KEY EVENTS TO WATCH FOR:

Tuesday, May 9, 2023  

6:00 AM ET. April NFIB Index of Small Business Optimism

                       Small Business Idx (previous 90.1)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, Y/Y% (previous +1.4%)

                       Latest Wk, Y/Y% (previous +1.3%)

10:00 AM ET. May IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 47.4)

                       6-Mo Economic Outlook (previous 41.6)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -3.9M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous -1.0M)

Wednesday, May 10, 2023  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 214.4)

                       Composite Idx, W/W% (previous -1.2%)

                       Purchase Idx-SA (previous 165.8)

                       Purchase Idx-SA, W/W% (previous -2.0%)

                       Refinance Idx (previous 461.2)

                       Refinance Idx, W/W% (previous +0.8%)

8:30 AM ET. April Real Earnings

8:30 AM ET. April CPI

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

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

                       Energy Idx, M/M% (previous -3.5%)

                       Food Idx, M/M% (previous +0.0%)

                       Real Avg Wkly Pay-Inflation Adj, M/M% (previous -0.1%)

                       CPI, Y/Y% (previous +5.0%)

                       Core Annual, Y/Y% (previous +5.6%)

10:00 AM ET. April Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 459.633M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -1.281M)

                       Gasoline Stocks (Bbl) (previous 222.878M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +1.742M)

                       Distillate Stocks (Bbl) (previous 110.323M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.19M)

                       Refinery Usage (previous 90.7%)

                       Total Prod Supplied (Bbl/day) (previous 19.805M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.403M)

Thursday, May 11, 2023  

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

                       Jobless Claims (previous 242K)

                       Jobless Claims, Net Chg (previous +13K)

                       Continuing Claims (previous 1805000)

                       Continuing Claims, Net Chg (previous -38K)

8:30 AM ET. April PPI

                       PPI, M/M% (previous -0.5%)

                       Ex-Food & Energy PPI, M/M% (previous -0.1%)

                       Personal Consumption (previous -0.4%)

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

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

                       Working Gas In Storage (Cbf) (previous 2063B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +54B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, May 12, 2023  

8:30 AM ET. April Import & Export Price Indexes

                       Import Prices (previous -0.6%)

                       Non-Petroleum Prices (previous -0.6%)

                       Petroleum Prices (previous -1.2%)

10:00 AM ET. May University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (previous 63.5)

                       Mid-Mo Expectations (previous 60.3)

                       Mid-Mo Current Idx (previous 68.6)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

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

The STOCK INDEXES: The June NASDAQ 100 was steady to slightly lower overnight and set the stage for a slightly 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. Closes above last-Monday's high crossing at 13,370.25 would renew this year's rally and mark an upside breakout of the April-May trading range. Closes below last-Thursday's low crossing at 13,001.75 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 12,863.00. First resistance is last-Monday's high crossing at 13,370.25. Second resistance is the 62% retracement level of 2022's decline crossing at 13,634.26. First support is last-Thursday's low crossing at 13,001.75. Second support is the 50-day moving average crossing at 12,863.00.  

The June S&P 500 was steady to slightly lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off April's low, February's high crossing at 4244.00 is the next upside target. Closes below the 50-day moving average crossing at 4076.01 would confirm that an important top has been posted while opening the door for a larger-degree decline near-term. First resistance is last-Monday's high crossing at 4206.25. Second resistance February's high crossing at 4244.00. First support is the 50-day moving average crossing at 4076.01. Second support is the March 28^th low crossing at 3980.75.

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

INTEREST RATES: June T-bonds were higher overnight and sets the stage for a 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-Monday's low crossing at 129-02 would mark a downside breakout of the March-April trading range thereby opening the door for additional weakness near-term. Closes above last-Thursday's high crossing at 133-00 would open the door for a possible test of April's high crossing at 134-14. First resistance is last-Thursday's high crossing at 133-00. Second resistance is April's high crossing at 134-14. First support is last-Monday's low crossing at 129-02. Second support is the 38% retracement level of the October-January rally crossing at 128-08.  

June T-notes were higher overnight as they consolidates some of the decline off last-Thursday's high. Overnight trading sets the stage for a higher 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 115.051 would signal that a short-term top has been posted. If June resumes the rally off April's low, March's high crossing at 117.015 is the next upside target. First resistance is last-Thursday's high crossing at 117.000. Second resistance is March's high crossing at 117.015. First support is the 20-day moving average crossing at 115.051. Second support is the 50-day moving average crossing at 114.182.

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

ENERGIES:Junecrude oil was lower overnight as it pauses the rebound off last-Thursday's low. Overnight trading 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. Closes above the 20-day moving average crossing at $76.35 would confirm that a short-term low has been posted. If June renews the decline from April's high, the 62% retracement level of the 2020-2022 rally crossing at $61.25 is the next downside target. First resistance is the 10-day moving average crossing at $72.73. Second resistance is the 50-day moving average crossing at $75.59. First support is last-Thursday's low crossing at $63.64. Second support is the 62% retracement level of the 2020-2022 rally crossing at $61.25.  

June heating oil was 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. Closes above the 20-day moving average crossing at 2.4422 would signal that a short-term low has been posted. If June renews the decline off January's high, the 62% retracement level of the 2020-2022 rally crossing at 2.1217 is the next downside target.First resistance is the 20-day moving average crossing at 2.4422. Second resistance is the 50-day moving average crossing at $2.5397. First support is the 62% retracement level of the 2020-2022 rally crossing at 2.1217. Second support is the the November-29, 2021 low crossing at 1.9476.

June unleaded gas was lower overnight as it consolidates some of the rally off last-Thursday's low. Overnight action sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $2.5824 would temper the near-term bearish outlook. Closes below last-December's low crossing at $2.2483 would mark a downside breakout of the December-May trading range while opening the door for a possible test of the 50% retracement level of the 2020-2022 rally crossing at 2.0663. First resistance is the 10-day moving average crossing at $2.4447. Second resistance is the 50-day moving average crossing at $2.5824. First support is last-December's low crossing at $2.2483. Second support is the 50% retracement level of the 2020-2022 rally crossing at 2.0663.    

June natural gas was lower overnight and sets the stage for a lower opening when the day 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 2.316 would signal that a short-term low has been posted while opening the door for additional short-covering gains. If June extends the decline off March's high, the September-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target. First resistance is the 20-day moving average crossing at 3.316. Second resistance is the 50-day moving average crossing at 2.535. First support is last-Friday's low crossing at 2.031. Second support is the September-2020 low on the monthly continuation chart crossing at 1.795.

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

CURRENCIES:The June Dollar was higher overnight and sets the stage for a higher opening when the day session begins trading later this morning. 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 102.389 would signal that a short-term low has been posted while opening the door for additional gains near-term. If June resumes the decline off March's high, February's low crossing at 100.389 is the next downside target. First resistance is the 50-day moving average crossing at $102.389. Second resistance is the 25% retracement level of the 2022-2023 decline crossing at 103.594. First support is the April 14^thlow crossing at 100.420. Second support is February's low crossing at 100.345.

The June Euro was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at $1.09720 would signal that a short-term top has been posted while opening the door for additional weakness and a possible test of the 50-day moving average crossing at 1.09033. If June renews the rally off March's low, the 38% retracement level of the 2018-2022 decline crossing at $1.12051 is the next upside target. First resistance is April's high crossing at $1.11290. Second resistance is the 38% retracement level of the 2018-2022 decline crossing at $1.12051. First support is last-Tuesday's low crossing at $1.09722. Second support is the 50-day moving average crossing at $1.09033. 

The June British Pound was steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly 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 near-term. If June extends the rally off the March 8^th low, the 62% retracement level of the 2021-2022 decline crossing at 1.2784 is the next upside target. Closes below the 20-day moving average crossing at 1.2511 would temper the near-term friendly outlook. First resistance is Monday's high crossing at 1.2682. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.2784. First support is the 20-day moving average crossing at 1.2511. Second support is the 50-day moving average crossing at 1.2347.    

The June Swiss Franc was lower overnight and sets the stage for a 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 last-Tuesday's low crossing at 1.11770 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June resumes the rally off the March low, the May-2021 high crossing at 1.14120 is the next upside target. First resistance the May-2021 high crossing at 1.14120. Second resistance is the 87% retracement level of the 2021-2022 decline crossing at 1.15040. First support is last-Tuesday's low crossing at 1.11770. Second support is the 50-day moving average crossing at 1.10880. 

The June Canadian Dollar was lower overnight it consolidates some of the rally off April's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, April's high crossing at $74.68 is the next upside target. Closes below the 50-day moving average crossing at $73.77 would signal that a short-term top has been posted. First resistance is April's high crossing at $74.68. Second resistance is February's high crossing at $75.49. First support is the 20-day moving average crossing at $74.21. Second support is the 50-day moving average crossing at $73.77.  

The June Japanese Yen was steady to slightly higher overnight. Overnight trading sets the stage for a slightly 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 50-day moving average crossing at 0.075569 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If June resumes the decline off the March's high, the 62% retracement level of the October-January rally crossing at 0.072908 is the next downside target. First resistance is the 50-day moving average crossing at 0.075569. Second resistance is the April 13^th high crossing at 0.076475. First support is the May 2^nd low crossing at 0.073055. Second support is the 62% retracement level of the October-January rally crossing at 0.072908.

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

Junegold was higher overnight as it consolidates some of last-Friday's decline. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $2007.00 would temper the near-term friendly outlook. If June renews the rally off February's low, the March-2022 high crossing at $2097.20 is the next upside target. First resistance is last-Thursday's high crossing at $2085.40. Second resistance is the March-2022 high crossing at $2097.20. First support is the April 19^th low crossing at $1980.90. Second support is the 50-day moving average crossing at $1976.00.

July silver was steady to slightly higher overnight and sets the stage for a slightly higher 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 last-Friday's low crossing at $25.410 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off March's low, the March-2022 high crossing at $27.288 is the next upside target. First resistance is April's high crossing at $26.435. Second resistance is the March-2022 high crossing at $24.288. First support is the April 25^th low crossing at $24.735. Second support is the 50-day moving average crossing at $23.906. 

July copper was lower overnight and sets the stage for a lower opening when the day 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 50-day moving average crossing at 4.0050 would confirm that a short-term low has been posted. If July renews the decline off April's high, the 50% retracement level of the 2022-2023 rally crossing at 3.7645 is the next downside target. First resistance is the 20-day moving average crossing at 3.9631. Second resistance is the 50-day moving average crossing at 4.0050. First support is April's low crossing at 3.8165. Second support is the 50% retracement level of the July-January rally crossing at 3.7645. 

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

July corn was lower overnight and sets the stage for a lower 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. If July extends the rally off last-Wednesday's low, the 20-day moving average crossing at $6.08 is the next upside target. If July renews the decline off April's high, the December-2021 low crossing at $5.48 3/4 is the next downside target.First resistance is the 20-day moving average crossing at $6.08. Second resistance is the 50-day moving average crossing at $6.15 1/2. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.71 3/4. Second support is the December-2021 low crossing at $5.48 3/4.

July wheat was 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. Closes above the 20-day moving average crossing at $6.60 would signal that a short-term low has been posted while opening the door for additional short-covering gains. If July resumes the decline off March's high the March-2021 low crossing at $5.71 is the next downside target. First resistance is the 20-day moving average crossing at $6.60. Second resistance is the 50-day moving average crossing at $6.85. First support is the 87% retracement level of the 2020-2022 rally crossing at $6.17. Second support is the March-2021 low crossing at $5.71.

July Kansas City wheat was lower overnight as it consolidates some of the rally off the May 2^nd low. Overnight weakness and sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the May 2^nd low, April's high  crossing at $8.86 is the next upside target. Closes below the 10-day moving average crossing at $7.92 1/2 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $8.59 1/4. Second resistance is April's high crossing at $8.86. First support is the 50-day moving average crossing at $8.20. Second support is the 10-day moving average crossing at $7.92 1/2.

July Minneapolis wheat was steady to slightly higher overnight as it extends the rally off the May 3^rd low. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.50 would open the door for a larger-degree rebound near-term. Closes below the 10-day moving average crossing at $8.10 1/2 would signal that the rally off the May 3^rd low has ended. First resistance is the 50-day moving average crossing at $8.50. Second resistance is the April 18^th high crossing at $8.95 1/4. First support is the 10-day moving average crossing at $8.10 1/2. Second support is the May 3^rd low crossing at $7.69.     

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

July soybeans was lower overnight and sets the stage for a lower opening when the day session begins trading later this morning. 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 $14.42 1/4 would confirm that a short-term low has been posted while opening the door for additional short-covering gains. If July renews the decline off April's high, March's low crossing at $13.83 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $14.42 1/4. Second support is the 50-day moving average crossing at $14.58 1/2. First support is the 10-day moving average crossing at $14.21. Second support is the 87% retracement level of the March-April rally crossing at $13.98 3/4.

July soybean meal was lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the aforementioned decline, the 38% retracement level of the 2020-2023 rally crossing at $411.90 is the next downside target. Closes above the 20-day moving average crossing at $439.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $439.40. Second resistance is the 50-day moving average crossing at $451.70. First support is last-Thursday's low crossing at $418.00. Second support is the 38% retracement level of the 2020-2023 rally crossing at $411.90.

July soybean oil was slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 55.34 would open the door for a possible test of April's high crossing at 57.51. Closes below the 10-day moving average crossing at 52.56 would confirm that the rally off April's low has likely ended. First resistance is the 50-day moving average crossing at 55.34. Second resistance is the April 18^th high crossing at 56.21. First support is the 10-day moving average crossing at 52.56. Second support is April's low crossing at 50.57.