supplied (Bbl/day) (previous 21.434M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +1.622M)
Thursday, April 26, 2018
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 228K; previous 232K)
Jobless Claims, Net Chg (previous -1K)
Continuing Claims (previous 1863000)
Continuing Claims, Net Chg (previous -15K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 2605.1K)
Soybeans (Metric Tons) (previous 1347K)
Wheat (Metric Tons) (previous 219.5K)
8:30 AM ET. March Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected +1.8%; previous +3.1%)
Dur Goods, Ex-Defense, M/M% (previous +2.5%)
Dur Goods, Ex-Transport, M/M% (previous +1.2%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.8%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.4%)
8:30 AM ET. March Advance Economic Indicators Report
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. 1st Quarter U.S. Housing Vacancies
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1299B)
Working Gas In Storage, Net Chg (Cbf) (previous -36B)
11:00 AM ET. April Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 20)
6-Mo Exp Prod Idx (previous 42)
Mfg Composite Idx (expected 15; previous 17)
6-Mo Exp Composite Idx (previous 33)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
Friday, April 27, 2018
8:30 AM ET. 1st Quarter Employment Cost Index
ECI, Q/Q% (expected +0.7%; previous +0.6%)
ECI, Y/Y% (previous +2.6%)
8:30 AM ET. 1st Quarter Advance estimate GDP
Annual Rate, Q/Q% (expected +1.8%; previous +2.9%)
Chain-Weighted Price Idx, Q/Q% (expected +2.2%; previous +2.3%)
PCE Price Idx, Q/Q% (previous +2.7%)
Purchase Price Idx, Q/Q% (previous +2.5%)
Real Final Sales 1st Est, Q/Q% (previous +3.4%)
Core PCE Price Idx, Q/Q% (previous +1.9%)
Personal Consumption, Q/Q% (previous +4.0%)
10:00 AM ET. April University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 97.8; previous 101.4)
End-Mo Expectations Idx (previous 88.8)
12-Month Inflation Forecast (previous 2.8%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 121.2)
3:00 PM ET. April Agricultural Prices
Farm Prices, M/M% (previous +5.7%)
N/A Trump welcomes Merkel to the White House
Monday, April 30, 2018
8:30 AM ET. March Personal Income & Outlays
Personal Income, M/M% (previous +0.4%)
Consumer Spending, M/M% (previous +0.2%)
PCE Price Idx, M/M% (previous +0.2%)
PCE Price Idx, Y/Y% (previous +1.8%)
PCE Core Price Idx, M/M% (previous +0.2%)
PCE Core Price Idx, Y/Y% (previous +1.6%)
9:45 AM ET. April ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (previous 57.4)
10:00 AM ET. March Pending Home Sales Index
Pending Home Sales (previous 107.5)
Pending Home Sales Idx, M/M% (previous +3.1%)
Pending Home Sales Idx , Y/Y% (previous -4.1%)
10:30 AM ET. April Texas Manufacturing Outlook Survey
Business Activity (previous 21.4)
Mfg Production Idx (previous 12.7)
4:00 PM ET. Foreign portfolio holdings of U.S. securities final results
N/A Trump welcomes Nigerian counterpart to the White House
N/A U.S: Arbor Day in Wyoming
N/A U.S: Confederate Memorial Day in Mississippi
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was lower overnight as it extends the decline off April's high. Wall Street is setting up for another day in the red as U.S. Treasury yields kept stepping higher above 3%. U.S. stock futures are poised to open with sizeable losses as nervous investors pressure global equity markets and keep an eye on yields. A packed day of corporate earnings could help drive direction, with results from Twitter, Comcast and Boeing expected to come in before the market open.Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, April's low crossing at 6306.75 is the next downside target. Closes above the 50-day moving average crossing at 6770.74 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 6770.74. Second resistance is the reaction high crossing at 6951.00. First support is the reaction low crossing at 6408.50. Second support is April's low crossing at 6306.75.
The June S&P 500 was lower overnight as it extends the decline off last Wednesday's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last Wednesday's high, the reaction low crossing at 2584.50 is the next downside target. Closes above the 50-day moving average crossing at 2691.51 would confirm that a short-term low has been posted. First resistance is April's high crossing at 2718.00. Second resistance isthe reaction high crossing at 2741.00. First support is the reaction low crossing at 2584.50. Second support is April's low crossing at 2554.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were lower overnight as it extends the decline off April's high. 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 April's high, February's low crossing at 141-14 is the next downside target. Closes above the 20-day moving average crossing at 145-00 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 144-02. Second resistance is the 20-day moving average crossing at 145-00. First support is the overnight low crossing at 141-23. Second support is February's low crossing at 141-14.
June T-notes were lower overnight as it extends the decline below broken trading range support marked by February's low crossing at 119.140. 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 April's high, monthly support crossing at 117.180 is the next downside target. Closes above the 20-day moving average crossing at 120.124 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 119.285. Second resistance is the 20-day moving average crossing at 120.125. First support is the overnight low crossing at 118.310. Second support is monthly support crossing at 117.180.
ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"
ENERGY MARKETS: JuneNymex crude oil was steady to slightly higher overnight. 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 February's low, the 50% retracement level of the 2014-2016-decline crossing at 72.85 is the next upside target. Closes below the 20-day moving average crossing at 65.87 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 69.55. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 72.85. First support is the 10-day moving average crossing at 67.68. Second support is the 20-day moving average crossing at 65.87.
June heating oil was slightly higher overnight. 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 February-2015-high crossing at 216.33 is the next upside target. Closes below the 20-day moving average crossing at 205.11 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 214.84. Second resistance is the February-2015-high crossing at 216.33. First support is the 10-day moving average crossing at 209.81. Second support is the 20-day moving average crossing at 205.11.
June unleaded gas was steady to slightly higher overnight as it consolidated some of Tuesday's loss. 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, monthly resistance crossing at 217.77 is the next upside target. Closes below the 20-day moving average crossing at 204.09 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 213.87. Second resistance is monthly resistance crossing at 217.77. First support is the 10-day moving average crossing at 208.05. Second support is the 20-day moving average crossing at 204.09.
June Henry natural gas was lower overnight.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 April's low, March's high crossing at 2.873 is the next upside target. Closes below the 20-day moving average crossing at 2.753 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2.825. Second resistance is March's high crossing at 2.873. First support is the reaction low crossing at 2.691. Second support is April's low crossing at 2.660.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was higher overnight as it extends the rally off April'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 April's low, the 38% retracement level of the June-2017/February-2018 decline crossing at 91.20 is the next upside target. Closes below the 50-day moving average crossing at 89.51 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-2017/February-2018-decline crossing at 91.20. Second resistance is the 50% retracement level of the June-2017/February-2018-decline crossing at 92.25. First support is the 50-day moving average crossing at 89.51. Second support is April's low crossing at 88.94.
The June Euro was lower overnight as it extends the decline off April's high and below the lower boundary of the trading of the past three-months crossing at 122.54. 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 April's high, is the 50% retracement level of the November-February-decline crossing at 121.97 is the next downside target. Closes above the 50-day moving average crossing at 124.05 would confirm that a short-term low has been posted. First resistance is April's high crossing at 124.68. Second resistance is March's high crossing at 125.53. First support is Tuesday's low crossing at 122.30. Second support is the 50% retracement level of the November-February-decline crossing at 121.97.
The June British Pound was lower overnight and poised to extend the decline off April's high.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 reaction low crossing at 1.3945 is the next downside target. Closes above the 10-day moving average crossing at 1.4162 would confirm that a short-term low has been posted. First resistance is April's high crossing at 1.4413. Second high is the 50% retracement level of the 2014-2016-decline crossing at 1.4617. First support is the reaction low crossing at 1.3945. Second support is the reaction low crossing at 1.3843.
The June Swiss Franc were lower overnight as it extends the decline off February's high. 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 February's high, last-November low crossing at 1.0130 is the next downside target. Closes above the 20-day moving average crossing at 1.0426 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0353. Second resistance is the 20-day moving average crossing at 1.0426. First support is the overnight low crossing at 1.0216. Second support is last-November low crossing at 1.0130.
The June Canadian Dollar was lower overnight as it extends the decline off April's high. 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 April's high, the reaction low crossing at 77.35 is the next downside target. Closes above the 10-day moving average crossing at 78.87 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 78.87. Second resistance is April's high crossing at 79.92. First support is the reaction low crossing at 77.35. Second support is March's low crossing at 76.33.
The June Japanese Yen was lower overnight as it extends the decline off March's high. 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 62% retracement level of the November-March-rally crossing at 0.9148 is the next downside target. Closes above the 20-day moving average crossing at 0.9362 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.9314. Second resistance is the 20-day moving average crossing at 0.9362. First support is the overnight low crossing at 0.9182. Second support is the 62% retracement level of the November-March-rally crossing at 0.9148.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: June gold was lower overnight and poised to extend the decline off April's high. 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 April's high, the 50% retracement level of the December-January-rally crossing at 1311.50 is the next downside target. Closes above the 10-day moving average crossing at 1340.80 would confirm that a short-term low has been posted. First resistance is last Wednesday's high crossing at 1359.00. Second resistance is April's high crossing at 1369.40. 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 lower overnight as it extends the decline off April's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 16.573 would confirm that a short-term top has been posted. If May renews the rally off April's low, the 87% retracement level of the January-March-decline crossing at 17.572 is the next upside target. First resistance is the the 87% retracement level of the January-March-decline crossing at 17.572. Second resistance is January's high crossing at 17.785. First support is the 50-day moving average crossing at 16.573. Second support is the reaction low crossing at 16.430.
May copper was slightly higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May extends the rally off March's low, February's high crossing at 329.05 is the next upside target. Closes below the 20-day moving average crossing at 308.46 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 319.55. Second resistance is February's high crossing at 329.05. First support is the 20-day moving average crossing at 308.46. Second support is April's low crossing at 297.00.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was higher overnight as it extends the rebound off Monday's low. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are poised to turn neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.92 3/4 would confirm that a short-term low has been posted. If July extends the decline off April's high, April's low crossing at 3.80 1/2 is the next downside target. First resistance is April's high crossing at 4.01. Second resistance is March's high crossing at 4.02 3/4. First support is Monday's low crossing at 3.85 1/4. Second support is April's low crossing at 3.92.
July wheat was higher overnight as it extends Tuesday's key reversal up. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above last Thursday's high crossing at 4.91 would confirm that a short-term low has been posted. If July extends the decline off April's high, March's low crossing at 4.59 is the next downside target. First resistance is last Thursday's high crossing at 4.91. Second resistance is April's high crossing at 5.10 1/2. First support is Tuesday's low crossing at 4.67 3/4. Second support is March's low crossing at 4.59.
July Kansas City Wheat closed up 9 1/4-cents at 5.12.
July Kansas City wheat closed higher on Tuesday on talk of possible frost damage across portions of Kansas. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off April's high, March's low crossing at 4.75 1/2 is the next downside target. Closes above the 50-day moving average crossing at 5.05 would confirm that a short-term low has been posted. First resistance is April's high crossing at 5.47 3/4. Second resistance is March's high crossing at 5.65. First support is last Tuesday's low crossing at 4.94 3/4. Second support is March's low crossing at 4.75 1/2.
July Minneapolis wheat was higher 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, April's low crossing at 5.81 is the next downside target. Closes above the 50-day moving average crossing at 6.21 would confirm that a short-term low has been posted. First resistance is last Wednesday's high crossing at 6.27 1/4. Second resistance is April's high crossing at 6.43 1/2. First support is Tuesday's low crossing at 5.91 1/4. Second support is April's low crossing at 5.81.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans were higher overnight as they consolidate some of decline off April's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the reaction low crossing at 10.14 is the next downside target. Multiple closes above the 50-day moving average crossing at 10.50 1/2 would confirm that a short-term low has been posted. First resistance is April's high crossing at 10.78. Second resistance is March's high crossing at 10.90 1/4. First support is Tuesday's low crossing at 10.27 3/4. Second support is the reaction low crossing at 10.14.
July soybean meal was higher overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, April's low crossing at 367.00 is the next downside target. Closes above the 20-day moving average crossing at 382.90 would temper the near-term bearish outlook. First resistance is April's high crossing at 397.00. Second resistance is March's high crossing at 400.60. First support is April's low crossing at 367.00. Second support is March's low crossing at 360.90.
July 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off November's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 32.06 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.06. Second resistance is April's high crossing at 33.00. First support is Monday's low crossing at 31.15. Second support is the January-2016-low crossing at 30.67.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $1.55 at $74.82.
June hogs closed lower on Tuesday and below the 20-day moving average crossing at 75.66 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the rally off April's low, the reaction high, crossing at 79.60 is the next upside target. First resistance is the reaction high crossing at 79.60. Second resistance is March's high crossing at 81.33. First support is today's low crossing at 74.75. Second support is April's low crossing at 70.25.
June cattle closed up $0.18 at 105.05.
June cattle closed higher 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 to higher prices are possible near-term. If June extends the rally off April's low, the reaction high crossing at 106.93 is the next upside target. 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 reaction high crossing at 106.93. Second resistance is the 50-day moving average crossing at 109.72. 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 $0.45 at $140.15.
May 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 137.38 would confirm that a short-term top has been posted. If May extends the rally off April's low, the 50-day moving average crossing at 142.36 is the next upside target. First resistance is the 50-day moving average crossing at 142.53. Second resistance is last Monday's high crossing at 142.65. First support is the reaction 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 higher on Tuesday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 11.92 are needed to confirm that a low has been posted. If May resumes the decline off January's high, weekly support crossing at 11.25 is the next downside target.
May cocoa closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 26.13 are needed to confirm that a short-term top has been posted. If May extends the rally off December's low, the 87% retracement level of the 2016-2017-decline crossing at 29.07 is the next upside target.
May sugar closed lower on Tuesday as it extended this year's decline. The mid-range close set the stage for a steady to lower opening on Wednesday. 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 10.13 is the next downside target. Closes above the 20-day moving average crossing at 12.04 are needed to confirm that a low has been posted.
July cotton closed sharply lower on Tuesday and Closes below the 50-day moving average crossing at 82.13 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish with today's decline confirming that a double top with March's high might have been posted with Monday's high. If July extends today's decline, April's low crossing at 78.55 is the next downside target. If July resumes the rally off April's low, March's high crossing at 85.83 is the next upside target.