KEY EVENTS TO WATCH FOR:

Monday, May 20, 2019 

8:30 AM ET. April CFNAI Chicago Fed National Activity Index

                       NAI (previous -0.15)

                       NAI, 3-mo Moving Avg (previous -0.24)

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

The June NASDAQ 100 posted an inside day with a lower close on Friday.The low-range close sets the stage for a steady to lower opening when Monday'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 7687.43 are needed to confirm that a short-term low has been posted. If June extends this month's decline, the 38% retracement level of the December-April-rally crossing at 7103.16 is the next downside target. First resistance is the 20-day moving average crossing at 7678.43. Second resistance is April's high crossing at 7879.50. First support is Monday's low crossing at 7318.50. Second support is the 38% retracement level of the December-April-rally crossing at 7103.16.  

The June S&P 500 closed slightly lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 2901.33 are needed to confirm that a short-term low has been posted. If June renews the aforementioned decline, the 38% retracement level of the December-April-rally rally crossing at 2723.23 is the next downside target. First resistance is the 20-day moving average crossing at 2901.33. Second support is May's high crossing at 2957.30. Second resistance is last-September's high crossing at 2957.90. First support is the 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.  

The Dow closing lower on Friday as trade-related jitters after Chinese state media indicated little appetite by Beijing to resume negotiations following Trump administration’s move to raise tariffs on Chinese imports. Consumer sentiment rose to a 15-year high of 102.4 in May, well above the 97.1 expected by economists and April’s reading of 97.2, according to the University of Michigan's consumer sentiment index. The high-range close sets the stage for a steady to higher opening when Monday'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 26,177.27 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off May's high, the 38% retracement level of the December-May-rally crossing at 24,795.46 is the next downside target. First resistance is the 20-day moving average crossing at 26,177.27. Second resistance is April's high crossing at 26,695.96. First support is today's low crossing at 25,222.51. Second support is the 38% retracement level of the December-May-rally crossing at 24,795.46.

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

June T-bonds closed up 9/32's at 149-23.

June T-bonds closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 April's low, March's high 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 reaction low crossing at 146-21. Second support is April's low crossing at 145-31.         

June T-notes closed down 5-pts. At 124.160.

June T-notes closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 April's low, March's high crossing at 124.310 is the next upside target. Closes below the 50-day moving average crossing at 123.183 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 May's 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 closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Monday's night session begins. 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 62.96 are needed to temper the near-term bearish outlook. Multiple closes below the reaction 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 the reaction low crossing at 60.04. Second support is the reaction low crossing at 58.41.  

June heating oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 222.16 is the next upside target. Closes below the 50-day moving average crossing at 203.96 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 213.77. Second resistance is the 75% retracement level of the October-December-decline crossing at 222.16. First support is the 50-day moving average crossing at 203.96. Second support is the reaction low crossing at 194.17. 

June unleaded gas closed lower on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. If June extends this week's rally, the 75% retracement level of the October-December-decline crossing at 211.35 is the next upside target. Closes below the 50-day moving average crossing at 195.35 would open the door for a possible test of the March 28^th reaction low crossing at 180.31. First resistance is April's high crossing at 209.69. Second resistance is the 75% retracement level of the October-December-decline crossing at 211.35. First support is the 50-day moving average crossing at 195.35. Second support is the March 28^th reaction low crossing at 180.31.

June Henry natural gas closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 2.582 would temper the near-term friendly outlook. If June extends the rally off April's low, the 50-day moving average crossing at 2.695 is the next upside target. First resistance is Monday's high crossing at 2.653. Second resistance is the 50-day moving average crossing at 2.695. First support is May's low crossing at 2.516. Second support is April's low crossing at 2.477.        

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

The June Dollar closed higher on Friday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday's low crossing at 96.81 would confirm that a short-term top has been posted. If June resumes the rally off March's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is April's high crossing at 98.09. Second resistance is weekly resistance crossing at 99.90. First support is the Monday's low crossing at 96.81. Second support is April's low crossing at 96.36.

The June Euro closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Monday'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 resumes 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 temper the bearish outlook. First resistance is the 50-day moving average crossing at 113.05. Second resistance is March's high crossing at 115.33. First support is April's low crossing at 111.56. Second support is the January 2017 low crossing at 110.16.      

The June British Pound closed lower on Friday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 May's high, the 87% retracement level of the January-April-rally crossing at 1.2701 is the next downside target. Close above the 20-day moving average crossing at 1.2992 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2992. Second resistance is the 50-day moving average crossing at 1.3104. First support is the 87% retracement level of the January-April-rally crossing at 1.2701. Second support is January's low crossing at 1.2591.   

The June Swiss Franc closed lower on Friday as it consolidates some of the rally off April's low.The low-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 0.9883 would confirm that a short-term top has been posted. If June resumes the rally off April's low, the 50-day moving average crossing at 0.9992 is the next upside target. First resistance is Monday's high crossing at 0.9983. Second resistance is the 50-day moving average crossing at 0.9992. First support is April's low crossing at 0.9814. Second support is weekly support crossing at 0.9713.

The June Canadian Dollar closed slightly higher on Friday while extending the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 74.77 are needed to confirm that a short-term low has been posted. If June resumes 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 74.77. Second resistance is the reaction high crossing at 76.46. First support is April's low crossing at 74.04. Second support is December's low crossing at 73.47.  

The June Japanese Yen closed slightly lower on Friday. The mid-range close sets the stage for a steady opening when Monday’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 20-day moving average crossing at 0.0906 would confirm that a short-term top has been posted. If June extends the rally off April's low, the 50% retracement level of the November-January-rally crossing at 0.0921 is the next upside target. First resistance is Monday's high crossing at 0.0920. Second resistance is the 50% retracement level of the November-January-rally crossing at 0.0921. First support is the 10-day moving average crossing at 0.0912. Second support is the 20-day moving average crossing at 0.0906.  

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

June gold closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 resumes the decline off February's high, the 62% retracement level of the August-February-rally crossing at 1252.70 is the next downside target. 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 August-February-rally crossing at 1272.30. Second support is the 62% retracement level of the August-February-rally crossing at 1252.70.

July silver closed lower on Friday as it extends this year's decline. The low-range close set the stage for a steady to lower opening when Monday's night 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 February's high, last-November's low crossing at 14.175 is the next downside target. Multiple closes above the 20-day moving average crossing at 14.836 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 14.836. Second resistance is the 50-day moving average crossing at 15.112. First support is today's low crossing at 14.380. Second support is last-November's low crossing at 14.175.          

July copper closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Monday'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 July extends the decline off April's high, the 75% retracement level of the December-April-rally crossing at 267.05 is the next downside target. Closes above the 20-day moving average crossing at 281.42 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 276.03. Second resistance is the 20-day moving average crossing at 281.42. 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 closed up 3 3/4-cents at 3.82 3/4. 

July corn closed higher on Friday as it extends the rally off Monday's low. Delayed planting for this year's corn crop along with an expected wet weekend continued to underpin this week's rally as July reached its highest level since January. At the same time a sharp sell off in soybeans tempered some of today's gains and the mid-range close sets the stage for a steady opening when Monday's night sessions 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 upside target. Closes below the 20-day moving average crossing at 3.64 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.84 3/4. 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 closed down 4-cents at 4.63. 

July wheat closed lower on Friday due to technical related selling. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling 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 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.73 1/4. Second resistance is March's high crossing at 4.82 1/2. First support is the 20-day moving average crossing at 4.41 1/4. Second support is Monday's low crossing at 4.18 1/2.     

July Kansas City Wheat closed up 3 1/2-cents at 4.20 1/4.

July Kansas City wheat closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday 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 4.27 1/4 are needed to confirm that a short-term low has been posted. If July resumes 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 1/4. 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 closed up 1-cent at 5.27 3/4. 

July Minneapolis wheat closed modestly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 5.36 3/4 are needed to confirm that a low has been posted. If July resumes the decline off March's high, psychological support crossing at 5.00 is the next downside target. First resistance is the 50-day moving average crossing at 5.36 3/4. Second resistance is the reaction high crossing at 5.45 1/4. First support is April's low crossing at 5.06. Second support is psychological support crossing at 5.00.    

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

July soybeans closed down 19-cents at 8.20 3/4.

July soybeans closed sharply lower on Friday as traders begin to factor in more U.S. acres this year as farmers are likely to switch corn acres to soybeans. Additional pressure came from U.S.-China trade concerns.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 8.43 would confirm that a short-term low has been posted. If July resumes the decline off February's high, monthly support crossing at 7.75 is the next downside target. First resistance is the 20-day moving average crossing at 8.43. Second resistance is the 50-day moving average crossing at 8.83 3/4. First support is Monday's low crossing at 7.91. Second support is monthly support crossing at 7.75.

July soybean meal closed down $8.00 at 293.90. 

July soybean meal closed sharply lower on Friday as it consolidated some of this week's gains. The low-range close sets the stage for a steady to lower opening when Monday's night 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 306.50 is the next upside target. Closes below the 10-day moving average crossing at 293.90 are needed to confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 306.50. Second resistance is the reaction high crossing at 309.90. First support is Monday's low crossing at 283.10. Second support is weekly support crossing at 275.50.   

July soybean oil closed down 54-pts. at 27.18. 

July soybean oil closed lower on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's night 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 28.62 is the next upside target. Closes below the 10-day moving average crossing at 27.01 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 28.62. Second resistance is April's high crossing at 29.72. First support is Monday's low crossing at 26.21. Second support is weekly support crossing at 25.94.    

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

June hogs closed up $0.15 at $92.38. 

June hogs closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 this week's rally, the reaction high crossing at 93.83 is the next upside target. Closes below last-Tuesday's low crossing at 85.37 would renew the rally off April's high. First resistance is the reaction high crossing at 93.83. Second resistance is April's high crossing at 99.83. First support is last-Tuesday's low crossing at 85.37. Second support is the 62% retracement level of the February-April-rally crossing at 82.73. 

June cattle closed up $0.80 at 111.28. 

June cattle closed higher on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above 20-day moving average crossing at 113.61 are needed to confirm that a short-term low has been posted. If June extends the decline off March's high, the 87% retracement level of the 2018-2019-rally crossing at 107.37 is the next downside target. First resistance is the 20-day moving average crossing at 113.61. Second resistance is the 50-day moving average crossing at 118.03. First support is the 75% retracement level of the 2018-2019-rally crossing at 109.79. Second support is  the 87% retracement level of the 2018-2019-rally crossing at 107.37.

August Feeder cattle closed up $2.17 at $145.50. 

August Feeder cattle closed sharply higher due to short covering on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bullish with today's rally signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 148.39 are needed to confirm that a low has been posted. If August extends the decline off March's high, weekly support crossing at 132.22 is the next downside target. First resistance is the 20-day moving average crossing at crossing at 148.39. Second resistance is the 50-day moving average crossing at 153.17. First support is today's low crossing at 140.50. Second support is weekly support crossing at 132.22.  

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes this year's decline, weekly support crossing at 8.32 is the next downside target. Closes above the 50-day moving average crossing at 9.45 are needed to confirm that a low has been posted. 

July cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off April's low, April's high crossing at 24.34 is the next upside target. If July resumes the decline off April's high, March's low crossing at 21.28 is the next downside target.           

July sugar closed lower on Friday as it renewed the decline off April's high. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this spring's decline, weekly support crossing at 11.10 is the next downside target. Closes above the 20-day moving average crossing at 12.15 would confirm that a short-term low has been posted. 

July cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 aforementioned decline, monthly support crossing at 59.85 is the next downside target. Closes above the 10-day moving average crossing at 68.91 are needed to confirm that a short-term low has been posted.