KEY EVENTS TO WATCH FOR:

Friday, April 9, 2021 

8:30 AM ET. March PPI

                       PPI, M/M% (expected +0.5%; previous +0.5%)

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.2%)

                       Personal Consumption (previous +0.5%)

10:00 AM ET. February Monthly Wholesale Trade

                       Inventories, M/M% (expected +0.5%; previous +1.3%)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)\

Monday, April 12, 2021 

2:00 PM ET. March Monthly Treasury Statement of Receipts & Outlays of the U.S.

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

The Dow closed higher on Thursday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. Closes below the 20-day moving average crossing at 32,953.43 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 33,617.95. Second resistance is unknown. First support is the 20-day moving average crossing at 32,953.43. Second support is the March 25^th low crossing at 32,071.41. Third support is the 50-day moving average crossing at 31,938.07. 

The June NASDAQ 100 closed higher on Thursday 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, February's high crossing at 13,888.00 is the next upside target. Closes below the 20-day moving average crossing at 13,116.19 would signal that a short-term top has been posted. First resistance is today's high crossing at 13,755.00. Second resistance is February's high crossing at 13,888.00.First support is the 20-day moving average crossing at 13,116.19. Second support is the March 25^th low crossing at 12,609.75. 

The June S&P 500 closed higher on Thursday as it extends this year's rally into uncharted territory. 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 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3964.46 would signal that a short-term top has been posted. First resistance is today's high crossing at 4092.75. Second resistance is unknown. First support is the 10-day moving average crossing at 4003.88. Second support is the 20-day moving average crossing at 3964.46.  

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June T-bonds closed up 17/32's at 156-29. 

June T-bonds closed higher on Thursday. 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 March 25^th high crossing at 157-08 would signal that a short-term low has been posted. If June renews the decline off November's high, the June-2019 low on the monthly continuation chart crossing at 152-27 is the next downside target. First resistance is the March 25^th high crossing at 157-08. Second resistance is the 50-day moving average crossing at 159-17. First support is the March 18th low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.

June T-notes closed up 70-pts. At 132.010.

June T-notes closed higher on Thursday. 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 March 25^th high crossing at 132.095 are needed to confirm that a short-term low has been posted. If June resumes the decline off the January 27^th high, the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. First resistance is the March 25^th high crossing at 132.095. Second resistance is the 50-day moving average crossing at 133.079. First support is Monday's low crossing at 130.255. 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 closed slightly lower on Thursday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to slightly higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 30^th high crossing at $62.27 are needed to confirm an upside breakout of the aforementioned trading range. If May renews the decline off March's high, the 38% retracement level of the November-February-rally crossing at $55.69 is the next downside target. First resistance is the March 30^th high crossing at $62.37. Second resistance is March's high crossing at $67.98. First support is the March 23^rd low crossing at $57.25. Second support is the 38% retracement level of the November-February-rallycrossing at $55.69.  

May heating oil closed higher on Thursday as it extended the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $183.37 would signal that a short-term low has been posted. If May resumes the decline off March's high, the 38% retracement level of the November-February-rally crossing at $164.17 is the next downside target. First resistance is the 20-day moving average crossing at $183.37. Second resistance is March's high crossing at $198.68. First support is the March 23^rd low crossing at $173.15. Second support is the 38% retracement level of the November-February-rally crossing at $164.17.  

May unleaded gas closed slightly higher on Thursday. 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 sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $203.60 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $191.72 would open the door for additional weakness near-term. First resistance is last-Thursday's high crossing at $203.60. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $191.72. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    

May Henry natural gas posted an inside day with a slightly lower close on Thursday. 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 last-Tuesday's high crossing at 2.688 would signal that a short-term low has been posted. If April extends 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 is last-Tuesday's high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.737. First support is the 87% retracement level of the December-February rally crossing at 2.445. Second support is December's low crossing at 2.352.

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

The June Dollar closed lower on Thursday and below the 20-day moving average crossing 92.33 as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned decline, the 50-day moving average crossing 91.44 is the next downside target. Closes above the 10-day moving average crossing at 92.80 would signal that a short-term low has been posted. First resistance is the 50% retracement level of the September-January-decline crossing at 93.43. Second resistance is the 62% retracement level of the September-January-decline crossing at 94.43. First support is today's low crossing at 92.01. Second support is the 50-day moving average crossing 91.44.    

The June Euro closed higher on Thursday as it extended the rally off last-Wednesday'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 remain bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Wednesday's low, the 50-day moving average crossing at 120.07 is the next upside target. Closes below the 10-day moving average crossing at 118.18 would signal that a short-term top has been posted. First resistance is today's high crossing at 119.43. Second resistance is the 50-day moving average crossing at 120.07. First support is last-Wednesday's low crossing at 117.21. Second support is the 50% retracement level of the 2020-2021 rally crossing at 115.98. 

The June British Pound closed slightly higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 renews the decline off February's high,the 50% retracement level of the September-February-rally crossing at 1.3494 is the next downside target. If June extends the rally off March's low, the reaction high crossing at 1.4009 is the next upside 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 closed higher for the fifth-day in a row on Thursday as it extends the rally off April'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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Thursday's low, the March 17^th high crossing at 1.0880 is the next upside target. Closes below the 10-day moving average crossing at 1.0695 would signal that a short-term top has been posted. First resistance is the March 17^th high crossing at 1.0880. Second resistance is the 50-day moving average crossing at 1.0955. First support is the 75% retracement level of the March-January-rally crossing at 1.0586. Second support is the 87% retracement level of the March-January-rally crossing at 1.0447.

The June Canadian Dollar closed higher on Thursday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 79.17 would open the door for a possible test of the February 26^th low crossing at 78.42. If June renews the rally off last-Wednesday's low, March's high crossing at 80.88 is the next upside target. First resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. Second resistance is the February-2018 high crossing at 82.27. First support is the 50-day moving average crossing at 79.17. Second support is the February 26^th low crossing at 78.42. 

The June Japanese Yen closed higher on Thursday and above the 20-day moving average crossing at 0.0915 signaling that a short-term low has been posted. 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the March 23^rd high crossing at 0.09232 is the next upside target. If June renews the decline off January's high, last-March's low on the monthly continuation chart crossing at 0.0900 is the next downside target. First resistance is the March 23^rd high crossing at 0.0923. Second resistance is the 50-day moving average crossing at 0.09331. First support is March's low crossing at 0.0902. Second support is last-March's low on the monthly continuation chart crossing at 0.0900.

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

June gold closed higher on Thursday and above the March 18^th high crossing at $1756.00 are needed to confirm that a short-term low has been posted. 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. If June extends the rally off last-week's low, the 50-day moving average crossing at $1765.00 is the next upside target. Closes below the 10-day moving average crossing at $1727.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $1759.40. Second resistance is the 50-day moving average crossing at $1765.00. First support is March's low crossing at $1676.20. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.  

May silver closed higher on Thursday as it extends the rally off last-Wednesday'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. If May extends the aforementioned rally, the 50-day moving average crossing at 26.301 is the next upside target. If May renews the decline off February's high, the 87% retracement level of the November-February-rally crossing at 23.102 is the next downside target. First resistance is the 50-day moving average crossing at 26.301. Second resistance is the March 18^th high crossing at 26.740. First support is the 75% retracement level of the November-February-rally crossing at 24.059. Second support is the 87% retracement level of the November-February-rally crossing at 23.102. 

May copper closed higher on Thursday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 396.22 would confirm that a short-term top has been posted. If March extends the rally off March's low, February's high crossing at 437.55 is the next upside target. First resistance is the reaction high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 396.22. Second support is the 25% retracement level of the 2020-2021-rally crossing at 381.34.

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

May Corn closed up $0.19 1/4-cents at $5.79 3/4. 

May corn closed sharply higher on Thursday and above the upper boundary of this year's trading range crossing at $5.72. Today's rally was underpinned by trade expectations that the USDA will raise corn demand in Friday's WASDE report due to stronger-that-expected export sales this year. Today's higher that expected demand expectations will be needed to be confirmed in Friday's WASDE report for confirmation to sustain today's upside breakout of this year's trading range. The high-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Tuesday's low, psychological resistance crossing at $6.00 is the next upside target. Closes below last-Tuesday's low crossing at $5.33 3/4 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at $5.85. Second resistance is psychological resistance crossing at $6.00. First support is last-Tuesday's low crossing at $5.33 3/4. Second support is the March 4^th low crossing at $5.29 1/4. 

May wheat closed up $0.12 1/2-cents at $6.28 3/4.  

May wheat closed higher on Thursday and above the 20-day moving average crossing at $6.25 1/4 signaling that a short-term low has been posted. 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. If May extends the rally off March's low, the 50-day moving average crossing at $6.43 1/4 is the next upside target. If May resumes the decline off February's high, the 62% retracement level of the June-January-rally crossing at $5.70 is the next downside target. First resistance is today's high crossing at $6.31 1/2. Second resistance is the 50-day moving average crossing at $6.43 1/4. First support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2. Second support is the 62% retracement level of the June-January-rally crossing at $5.70.       

May Kansas City Wheat closed up $0.13 1/4-cents at $5.76 1/2.

May Kansas City wheat closed higher on Thursday. 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $5.79 3/4 are needed to confirm 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 $5.79 3/4. Second resistance is the March 17^th high crossing at $5.09 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 closed up $0.15 3/4-cents at $6.40 1/4. 

May Minneapolis wheat closed sharply higher on Thursday and above the 50-day moving average crossing at $6.32 3/4 confirming that a low has been posted. 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 bullish signaling that sideways to higher prices are possible. If May extends this week's rally, March's high crossing at $6.52 1/4 is the next upside target. Closes below the 10-day moving average crossing at $6.13 3/4 would confirm that a short-term top has been posted. First resistance is March's high crossing at $6.52 1/4. Second resistance is the February 24^th high crossing at $6.58 3/4. First support is last-Thursday's low crossing at $5.97 1/2. Second support is the 62% retracement level of the December-January-rally crossing at $5.93 1/2.   

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

May soybeans closed up $0.06 1/2-cents at $14.15 1/4.

May soybeans closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above March's high crossing at $14.60 are needed to confirm an upside breakout of this year's trading range and renew the long-term uptrend. Closes below last-Tuesday's low crossing at $13.64 1/4 would signal that a short-term top 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 the February 11^th low crossing at $13.36 3/4. Second support is the January 25^th low crossing at $12.97.

May soybean meal closed down $2.30 to $406.80. 

May soybean meal closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 38% retracement level of the August-January rally crossing at $396.90 would confirm that a short-term top has been posted. If May renews the rally off March's low, February's high crossing at $442.10 is the next upside target. First resistance is February's high crossing at $442.10. Second resistance is January's high crossing at $463.60. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of the August-January rally crossing at $376.30.       

May soybean oil closed up 53-pts. at 53.38. 

May soybean oil closed higher on Thursday. 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. If May renews the rally off October's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60 is the next upside target. If May extends the decline off March's high, the 50-day moving average crossing at 50.02 is the next downside target. First resistance is March's high crossing at 58.25. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60. 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 50.02.      

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

June hogs closed up $0.80 at $108.70. 

June hogs closed higher on Thursday as it extended the rally off last fall'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June 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 20-day moving average crossing at $103.15 would signal that a short-term top has been posted. First resistance is today's high crossing at $108.78. 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 $105.93. Second support is the 20-day moving average crossing at $103.15. 

June cattle closed down $0.25 at $125.03. 

June cattle closed lower on Thursday as it consolidates some of the rally off last-October's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 aforementioned rally, weekly resistance crossing at $127.90 is the next upside target. Closes below the 20-day moving average crossing at $121.77 would signal that a short-term top has been posted. First resistance is today's high crossing at $125.63. Second resistance is weekly resistance crossing at $127.90. First support is the 10-day moving average crossing at $123.25. Second support is the 20-day moving average crossing at $121.77. 

May Feeder cattle closed down $1.08 at $151.60. 

May Feeder cattle closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are becoming 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, monthly resistance crossing at $159.90 is the next upside target. Closes below below the 20-day moving average crossing at $149.19 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $153.48. Second resistance is monthly resistance crossing at $159.90. First support is the 20-day moving average crossing at $149.19. Second support is the March 19^th low crossing at $143.65.            

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

May coffee closed higher on Thursday as it extended the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening on Friday. 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 128.94 would signal that a short-term low has been posted. If May renews the decline off February's high, the 62% retracement level of the November-February-rally crossing at 11.95 is the next downside target.          

May cocoa closed lower on Thursday as it extends the trading range of the past five-days. The low-range close sets the stage for a steady to lower 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 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 24.54 would signal that a short-term low has been posted.           

May sugar closed slightly higher on Thursday. The low-range close sets the stage for a steady to slightly higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 15.45 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 13.96.      

May cotton closed higher on Thursday closing above the upper boundary of the trading range of the past two-weeks, which crosses at $81.52. The high-range close sets the stage for a steady to higher opening on Friday. 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 82.68 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.