KEY EVENTS TO WATCH FOR:

Thursday, May 20, 2021

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

                       Business Activity (Previous 50.2)

                       Prices Paid (Previous 69.1)

                       Employment (Previous 30.8)

                       New Orders (Previous 36.0)

                       Prices Received (Previous 34.5)

                       Delivery Times (Previous 27.8)

                       Inventories (Previous 17.3)

                       Shipments (Previous 25.3)

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

                       Jobless Claims (Previous 473K)

                       Jobless Claims, Net Chg (Previous -34K)

                       Continuing Claims (Previous 3655000)

                       Continuing Claims, Net Chg (Previous -45K)

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

                       Corn (Metric Tons) (Previous 1970.3K)

                       Soybeans (Metric Tons) (Previous 196.8K)

                       Wheat (Metric Tons) (Previous 298.3K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. 1^st Quarter Advance Quarterly Services

10:00 AM ET. April Leading Indicators

                       Leading Index, M/M% (Previous +1.3%)

                       Leading Index (Previous 111.6)

                       Coincident Index, M/M% (Previous +0.6%)

                       Lagging Index, M/M% (Previous -0.5%)

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

                       Working Gas In Storage (Cbf) (Previous 2029B)

                       Working Gas In Storage, Net Chg (Previous +71B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, May 21, 2021  

9:45 AM ET. May US Flash Manufacturing PMI

                       PMI, Mfg (Previous 60.6)

9:45 AM ET. May US Flash Services PMI

                       PMI, Services (Previous 63.1)

10:00 AM ET. April State Employment and Unemployment

10:00 AM ET. April Existing Home Sales

                       Existing Sales (Previous 6.01M)

                       Existing Sales, M/M% (Previous -3.7%)

                       Unsold Homes Month's Supply (Previous 2.1)

                       Median Price (USD) (Previous 329100)

                       Median Home Price, Y/Y% (Previous +17.2%)

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

The STOCK INDEXES: The June NASDAQ 100 was lower overnight as it extends the trading range of the past seven-days. The low-range 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. If June resumes the decline off April's high, the 75% retracement level of the March-April-rally crossing at 12,666.46 is the next downside target. Closes above the 20-day moving average crossing at 13,541.41 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 13,439.56. Second resistance is the 20-day moving average crossing at 13,541.41. First support is the 62% retracement level of the March-April-rally crossing at 12,912.45. Second support is the 75% retracement level of the March-April-rally crossing at 12,666.46.  

The June S&P 500 was lower overnight as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing near 4028.25 would mark a potential trend change and would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 4157.89 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4157.89. Second resistance is May's high crossing at 4238.25.First support is last-Thursday's low crossing at 4028.25. Second support is the March 25^th low crossing at 3843.25.  

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 bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off May's high, the March 30th low crossing at 153-29 is the next downside target. Closes above the 20-day moving average crossing at 157-08 would signal that a short-term low has been posted. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 162-31. First support is the March 30^th low crossing at 153-29. Second support is March's low crossing at 153-07.

June T-notes were steady to slightly 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off May's high, the April 29^th low crossing at 131.185 is the next downside target. Closes above Monday's high crossing at 132.215 would signal that a short-term low has been posted. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 134.054. First support is the April 29^th low crossing at 131.185. Second support is the April 5^th low crossing at 130.255. 

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

July crude oil was lower overnight as it extends the decline off Tuesday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $62.52 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at $67.02. Second resistance is the June-2015 high crossing at $69.69. First support is the 50-day moving average crossing at $62.52. Second support is the April 22^nd low crossing at $60.55.

July heating oil was lower overnight as it extends the trading range of the past two-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1.9852 would signal that a short-term top has been posted. If July extends the rally of last-November's low, the 87% retracement level of the 2018-2020-decline crossing at $2.1362 is the next upside target. First resistance is the May 12^th high crossing at $2.0777. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $2.1362. First support is the 20-day moving average crossing at $1.9852. Second support is the 50-day moving average crossing at $1.9015.

July unleaded gas 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 to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $2.0265 would signal that a short-term top has been posted. If July renews the rally off March's low, the May-2018 high on the monthly continuation chart crossing at 2.2855 is the next upside target. First resistance is May's high crossing at $2.2045. Second resistance is the May-2018 high on the monthly continuation chart crossing at 2.2855. First support is the 20-day moving average crossing at $2.0980. Second support is the 50-day moving average crossing at $2.0265. 

July 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 2.928 would signal that a short-term top has been posted. If July renews the rally off April's low, long-term monthly resistance crossing at 3.786 is a potential upside target. First resistance resistance is Monday's high crossing at 3.204. Second resistance is monthly resistance crossing at 3.786. First support is last-Tuesday's low crossing at 2.928 Second support is the 50-day moving average crossing at 2.847.  

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

CURRENCIES:The June Dollar 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 oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at $90.59 would signal that a short-term low has been posted. If June extends the decline off March's high, January's low crossing at $89.16 is the next downside target. First resistance is the 20-day moving average crossing at $90.59. Second resistance is the May 5^th high crossing at $91.44. First support is the 87% retracement level of the January-March-rally crossing at $89.71. Second support is the January low crossing at $89.16.

The June Euro was 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 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, the 87% retracement level of the January-March-decline crossing at $123.08 is the next upside target. Closes below the April-May uptrend line crossing near $121.19 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the January-March-decline crossing at $122.27. Second resistance is the 87% retracement level of the January-March-decline crossing at $123.08. First support is the April-May uptrend line crossing near $121.19. Second support is the 50-day moving average crossing at $119.98.

The June British Pound was 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.4003 would signal that a short-term top has been posted. If June extends the rally off May's low, February's high crossing at 1.4245 is the next upside target. First resistance is Tuesday's high crossing at 1.4222. Second resistance is February's high crossing at 1.4245. First support is the 20-day moving average crossing at 1.4003. Second support is the 50-day moving average crossing at 1.3901.

The June Swiss Franc was 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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.1033 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at 1.1233 is the next upside target. First resistance is Tuesday's high crossing at 1.1168. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1233. First support is the 20-day moving average crossing at 1.1033. Second support is the May 5^th low crossing at 1.0923.

The June Canadian Dollar was steady to slightly higher overnight. The mid-range 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 the 20-day moving average crossing at $81.77 would signal that a short-term top has been posted. If June extends this year's rally, the May-2015 high on the monthly continuation chart crossing at $83.86 is the next upside target. First resistance is Tuesday's high crossing at $83.25. Second resistance is the May-2015 high on the monthly continuation chart crossing at $83.86. First support is the 20-day moving average crossing at $81.88. Second support is the 50-day moving average crossing at $80.61.  

The June Japanese Yen was 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the May 7^th high crossing at 0.092325 would signal that a short-term low has been posted. If June renews the decline off April's high, March's low crossing at 0.090180 is the next downside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.092994. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.093874. First support is the April-9^th low crossing at 0.090990. Second support is March's low crossing at 0.090180.  

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

PRECIOUS METALS: June gold was lower overnight as it consolidates some of the rally off April'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. If June extends the rally off March's low, the 50% retracement level of August-April-decline crossing at $1894.10 is the next upside target. Closes below the 20-day moving average crossing at $1814.50 would signal that a short-term top has been posted. First resistance is 50% retracement level of August-April-decline crossing at $1894.10. Second resistance is 62% retracement level of August-April-decline crossing at $1945.50. First support is the 20-day moving average crossing at $1814.50. Second support is the 50-day moving average crossing at $1770.50.

July 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $27.053 would signal that a short-term top has been posted. If July extends the rally off March's low, the 87% retracement level of the January-March-decline crossing at $29.199 is the next upside target. First resistance is the 87% retracement level of the January-March-decline crossing at $29.199. Second resistance is February's high crossing at $30.015. First support is the 20-day moving average crossing at $27.053. Second support is the 50-day moving average crossing at $26.169. 

July copper was slightly lower overnight as it extends the decline off May's high. 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 20-day moving average crossing at 4.5897 would signal that a short-term top has been posted. If July resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is May's high crossing at 4.5624. Second resistance is unknown. First support is the 20-day moving average crossing at 4.5897. Second support is the 50-day moving average crossing at 4.3016.  

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

July corn was higher overnight. The mid-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. Closes above the 10-day moving average crossing at $6.83 would signal that a short-term low has been posted. If July resumes the decline off May's high, the 50% retracement level of this year's rally crossing at $6.06 3/4 is the next downside target. First resistance is the 10-day moving average crossing at $6.83. Second resistance is May's high crossing at $7.35 1/4. First support is the 38% retracement level of this year's rally crossing at $6.37 1/4. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4.        

July wheat was modestly higher overnight as it consolidates some of the decline off May's high. The low-range close sets the stage for a steady to slightly 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 July extends the decline off May's low, the 50-day moving average crossing at $6.68 1/4 is the next downside target. Closes above the 20-day moving average crossing at $7.22 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.22. Second resistance is April's high crossing at $7.69 1/2. First support is the 50% retracement level of April's rally crossing at $6.80 3/4. Second support is the 50-day moving average crossing at $6.68 1/4.

July Kansas City wheat was lower overnight as it extended the decline off May's high. The low-range close 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 July extends the aforementioned decline, the 75% retracement level of the March-April-rally crossing at $6.04 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.87 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.87 1/4. Second resistance is May's high crossing at $7.41 1/2. First support is the50-day moving average crossing at $6.32 1/2. Second support is the 75% retracement level of the March-April-rally crossing at $6.04 3/4.

July Minneapolis wheat was slightly higher overnight as it consolidates some of the decline off May's high. The low-range close 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 July extends aforementioned decline, the 62% retracement level of the March-April-rally crossing at $6.82 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.47 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.47 3/4. Second resistance is May's high crossing at $8.07 1/4. First support is the 62% retracement level of the April-May-rally crossing at $6.82 1/2. Second support is the 75% retracement level of the April-May-rally crossing at $6.55 3/4. 

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

July soybeans were higher overnight as they consolidate some of the decline off May's high. The low-range close sets the stage for a steady to modestly 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 July extends the decline off May's high, the April-28^th low crossing at $14.90 1/2 is the next downside target. Closes above the 10-day moving average crossing at $15.84 3/4 would signal that a short-term low has been posted. First resistance is May's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the April-28^th low crossing at $14.90 1/2.   Second support is the 50-day moving average crossing at $14.69 1/2.

July soybean meal were higher due to short covering overnight as they consolidate some of the decline off May's high. The mid-range close 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 sideways to lower prices are possible near-term. If July extends the decline off May's high, April's low crossing at $3.99.40 is the next downside target. Closes above the 10-day moving average crossing at $425.50 would signal that a short-term low has likely been posted. First resistance is the 50-day moving average crossing at $414.10. Second resistance is the 10-day moving average crossing at $425.50. First support is Wednesday's low crossing at $402.50. Second support is April's low crossing at $399.40.      

July soybean oil was lower overnight as it consolidates some of this year's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 64.09 would signal that a short-term top has been posted. If July resumes this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. First resistance is Tuesday's high crossing at 70.49. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 10-day moving average crossing at 66.33. Second support is the 20-day moving average crossing at 64.09.   

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

June hogs closed up $0.30 at $110.95. 

June hogs closed higher on Wednesday as it consolidated some of the decline off May's high. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $111.19 would signal that a short-term low has been posted. If June renews the decline off May's high, the 50-day moving average crossing at $106.24 is the next downside target. First resistance is May's high crossing at $115.00. Second resistance is the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70. First support is the 50-day moving average crossing at $106.24. Second support is April's low crossing at $100.92. 

June cattle closed up $0.15 at $116.90. 

June cattle closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 $119.11 are needed to renew this month's rally. If June renews the decline off last-Wednesday's high, May's low crossing at $112.57 is the next downside target. First resistance is the 50-day moving average crossing at $119.11. Second resistance is the April 20^th high crossing at $119.83. First support is last-Thursday's low crossing at $114.70. Second support is May's low crossing at $112.57.

August Feeder cattle closed up $0.95 at $152.88. 

August Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Close above the 50-day moving average crossing at $153.87 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $148.72 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $153.87. Second resistance is the April 21^st high crossing at $154.93. First support is the 20-day moving average crossing at $148.72. Second support is May's low crossing at $141.53.          

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

July coffee posted an inside day with a lower close on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, the November-2016 high crossing at 17.60 is the next upside target. Closes below the 20-day moving average crossing at 14.59 would signal that a short-term top has been posted.             

July cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the March 11^th high crossing at 26.21 is the next upside target. Closes below the 20-day moving average crossing at 24.57 would signal that a short-term top has been posted.               

July sugar closed lower on Wednesday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the April-29^th low crossing at 16.46 is the next downside target. If July renews the rally off March's low, long-term resistance on the monthly continuation chart crossing at 18.42 is the next upside target.         

July cotton closed lower 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 July extends the decline off April's high, the April 13^th low crossing at 81.20 is the next downside target. Closes above the 20-day moving average crossing at 87.17 would signal that a short-term low has been posted.