KEY EVENTS TO WATCH FOR:

Tuesday, April 13, 2021  

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. March Real Earnings

8:30 AM ET. March-January-rally CPI

                       CPI, M/M% (previous +0.4%)

                       Core CPI, M/M% (previous +0.1%)

                       Energy Idx, M/M% (previous +3.9%)

                       Food Idx, M/M% (previous +0.2%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -1%)

                       CPI, Y/Y% (previous +1.7%)

                       Core Annual, Y/Y% (previous +1.3%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -17.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +9.3%)

                       Latest Wk, Y/Y% (previous +10.6%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -2.6M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +4.6M)

                       Distillate Stocks, Net Chg (Bbls) (previous +2.8M)

Wednesday, April 14, 2021 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 693.5)

                       Composite Idx, W/W% (previous -5.1%)

                       Purchase Idx-SA (previous 283.6)

                       Purchase Idx-SA, W/W% (previous -4.6%)

                       Refinance Idx (previous 3068.8)

                       Refinance Idx, W/W% (previous -5.3%)

8:30 AM ET. March-January-rally Import & Export Price Indexes

                       Import Prices (previous +1.3%)

                       Non-Petroleum Prices (previous +0.5%)

                       Petroleum Prices (previous +11.3%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 498.313M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.522M)

                       Gasoline Stocks (Bbl) (previous 234.588M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +4.044M)

                       Distillate Stocks (Bbl) (previous 145.547M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.452M)

                       Refinery Usage (previous 84.0%)

                       Total Prod Supplied (Bbl/day) (previous 19.236M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.077M)

2:00 PM ET. U.S. Federal Reserve Beige Book

Thursday, April 15, 2021 

8:30 AM ET. April Empire State Manufacturing Survey

                       Mfg Idx (previous 17.4)

                       Employment Idx (previous 9.4)

                       New Orders Idx (previous 9.1)

                       Prices Received (previous 24.2)

8:30 AM ET. April Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 51.8)

                       Prices Paid (previous 75.9)

                       Employment (previous 30.1)

                       New Orders (previous 50.9)

                       Prices Received (previous 31.8)

                       Delivery Times (previous 29.5)

                       Inventories (previous 12.1)

                       Shipments (previous 30.2)

8:30 AM ET. March Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous -3.0%)

                       Sales, Ex-Auto, M/M% (previous -2.7%)

                       Sales, Ex-Auto & Gas, M/M% (previous -3.3%)

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

                       Jobless Claims (previous 744K)

                       Jobless Claims, Net Chg (previous +16K)

                       Continuing Claims (previous 3734000)

                       Continuing Claims, Net Chg (previous -16K)

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

                       Corn (Metric Tons) (previous 807K)

                       Soybeans (Metric Tons) (previous 246.2K)

                       Wheat (Metric Tons) (previous 611.9K)

9:15 AM ET. March Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous -2.2%)

                       Capacity Utilization % (previous 73.8%)

                       Capacity Utilization, Net Chg (Pts) (previous -1.7)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. April NAHB Housing Market Index

                       Housing Mkt Idx (previous 82)

10:00 AM ET. February Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.3%)

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

                       Working Gas In Storage (Cbf) (previous 1784B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +20B)

4:00 PM ET. February Treasury International Capital Data

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, April 16, 2021  

8:30 AM ET. March New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.421M)

                       Housing Starts, M/M% (previous -10.3%)

                       Building Permits (previous 1.682M)

                       Building Permits, M/M% (previous -10.8%)

10:00 AM ET. March State Employment and Unemployment

10:00 AM ET. April University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 83.0)

                       Mid-Mo Expectations (previous 77.5)

                       Mid-Mo Current Idx (previous 91.5)

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

The Dow posted an inside day with a lower close on Monday as it consolidated some of last-Friday's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 33,066.21 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 33,658.75. Second resistance is unknown. First support is the 20-day moving average crossing at 33,066.21. Second support is the March 25^th low crossing at 32,071.41. Third support is the 50-day moving average crossing at 32,005.77. 

The June NASDAQ 100 posted an inside day with a lower close on Monday as it consolidated some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 13,200.02 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 13,841.75. Second resistance is February's high crossing at 13,888.00.First support is the 20-day moving average crossing at 13,200.02. Second support is the March 25^th low crossing at 12,609.75. 

The June S&P 500 closed slightly higher on Monday. The high-range close sets the stage for a steady to slightly higher opening when Tuesday'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 3983.22 would signal that a short-term top has been posted. First resistance is today's high crossing at 4122.25. Second resistance is unknown. First support is the 10-day moving average crossing at 4040.88. Second support is the 20-day moving average crossing at 3983.22.  

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

June T-bonds closed down 4/32's at 156-12. 

June T-bonds closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 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. Closes above the March 25^th high crossing at 157-08 would signal that a short-term low has been posted. First resistance is the March 25^th high crossing at 157-08. Second resistance is the 50-day moving average crossing at 159-03. 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 down 25-pts. At 131.210.

June T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 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. Closes above the March 25^th high crossing at 132.095 are needed to confirm that a short-term low has been posted and would open the door for additional gains near-term. First resistance is the March 25^th high crossing at 132.095. Second resistance is the 50-day moving average crossing at 133.022. First support is last-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 higher on Monday as it extends the trading range of the past four-weeks. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 slightly lower on Monday as it extended the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. 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 $181.83 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 $181.83. 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 Monday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above April's high crossing at $203.60 would signal that a short-term low has been posted. Closes below the March 23^rd low crossing at $186.97 would open the door for additional weakness near-term. First resistance is April's high crossing at $203.60. Second resistance is March's high crossing at $215.48. First support is the March 23^rd low crossing at $186.97. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    

May Henry natural gas closed higher on Monday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday's night 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 30^th 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 the March 30^th high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.729. 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 slightly lower on Monday as it consolidates below the 20-day moving average crossing 92.39. The low-range close sets the stage for a steady to lower opening when Tuesday'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 decline off March's high, the 50-day moving average crossing 91.51 is the next downside target. Closes above the 10-day moving average crossing at 92.67 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 91.51.    

The June Euro closed slightly higher on Monday as it consolidates above the 50-day moving average crossing at 118.72. The high-range close sets the stage for a steady to slightly higher opening when Tuesday's night 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 119.98 is the next upside target. Closes below the 10-day moving average crossing at 118.42 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 119.43. Second resistance is the 50-day moving average crossing at 119.98. First support is March'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 higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.3854 would signal that a short-term low has been posted. 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. First resistance is the April 4^th high crossing at 1.3922. Second resistance is the March 12^th 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 closed higher on Monday as it extended the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 50-day moving average crossing at 1.0937 is the next upside target. Closes below the 10-day moving average crossing at 1.0729 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 1.0937. First support is the 10-day moving average crossing at 1.0729. Second support is the 75% retracement level of the March-January-rally crossing at 1.0586.

The June Canadian Dollar posted an inside day with a lower close on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the March 30^th low, March's high crossing at 80.88 is the next upside target. Closes below the 50-day moving average crossing at 79.24 would open the door for a possible test of the February 26^th low crossing at 78.42. 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 79.24. Second support is the February 26^th low crossing at 78.42. 

The June Japanese Yen closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’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, 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 0.0931. 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 lower on Monday as it consolidated some of the rally off the March 31^st low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the March 31^st low, the 50-day moving average crossing at $1760.70 is the next upside target. Closes below the 10-day moving average crossing at $1729.20 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $1759.40. Second resistance is the 50-day moving average crossing at $1760.70. 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 lower on Monday 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 Tuesday'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 26.277 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 26.277. 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 lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 398.04 would confirm that a short-term top has been posted. If March renews 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 398.04. 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 down $0.08 1/4-cents at $5.69. 

May corn closed lower on Monday due to technical selling. The low-range close sets the stage for a steady to lower opening when Tuesday's night sessions 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 the March 30^th low, psychological resistance crossing at $6.00 is the next upside target. Closes below the March 30^th low crossing at $5.33 3/4 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $5.95. Second resistance is psychological resistance crossing at $6.00. First support is the March 30^th low crossing at $5.33 3/4. Second support is the March 4^th low crossing at $5.29 1/4. 

May wheat closed down $0.10 3/4-cents at $6.28.  

May wheat closed lower on Monday as it consolidated the rally off March's low.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $6.42 1/2 would signal that a trend change is taking place. Closes below the 10-day moving average crossing at $6.19 1/4 would signal that a short-term top has been posted.First resistance is last-Friday's high crossing at $6.46 1/2. Second resistance is March's high crossing at $6.68 3/4. 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 down $0.07 1/2-cents at $5.79.

May Kansas City wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 last-week's rally,  the 50-day moving average crossing at $6.09 1/2 is the next upside target. 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 50-day moving average crossing at $6.09 1/2. Second resistance is the March high crossing at $6.39 3/4. 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 down $0.11 1/4-cents at $6.42 3/4. 

May Minneapolis wheat closed sharply lower on Monday as it consolidated some of last-week's rally. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If May extends last-week's rally, January's high crossing at $6.62 is the next upside target. Closes below the 10-day moving average crossing at $6.20 1/4 would confirm that a short-term top has been posted. First resistance is the February 24^th high crossing at $6.58 3/4. Second resistance is January's high crossing at $6.62. First support is the 50-day moving average crossing at $6.33 1/4. Second support is the 20-day moving average crossing at $6.24.   

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

May soybeans closed down $0.21-cents at $13.82.

May soybeans closed lower on Monday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 March 30^th low crossing at $13.64 1/4 would signal that a short-term top has been posted. 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. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the March 30^th low crossing at $13.64 1/4. Second support is the February 11^th low crossing at $13.36 3/4.

May soybean meal closed up $0.70 to $401.90. 

May soybean meal closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 renew the decline off January's high. If May renews the rally off March's low, April's high crossing at $433.20 is the next upside target. First resistance is April's high crossing at $433.20. Second resistance is February's 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 the August-January rally crossing at $376.30.       

May soybean oil closed down 140-pts. at 51.45. 

May soybean oil closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 extends today's decline, the 50-day moving average crossing at 50.36 is the next downside target. 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. 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 March's low crossing at 48.62.      

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

June hogs closed down $2.80 at $106.15. 

June hogs posted a key reversal down as it closed sharply lower on Monday as it consolidated some of the rally off last fall's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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. Closes below the 20-day moving average crossing at $104.00 would signal that a short-term top has been posted. 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. First resistance is today's high crossing at $110.08. 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 20-day moving average crossing at $104.00. Second support is the 50-day moving average crossing at $97.34. 

June cattle closed down $0.48 at $122.10. 

June cattle closed lower on Monday 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 Tuesday. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $122.00 would signal that a short-term top has been posted. If June renews the rally off October's low, weekly resistance crossing at $127.90 is the next upside target. First resistance is last-Thursday's high crossing at $125.63. Second resistance is weekly resistance crossing at $127.90. First support is the 20-day moving average crossing at $122.00. Second support is the 50-day moving average crossing at $120.40. 

May Feeder cattle closed up $0.08 at $149.70. 

May Feeder cattle closed slightly higher on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below below the 20-day moving average crossing at $149.40 would signal that a short-term top has been posted. If May extends the rally off March's low, monthly resistance crossing at $159.90 is the next upside target. First resistance is the March 30^th high crossing at $153.48. Second resistance is monthly resistance crossing at $159.90. First support is the 20-day moving average crossing at $149.40. Second support is the 50-day moving average crossing at $146.86.            

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

May coffee closed higher on Monday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 128.97 would signal that a short-term low has been posted while opening the door for additional short-term gains. 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 slightly higher on Monday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 24.32 would signal that a short-term low has been posted.            

May sugar closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 15.81 would open the door for additional gains near-term. If May renews the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 13.96.      

May cotton closed sharply lower on Monday 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 Tuesday. 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 82.01 would signal that a short-term low has been posted. If May renews the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 74.20 is the next downside target.