KEY EVENTS TO WATCH FOR:
Monday, March 30, 2020
10:00 AM ET. February Pending Home Sales Index
Pending Home Sales (previous 108.8)
Pending Home Sales Idx, M/M% (previous +5.2%)
Pending Home Sales Idx , Y/Y% (previous +5.7%)
10:30 AM ET. March Texas Manufacturing Outlook Survey
Business Activity (previous 1.2)
Mfg Production Idx (previous 16.4)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow posted an inside day with a lower close on Friday. The low-range close that 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 22,688.93 are needed to confirm that a short-term low has been posted. If the Dow renews the decline off February's high, the November-2016 low crossing at 17,883.56 is the next downside target. First resistance is the 20-day moving average crossing at 22,688.93. Second resistance is the March 12th gap crossing at 23,328.32. First support is Monday's low crossing at 18,213.65. Second support is the November-2016 low crossing at 17,883.56.
The June NASDAQ 100 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. Multiple closes above the 20-day moving average crossing at 7796.95 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high the January-2019 low on the weekly continuation chart crossing at 6616.75 is the next downside target. First resistance is the 20-day moving average crossing at 7796.95. Second resistance is the 50% retracement level of the February-March-decline crossing at 8208.09. First support is Monday's low crossing at 6628.75. Second support is the January-2019 low on the weekly continuation chart crossing at 6616.75.
The June S&P 500 closed lower on Friday as it consolidates some of the rally off Monday'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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2636.74 would confirm that a short-term low has been posted. If March resumes the decline off February's high, the 50% retracement level of the 2009-2020-rally crossing at 2028.01 is the next downside target. First resistance is the 20-day moving average crossing at 2636.74. Second resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. First support is Monday's low crossing at 2174.90. Second support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.
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June T-bonds closed up 2-15/32's at 180-19.
June T-bonds 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 the rally off March's low, March's high crossing at 191-22. If June resumes the decline off March's high, the 50-day moving average crossing at 167-21 is the next downside target. First resistance is Monday's high crossing at 181-08. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 167-21. Second support is February's low crossing at 159-18.
June T-notes closed up 290-pts. at 138.205.
June T-notes 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 the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the 20-day moving average crossing at 136-255 would open the door for additional weakness and a possible test of the 50-day moving average crossing at 133.104 is the next downside target. First resistance is today's high crossing at 138.235. Second resistance is March's high crossing at 140.240. First support is March's low crossing at 133.210. Second support is the 50-day moving average crossing at 133.104.
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May 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, the October-1998 low on the monthly continuation chart crossing at $17.12 is the next downside target. Closes above the 20-day moving average crossing at $32.00 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $24.57. Second resistance is the 20-day moving average crossing at $32.00. First support is last-Wednesday's low crossing at $20.52. Second support is the October-1998 low on the monthly continuation chart crossing at $17.12.
May heating oil closed lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $119.90 would signal that a short-term low has been posted. If May resumes this year's decline, the January 2016 low on the weekly continuation chart crossing at $84.87 is the next downside target.First resistance is the 20-day moving average crossing at $119.90. Second resistance is the March 9th gap crossing at $137.81. First support is March's low crossing at $94.30. Second support is weekly support crossing at $84.87.
May unleaded gas closed slightly lower 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 95.47 would confirm that a short-term low has been posted. If May extends the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is the 10-day moving average crossing at 63.29. Second resistance is the 20-day moving average crossing at 95.47. First support is Monday's low crossing at 46.05. Second support is monthly support crossing at 32.40.
May 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. If May renews the decline below weekly support crossing at 1.611, it would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 1.788 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.788. Second resistance is the 50-day moving average crossing at 1.881. First support is Monday's low crossing at 1.587. Second support is weekly support crossing at 1.530.
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The June Dollar closed lower on Friday as it extended the decline off Monday'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. Today's close below the 20-day moving average crossing at 98.89 confirms that a short-term top has been posted. Closes above the 10-day moving average crossing at 101.02 would temper the near-term friendly outlook. First resistance is Monday's high crossing at 103.96. Second resistance is the 75% retracement of the 2001-2008 decline on the monthly continuation chart crossing at 108.73 is the next upside target. First support is the 50-day moving average crossing at 98.35. Second support is the 75% retracement level of March's rally crossing at 96.89.
The June Euro closed higher on Friday as it extended 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 111.10 confirms that a short-term low has been posted. If June extends this week's rally the March 16th high crossing at 112.78 is the next upside target. Closes below the 10-day moving average crossing at 109.48 would signal that a short-term top has been posted. First resistance is the March 16th high crossing at 112.78 is the next upside target. Second resistance is March's high crossing at 115.45. First support is the 10-day moving average crossing at 109.48. Second support is Monday's low crossing at 106.71.
The June British Pound closed higher on Friday above the 20-day moving average crossing at 1.2373 confirming that a short-term low has been posted. 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 resumes the decline off December's high, the February-1985 low crossing at 1.0932 is the next downside target. First resistance is the 50% retracement level of the December-March-decline crossing at 1.2505. Second resistance is the 50-day moving average crossing at 1.2775. First support is last-Friday's low crossing at 1.1438. Second support is the February-1985 low crossing at 1.09325.
The June Swiss Franc closed higher on Friday as it extends the rally off Monday's low. Today's close above the 20-day moving average crossing at 1.0496 confirms that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off Monday's low, the March 16th high crossing at 1.0698 is the next upside target. Closes below the 10-day moving average crossing at 1.0356 would confirm that a short-term top has been posted. First resistance is the March 16th high crossing at 1.0698. Second resistance is March's high crossing at 1.0943. First support is Monday's low crossing at 1.0138. Second support is the November-2019 low on the monthly continuation chart crossing at 0.9987.
The June Canadian Dollar closed higher on Friday as it extends the rally off March's low.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 71.87 would open the door for a larger-degree rally into early-April. If June renews the decline off January's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. First resistance is the 20-day moving average crossing at 71.87. Second resistance is the 50% retracement level of the January-March-decline crossing at 72.71. First support is March's low crossing at 68.20. Second support is the January-2016 low on the monthly continuation chart crossing at 68.09.
The June Japanese Yen closed higher on Friday testing resistance marked by the 20-day moving average crossing at 0.0933. 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0933 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 0.0897 is the next downside target. First resistance is the 20-day moving average crossing at 0.0933. Second resistance is March's high crossing at 0.0992. First support is Wednesday's low crossing at 0.0900. Second support is February's low crossing 0.0897.
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April 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at $1564.00 are needed to confirm that a short-term top has been posted. If April renews the rally off March's low, March's high crossing at $1704.30. First resistance is Wednesday's high crossing at $1699.30. Second resistance is March's high crossing at $1704.30. First support is the 10-day moving average crossing at $1564.00. Second support is March's low crossing at $1450.90.
May silver closed slightly lower on Friday as it consolidates some of the rally off March's low. The mid-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 15.048 would confirm that a short-term low has been posted. If May resumes the decline off February's high, weekly support crossing at 8.400 is the next downside target. First resistance is the 20-day moving average crossing at 15.048. Second resistance is the 50-day moving average crossing at 16.769. First support is the 10-day moving average crossing at 13.390. Second support is March's low crossing at 11.640.
May copper closed lower on Friday as it consolidates below the 10-day moving average crossing at 223.47. The mid-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 236.83 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, the January-2016 low on the monthly continuation chart crossing at 193.55 is the next downside target. First resistance is the 10-day moving average crossing at 220.28. Second resistance is the 20-day moving average crossing at 236.83. First support is March's low crossing at 197.25. Second support is theJanuary-2016 low on the monthly continuation chart crossing at 193.55.
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May Corn closed down $0.02 3/4-cents at 3.46.
May corn closed lower on Friday. The mid-range close sets the stage for a steady opening when Friday's night sessions 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 $3.60 1/2 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, monthly support crossing at $3.29 3/4 is the next downside target. First resistance is last-Friday's high crossing at 3.56 3/4. Second resistance is the 20-day moving average crossing at $3.60 1/2. First support is March's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.
May wheat closed up $0.03 3/4-cents at $5.72 3/4.
May wheat closed higher on Friday as it extended the rally off March's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If May extends the rally off March's low, January's high crossing at $5.90 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.29 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.87. Second resistance is January's high crossing at $5.90 3/4. First support is the 50-day moving average crossing at $5.45. Second support is the 20-day moving average crossing at $5.29 1/4.
May Kansas City Wheat closed down a $0.00 1/2-cent at $4.86 3/4.
May Kansas City wheat closed fractionally lower on Friday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Monday night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the rally off March's low, January's high crossing at $5.11 3/4 is the next upside target. Closes below the 20-day moving average crossing at $4.57 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $5.05 3/4. Second resistance is January's high crossing at $5.11 3/4. First support is the 50-day moving average crossing at $4.70 1/2. Second support is the 20-day moving average crossing at $4.57.
May Minneapolis wheat closed up $0.05 3/4-cents at $5.37.
May Minneapolis wheat closed higher on Friday as it extended the rally off March'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at $5.50 3/4 is the next upside target. Closes below the 20-day moving average crossing at 5.22 1/4 would temper the near-term friendly outlook. First resistance is February's high crossing at $5.50 3/4. Second resistance is January's high crossing at $5.76. First support is the 20-day moving average crossing at $5.22 1/4. Second support is March's low crossing at $5.03.
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May soybeans closed up $0.03 1/4-cents at $8.83 1/2.
May soybeans closed higher on Friday. The mid-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 May extends the rally off March's low, March's high crossing at $9.12 1/2 is the next upside target. Closes below the 10-day moving average crossing at $8.59 3/4 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $8.90 1/2. Second resistance is March's high crossing at $9.12 1/2. First support is the 10-day moving average crossing at $8.59 3/4. Second support is March's low crossing at $8.21.
May soybean meal closed up $0.50 at $323.40.
May soybean meal 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $310.50 would confirm that a short-term top has been posted. If May resumes this month's rally, last-June's high crossing at $336.60 is the next upside target. First resistance is Tuesday's high crossing at $336.30. Second resistance is last-June's high crossing at $336.60. First support is the 10-day moving average crossing at $316.70. Second support is the 20-day moving average crossing at $310.50.
May soybean oil closed up 46-pts. At 26.96.
May soybean oil 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 a low might be in or is near. Closes above the 20-day moving average crossing at 27.04 are needed to confirm that a short-term top has been posted. If May renews the decline off January's high, weekly support crossing at 20.70 is the next downside target. First resistance is the 20-day moving average crossing at 27.04. Second resistance is the March 9th gap crossing at 28.53. First support is March's low crossing at 24.68. Second support is weekly support crossing at 20.70.
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April hogs closed down $4.45 at $58.45.
April hogs gapped down and closed sharply lower on Friday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the aforementioned decline, March's low crossing at $52.13 is the next downside target. If April renews the rally off March's low, February's high crossing at $68.25 is the next upside target. First resistance is February's high crossing at $68.25. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $71.54. First support is today's low crossing at $58.40. Second support is March's low crossing at $52.13.
April cattle closed down $4.50 at $100.95.
April cattle closed limit down on Friday as it consolidates some of the rally off March's low. The limit down 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. Closes below the 10-day moving average crossing at $99.67 would confirm that a short-term top has been posted. If April extends the rally off March's low, March's high crossing at $112.65 is the next upside target. First resistance is March's high crossing at $112.65. Second resistance is the 50-day moving average crossing at $112.76. First support is the 10-day crossing at $99.67. Second support is March's low crossing at $91.08.
May Feeder cattle closed down $4.50-cents at $120.92.
May Feeder cattle closed limit down on Friday as it consolidated some of the rally off March's low. The limit down close sets the stage for a steady to lower opening when Monday's 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 10-day moving average crossing at $118.93 would temper the near-term friendly outlook. If May resumes this month's rally, the 50-day moving average crossing at $134.39 is the next upside target. First resistance is the 50-day moving average crossing at $134.39. Second resistance is March's high crossing at $138.20. First support the 10-day moving average crossing at $118.93. Second support is March's low crossing at $107.47.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee gapped down and closed sharply lower on Friday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Monday. 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 50-day moving average crossing at 11.20 would confirm that a short-term top has been posted. If May renews the aforementioned rally, the 75% retracement level of the December-February-decline crossing at 13.33 is the next upside target.
May cocoa closed slightly higher on Friday as it extended the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher 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 the decline off February's high, the October-2018 low crossing at 21.10 is the next downside target. Closes above the 20-day moving average crossing at 24.23 are needed to confirm that a short-term low has been posted.
May sugar closed lower on Friday as it consolidates some of the rally off last-Thursday's low. The low-range close set the stage for a steady to lower opening on Monday. 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 11.93 are needed to temper the near-term bearish outlook. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target.
May 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 May extends the decline off January's high, monthly support crossing at 48.60 is the next downside target. Closes above the 20-day moving average crossing at 58.21 are needed to confirm that a low has been posted.