KEY EVENTS TO WATCH FOR:

Friday, May 17, 2019  

10:00 AM ET. April Regional & State Employment & Unemployment

10:00 AM ET. May University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 96.9)

                       Mid-Mo Expectations (previous 85.8)

                       Mid-Mo Current Idx (previous 114.2)

10:00 AM ET. 1^st Quarter Quarterly Retail E-Commerce Sales

10:00 AM ET. April Leading Indicators

                       Leading Index, M/M% (previous +0.4%)

                       Leading Index (previous 111.9)

                       Coincident Index, M/M% (previous +0.1%)

                       Lagging Index, M/M% (previous +0.4%)

10:00 AM ET. 1^st Quarter Advance Quarterly Services

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

The STOCK INDEXES:The June NASDAQ 100 was lower overnight as it consolidates some of the rally off Tuesday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 7686.71 would confirm that a short-term low has been posted. If June extends the decline off April's high, the 38% retracement level of the December-April-rally crossing at 6863.36 is the next downside target. First resistance is the 20-day moving average crossing at 7686.71. Second resistance is April's high crossing at 7879.50. First support is the 25% retracement level of the December-April-rally crossing at 7371.42. Second support is the 38% retracement level of the December-April-rally crossing at 6863.36.  

The June S&P 500 was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 2900.90 would confirm that a short-term low has been posted. If June resumes the decline off April's high, the 38% retracement level of the December-April-rally crossing at 2723.23 is the next downside target. First resistance is the 20-day moving average crossing at 2900.90. Second resistance is May's high crossing at 2957.30. First support isthe 25% retracement level of the December-April-rally crossing at 2804.09. Second support is the 38% retracement level of the December-April-rally crossing at 2723.23.

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

INTEREST RATES: June T-bonds were 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 April's low, March's high crossing at 150-21 is the next upside target. Closes below the 50-day moving average crossing at 147-22 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 150-10. Second resistance is March's high crossing at 150-21. First support is the 50-day moving average crossing at 147-22. Second support is April's low crossing at 145-31.

June T-notes were 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, March's high crossing at 124.310 is the next upside targets. Closes below the 50-day moving average crossing at 123.184 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 124.270. Second resistance is March's high crossing at 124.310. First support is the reaction low crossing at 122.300. Second support is April's low crossing at 122.205. 

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

June crude oil was higher overnight as it extends the trading range of the past two-weeks. The high-range late-overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 62.99 would confirm that a short-term low has been posted. Closes below last-Monday's low crossing at 60.04 would open the door for additional weakness near-term. First resistance is April's high crossing at 66.60. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.73. First support is last-Monday's low crossing at 60.04. Second support is the reaction low crossing at 58.41.  

June heating oil was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off December's low, the 75% retracement level of the October-December-decline crossing at 221.16 is the next upside target. Closes below the reaction low crossing at 202.09 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 211.48. Second resistance is the 75% retracement level of the October-December-decline crossing at 221.16. First support is the reaction low crossing at 202.09. Second support is the reaction low crossing at 194.17. 

June unleaded gas was slightly 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 75% retracement level of the October-December-decline crossing at 211.50 is the next upside target. Closes below the reaction low crossing at 192.64 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the October-December-decline crossing at 211.35. Second resistance is the 87% retracement level of the October-December-decline crossing at 222.18. First support is the reaction low crossing at 192.64. Second support is the March 28^th reaction low crossing at 180.31.

June Henry natural gas was slightly 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 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-day moving average crossing at 2.695 is the next upside target. Closes below the 20-day moving average crossing at 2.583 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 2.695. Second resistance is the reaction high crossing at 2.768. First support is May's low crossing at 2.516. Second support is April's low crossing at 2.477.  

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

CURRENCIES:The June Dollar was slightly higher overnight as it extends the rally off Monday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally April's high crossing at 98.09 is the next upside target. Closes below the 50-day moving average crossing at 96.85 would confirm that a top has been posted while opening the door for additional weakness near-term. First resistance is April's high crossing at 98.09. Second resistance is weekly resistance crossing at 98.67. First support is the 50-day moving average crossing at 96.85. Second support is April's low crossing at 96.36.

The June Euro was lower overnight as it extends this week's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, the January-2017 low crossing at 110.16 is the next downside target. Closes above the 50-day moving average crossing at 113.05 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 113.05. Second resistance is April's high crossing at 113.86. First support is April's low crossing at 111.57. Second support is the January-2017 low crossing at 110.16.   

The June British Pound was lower overnight as it extends this month's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings 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 May's high, the 87% retracement level of the January-March-rally crossing at 1.2701 is the next downside target. Closes above the 20-day moving average crossing at 1.2993 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2993. Second resistance is the 50-day moving average crossing at 1.3105. First support is the 87% retracement level of the January-March-rally crossing at 1.2701. Second support is January's low crossing at 1.2591.  

The June Swiss Franc was steady to slightly lower overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the rally off April's low, the 50-day moving average crossing at 0.9992 is the next upside target. Closes below the 20-day moving average crossing at 0.9883 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 0.9992. Second resistance is the 2018-2019 downtrend line crossing near 1.0145. First support is April's low crossing at 0.9814. Second support is weekly support crossing at 0.9713. 

The June Canadian Dollar was lower overnight as it extends the trading range of the past four-weeks. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off April's high, December's low crossing at 73.47 is the next downside target. Closes above the 50-day moving average crossing at 74.77 are needed to confirm that a short-term low has been posted.First resistance is the 50-day moving average crossing at 74.77. Second resistance is the reaction high crossing at 75.64. First support is April's low crossing at 74.04. Second support is December's low crossing at 73.47.

The June Japanese Yen higher overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term are possible. If June extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at 0.0921 is the next upside target. Closes below the 20-day moving average crossing at 0.0906 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 0.0920. Second resistance is the 50% retracement level of the January-April-decline crossing at 0.0921. First support is the 10-day moving average crossing at 0.0913. Second support is the 20-day moving average crossing at 0.0906.

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

PRECIOUS METALS: June gold was steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1283.30 would confirm that a short-term top has been posted. If June resumes the rally off May's low, April's high crossing at 1314.70 is the next upside target. First resistance is April's high crossing at 1314.70. Second resistance is March's high crossing at 1330.80. First support is the 50% retracement level of the September-February-rally crossing at 1272.30. Second support is the 62% retracement level of the September-February-rally crossing at 1252.70.

July silver was lower overnight as it extends this year's decline and tested support marked by the 87% retracement level of the November-January-rally crossing at 14.460. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off February's high, last-November's low crossing at 14.175 is the next downside target. Closes above the 20-day moving average crossing at 15.841 would temper the near-term bearish outlook.First resistance is the 20-day moving average crossing at 14.841. Second resistance is the 50-day moving average crossing at 15.114. First support is the 87% retracement level of the November-January-rally crossing at 14.460. Second support is last-November's low crossing at 14.175.

July copper was lower overnight. The mid-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 April's high, the 75% retracement level of the January-April-rally crossing at 267.05 is the next downside target. Closes above the 20-day moving average crossing at 281.43 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 276.05. Second resistance is the 20-day moving average crossing at 281.43. First support is Monday's low crossing at 270.90. Second support is the 75% retracement level of the January-April-rally crossing at 267.05.   

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

July corn was 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, March's high crossing at 3.90 is the next likely upside target. Closes below Tuesday's gap crossing at 3.57 1/4 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 3.84. Second resistance is March's high crossing at 3.90. First support is Tuesday's gap crossing at 3.57 1/4. Second support is Monday's low crossing at 3.43.  

July wheat was higher overnight as it extended the rally off Monday's low.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, March's high crossing at 4.82 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.41 3/4 would confirm that a short-term top has been posted. First resistance is March's high crossing at 4.82 1/2. Second resistance is the 38% retracement level of the August-May decline crossing at 4.95. First support is the 20-day moving average crossing at 4.41 3/4. Second support is Monday's low crossing at 4.18 1/2.  

July Kansas City Wheat closed up 14 3/4-cents at 4.16 3/4.

July Kansas City wheat closed higher on Thursday and above the 20-day moving average crossing at 4.05 1/2. The high-range close sets the stage for a steady to higher opening when Friday 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 this week's rally, the 50-day moving average crossing at 4.27 3/4 is the next upside target. If July renews the decline off December's high, weekly support crossing at 3.74 is the next downside target. First resistance is the 50-day moving average crossing at 4.27 3/4. Second resistance is April's high crossing at 4.50. First support is Monday's low crossing at 3.82. Second support is weekly support crossing at 3.74.  

July Minneapolis wheat was higher overnight as it extends the rally off April's low. Concerns over spring wheat seeding delays have pushed July above the 50-day moving average crossing at 5.37 in overnight trade. 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 bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the 25% retracement level of the 2018-2019-decline crossing at 5.48 1/4 is the next upside target. Closes below the 20-day moving average crossing at 5.17 1/2 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 5.37. Second resistance is the 25% retracement level of the 2018-2019-decline crossing at 5.48 1/4. First support is the 20-day moving average crossing at 5.17 1/2. Second support is April's low crossing at 5.06. 

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

July soybeans was lower overnight as it consolidates some of the rally off Monday's low. The extended weather forecast for next week and into the end of the month has turned wet, which will continue to challenge soybean producers to get this year's soybean crop in the ground in a timely fashion. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Closes above the 20-day moving average crossing at 8.43 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 8.43 3/4. Second resistance is the 50-day moving average crossing at 8.84. First support is Monday's low crossing at 7.91. Second support is monthly support crossing at 7.75.

July soybean meal was lower overnight as it consolidates some of the short covering rally off Monday's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the 50-day moving average crossing at 306.60 is the next upside target. Closes below the 10-day moving average crossing at 294.50 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 306.60. Second resistance is the April 26^th reaction high crossing at 309.90. First support is 10-day moving average crossing at 294.50. Second support is Monday's low crossing at 283.10.    

July soybean oil was lower overnight as it consolidates some of the short covering rally off Monday's low. 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 bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the April 30^th reaction high crossing at 28.32 is the next upside target. Closes below the 10-day moving average crossing at 27.05 would temper the near-term friendly outlook. First resistance is the April 30^th reaction high crossing at 28.32. Second resistance is the 50-day moving average crossing at 28.63. First support is Monday's low crossing at 26.21. Second support is monthly support crossing at 25.47.