KEY EVENTS TO WATCH FOR:
Wednesday, March 23, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 496.5)
Composite Idx, W/W% (previous -1.2%)
Purchase Idx-SA (previous 269.5)
Purchase Idx-SA, W/W% (previous +0.7%)
Refinance Idx (previous 1778.3)
Refinance Idx, W/W% (previous -2.8%)
8:30 AM ET. 4th quarter State Quarterly Personal Income
10:00 AM ET. February New Residential Sales
New Home Sales (previous 801K)
New Home Sales, M/M% (previous -4.5%)
New Home Sales Months Supply (previous 6.1)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 415.907M)
Crude Oil Stocks, Net Chg (Bbl) (previous +4.345M)
Gasoline Stocks (Bbl) (previous 240.991M)
Gasoline Stocks, Net Chg (Bbl) (previous -3.615M)
Distillate Stocks (Bbl) (previous 114.206M)
Distillate Stocks, Net Chg (Bbl) (previous +0.332M)
Refinery Usage (previous (previous 90.4%)
Total Prod Supplied (Bbl/day) (previous 20.652M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.558M)
Thursday, March 24, 2022
8:30 AM ET. 4th Quarter International Transactions
Current Account (USD) (previous -214.77B)
8:30 AM ET. February Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +1.6%)
Dur Goods, Ex-Defense, M/M% (previous +1.6%)
Dur Goods, Ex-Transport, M/M% (previous +0.7%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.9%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.9%
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 214K)
Jobless Claims, Net Chg (previous -15K)
Continuing Claims (previous 1419000)
Continuing Claims, Net Chg (previous -71K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 2040.4K)
Soybeans (Metric Tons) (previous 1730.2K)
Wheat (Metric Tons) (previous 471.5K)
9:45 AM ET. March US Flash Services PMI
PMI, Services (previous 56.7)
9:45 AM ET. March US Flash Manufacturing PMI
PMI, Mfg (previous 57.5)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1440B)
Working Gas In Storage, Net Chg (Cbf) (previous -79B)
11:00 AM ET. March Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 31)
6-Mo Exp Prod Idx (previous 57)
Mfg Composite Idx (previous 29)
6-Mo Exp Composite Idx (previous 38)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, March 25, 2022
10:00 AM ET. February State Employment and Unemployment
10:00 AM ET. February Pending Home Sales Index
Pending Home Sales (previous 109.5)
Pending Home Sales Idx, M/M% (previous -5.7%)
Pending Home Sales Idx , Y/Y% (previous -9.5%)
10:00 AM ET. March University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (previous 62.8)
End-Mo Expectations Idx (previous 59.4)
12-Month Inflation Forecast (previous 4.9%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 68.2)
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The Dow closed higher on Tuesday as it extends the rally off last-Monday's low due to rising energy prices.The high-range close sets the stage for a steady to higher opening when Wednesday'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 aforementioned rally, the February 15th high crossing at 35,047.79 is the next upside target. Closes below the 20-day moving average crossing at 33,644.71 would signal that a short-term top has been posted. First resistance is the February 15th high crossing at 35,047.79. Second resistance is the 62% retracement level of the January-February decline crossing at 35,163.66. First support is the 20-day moving average crossing at 33,644.71. Second support is the March 8th low crossing at 32,578.73.
The June NASDAQ 100 closed sharply higher on Tuesday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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. Today's close above the 50-day moving average crossing at 14,385.88 has opened the door for additional gains possibly into the end of the month. Closes below the 20-day moving average crossing at 13,859.12 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the November-March decline crossing at 14,822.42. Second resistance is the February 9th high crossing at 15,070.75. First support is the 20-day moving average crossing at 13,859.12. Second support is last-Tuesday's low crossing at 12,942.50.
The June S&P 500 closed sharply higher on Tuesday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 last-Tuesday's low, the 62% retracement level of the January-February decline crossing at 4530.57 is the next upside target. Closes below the 20-day moving average crossing at 4309.76 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-February decline crossing at 4530.57. Second resistance is the February 9th high crossing at 4578.50. First support is the 20-day moving average crossing at 4309.76. Second support is last-Tuesday's low crossing at 4129.50.
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June T-bonds closed down 1-07/32's at 148-13.
June T-bonds closed sharply lower on Tuesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at 143-17 is the next downside target. Closes above the 50-day moving average crossing at 155-11 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 152-11. Second resistance is the 20-day moving average crossing at 154-18. First support is today's low crossing at 148-05. Second support is the 87% retracement level of the 2020-2021 decline on the monthly continuation chart crossing at 143-17.
June T-notes closed down 165 pts. at 122.215.
June T-notes closed lower on Tuesday as it extends the decline off last-September's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling sideways to lower prices are possible near-term. If June extends this month's decline, the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147 is the next downside target. Closes above the 20-day moving average crossing at 126.011 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 124.227. Second resistance is the 20-day moving average crossing at 126.011. First support is today's low crossing at 122.205. Second support is the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147.
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May crude oil closed lower on Tuesday as it consolidates some of the rally off last-Tuesday's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are still possible. If May extends the aforementioned rally, March's high crossing at $126.41 is the next upside target. If May renews the decline off March's high, the 50-day moving average crossing at $92.18 is the next downside target. First resistance is today's high crossing at $113.35. Second resistance is March's high crossing at $126.41. First support is the 20-day moving average crossing at $102.63. Second support is the 50-day moving average crossing at $92.18.
May heating oil closed higher on Tuesday as it extended the rally off last-Tuesday's low. The high-range close sets the stage for a higher opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Tuesday's low, March's high crossing at $4.3138 is the next upside target. Closes below the 20-day moving average crossing at $3.2467 would signal that a short-term top has been posted. If March renews this month's decline, the 50-day moving average crossing at $2.8567 is the next downside target. First resistance is today's high crossing at 3.6157. Second resistance is March's high crossing at $4.3138. First support is the 20-day moving average crossing at $3.2467. Second support is the 50-day moving average crossing at $2.8567.
May unleaded gas closed slightly lower on Tuesday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the March 4th high crossing at $3.4817 is the next upside target. Closes below the 20-day moving average crossing at $3.1740 would signal that a short-term top has been posted. First resistance is the March 4th high crossing at $3.4817. Second resistance is March's high crossing at 3.8075. First support is the 20-day moving average crossing at $3.1740. Second support is the 50-day moving average crossing at $2.8627.
May Henry natural gas closed sharply higher on Tuesday and posted a new contract high as it renewed this year's rally. The high-range close sets the stage for a steady to higher opening when Wednesday'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 today's rally, the February-2014 high on the monthly continuation chart crossing at 6.493 is the next upside target. Closes below the 20-day moving average crossing at 4.746 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 5.244. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is the 20-day moving average crossing at 4.746. Second support is last-Tuesday's low crossing at 4.509.
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The June Dollar closed slightly higher on Tuesday as it bounces off the 20-day moving average crossing at 98.10. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's nights session begins trading. 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 at $97.72 would signal that a short-term top has been posted. If June renews the rally off February's high, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. First resistance is March's high crossing at $99.46. Second resistance is the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26. First support is last-Thursday's low crossing at $97.72. Second support is the 50-day moving average crossing at $96.70.
The June Euro closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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-Thursday's high crossing at 111.73 would signal that a short-term low has been posted. If June renews the decline off February's high, is the March-2020 low on the weekly continuation chart crossing at $106.71 is the next downside target. First resistance is last-Thursday's high crossing at 111.73. Second resistance is the 50-day moving average crossing at 112.68. First support is March's low crossing at 108.46. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.
The June British Pound closed sharply higher on Tuesday as it extends the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. Today's close above the 20-day moving average crossing at 1.3215 signals that a short-term low has been posted. If June extends the aforementioned rally, the 38% retracement level of the January-March decline crossing at 1.3277 is the next upside target. Closes below the 10-day moving average crossing at 1.3117 would temper the near-term friendly outlook. First resistance is the 38% retracement level of the January-March decline crossing at 1.3277. Second resistance is the 50% retracement level of the January-March decline crossing at 1.3365. First support is the 10-day moving average crossing at 1.3117. Second support is last-Monday's low crossing at 1.2997.
The June Swiss Franc closed slightly higher on Tuesday as it extended the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at 1.0813 would signal that a short-term low has been posted. If June renews the decline off January's high, the 87% retracement level of the 2020-2021-rally crossing at 1.0564 is the next downside target. First resistance is the 20-day moving average crossing at 1.0813. Second resistance is the 50-day moving average crossing at 1.0867. First support is last-Wednesday's low crossing at 1.0609. Second support is the 87% retracement level of the 2020-2021-rally crossing at 1.0564.
The June Canadian Dollar closed higher for the sixth-day in a row on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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, January's high crossing at 80.25 is the next upside target. Closes below the 20-day moving average crossing at 78.58 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 79.58. Second resistance is January's high crossing at 80.25. First support is the 20-day moving average crossing at 78.58. Second support is last-Tuesday's low crossing at 77.69.
The June Japanese Yen closed sharply lower on Tuesday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 87% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.082304 is the next downside target. Closes above the 20-day moving average crossing at 0.085860 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.084764. Second resistance is the 20-day moving average crossing at 0.085860. First support is today's low crossing at 0.082775. Second support is the 87% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.082304.
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April gold closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month's decline, the 50-day moving average crossing at $1879.40 is the next downside target. Closes above the 10-day moving average crossing at $1949.70 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1949.70. Second resistance is the February 24th high crossing at $1976.50. First support is the 50-day moving average crossing at $1879.40. Second support is the February 15th low crossing at $1845.40.
May silver closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 50-day moving average crossing at 24.149 is the next downside target. Closes above last-Thursday's high crossing at 25.750 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 25.750. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 24.149. Second support is the February 15th low crossing at 23.125.
May copper closed slightly lower on Tuesday as it consolidates some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 last-Tuesday's low, March's high crossing at 5.0395 is the next upside target. If May resumes the decline off March's high, the February 24th low crossing at 4.4470 is the next downside target. First resistance is last-Friday's high crossing at 4.7600. Second resistance is March's high crossing at 5.0395. First support is the February 24th low crossing at 4.4470. Second support is the February 8th low crossing at 4.3995.
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May Corn closed down $0.03 1/2-cents at $7.53.
May corn posted an inside day with a lower close on Tuesday while extending the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $7.26 3/4 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If May corn renews the rally off last-September's low, psychological resistance crossing at $8.00 is the next upside target. First resistance is the March 4th high crossing at $7.82 3/4. Second resistance is psychological resistance crossing at $8.00. First support is last-Wednesday's low crossing at $7.26 3/4. Second support is the 25% retracement level of the September-March rally crossing at $7.15.
May wheat closed down $0.01-cent at $11.18 1/4.
May wheat closed lower on Tuesday while extending the trading range of the past seven-days. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $10.31 3/4 would open the door for additional weakness near-term. Closes above last-Tuesday's high crossing at $11.60 3/4 would signal that a short-term low has been posted while opening the door for additional short-term gains. First resistance is last-Tuesday's high crossing at $11.60 3/4. Second resistance is March's high crossing at $13.63 1/2. First support is last-Thursday's low crossing at $10.31 3/4. Second support is the 62% retracement level of the January-March rally crossing at $9.77 3/4.
May Kansas City Wheat closed up $0.03 1/4-cents at $11.16 1/2.
May Kansas City wheat closed higher on Tuesday as it extended the trading range of the past eight-days. The low-range close sets the stage for a steady to lower opening when Wednesday'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 11th low crossing at $10.35 1/2 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If May renews the rally off the March 11th low, March's high crossing at $12.99 1/2 is the next upside target.First resistance is March's high crossing at $12.99 1/2. Second resistance is the 2008-high on the monthly continuation chart crossing at $13.84 3/4. First support is the 50% retracement level of the January-March rallycrossing at $10.23 1/2. Second support is the 62% retracement level of the January-March rally crossing at $9.58 1/4.
May Minneapolis wheat closed up $0.07-cents at $10.95 3/4.
May Minneapolis wheat closed higher on Tuesday as it extends the trading range of the past eight-days. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are is possible near-term. Closes below last-Thursday's low crossing at $10.26 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May renews the rally off last-Thursday's low, March's high crossing at $12.11 3/4 is the next upside target. First resistance is March's high crossing at $12.11 3/4. Second resistance is the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2. First support is last-Thursday's low crossing at $10.26 3/4. Second support is the 62% retracement level of the January-March rally crossing at $10.01 1/4.
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May soybeans closed up $0.05 1/2-cent at $16.96 1/2
May soybeans closed higher on Tuesday and spiked above the upper boundary of this month's symmetrical triangle crossing near $17.10. Profit taking ahead of the close temper early-session gains and the low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off November's low, the 2012 high on the monthly continuation chart crossing at $17.89 is the next upside target. Closes below the March 4th low crossing at $16.34 1/2 would mark a downside breakout of this month's symmetrical triangle while opening the door for additional weakness near-term. First resistance is February's high crossing at $17.59 1/4. Second resistance is the 2012 high on the monthly continuation chart crossing at $17.89. First support is the March 4th low crossing at $16.34 1/2. Second support is the February 25th low crossing at $15.79.
May soybean meal closed down $4.50 at $476.80.
May soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If May extends the rally off last-October's low, psychological resistance crossing at $500.00 is the next upside target. Closes below the 20-day moving average crossing at $467.50 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at $491.60. Second resistance is psychological resistance crossing at $500.00. First support is the 20-day moving average crossing at $467.50. Second support is the March 2nd low crossing at $443.10.
May soybean oil closed up 83 pts. at 74.54.
May soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 50-day moving average crossing at 67.76 is the next downside target. If May resumes the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is March's high crossing at 78.58. Second resistance is unknown. First support is last-Friday's low crossing at 71.32. Second support is the February 25th low crossing at 68.22.
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April hogs closed down $0.25 at $100.38.
April hogs closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the January 28th low crossing at 93.62 is the next downside target. Closes above the March 4th gap crossing at $105.05 would signal that a short-term low has been posted. First resistance is the March 3rd high crossing at $107.45. Second resistance is February's high crossing at $112.85. First support is the March 7th low crossing at $98.47. Second support is the January 28th low crossing at $93.62.
April cattle closed down $0.70 at $139.35
April cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Wednesday's high crossing at $141.48 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the 2020-2022-rally crossing at $132.46 is the next downside target. First resistance is last-Wednesday's high crossing at $141.48. Second resistance is the 50-day moving average crossing at $142.36. First support is March's low crossing at $133.50. Second support is the 50% retracement level of the 2020-2022-rally crossing at $132.46.
April Feeder cattle closed down $0.73 at $160.47.
April feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April resumes the decline off February's high, the 87% retracement level of the 2021-2022 rally crossing at $152.09 is the next downside target. Closes above last-Wednesday's high crossing at $164.78 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $164.78. Second resistance is the 50-day moving average crossing at $166.37. First support is March's low crossing at $154.27. Second support is the 87% retracement level of the 2021-2022 rally crossing at $152.09.
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May coffee closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 22.68 would signal that a short-term low has been posted. If May renew the decline off February's high, the 38% retracement level of the 2020-2022-rally crossing at 20.24 is the next downside target.
May cocoa closed sharply higher on Tuesday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 26.30 would signal that a short-term low has been posted. If May extends the aforementioned decline, December's low crossing at 23.55 is the next downside target.
May sugar posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off February's low, November's high crossing at 20.29 is the next upside target. Closes below the 20-day moving average crossing at 18.74 would signal that a short-term top has been posted.
May cotton posted an inside day with a slightly higher close on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are 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, the 50% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 134.17 is the next upside target. Closes below the 50-day moving average crossing at 120.29 would signal that a short-term top has been posted.