KEY EVENTS TO WATCH FOR:
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 higher overnight as it extends the rally off Wednesday's low. U.S. stocks are set for a mixed open when the day session begins later this morning after surging in the previous session on a tide of strong corporate results. Nevertheless stocks are on track to finish the week on a downbeat note. However, technology stocks were showing signs of strength, after Amazon.com Inc, Microsoft Corp. and Intel Corp. all reported upbeat earnings that sent shares higher in after-hours trade Thursday. Earnings season continues today with Exxon Mobil Corp among the highlights ahead of the bell. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rebound off Wednesday's low, April's high crossing at 6867.00 is the next upside target. Closes below the 20-day moving average crossing at 6631.96 would temper the friendly outlook. First resistance is April's high crossing at 6867.00. Second resistance is the reaction high crossing at 6951.00. First support is Wednesday's low crossing at 6429.25. Second support is April's low crossing at 6306.75.
The June S&P 500 was lower overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2691.51 would confirm that a short-term low has been posted. If June extends the decline off last Wednesday's high, the reaction low crossing at 2584.50 is the next downside target.First resistance is April's high crossing at 2718.00. Second resistance is the 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 higher overnight as it consolidates some of 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 144-21 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 143-16. Second resistance is the 20-day moving average crossing at 144-21. First support is Wednesday's low crossing at 141-17. Second support is February's low crossing at 141-14.
June T-notes were higher overnight as it consolidates some of 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, monthly support crossing at 117.180 is the next downside target. Closes above the 20-day moving average crossing at 120.074 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 119.214. Second resistance is the 20-day moving average crossing at 120.074. First support is Wednesday's 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 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 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 66.20 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 20-day moving average crossing at 66.20. Second support is the 50-day moving average crossing at 63.88.
June heating oil was steady to slightly 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 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 206.32 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 215.05. Second resistance is the February-2015-high crossing at 216.33. First support is the 10-day moving average crossing at 210.94. Second support is the 20-day moving average crossing at 206.32.
June unleaded gas was steady to slightly 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 March's low, monthly resistance crossing at 217.77 is the next upside target. Closes below the 20-day moving average crossing at 204.99 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 209.09. Second support is the 20-day moving average crossing at 204.99.
June Henry natural gas was lower overnight.Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2.758 would confirm that a short-term top has been posted. If June extends the rally off April's low, March's high crossing at 2.873 is the next upside target. First resistance is Thursday's high crossing at 2.844. 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 50% retracement level of the June-2017/February-2018 decline crossing at 92.25 is the next upside target. Closes below the 20-day moving average crossing at 89.95 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the June-2017/February-2018-decline crossing at 92.25. Second resistance is the 62% retracement level of the June-2017/February-2018-decline crossing at 93.29. First support is the 10-day moving average crossing at 90.26. Second support is the 50-day moving average crossing at 89.64.
The June Euro was lower overnight as it extends the decline 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 62% retracement level of the November-February-decline crossing at 120.87 is the next downside target. Closes above the 20-day moving average crossing at 123.37 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 123.05. Second resistance is the 50-day moving average crossing at 123.89. First support is the 62% retracement level of the November-February-decline crossing at 120.87. Second support is the 75% retracement level of the November-February-decline crossing at 119.65.
The June British Pound was sharply 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 aforementioned decline, March's low crossing at 1.3779 is the next downside target. Closes above the 20-day moving average crossing at 1.4122 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.4122. Second resistance is April's high crossing at 1.4413. First support is March's low crossing at 1.3779. Second support is January's low crossing at 1.3559.
The June Swiss Franc were lower overnight and tested last-November's low crossing at 1.0130. 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, the December-2016-low crossing at 1.0100 is the next downside target. Closes above the 20-day moving average crossing at 1.0388 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0291. Second resistance is the 20-day moving average crossing at 1.0388. First support is the overnight low crossing at 1.0121. Second support is the December-2016-low crossing at 1.0100.
The June Canadian Dollar was steady to slightly 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 20-day moving average crossing at 78.66 would confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 78.66. 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 steady to slightly higher overnight. 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 0.9336 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.9276. Second resistance is the 20-day moving average crossing at 0.9336. First support is the overnight low crossing at 0.9156. 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 higher overnight as it consolidates some of 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 20-day moving average crossing at 1338.50 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1338.50. Second resistance is April's high crossing at 1369.40. 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 was steady to slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, April's low crossing at 16.150 is the next downside target. Closes above the 10-day moving average crossing at 16.782 would confirm that a short-term low has been posted. First resistance is the the 10-day moving average crossing at 16.782. Second resistance is April's high crossing at 17.360. First support is Thursday's low crossing at 16.385. Second support is April's low crossing at 16.150.
May copper was sharply lower overnight. The low-range 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. Closes below the 20-day moving average crossing at 309.18 would confirm that a short-term top has been posted. If May renews the rally off March's low, February's high crossing at 329.05 is the next upside target. 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 309.18. Second support is April's low crossing at 297.00.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was steady to fractionally higher overnight as it extends the rally 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off Monday's low, April's high crossing at 4.01 is the next upside target. Closes below the 50-day moving average crossing at 3.90 1/2 would temper the near-term friendly outlook. 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. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off Tuesday's low, April's high crossing at 5.10 1/2 is the next upside target. Closes below the 10-day moving average crossing at 4.85 1/2 would temper the near-term friendly outlook. First resistance is April's high crossing at 5.10 1/2. Second resistance is the reaction high crossing at 5.14 3/4. 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 down 5 1/2-cents at 5.21.
July Kansas City wheat 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. If July extends this week's rally, April's high crossing at 5.47 3/4 is the next upside target. Closes below the 10-day moving average crossing at 5.09 3/4 would confirm that a short-term top 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 April's low crossing at 4.94 3/4. Second support is March's low crossing at 4.75 1/2.
July Minneapolis wheat was steady to fractionally 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 6.16 1/2 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 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 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 3/4 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 slightly 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 383.40 would temper the near-term bearish outlook. If July renews the decline off April's high, April's low crossing at 367.00 is the next downside target. 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 lower overnight as it extends this year'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 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 32.01 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.01. Second resistance is April's high crossing at 33.00. First support is the overnight low crossing at 30.82. Second support is the January-2016-low crossing at 30.67.