KEY EVENTS TO WATCH FOR:

Thursday, April 1, 2021  

7:30 AM ET. March Challenger Job-Cut Report

                       Job Cuts, M/M% (previous -57%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 670K; previous 684K)

                       Jobless Claims, Net Chg (previous -97K)

                       Continuing Claims (previous 3870000)

                       Continuing Claims, Net Chg (previous -264K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 4626.5K)

                       Soybeans (Metric Tons) (previous 166.8K)

                       Wheat (Metric Tons) (previous 414.1K)

9:00 AM ET. IMF Fiscal Monitor analytical chapter launch (virtual)

9:45 AM ET. Bloomberg Consumer Comfort Index

9:45 AM ET. March US Manufacturing PMI

                       PMI, Mfg (expected 59.2; previous 58.6)

10:00 AM ET. March ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (expected 61.6; previous 60.8)

                       Prices Idx (previous 86.0)

                       Employment Idx (previous 54.4)

                       Inventories (previous 49.7)

                       New Orders Idx (previous 64.8)

                       Production Idx (previous 63.2)

10:00 AM ET. February Construction Spending - Construction Put in Place

                       New Construction (expected -1.1%; previous +1.7%)

                       Residential Construction

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1746B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -36B)

11:00 AM ET. March Global Manufacturing PMI

                       PMI, Mfg (previous 53.9)

4:00 PM ET. March Domestic Auto Industry Sales

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, April 2, 2021  

8:30 AM ET. March U.S. Employment Report

                       Non-Farm Payrolls (expected +630K; previous +379K)

                       Unemployment Rate (expected 6.0%; previous 6.2%)

                       Avg Hourly Earnings (USD) (previous 30.01)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.07)

                       Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.23%)

                       Avg Hourly Earnings, Y/Y% (expected +4.6%; previous +5.26%)

                       Overall Workweek (previous 34.6)

                       Overall Workweek Net Chg (previous -0.3)

                       Government Payrolls (previous -86K)

                       Private Payroll (previous +465K)

                       Participation Rate (previous 61.4%)

                       Non-Farm Payrolls Bench Net Chg

  N/A               U.S. stock markets closed on Good Friday

  N/A               Marianas: Good Friday

Monday, April 5, 2021  

9:00 AM ET. G24 Ministers and Governors Meeting (virtual)

9:45 AM ET. March ISM-NY Report on Business

                       Business Index (previous 35.5)

9:45 AM ET. March US Services PMI

                       PMI, Services (previous 59.8)

10:00 AM ET. March ISM Report On Business Services PMI

                       Non-Mfg Composite Idx (previous 55.3)

                       Non-Mfg Business Idx (previous 55.5)

                       Prices Idx (previous 71.8)

                       Employment Idx (previous 52.7)

                       New Orders Idx (previous 51.9)

10:00 AM ET. March Employment Trends Index

                       ETI (previous 101.01)

                       ETI, Y/Y%

10:00 AM ET. February Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (previous +2.6%)

                       Orders, Ex-Defense, M/M% (previous +2.1%)

                       Orders, Ex-Transport, M/M% (previous +1.7%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%

Tuesday, April 6, 2021   

7:45 AM ET. Weekly Chain Store Sales Index

8:55 AM ET. Johnson Redbook Retail Sales Index

                      Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

10:00 AM ET. February Job Openings & Labor Turnover Survey

10:00 AM ET. April IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 55.4)

                       6-Mo Economic Outlook (previous 53.2)

4:30 AM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

  N/A               IMF World Economic Outlook forecast chapters published

  N/A               IMF Global Financial Stability Report main chapters published

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

The STOCK INDEXES: The June NASDAQ 100 was higher overnight.The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off March's low, February's high crossing at 13,888.00 is the next upside target. Closes below last-Thursday's low crossing at 12,609.75 would signal that a short-term top has been posted. First resistance is the February 25^th high crossing at 13,337.50. Second resistance is February's high crossing at 13,888.00. First support is last-Thursday's low crossing at 12,609.75. Second support is March's low crossing at 12,200.00.

The June S&P 500 was steady to slightly higher overnight.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.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 last-September's low into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 3873.82 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3984.50. Second resistance is unknown.First support is the 50-day moving average crossing at 3873.82. Second support is March's low crossing at 3710.50.  

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

INTEREST RATES: June T-bonds were 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 157-08 would signal that a short-term low has been posted. If June resumes the decline off last-September's high, the June-2019 low on monthly support crossing at 152-27 is the next downside target. First resistance is last-Thursday's high crossing at 157-08. Second resistance is the 50-day moving average crossing at 160-23. First support is March's low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.

June T-notes were steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's decline the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. Closes above last-Thursday's high crossing at 132.095 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 132.095. Second resistance is the March 2^nd high crossing at 133.230. First support is Tuesday's low crossing at 130.260. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070. 

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

May crude oil was higher overnight as it extends the trading range of the past two-weeks. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $57.25 would open the door for a possible test of the 38% retracement level of the November-March-rally crossing at $55.69. Closes above the 20-day moving average crossing at $62.43 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $62.43. Second resistance is March's high crossing at $67.79. First support is last-Tuesday's low crossing at $57.25. Second support is the 38% retracement level of the November-March-rally crossing at $55.69.      

May heating oil was steady to slightly higher overnight as it extends the trading range of the past two-weeks. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral signaling that sideways trading is possible near-term. If May renews the decline off March's high, the 38% retracement level of the November-March-rally crossing at $164.17 is the next downside target. Closes above the 20-day moving average crossing at $185.61 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $185.61. Second resistance is March's high crossing at $198.30. First support is last-Tuesday's low crossing at $173.15. Second support is the 38% retracement level of the November-March-rally crossing at $164.17. 

May unleaded gas 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $201.43 would signal that a short-term low has been posted. If May renews the decline off March's high, the 50-day moving average crossing at $189.23 is the next downside target. First resistance is the 20-day moving average crossing at $201.43. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $189.23. Second support is the 38% retracement of the November-March-rally crossing at $177.06. 

May Henry natural gas was slightly lower overnight. The high-range overnight trade sets the stage for a steady to slightly 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 Tuesday's high crossing at 2.688 would signal that a short-term low has been posted while opening the door for additional gains. If April renews the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.445 is the next downside target. First resistance resistance is Tuesday's high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.746. First support is the 87% retracement level of the December-February-rally crossing at 2.445. Second support is December's low crossing at 2.353.  

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

CURRENCIES:The June Dollar was steady to slightly lower overnight as it consolidates below the 50% retracement level of the September-January-decline crossing at $93.43. 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 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 62% retracement level of the September-January-decline crossing at $94.43 is the next upside target. Closes below the 20-day moving average crossing at $92.26 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the 2020-2021-decline crossing at $93.43. Second resistance is the 62% retracement level of the September-January-decline crossing at $94.43. First support is the 10-day moving average crossing at $92.69. Second support is the 20-day moving average crossing at $92.26.

The June Euro was slightly higher due to short covering overnight as it consolidates some of the decline off January'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 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's low crossing at $116.93 is the next downside target. Closes above the 20-day moving average crossing at $118.86 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $118.23. Second resistance is the 20-day moving average crossing at $118.86. First support is the November's low crossing at $116.93. Second support is the 50% retracement level of the 2020-2021-rally crossing at $115.98.

The June British Pound was slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. 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 1.3845 would confirm that a short-term low has been posted. If June resumes the decline off February's high, the 50% retracement level of the September-February rally crossing at 1.3494 is the next downside target. First resistance is the reaction high crossing at 1.4009. Second resistance is February's high crossing at 1.4245. First support is the 38% retracement level of the September-February rally crossing at 1.3672. Second support is the 50% retracement level of the September-February rally crossing at 1.3494.  

The June Swiss Franc was lower overnight as it extends the decline off January's high. 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 June extends the decline off January's high, the 87% retracement level of the 2020-2021-rally crossing at 1.0447 is the next downside target. Closes above the 20-day moving average crossing at 1.0747 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0747. Second resistance is the March 17^th high crossing at 1.0880. First support is the 75% retracement level of the 2020-2021-rally crossing at 1.0586. Second support is  the 87% retracement level of the 2020-2021-rally crossing at 1.0447.

The June Canadian Dollar was 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $79.11 would open the door for a possible test of the February 26^th low crossing at $78.42. Closes above the 20-day moving average crossing at $79.64 would signal that a short-term low has been posted. First resistance is March's high crossing at $80.88. Second resistance is the February-2018 high crossing at $82.27. First support is the 50-day moving average crossing at $79.11. Second support is the February 26^th low crossing at $78.42.  

The June Japanese Yen was lower overnight as it extended 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 June extends the decline off January's high, the February-2020 low on the monthly continuation chart crossing at 0.0892 is the next downside target. Closes above the 20-day moving average crossing at 0.0917 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0917. Second resistance is March's high crossing at 0.0941. First support is Wednesday's low crossing at 0.0902. Second support is the February-2020 low on the monthly continuation chart crossing at 0.0892.

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

PRECIOUS METALS: June gold 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 18^th high crossing at $1756.00 would confirm that a low has been posted while opening the door for additional gains near-term. If June extends this week's decline, the 50% retracement level of the 2015-2020-rally crossing at $1617.40 is the next downside target. First resistance is the March 18th high crossing at $1756.00. Second resistance is 50-day moving average crossing at $1774.40. First support is March's low crossing at $1676.20. Second support is the 50% retracement level of the 2015-2020-rally crossing at $1617.40.

May silver was lower overnight. The low-range overnight trade sets the stage for a lower opening when the day session begins trading later this morning. 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, the 87% retracement level of the November-February-rally crossing at $23.102 is the next downside target. Closes above the 20-day moving average crossing at $25.508 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $25.508. Second resistance is the 50-day moving average crossing at $26.326. First support is the overnight low crossing at $23.740. Second support is the 87% retracement level of the November-February-rally crossing at $23.102.  

May copper was steady to slightly lower in overnight trading as it extends the trading range of the past three-weeks. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.9247 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May renews the rally off March's low, February's high crossing at 4.3755 is the next upside target. First resistance is February's high crossing at 4.3755. Second resistance is the August-2011 high on the monthly continuation chart crossing at 4.5400. First support is the 50-day moving average crossing at 3.9247. Second support is the 25% retracement level of the 2020-2021-rally crossing at 3.8134.  

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

May corn gapped above February's high crossing at $5.72 overnight as it renewed the rally off last-August's low. The mid-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, psychological resistance crossing at $6.00 is the next upside target. Closes below Tuesday's low crossing at $5.33 3/4 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $5.85. Second resistance is psychological resistance crossing at $6.00. First support is Tuesday's low crossing at $5.33 3/4. Second support is March's low crossing at $5.29 1/4.       

May wheat was lower overnight as it consolidates some of Wednesday's rally. The low-range close sets the stage for a steady to lower 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 $6.33 1/4 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, the 62% retracement level of the 2020-2021-rally crossing at $5.70 is the next downside target. First resistance is the 20-day moving average crossing at $6.32. Second resistance is the 50-day moving average crossing at $6.46. First support is the 50% retracement level of the 2020-2021-rally crossing at $5.93 1/2. Second support is  the 62% retracement level of the 2020-2021-rally crossing at $5.70.

May Kansas City wheat was lower overnight as it consolidates some of Wednesday's rally. The low-range close sets the stage for a steady to lower 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 $5.91 1/2 would signal that a short-term low has been posted. If May extends the decline off February's high, the 62% retracement level of the August-March-rally crossing at $5.26 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $5.91 1/2. Second resistance is the March 17^th high crossing at $6.09 1/4. First support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4. Second support is the 62% retracement level of the August-March-rally crossing at $5.26 1/2.

May Minneapolis wheat was lower overnight as it consolidates some of Tuesday's rally. The low-range close sets the stage for a steady to lower 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 $6.27 1/2 would confirm that a short-term low has been posted. If May extends the decline off February's high, the 62% retracement level of the December-January-rally crossing at $5.93 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $6.27 1/2. Second resistance is the 50-day moving average crossing at $6.34 1/4. First support is the 62% retracement level of the December-January-rally crossing at $5.93 1/2. Second support is the 75% retracement level of the December-January-rally crossing at $5.79.      

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

May soybeans were higher overnight as it extended Wednesday's rally.The mid-range close 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 May extends this week's rally, March's high crossing at $14.60 is the next downside target. Closes below Tuesday's low crossing at $13.64 1/4 would signal that a short-term low has been posted. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is Tuesday's low crossing at $13.64 1/4. Second support is the February 11^th low crossing at $13.36 3/4.

May soybean meal was higher overnight as it extends Wednesday's rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If May extends this week's rally, the February 9^th high crossing at $442.10 is the next upside target. Closes below the 10-day moving average crossing at $405.70 would signal that a short-term top has been posted. First resistance is the March 24^th high crossing at $434.00. Second resistance is the February 9^th high crossing at $442.10. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of August-January rally crossing at $376.30.      

May soybean oil was steady to slightly lower overnight as it consolidates some of Wednesday's rally. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 54.14 would signal that a short-term low has been posted. If May extends the decline off March's high, the 50-day moving average crossing at 49.17 is the next downside target. First resistance is the 10-day moving average crossing at 54.14. Second resistance is March's high crossing at 58.25. First support is the 25% retracement level of the 2020-2021-rally crossing at 50.35. Second support is the 50-day moving average crossing at 49.17.       

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

April hogs closed up $0.13 at $101.05. 

April hogs closed higher on Wednesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 April extends the rally off November's low, the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53 is the next upside target. Closes below the 10-day moving average crossing at $98.08 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $101.98. Second resistance is the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53. First support is the 10-day moving average crossing at $98.08. Second support is the 20-day moving average crossing at $93.99. 

April cattle closed unchanged at $120.98. 

April cattle closed unchanged on Wednesday. The mid-range close sets the stage for a steady to slightly higher opening on Thursday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $121.13 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. First resistance is the 50-day moving average crossing at $121.13. Second resistance is February's high crossing at $126.70. First support is the March 19^th low crossing at $118.00. Second support is the 50% retracement level of the October-February-rally crossing at $117.72. 

April Feeder cattle closed down $2.95 at $143.88. 

April Feeder cattle gapped down and closed sharply lower on Wednesday in response to today's limit up close in corn and soybeans. The low-range close sets the stage for a steady to lower opening when Thursday's 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 April extends the rally off March's low, monthly resistance crossing at $152.23 is the next upside target. Closes below below the 20-day moving average crossing at $142.40 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $148.18. Second resistance is monthly resistance crossing at $152.23. First support is the 20-day moving average crossing at $142.40. Second support is the March 19^th low crossing at $138.43.            

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

May coffee closed higher on Wednesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Thursday. 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 week's decline, the 62% retracement level of the November-February-rally crossing at 11.95 is the next downside target. Closes above the 20-day moving average crossing at 129.42 would signal that a short-term low has been posted.         

May cocoa closed slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 March's high, the 87% retracement level of last-November's rally crossing at 23.11 is the next downside target. Closes above the 20-day moving average crossing at 25.01 would signal that a short-term low has been posted.            

May sugar closed lower on Wednesday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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 50% retracement level of the 2020-2021-rally crossing at 13.96. Closes above the 20-day moving average crossing at 15.74 would signal that a short-term low has been posted.      

May cotton closed slightly higher on Wednesday as it consolidated some of the decline off February's high. Today's USDA acreage report estimated cotton acreage at 12.036 million acres compared to the pre-report estimate of 11.905 million acres. The high-range close sets the stage for a steady to higher opening on Thursday. 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 84.52 would signal that a short-term low has been posted. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 74.20 is the next downside target.