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 STOCK INDEXES: The June NASDAQ 100 was lower overnight however, an increase in jobless claims triggered some profit taking. The low-range 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 March's low, February's high crossing at 13,888.00 is the next upside target. Closes below the 20-day moving average crossing at 12,898.34 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 13,841.75. Second resistance is February's high crossing at 13,888.00. First support is the 10-day moving average crossing at 13,344.08. Second support is the 20-day moving average crossing at 12,898.34.  

The June S&P 500 was steady to slightly higher overnight as it extends the rally off last-September's low. The mid-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 extends the rally off last-September's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3972.85 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4102.50. Second resistance is unknown.First support is the 10-day moving average crossing at 4023.28. Second support is the 20-day moving average crossing at 3972.84.  

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

INTEREST RATES: June T-bonds were lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 25^th high crossing at 157-08 would signal that a short-term low has been posted while opening the door for additional gains near-term. 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 the March 25^th high crossing at 157-08. Second resistance is the 50-day moving average crossing at 159-10. 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 lower overnight as it consolidates some of this week's gains. The low-range overnight trade sets the stage for a steady to lower opening with 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 March 25^th high crossing at 132.095 are needed to confirm that a short-term low has been posted. If June resumes this year's decline 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 133.050. 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 was steady to slightly higher overnight as it extends the trading range of the past three-weeks. 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 trading is possible near-term. Closes above the March 30^th high crossing at $62.27 would mark an upside breakout of the aforementioned trading range. Closes below the March 23^rd 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. First resistance is the March 30^th high crossing at $62.27. Second resistance is March's high crossing at $67.79. First support is the March 23^rd 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 lower overnight 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $182.59 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $182.59. Second resistance is March's high crossing at $198.30. First support is the March 23^rd 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 steady to 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 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 $192.29 would open the door for a possible test of the 38% retracement of the November-March-rally crossing at $177.06. 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 $192.29. Second support is the 38% retracement of the November-March-rally crossing at $177.06. 

May Henry natural gas was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly 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-Tuesday's high crossing at 2.688 are needed to confirm 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 resistance is last-Tuesday's high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.732. 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 higher overnight as it consolidates some of the decline off March'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 50-day moving average crossing at $91.48 is the next downside target. Closes above the 10-day moving average crossing at $92.75 would signal that a short-term low 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 50-day moving average crossing at $91.48. Second support is the March 18^th low crossing at $91.29.

The June Euro was lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50-day moving average crossing at $120.03 is the next upside target. Closes below the 10-day moving average crossing at $118.30 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $120.03. Second resistance is the March 3^rd high crossing at $121.40. First support is March's low crossing at $117.21. Second support is the November's low crossing at $116.93.

The June British Pound was lower overnight as it extends this week's decline. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session beings 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 50% retracement level of the September-February rally crossing at 1.3490 is the next downside target. Closes above Tuesday's high crossing at 1.3922 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 1.3922. Second resistance is the reaction high crossing at 1.4009. 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 consolidates some of the rally off April's low. 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 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 1.0711 would temper the near-term friendly outlook. First resistance is the March 17^th high crossing at 1.0880. Second resistance is the 50-day moving average crossing at 1.0946. 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 slightly lower overnight. The high-range trade sets the stage for a steady to slightly 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 Monday's high crossing at $79.99 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $79.20 would open the door for a possible test of the February 26^th low crossing at $78.42. First resistance is Monday's high crossing at $79.99. Second resistance is March's high crossing at $80.88. First support is the 50-day moving average crossing at $79.20. Second support is the February 26^th low crossing at $78.42.  

The June Japanese Yen was lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.0914 would signal that a short-term low has been posted. If June renews the decline off January's high, the February-2020 low on the monthly continuation chart crossing at 0.0892 is the next downside target. First resistance is the 20-day moving average crossing at 0.0914. Second resistance is the March 23^rd high crossing at 0.0923. First support is March'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 is working on an inside day and was lower overnight as it consolidates some of the rally off last-Wednesday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are 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 $1763.00 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at $1730.00 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $1763.00. Second resistance is the February 23^rd high crossing at $1817.60. 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 as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at $26.300 is the next upside target. If May renews the decline off January'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 $26.300. Second resistance is the March 18^th high crossing at $26.740. First support is March's low crossing at $23.740. Second support is the 87% retracement level of the November-February-rally crossing at $23.102.  

May copper was lower in overnight trading. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.9724 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 3.9724. 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 was higher overnight as it extended Thursday's rally. The high-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. May corn will needed a neutral to bullish WASDE report later this morning to sustain Thursday's upside breakout of this year's trading range. If May resumes 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 are needed to 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 March's low crossing at $5.29 1/4.       

May wheat was higher overnight as it extends the rally off March's low. The high-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 the aforementioned rally, the 50-day moving average crossing at $6.42 3/4 is the next upside target. 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 50-day moving average crossing at $6.42 3/4. Second resistance is March 17^th high crossing at $6.49 1/2. 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 higher overnight. The high-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. Closes above the 20-day moving average crossing at $5.78 1/2 would signal that a short-term low has been posted. If May resumes 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 $5.78 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 higher overnight as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, March's high crossing at $6.52 1/2 is the next upside target. Closes below the 10-day moving average crossing at $6.16 1/2 would signal that a short-term top has been posted. First resistance is March's high crossing at $6.52 1/2. Second resistance is the February 24^th high crossing at $6.58 3/4. First support is the 10-day moving average crossing at $6.16 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 were steady to fractionally lower overnight.The mid-range close sets the stage for a steady to fractionally lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is likely ahead of today's WASDE report. If May renews last-Wednesday's rally, March's high crossing at $14.60 is the next downside target. Closes below last-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 last-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. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling sideways trading is possible near-term. If May renews last-week's rally, the February 9^th high crossing at $442.10 is the next upside target. Closes below the 20-day moving average crossing at $404.90 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 lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 54.01 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 50.21 is the next downside target. First resistance is the 20-day moving average crossing at 54.01. 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 50.21.