KEY EVENTS TO WATCH FOR:
Wednesday, March 28, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 383.0)
Composite Idx, W/W% (previous -1.1%)
Purchase Idx-SA (previous 249.9)
Purchase Idx-SA, W/W% (previous +1.4%)
Refinance Idx (previous 1107.7)
Refinance Idx, W/W% (previous -4.5%)
8:30 AM ET. February Advance Economic Indicators Report
8:30 AM ET. 4th Quarter Corporate Profits
8:30 AM ET. 4th Quarter 3rd estimate GDP
Annual Rate, Q/Q% (expected +2.7%; previous +2.5%)
Chain-Weighted Price Idx, Q/Q% (expected +2.3%; previous +2.3%)
Corporate Profits, Q/Q% (previous +4.9%)
PCE Price Idx, Q/Q% (previous +2.7%)
Purchase Price Idx, Q/Q% (previous +2.5%)
Real Final Sales, Q/Q% (previous +3.3%)
Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +1.9%)
Personal Consumption, Q/Q% (previous +3.8%)
10:00 AM ET. February Pending Home Sales Index
Pending Home Sales (previous 104.6)
Pending Home Sales Idx, M/M% (previous -4.7%)
Pending Home Sales Idx , Y/Y% (previous -3.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 428.306M)
Crude Oil Stocks, Net Chg (Bbl) (previous -2.622M)
Gasoline Stocks (Bbl) (previous 243.065M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.693M)
Distillate Stocks (Bbl) (previous 131.044M)
Distillate Stocks, Net Chg (Bbl) (previous -2.022M)
Refinery Usage (previous 91.7%)
Total Prod Supplied (Bbl/day) (previous 20.675M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.256M)
3:00 PM ET. March Agricultural Prices
Farm Prices, M/M% (previous -6.2%)
Thursday, March 29, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1620.9K)
Soybeans (Metric Tons) (previous 113K)
Wheat (Metric Tons) (previous 382.5K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 230K; previous 229K)
Jobless Claims, Net Chg (previous +3K)
Continuing Claims (previous 1828000)
Continuing Claims, Net Chg (previous -57K)
8:30 AM ET. February Personal Income & Outlays
Personal Income, M/M% (expected +0.3%; previous +0.4%)
Consumer Spending, M/M% (expected +0.2%; previous +0.2%)
PCE Price Idx, M/M% (previous +0.4%)
PCE Price Idx, Y/Y% (previous +1.7%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.3%)
PCE Core Price Idx, Y/Y% (previous +1.5%)
9:30 AM ET. IMF regular press briefing
9:45 AM ET. March ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (expected 61.0; previous 61.9)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. March University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 102.0; previous 99.7)
End-Mo Expectations Idx (previous 90.0)
12-Month Inflation Forecast (previous 2.7%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 114.9)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1446B)
Working Gas In Storage, Net Chg (Cbf) (previous -86B)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, March 30, 2018
8:30 AM ET. 4th Quarter U.S. International Investment Position
N/A Marianas: Good Friday
N/A U.S. stock markets closed on Good Friday
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The June NASDAQ 100 posted a huge key reversal down on Tuesday triggered by a selloff in the technology sector. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the reaction low crossing at 6485.25 is the next downside target. Closes above the 20-day moving average crossing at 6908.09 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6908.09. Second resistance is March's high crossing at 7214.50. First support is the reaction low crossing at 6485.25. Second support is February's low crossing at 6192.50.
The June S&P 500 closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. 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. Closes above the 50-day moving average crossing at 2740.38 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2740.38. Second resistance is March's high crossing at 2806.00. First support is last Friday's low crossing at 2588.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.
The Dow closed sharply lower in afternoon trading on Tuesday erasing much of the rally off last Friday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 24,661.24 are needed to confirm that a short-term low has been posted. If the Dow extends this month's decline, February's low crossing at 23,360.29 is the next downside target. First resistance is the 20-day moving average crossing at 24,661.24. Second resistance is March's high crossing at 25,449.15. First support is last Friday's low crossing at 23,509.06. Second support is February's low crossing at 23,360.29.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
June T-bonds closed up 1-01/32's at 145-23.
June T-bonds closed higher on Tuesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off February's low, the 38% retracement level of the December-February-decline crossing at 146-01 is the next upside target. Multiple closes below last Wednesday's low crossing at 142-30 would confirm that a short-term top has been posted. First resistance is today's high crossing at 145-16. Second resistance is the 38% retracement level of the December-February-decline crossing at 146-01. First support is last Wednesday's low crossing at 142-30. Second support is March's low crossing at 142-21.
June T-notes closed up 160/32's at 120-315.
June T-notes closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 120-201 confirms that an important low has been posted while opening the door for additional gains near-term. If June renews the decline off last September's high, February's low crossing at 119.140 is the next downside target. First resistance is today's high crossing at 120.285. Second resistance is the reaction high crossing at 122.020. First support is last Wednesday's low crossing at 119.220. Second support is February's low crossing at 119.140.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
May crude oil closed lower on Tuesday as it consolidated some of the rally off March's low.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. Closes below the 20-day moving average crossing at 62.52 would confirm that a short-term top has been posted. First resistance is Monday'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 20-day moving average crossing at 62.52. Second support is March's low crossing at 59.91.
May heating oil closed lower on Tuesday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening when Wednesday'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 May extends this week's rally, January's high crossing at 208.95 is the next upside target. Closes below the 20-day moving average crossing at 192.66 would confirm that a short-term top has been posted. 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 192.66. Second support is March's low crossing at 184.42.
May unleaded gas closed lower on Tuesday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 195.31 would confirm that a short-term top has been posted. If May extends the aforementioned rally, January's high crossing at 210.12 is the next upside target. First resistance is Monday's high crossing at 205.45. Second resistance is February's high crossing at 208.89. First support is the 10-day moving average crossing at 198.46. Second support is the 20-day moving average crossing at 195.31.
May Henry natural gas closed higher on Tuesday following Monday's key reversal up. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2.746 would confirm that a short-term low has been posted. If May extends the decline off March's high, December's low crossing at 2.504 is the next downside target. First resistance is the 50-day moving average crossing at 2.746. 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 Tuesday as it consolidated some of the decline off March's high.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, February's low crossing at 87.83 is the next downside target. Closes above the 20-day moving average crossing at 89.46 would temper the near-term bearish outlook. 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 today's low crossing at 88.53. Second support is February's low crossing at 87.83.
The June Euro closed lower on Tuesday as it failed to extend this month's rally. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the March 1st low, February's high crossing at 126.58 is the next upside target. If June renews the decline off February's high, the 50% retracement of the November-February-rally crossing at 121.97. First resistance is today'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 due to profit taking on Tuesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 reaction high crossing at 1.4352 is the next upside target. Closes below the 20-day moving average crossing at 1.4014 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1.4352. Second resistance is February's high crossing at 1.4404. First support is the 20-day moving average crossing at 1.4014. Second support is March's low crossing at 1.3779.
The June Swiss Franc closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. Multiple closes above the 20-day moving average crossing at 1.0649 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, the 62% retracement level of the November-February-rally crossing at 1.0458 is the next downside target. First resistance is the 20-day moving average crossing at 1.0649. Second resistance is March's high crossing at 1.0800. First support is last Tuesday's low crossing at 1.0545. Second support is the 62% retracement level of the November-February-rally crossing at 1.0458.
The June Canadian Dollar closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If June extends the aforementioned rally, the 50-day moving average crossing at 79.08 is the next upside target. Closes below the 10-day moving average crossing at 77.22 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 78.26. Second resistance is the 50-day moving average crossing at 79.08. First support is March's low crossing at 76.33. Second support is weekly support crossing at 76.04.
The June Japanese Yen closed lower on Tuesday as it extends yesterday's key reversal down. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Wednesday's low crossing at 0.9433 are needed to confirm that a short-term top has been posted. If June extends the rally off January's low, the 62% retracement level of 2016's trading range crossing at 0.9732 is the next upside target. First resistance is the 50% retracement level of 2016's trading range crossing at 0.9542. Second resistance is the 62% retracement level of 2016's trading range crossing at 0.9732. First support is last Wednesday's low crossing at 0.9433. Second support is the reaction low crossing at 0.9382.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
June gold posted a key reversal down on Tuesday as it consolidates some of the rally off last Tuesday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, February's high crossing at 1369.60 is the next upside target. Closes below the 20-day moving average crossing at 1332.30 would confirm that a short-term top has been posted. First resistance is February's high crossing at 1369.60. Second resistance is January's high crossing at 1375.50. 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 posted a key reversal down on Tuesday as it consolidates some of the rally off last Tuesday's low. The low-range close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 16.733 are needed to confirm that a short-term low has been posted. Closes below last Tuesday's low crossing at 16.100 would confirm a downside breakout of the February-March trading range. First resistance is the 50-day moving average crossing at 16.733. Second resistance is the reaction high crossing at 17.025. First support is last Tuesday's low crossing at 16.100. Second support is December's low crossing at 15.705.
May copper closed slightly higher on Tuesday as it consolidates some of the decline off February's high.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 38% retracement level of the 2016-2018-rally crossing at 281.96 is the next downside target. Closes above the 20-day moving average crossing at 309.20 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 305.55. Second resistance is the 20-day moving average crossing at 309.20. First support is Monday'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 unchanged at 3.74.
May corn closed unchanged on Tuesday.The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 3.83 1/4 are needed to confirm that a short-term low has been posted. If May renews the decline off March's high, the 75% retracement level of this year's rally crossing at 3.64 is the next downside target. First resistance is the 20-day moving average crossing at 3.83 1/4. 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 down 5 1/2-cents at 4.48 3/4.
May wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 87% retracement level of the December-March-rally crossing at 4.36 is the next downside target. Closes above last Monday's gap crossing at 4.67 would confirm that a short-term low has been posted. First resistance is last Monday's gap crossing at 4.67. Second resistance is the 20-day moving average crossing at 4.81 1/2. First support is the 75% retracement level of the December-March-rally crossing at 4.47 1/2. Second support is the 87% retracement level of the December-March-rally crossing at 4.36.
May Kansas City Wheat closed down 4 1/4-cents at 4.64.
May Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, the 75% retracement level of the December-March-rally crossing at 4.54 3/4 is the next downside target. Closes above last Monday's gap crossing at 4.99 1/4 would confirm that a short-term low has been posted. First resistance is last Monday's gap crossing at 4.99 1/4. Second resistance is the 20-day moving average crossing at 5.07. First support is last Wednesday's low crossing at 4.58 1/4. Second support is the 75% retracement level of the December-March-rally crossing at 4.54 3/4.
May Minneapolis wheat closed down 4-cents at 5.93 1/4.
May Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 6.15 3/4 are needed to confirm that a short-term low has been posted. If May renews 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 50-day moving average crossing at 6.15 3/4. Second resistance is the reaction high crossing at 6.29 3/4. First support is last Wednesday's low crossing at 5.82 3/4. 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 down 6-cents at 10.19 1/2.
May soybeans closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 10.45 would confirm that a short-term low has been posted. If May renews this month's decline, the 62% retracement level of the January-March-rally crossing at 10.04 is the next downside target. First resistance is the 20-day moving average crossing at 10.45. Second resistance is March's high crossing at 10.82 1/2. First support is the the 50% retracement level of the January-March-rally crossing at 10.19. Second support is the 62% retracement level of the January-March-rally crossing at 10.04.
May soybean meal closed down $2.60 at 372.40.
May soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 376.90 would confirm that a short-term low has been posted. If May renews the decline off March's high, the 62% retracement level of the January-March-rally crossing at 348.30 is the next downside target. First resistance is the 20-day moving average crossing at 376.90. 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 up 12 pts. At 31.58.
May soybean oil closed lower on Tuesday as it consolidated some of last Friday's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, the January-2016 low crossing at 30.67 is the next downside target. Closes above the 50-day moving average crossing at 32.32 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 32.32. Second resistance is the late-February high crossing at 32.96. First support is today'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 down $0.08 at $74.02.
June hogs closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, weekly support crossing at 71.99 is the next downside target. Closes above the 20-day moving average crossing at 77.78 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 76.52. Second resistance is the 20-day moving average crossing at 77.78. First support is last Friday's low crossing at 73.22. Second support is weekly support crossing at 71.99.
June cattle closed down $0.05 at 105.25.
June cattle closed lower on Tuesday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, the 75% retracement level of 2017's rally crossing at 102.65 is the next downside target. Closes above the 20-day moving average crossing at 111.67 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 108.89. Second resistance is the 20-day moving average crossing at 111.67. First support is Monday's low crossing at 104.70. Second support is the 75% retracement level of 2017's rally crossing at 102.65.
May Feeder cattle closed up $0.80 at $136.35.
May Feeder cattle closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, last August's low crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 142.45 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 138.81. Second resistance is the 20-day moving average crossing at 142.45. First support is Monday's low crossing at 135.40. Second support is last August's low crossing at 134.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 12.21 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 lower on Tuesday as it consolidates some of the rally off December's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, the 75% retracement level of the 2016-2017-decline crossing at 27.55 is the next upside target. Closes below the 20-day moving average crossing at 24.78 would confirm that a short-term top has been posted.
May sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 12.91 are needed to confirm that a low has been posted.
May cotton closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 81.07 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, weekly resistance crossing at 87.18 is the next upside target.