KEY EVENTS TO WATCH FOR:
Thursday, April 21, 2022
8:30 AM ET. April Philadelphia Fed Business Outlook Survey
Business Activity (previous 27.4)
Prices Paid (previous 81.0)
Employment (previous 38.9)
New Orders (previous 25.8)
Prices Received (previous 54.4)
Delivery Times (previous 39.7)
Inventories (previous 0.5)
Shipments (previous 30.2)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 185K)
Jobless Claims, Net Chg (previous +18K)
Continuing Claims (previous 1475000)
Continuing Claims, Net Chg (previous -48K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1736K)
Soybeans (Metric Tons) (previous 1006.9K)
Wheat (Metric Tons) (previous 321.3K)
10:00 AM ET. March Leading Indicators
Leading Index, M/M% (previous +0.3%)
Leading Index (previous 119.9)
Coincident Index, M/M% (previous +0.4%)
Lagging Index, M/M% (previous +0%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1397B)
Working Gas In Storage, Net Chg (Cbf) (previous +15B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, April 22, 2022
9:45 AM ET. April US Flash Manufacturing PMI
PMI, Mfg (previous 58.5)
9:45 AM ET. April US Flash Services PMI
PMI, Services (previous 58.9)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Wednesday and is poised to test March's high crossing at 35,372.26.The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow renews the rally off February's low, the 75% retracement level of the January-February decline crossing at 35,783.87 is the next upside target. Closes below the 50-day moving average crossing at 34,297.28 would signal that a short-term top has been posted. First resistance is March's high crossing at 35,372.26. Second resistance is the 75% retracement level of the January-February decline crossing at 35,783.87. First support is the 50-day moving average crossing at 34,297.28. Second support is last-Tuesday's low crossing at 34,102.81.
The June NASDAQ 100 closed lower on Wednesday as it extends the trading range of the past six-days. The low-range close sets the stage for a steady to lower opening when Thursday'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 75% retracement level of March's rally crossing at 13,527.67 is the next downside target. Closes above the 20-day moving average crossing at 14,526.94 would signal that a short-term low has been posted. First resistance is the 62% retracement level of the November-March decline crossing at 15,262.64. Second resistance is the 75% retracement level of the November-March decline crossing at 15,763.56. First support is the 62% retracement level of March's rally crossing at 13,833.79. Second support is the 75% retracement level of March's rally crossing at 13,527.67.
The June S&P 500 closed slightly higher on Wednesday. The mid-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 20-day moving average crossing at 4492.07 would signal that a short-term low has been posted. If June resumes the decline off March's high, the 62% retracement level of the February-March rally crossing at 4298.43 is the next downside target. First resistance is the 20-day moving average crossing at 4492.16. Second resistance is March's high crossing at 4631.00. First support is the 50% retracement level of the February-March rally crossing at 4362.09. Second support is the 62% retracement level of the February-March rally crossing at 4298.43.
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June T-bonds closed up 1-21/32's at 141-05.
June T-bonds closed sharply higher due to short covering on Wednesday as it consolidates some of the decline off December'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 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 October-2018 low on the monthly continuation chart crossing at 136-16 is the next downside target. Closes above the 20-day moving average crossing at 145-14 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 142-06. Second resistance is the 20-day moving average crossing at 145-14. First support is today's low crossing at 138-14. Second support is the October-2018 low on the monthly continuation chart crossing at 136-16.
June T-notes closed up 125 pts. at 119.155.
June T-notes closed higher on Wednesday. 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 oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If June extends the decline off March's high, the October-2018 low on the monthly continuation chart crossing at 117.135 is the next downside target. Closes above the 20-day moving average crossing at 121.047 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121.047. Second resistance is the March 31st high crossing at 123.040. First support is today's low crossing at 118.195. Second support is the October-2018 low on the monthly continuation chart crossing at 117.135.
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June crude oil closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins. However, stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are still possible. Closes below the 50-day moving average crossing at $98.20 would signal that a short-term top has likely been posted. If June renews the rally off last-Monday's low, the March 24th high crossing at $113.51 is the next upside target. First resistance is the March 24th high crossing at $116.61. Second resistance is March's high crossing at $121.17. First support is April's low crossing at $92.60. Second support is March's low crossing at $92.20.
June heating oil closed higher on Wednesday following a two-day decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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 April 7th low, the 87% retracement level of the March decline crossing at 3.8622 is the next upside target. Closes below the 20-day moving average crossing at $3.3778 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the March decline crossing at $3.7170. Second resistance is the 87% retracement level of the March decline crossing at $3.8622. First support is the 20-day moving average crossing at $3.3778. Second support is the 50-day moving average crossing at $3.1294.
June unleaded gas closed higher on Wednesday as it consolidated some of the decline off Monday'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 bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at $3.1616 would signal that a short-term top has been posted. If June renews the rally off April's low, the 75% retracement level of March's decline crossing at 3.4806 is the next upside target. First resistance is the 75% retracement level of March's decline crossing at 3.4806. Second resistance is the 87% retracement level of March's decline crossing at 3.5887. First support is the 10-day moving average crossing at $3.1766. Second support is the 50-day moving average crossing at 3.0629.
June Henry natural gas closed lower on Wednesday as it consolidated some of the decline off December's low. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 10-day moving average crossing at 6.916 would signal that a short-term top has been posted. If June resumes the rally off December's low, the 50% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 8.606 is the next upside target. First resistance is Monday's high crossing at 8.197. Second resistance is the 50% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 8.606. First support is the 10-day moving average crossing at 6.916. Second support is the 20-day moving average crossing at 6.282.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed sharply lower due to profit taking on Wednesday to consolidated some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Thursday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off January's low, the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $102.04 is the next upside target. Closes below the 20-day moving average crossing at $99.43 would signal that a short-term top has likely been posted. First resistance is the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $102.04. Second resistance is the 2020-high on the monthly continuation chart crossing at $103.96. First support is last-Thursday's low crossing at $99.56. Second support is the 20-day moving average crossing at $99.43.
The June Euro closed higher on Wednesday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off the March 31st high, the March-2020 low on the weekly continuation chart crossing at $106.71 is the next downside target. Closes above the 20-day moving average crossing at $109.65 would signal that a short-term low has likely been posted. First resistance is the 20-day moving average crossing at $109.65. Second resistance is the 50-day moving average crossing at $111.04. First support is last-Thursday's low crossing at $107.81. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.
The June British Pound closed higher on Wednesday. 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 signaling that sideways trading is possible near-term. Closes above last-Thursday's high crossing at 1.3145 would signal that a short-term low has been posted. If June renews the decline off the March 23rd high, the 50% retracement level of the 2020-2021-rally crossing at 1.2894 is the next downside target. First resistance is last-Thursday's high crossing at 1.3145. Second resistance is the 50-day moving average crossing at 1.3232. First support is last-Wednesday's low crossing at 1.2969. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2894.
The June Swiss Franc closed higher due to short covering on Wednesday as it consolidated some of the decline off the March 31st high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 the March 31st high, the March-2020 low crossing at 1.0415 is the next downside target. Closes above the 20-day moving average crossing at 1.0744 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0684. Second resistance is the 20-day moving average crossing at 1.0744. First support is today's low crossing at 1.0512. Second support is the March-2020 low crossing at 1.0415.
The June Canadian Dollar closed sharply higher on Wednesday and above the 20-day moving average crossing at 79.70 signaling that a short-term low has been posted. 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. If June extends today's rally, the April 15th high crossing at 80.61 is the next upside target. Closes below the 50-day moving average crossing at 79.04 would open the door for additional weakness near-term. First resistance is today's high crossing at 80.15. Second resistance is the April 5th high crossing at 80.61. First support is the 50-day moving average crossing at 79.04. Second support is the 62% retracement level of the March-April rally crossing at 78.69.
The June Japanese Yen closed higher on Wednesday as it consolidated some of the decline off January'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, March's low the February-2002 low on the monthly continuation chart crossing at 0.074150 is the next downside target. Closes above the 20-day moving average crossing at 0.080731 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.079634. Second resistance is the 20-day moving average crossing at 0.080731. First support is today's low crossing at 0.077385. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.
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April gold closed lower on Wednesday 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 Thursday'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 $1929.90 would signal that a short-term top has been posted. If April renews the rally off March's low, the 62% retracement level of the March decline crossing at $2005.50 is the next upside target. First resistance is Monday's high crossing at $1997.10. Second resistance is the 62% retracement level of the March decline crossing at $2005.50. First support is the 20-day moving average crossing at $1945.60. Second support is the 50-day moving average crossing at $1929.90.
May silver closed lower on Wednesday as it consolidated some of the rally off March's low. The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 24.944 would signal that a short-term top has been posted. If May renews the rally off March's low, March's high crossing at 27.495 is the next upside target. First resistance is Monday's high crossing at 26.495. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 24.944. Second support is April's low crossing at 24.200.
May copper closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 4.6240 would open the door for additional weakness near-term. If May resumes the rally off March's low, the 75% retracement level of March's decline crossing at 4.8967 is the next upside target. First resistance is the 62% retracement level of March's decline crossing at 4.8214. Second resistance is the 75% retracement level of March's decline crossing at 4.8967. First support is last-Monday's low crossing at 4.6240. Second support is March's low crossing at 4.4685.
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July Corn closed up $0.10 1/4-cents at $8.10.
July corn closed higher on Wednesday marking an breakout above key resistance marked by the June-2011 high on the monthly continuation chart crossing at $7.99 3/4. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the March 29th low, the August-2012 high on the monthly continuation chart crossing at $8.43 3/4 is the next upside target. Closes below the 10-day moving average crossing at $7.76 1/2 would signal that a short-term top has likely been posted. First resistance is Tuesday's high crossing at $8.14. Second resistance is the August-2012 high on the monthly continuation chart crossing near $8.43 3/4. First support is the 10-day moving average crossing at $7.76 1/2. Second support is the 20-day moving average crossing at $7.53 1/4.
July wheat closed down $0.11 1/2-cents at $10.97 1/2.
July wheat closed lower on Wednesday 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 Thursday'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 July extends the aforementioned rally, the 62% retracement level of the March decline crossing at $11.59 1/4 is the next upside target. Closes below the 20-day moving average crossing at $10.63 3/4 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the March decline crossing at $11.59 1/4. Second resistance is the 75% retracement level of the March decline crossing at $12.00 1/4. First support is the 20-day moving average crossing at $10.63 3/4. Second support is the 50-day moving average crossing at $10.06 1/2.
July Kansas City Wheat closed down $0.06 3/4-cents at $11.69 1/2.
July Kansas City wheat closed lower on Wednesday as it extended the trading range of the past five-days. The mid-range close sets the stage for a steady to lower opening when Thursday'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 July extends the rally off the 87% retracement level of March's decline crossing at $12.28 is the next upside target. Closes below the 20-day moving average crossing at $11.03 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $12.02 1/4. Second resistance is the 87% retracement level of March's decline crossing at $12.28. First support is the 20-day moving average crossing at $11.03. Second support is the 50-day moving average crossing at $10.33 1/4.
July Minneapolis wheat closed unchanged at $11.72 1/4.
July Minneapolis wheat closed unchanged on Wednesday as it consolidated some of Monday's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are is possible near-term. If July extends the rally off the March 29th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.12 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $11.88 3/4. Second resistance is the March 29th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2. First support is the 10-day moving average crossing at $11.45 3/4. Second support is the 20-day moving average crossing at $11.12.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed up $0.25 1/4-cents at $17.17.
July soybeans closed higher on Wednesday and closed above March's high crossing at $17.13 as it renewed the rally off April's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, February's high crossing at $17.41 is the next upside target. Closes below the 50-day moving average crossing at $16.33 1/2. First resistance today's high crossing at $17.21 3/4. Second resistance is February's high crossing at $17.41. First support is the 50-day moving average crossing at $16.33 1/2. Second support is April's low crossing at $15.60 1/2.
July soybean meal closed down $6.70 at $466.30.
July soybean meal closed higher on Wednesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the March 30th high crossing at $472.80 is the next upside target. If July renews the decline off March's high, the February 16th low crossing at $435.50 is the next downside target. First resistance is the March 30th high crossing at $472.80. Second resistance is March's high crossing at $484.60. First support is April's low crossing at $441.10. Second support is the February 16th low crossing at $435.50.
July soybean oil closed up 55 pts. at 78.75.
July soybean oil closed higher on Wednesday as it extended this year's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 72.94 would signal that a short-term top has been posted. First resistance is today's high crossing at 79.26. Second resistance is unknown. First support is the 10-day moving average crossing at 75.03. Second support is the 20-day moving average crossing at 72.94.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $2.82 at $118.50.
June hogs gapped down and closed lower on Wednesday as it consolidated some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Thursday's 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 the March 5th low, March's high crossing at $127.32 is the next upside target. Closes below the 50-day moving average crossing at $117.45 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $123.08. Second resistance is March's high crossing at $127.32. First support is the 38% retracement level of the September-March rally crossing at $111.94. Second support is the March 7th low crossing at $109.15.
June cattle closed up $2.08 at $138.65
June cattle closed sharply higher on Wednesday and above the 50-day moving average crossing at $137.18 opened the door for additional gains near-term. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 75% retracement level of the February-March decline crossing at $140.29 is the next upside target. Closes below the 10-day moving average crossing at $135.76 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the February-March decline crossing at $138.65. Second resistance is the the 75% retracement level of the February-March decline crossing at $140.29. First support is the 10-day moving average crossing at $135.76. Second support is the April 6th low crossing at $132.48.
May Feeder cattle closed up $2.00 at $162.78.
May 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $163.06 would confirm that a short-term low has been posted. If May renews the decline off the 87% retracement level of the 2021-2022 rally crossing at $156.27 is the next downside target. First resistance is the 50-day moving average crossing at $167.06. Second resistance is the 50-day moving average crossing at $167.03. First support is last-Monday's low crossing at $156.85. Second support is the 87% retracement level of the 2021-2022 rally crossing at $156.27.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed lower on Wednesday as it extends the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last-Tuesday's high, the March 28th low crossing at 21.27 is the next downside target. Closes above the 50-day moving average crossing at 23.06 would signal that a short-term low has been posted.
July cocoa closed higher on Wednesday as it consolidated some of the decline off last-Monday's high. The low-range close sets the stage for a steady to slightly higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday's high, March's low crossing at 24.87 is the next downside target. Closes above the 50-day moving average crossing at 26.46 would signal that a short-term low has been posted.
July sugar closed lower on Wednesday and below the 20-day moving average crossing at 19.62 as it extends 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 50-day moving average crossing at 18.82 is the next downside target. If July renews the rally off February's low, weekly resistance crossing at 20.69 is the next upside target.
July cotton closed higher on Wednesday as it consolidated some of Tuesday's decline. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 134.53 would confirm that a top has been posted. If July resumes the rally off March's low, the 62% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 154.43 is the next upside target.
Thanks much tallpine!