INO Evening Market Comments
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Started by tallpine - April 5, 2018, 4:27 p.m.

KEY EVENTS TO WATCH FOR:



Friday, April 6, 2018 



8:30 AM ET. March U.S. Employment Report



                       Non-Farm Payrolls (expected +173K; previous +313K)



                       Unemployment Rate (expected 4.0%; previous 4.1%)



                       Avg Hourly Earnings (USD) (previous 26.75)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.04)



                       Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.15%)



                       Avg Hourly Earnings, Y/Y% (previous +2.6%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous +0.1)



                       Government Payrolls (previous +26K)



                       Private Payroll (previous +287K)



                       Participation Rate (previous 63.0%)



                       Non-Farm Payrolls Bench Net Chg



3:00 PM ET. February Consumer Credit



                       Consumer Credit Net Chg (USD) (expected +15.0B; previous +13.91B)



Monday, April 9, 2018 



9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting



10:00 AM ET. March Employment Trends Index



                       ETI (previous 107.74)



                       ETI, Y/Y% (previous +5.6%)



1100/1500          IMF World Economic Outlook analytical chapters



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



The June NASDAQ 100 closed higher on Thursday following yesterday's key reversal up.The mid-range close sets the stage for a steady to lower opening when Friday'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 6797.95 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, February's low crossing at 6192.50 is the next downside target. First resistance is today's high crossing at 6654.50. Second resistance is the 20-day moving average crossing at 6797.95. First support is Wednesday's low crossing at 6306.75. Second support is February's low crossing at 6192.50. 



The June S&P 500 closed higher on Thursday following yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2689.53 are needed to confirm that a short-term low has been posted. If June extends the decline off March's high, the 38% retracement level of the 2016-2018-rally crossing at 2533.51 is the next downside target. First resistance is the 20-day moving average crossing at 2689.53. Second resistance is the 50-day moving average crossing at 2717.49. First support is Monday's low crossing at 2554.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.



The Dow closed higher on Thursday as it extends the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 24,448.27 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off March's high, weekly support crossing at 23,101.28 is the next downside target. First resistance is the 20-day moving average crossing at 24,448.27. Second resistance is the 50-day moving average crossing at 24,904.99. First support is Monday's low crossing at 23,344.52. Second support is weekly support crossing at 23,101.28.     



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June T-bonds closed down 27/32's at 144-28.



June T-bonds closed lower on Thursday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Friday's night 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 144-25 are needed to confirm that a short-term top has been posted. If June resumes the rally off February's low, the 50% retracement level of the December-February-decline crossing at 147-14 is the next upside target. First resistance is the 50% retracement level of the December-February-decline crossing at 147-14. Second resistance is the 62% retracement level of the December-February-decline crossing at 148-28. First support is the 20-day moving average crossing at 114-25. Second support is the reaction low crossing at 142-30.     



June T-notes closed down 85 pts at 120-180.



June T-notes closed lower on Thursday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 120.158 would confirm that a short-term top has been posted. If June resumes the rally off February's low, the 38% retracement level of the 2017-2018-decline crossing at 121.257 is the next upside target. First resistance is Monday's high crossing at 121.110. Second resistance is the 38% retracement level of the 2017-2018-decline crossing at 121.257. First support is the 20-day moving average crossing at 120.158. Second resistance is the reaction low crossing at 119.220.     



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May crude oil closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 62.64 are needed to confirm that a double top with January's high has been posted. If April resumes the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. First resistance is March's high crossing at 66.55. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46.First support is the 50-day moving average crossing at 62.64. Second support is March's low crossing at 59.91.



May heating oil closed lower on Thursday as it extends this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. 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 195.65 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, January's high crossing at 208.95 is the next upside target. First resistance is the reaction high crossing at 207.28. Second resistance is January's high crossing at 208.95. First support is the 20-day moving average crossing at 195.65. Second support is the 50% retracement level of the February-March-rally crossing at 192.90.  



May unleaded gas closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 197.09 would confirm that a short-term top has been posted. If May renews the rally off February's low, January's high crossing at 210.12 is the next upside target. First resistance is March's high crossing at 205.45. Second resistance is February's high crossing at 208.89. First support is the 20-day moving average crossing at 197.09. Second support is the 62% retracement level of the February-March-rally crossing at 192.70.  



May Henry natural gas closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 resumes the rally off March's low, March's high crossing at 2.831 is the next upside target. If May renews the decline off March's high, February's low crossing at 2.600 is the next downside target. First resistance is last Thursday's high crossing at 2.764. Second resistance is March's high crossing at 2.831. First support is February's low crossing at 2.600. Second support is December's low crossing at 2.504. 



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



The June Dollar closed higher on Thursday while extending the trading range of the past three-months.The high-range close sets the stage for a steady to higher opening when Friday'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 90.49 or below 78.83 are needed to confirm a breakout of the aforementioned trading range. First resistance is the 38% retracement level of the November-February-decline crossing at 90.35. Second resistance is the 50% retracement level of the November-February-decline crossing at 91.13. First support is March's low crossing at 88.53. Second support is February's low crossing at 87.83. 



The June Euro closed lower on Thursday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday'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 50% retracement of the November-February-rally crossing at 121.97 is the next downside target. Closes above the 50-day moving average crossing at 124.37 would confirm that a short-term low has been posted. First resistance is March's high crossing at 125.54. Second resistance is February's high crossing at 126.58. First support is the March 1st low crossing at 122.54. Second support is the 50% retracement level of the November-February-rally crossing at 121.97.    



The June British Pound closed lower on Thursday and below the 50-day moving average crossing at 1.4059 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's decline, the reaction low crossing at 1.3945 is the next downside target. If June renews the rally off March's low, the reaction high crossing at 1.4352 is the next upside target. First resistance is the reaction high crossing at 1.4352. Second resistance is February's high crossing at 1.4404. First support is the reaction low crossing at 1.3945. Second support is March's low crossing at 1.3779. 



The June Swiss Franc closed lower on Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday'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 February's high, the 75% retracement level of the November-February-rally crossing at 1.0344 is the next downside target. Closes above the 20-day moving average crossing at 1.0583 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0583. Second resistance is the 50-day moving average crossing at 1.0706. First support is today's low crossing at 1.0434. Second support is the 75% retracement level of the November-February-rally crossing at 1.0344. 



The June Canadian Dollar closed higher on Thursday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday'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 March's low, the 50-day moving average crossing at 78.78 is the next upside target. Multiple closes below the 20-day moving average crossing at 77.56 would confirm that a short-term top has been posted. First resistance is today's high crossing at 78.56. Second resistance is the 50-day moving average crossing at 78.78. First support is Monday's low crossing at 77.35. Second support is March's low crossing at 76.33.  



The June Japanese Yen closed lower on Thursday and below the 50-day moving average crossing at 0.9397 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the 38% retracement level of the October-March-rally crossing at 0.9327 is the next downside target. Closes above the 10-day moving average crossing at 0.9476 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.9476. Second resistance is March's high crossing at 0.9615. First support is the 38% retracement level of the October-March-rally crossing at 0.9327. Second support is the 50% retracement level of the October-March-rally crossing at 0.9238.   



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



June gold closed lower on Thursday due in part to today's rally by the U.S. Dollar. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, the 50% retracement level of the December-January-rally crossing at 1311.50 is the next downside target. If June renews the rally off March's low, February's high crossing at 1369.60 is the next upside target. First resistance is March's high crossing at 1362.60. Second resistance is February's high crossing at 1369.60.First support is the 50% retracement level of the December-January-rally crossing at 1311.50. Second support is the 62% retracement level of the December-January-rally crossing at 1296.30.



May silver closed closed higher on Thursday. The high-range close set the stage for a steady to higher opening when Friday'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 March's low crossing at 16.100 would confirm a downside breakout of the February-March trading range. Closes above the 50-day moving average crossing at 16.642 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 16.642. Second resistance is the reaction high crossing at 16.810. First support is March's low crossing at 16.100. Second support is December's low crossing at 15.705.     



May copper closed higher on Thursday as it renewed the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 306.26 are needed to confirm that a short-term low has been posted. If May renews the decline off February's high, the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target. First resistance is the 20-day moving average crossing at 306.26. Second resistance is the 50-day moving average crossing at 313.88. First support is March's low crossing at 293.75. Second support is last September's low crossing at 293.25.



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



May Corn closed up 8 1/4-cents at 3.89 1/4. 



May corn closed higher on Thursday erasing all of Wednesday's losses following the announcement by China that tariffs would be placed on corn. The high-range close sets the stage for a steady to higher opening when Friday'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 resumes the rally off March's low, March's high crossing at 3.95 1/4 is the next upside target. Closes below the 50-day moving average crossing at 3.77 3/4 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 3.92 1/2. Second resistance is March's high crossing at 3.95 1/4. First support is the 62% retracement level of this year's rally crossing at 3.69 1/2. Second support is the 75% retracement level of this year's rally crossing at 3.64. 



May wheat closed up 7 1/4-cents at 4.63. 



May wheat closed higher on Thursday while extending the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the March 19th gap crossing at 4.67 are needed to confirm that a short-term low has been posted. If May renews the decline off March's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. First resistance is the 20-day moving average crossing at 4.65. Second resistance is the March 19th gap crossing at 4.67. First support is last Thursday's low crossing at 4.41 1/2. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.      



May Kansas City Wheat closed up 12 1/2-cents at 4.98 1/2. 



May Kansas City wheat closed higher on Thursday as it extends the rally off last Thursday's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 19th high crossing at 4.99 1/4 are needed to confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 4.74 3/4 would temper the near-term friendly outlook. First resistance is the March 19th gap crossing at 4.99 1/4. Second resistance is the reaction high crossing at 5.33 1/4. First support is last Thursday's low crossing at 4.56. Second support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.   



May Minneapolis wheat closed up 13-cents at 5.89 3/4. 



May Minneapolis wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 5.99 3/4 are needed to confirm that a short-term low has been posted. If May extends the decline off January's high, the December-2016 low crossing at 5.59 1/4 is the next downside target. First resistance is the 10-day moving average crossing at 5.87 3/4. Second resistance is the 20-day moving average crossing at 5.99 3/4. First support is Wednesday's low crossing at 5.71. Second support is the December-2016 low crossing at 5.59 1/4. 



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



May soybeans closed up 15 1/4-cents at 10.30 1/2. 



May soybeans closed higher on Thursday as it erased most of Wednesday's losses.The high-range close sets the stage for a steady to higher opening when Friday'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 Monday's high crossing at 10.60 1/2 would temper the near-term bearish outlook. If May extends the decline off March's high, the 87% retracement level of the January-March-rally crossing at 9.72 is the next downside target. First resistance is Monday's high crossing at 10.60 1/2. Second resistance is March's high crossing at 10.82 1/2. First support is the 75% retracement level of the January-March-rally crossing at 9.87 1/4. Second support is the 87% retracement level of the January-March-rally crossing at 9.72. 



May soybean meal closed up $1.70 at 383.50. 



May soybean meal closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 March's low, March's high crossing at 404.00 is the next upside target. Closes below the 50-day moving average crossing at 367.50 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 389.70. Second resistance is March's high crossing at 404.00. First support is the 50% retracement level of the January-March-rally crossing at 359.00. Second support is the 62% retracement level of the January-March-rally crossing at 348.30.  



May soybean oil closed down 1 pts. At 31.74. 



May soybean oil closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 renews the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. If May renews the rally off March's low, the reaction high crossing at 32.96 is the next upside target. First resistance is the reaction high crossing at 32.96. Second resistance is the 38% retracement level of the September 2017/ March 2018 decline crossing at 33.33. First support is March's low crossing at 31.58. Second support is the January-2016 low crossing at 30.67.



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



June hogs closed up $0.55 at $73.83. 



June hogs closed higher on Thursday as it extends the rally off Wednesday's low. The high-range close sets the stage for a steady to higher opening when Friday'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 76.06 are needed to confirm that a short-term low has been posted. If June extends the decline off January's high, weekly support crossing at 69.77 is the next downside target. First resistance is the 20-day moving average crossing at 76.06. Second resistance is the 50-day moving average crossing at 79.25. First support is Wednesday's low crossing at 70.25. Second support is weekly support crossing at 69.77.



June cattle closed up $2.73 at 105.05. 



June cattle closed higher on Thursday as it extends the rebound off off Wednesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 107.95 are needed to confirm that a short-term low has been posted. If June extends the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. First resistance is the reaction high crossing at 106.92. Second resistance is the 20-day moving average crossing at 107.95. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.

 

May Feeder cattle closed up $2.93 at $138.05. 



May Feeder cattle closed higher on Thursday confirming yesterday's key reversal up. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 138.67 are needed to confirm that a short-term low has been posted. If May resumes this year's decline, weekly support crossing at 126.09 is the next downside target. First resistance is the 20-day moving average crossing at 138.67. Second resistance is the 50-day moving average crossing at 144.87. First support is Wednesday's low crossing at 130.80. Second support is weekly support crossing at 126.09.   



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



May coffee closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 12.14 are needed to confirm that a low has been posted. If May extends the decline off January's high, weekly support crossing at 11.55 is the next downside target.      



May cocoa closed higher on Thursday but remains below the 20-day moving average. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50-day moving average crossing at 22.92 is the next downside target. If May renews the rally off December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target. 



May sugar closed higher on Thursday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, weekly support crossing at 12.00 is the next downside target. Closes above the 20-day moving average crossing at 12.60 are needed to confirm that a low has been posted. 



May cotton closed sharply higher on Thursday erasing all of Wednesday's losses. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 82.39 are needed to confirm that a short-term low has been posted. If May resumes the decline off March's high, February's low crossing at 76.44 is the next downside target.

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