KEY EVENTS TO WATCH FOR:

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 STOCK INDEXES: The June NASDAQ 100 was lower in overnight trading as it extends the decline off March'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews 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 14,436.36 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 14,436.36. Second resistance is the 62% retracement level of the November-March decline crossing at 15,266.64. First support is the 75% retracement level of March's rally crossing at 13,527.67. Second support is the 87% retracement level of March's rally crossing at 13,249.39.

The June S&P 500 was steady to slightly lower overnight following Thursday's key reversal down. 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. 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. Closes above the 20-day moving average crossing at 4482.36 would signal that a short-term low has been posted while opening the door for additional gains near-term. First resistance is the 20-day moving average crossing at 4482.36. 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.  

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

INTEREST RATES: June T-bonds were steady to slightly lower overnight as it consolidates some of Wednesday's rally. 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 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 144-16 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 141-08. Second resistance is the 20-day moving average crossing at 144-16. First support is Wednesday'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 were lower overnight as it extends the decline off March's high. 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 weekly continuation chart crossing at 117.135 is the next downside target. Closes above the 20-day moving average crossing at 120.228 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 120.228. Second resistance the March 31^st high crossing at 123.040. First support is the overnight low crossing at 118.080. Second support is the October-2018 low on the weekly continuation chart crossing at 117.135.  

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

ENERGIES:June crude oil was lower overnight as it continues to form a symmetrical triangle off March's high and low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $98.90 would signal that a short-term top has likely been posted while opening the door for a possible decline to test the bottom of the aforementioned triangle crossing near $93.64. Closes above Monday's high crossing at $109.20 would confirm an upside breakout of the aforementioned triangle and could lead to a test of the March  24^th high crossing at $113.51. First resistance is Monday's high crossing at $109.20. Second resistance is the March 24^th high crossing at $113.51. First support is the April 11^th low crossing at $92..60. Second support is the March 15^th low crossing at $90.37.

June heating oil was steady to lower overnight as it extends this week's trading range. Overnight weakness 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 the April 7^th low, the 87% retracement level of March's decline crossing at $3.8622 is the next upside target. Closes below the 20-day moving average crossing at $3.3834 would temper the near-term friendly outlook.First resistance is the 75% retracement level of the December-March rally crossing at $3.7170. Second resistance is the 87% retracement level of the December-March rally crossing at $3.8622. First support is the 20-day moving average crossing at $3.3834. Second support is the 50-day moving average crossing at $3.1694.

June unleaded gas was slightly lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.1849 would signal that a short-term top has likely 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 20-day moving average crossing at $3.1849. Second support is the 50-day moving average crossing at $3.0867.    

June Henry natural gas was steady to slightly higher overnight as it consolidates some of the decline off Monday's high. Overnight trading 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 the 20-day moving average crossing at 6.456 would signal that a short-term top has been posted. If June renews the rally off February'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 2005-2020-decline on the monthly continuation chart crossing at 8.606. First support is the 25% retracement level of the December-April rally crossing at 6.387. Second support is the 20-day moving average crossing at 6.456.   

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

CURRENCIES:The June Dollar was higher overnight following Thursday's upside reversal and is poised to resume the rally off January's low. Overnight strength sets the stage for a 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 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 $99.64 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 March-2020 high on the monthly continuation chart crossing at $103.96. First support is the 20-day moving average crossing at $99.64. Second support is the 50-day moving average crossing at $98.39.  

The June Euro was lower overnight following Thursday's downside reversal.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the March-2020 low on the monthly continuation chart crossing at $1.0671 is the next downside target. Closes above the 20-day moving average crossing at $1.09461 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1.09461. Second resistance is the 50-day moving average crossing at $1.10794. First support is last-Thursday's low crossing at $1.07810. Second support is the March-2020 low on the monthly continuation chart crossing at $1.0671.

The June British Pound was sharply lower overnight as it renewed the decline off January's high. Overnight trading sets the stage for a sharply lower opening when the day session begins trading.Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If June renews the decline off the March 23^rd high, the September-2020 low crossing at 1.2761 is the next downside target. Closes above last-Thursday's high crossing at 1.3145 would signal that a short-term low has been posted. First resistance islast-Thursday's high crossing at 1.3145. Second resistance is the 50-day moving average crossing at 1.3210. First support is the 50% retracement level of the 2020-2021-rally crossing at 1.2894. Second support is the September-2020 low crossing at 1.2761.

The June Swiss Franc was lower overnight as it extends the decline off the March 31^st high. The low-range overnight trade sets the stage for a 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 June extends the aforementioned decline, the March-2020 low crossing at 1.0415 is the next downside target. Closes above the 10-day moving average crossing at 1.0635 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.0635. Second resistance is the 20-day moving average crossing at 1.0716. First support is the overnight low crossing at 1.0483. Second support is the March-2020 low crossing at 1.0415.  

The June Canadian Dollar was sharply lower overnight as it extends Thursday's sharp decline. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $79.05 would open the door for additional weakness near-term. If June renews the rally off March's low, the April 5^th high crossing at $80.61 is the next upside target. First resistance is Thursday's high crossing at $80.24. Second resistance is the April 5^th high crossing at $80.61. First support is the 62% retracement level of the March-April rally crossing at $78.69. Second support is the 75% retracement level of the March-April rally crossing at $78.28.  

The June Japanese Yen was steady to slightly lower overnight as it consolidates above Wednesday's low. Overnight trading sets the stage for a steady to slightly 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 March extends the aforementioned decline, 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 0.080301 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.079069. Second resistance is the 20-day moving average crossing at 0.080301. First support is Wednesday's low crossing at 0.077385. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.  

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

PRECIOUS METALS: Junegold was lower overnight as it extends the decline off Monday's high. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $1938.20 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June renews the rally off March's low, the 62% retracement level of March's decline crossing at $2010.70 is the next upside target. First resistance is Monday's high crossing at $2003.00. Second resistance is the 62% retracement level of March's decline crossing at $2010.70. First support is the 50-day moving average crossing at $1938.20. Second support is March's low crossing at $1893.20.

July silver was lower overnight and the mid-range 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. If July extends this week's decline, March's low crossing at $24.110 is the next downside target. Closes above the 10-day moving average crossing at $25.387 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $25.387. Second resistance is Monday's high crossing at $26.275. First support is March's low crossing at $24.110. Second support is the 62% retracement level of the December-March rally crossing at $23.801. 

May copper was lower overnight and the mid-range overnight trade sets the stage for a steady to lower opening is possible 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 4.6579 would open the door for a possible test of March's low crossing at 4.4685. If May renews 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 the 50-day moving average crossing at 4.6579. Second support is March's low crossing at 4.4685. 

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

July corn was higher in late-overnight trading as it consolidates around psychological resistance crossing at $8.00. Overnight trading sets the stage for a steady to higher opening when the day sessions 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 29^th low, the August-2012 high on the monthly continuation chart crossing at $8.43 3/4 is the next upside target. Closes below the 20-day moving average crossing at $7.59 3/4 would signal that a short-term top has 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 at $8.43 3/4. First support is the 10-day moving average crossing at $7.86 1/2. Second support is the 20-day moving average crossing at $7.59 3/4.  

July wheat was steady to lower overnight as it extends the decline off Tuesday's high. Overnight trading 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 $10.62 1/2 would signal that a short-term top has been posted. If July renews the rally off the March 29^th low, the 62% retracement level of March's decline crossing at $11.59 1/4 is the next upside target. First resistance is Tuesday's high crossing at $11.43 1/2. Second resistance is the 62% retracement level of March's decline crossing at $11.59 1/4. First support is the 20-day moving average crossing at $10.62 1/2. Second support is the 50-day moving average crossing at $10.18 1/4. 

July Kansas City wheat was higher overnight as it consolidates some of the decline off Tuesday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 $11.07 3/4 would signal that a short-term top has been posted. If July renews the rally off March's low, the 87% retracement level of March's decline crossing at $12.28 is the next upside target. First resistance is the 87% retracement level of March's decline crossing at $12.28. Second resistance is March's high crossing at $12.59. First support is the 20-day moving average crossing at $11.07 3/4. Second support is the 50-day moving average crossing at $10.46 1/2.

July Minneapolis wheat was steady to slightly higher overnight and 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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $11.19 1/4 would signal that a short-term top has been posted. If July extends the rally off the March 29^th 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. First resistance is Monday's high crossing at $11.88 3/4. Second resistance is 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 $11.56. Second support is the 20-day moving average crossing at $11.19 1/4. 

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

July soybeans were higher in late-overnight trading as they extend the rally off April's low. Overnight strength 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 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 $16.39 1/4 would signal that a short-term top has likely been posted.First resistance is the overnight high crossing at $17.26. Second resistance is February's high crossing at $17.41. First support is the 10-day moving average crossing at $16.84 1/2. Second support is the 50-day moving average crossing at $16.39 1/4.

July soybean meal was steady to lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the March 29^th high crossing at $473.00 is the next upside target. Closes below last-Wednesday's low crossing at $450.00 would signal that a short-term top has been posted. First resistance is the March 29^th high crossing at $473.00. Second resistance is March's high crossing at $484.60. First support is last-Wednesday's low crossing at $450.00. Second support is the 25% retracement level of the October-March rally crossing at $444.30. 

July soybean oil was sharply higher overnight as it extends the rally off April's low. 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 July extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 73.76 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 82.17. Second resistance is unknown. First support is the 10-day moving average crossing at 77.02. Second support is the 20-day moving average crossing at 73.77.