KEY EVENTS TO WATCH FOR:

Monday, March 25, 2019   

8:30 AM ET. February CFNAI Chicago Fed National Activity Index

                       NAI (previous -0.43)

                       NAI, 3-mo Moving Avg (previous 0.00)

10:30 AM ET. March Texas Manufacturing Outlook Survey

                       Business Activity (previous 13.1)

                       Mfg Production Idx (previous 10.1)

  N/A               Annual World Bank Conference on Land and Poverty

  N/A               U.S. President Donald Trump hosts Israeli Prime Minister

                    Benjamin Netanyahu at the White House

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

The STOCK INDEXES:The June NASDAQ 100 was lower overnight as investors struggled to regroup after data showing weakness on the global economic front triggered the worst day for equities since the start of the year. 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 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 7248.23 would confirm that a short-term top has been posted. If June extends the rally off December's low, last-October's high crossing at 7767.00 is the next upside target. First resistance is the 87% retracement level of the October-December-decline crossing at 7524.41. Second resistance is the October 3^rd 2018 high crossing at 7767.00. First support is the 20-day moving average crossing at 7248.23. Second support is the 50-day moving average low crossing at 7036.11.  

The June S&P 500 was lower overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. If June extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 2879.73 is the next upside target. Closes below the 20-day moving average crossing at 2805.22 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 2862.60. Second resistance is the 87% retracement level of the September-December-decline crossing at 2879.73. First support is the 20-day moving average crossing at 2805.22. Second support is the50-day moving average crossing at 2742.82.

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

INTEREST RATES: June T-bonds were lower due to profit taking overnight as it consolidates some of the rally off March's low. 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, weekly resistance crossing at 152-01 is the next upside target. Closes below the 50-day moving average crossing at 145-15 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 149-04. Second resistance is weekly resistance crossing at 152-01. First support is the 50-day moving average crossing at 145-15. Second support is March's low crossing at 143-16.

June T-notes were lower overnight as it consolidates some of the rally off March's low. 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, weekly resistance crossing at 125.265 is the next upside target. Closes below the 50-day moving average crossing at 122.119 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at 124.085. Second resistance is weekly resistance crossing at 125.265. First support is the 10-day moving average crossing at 123.052. Second support is the 20-day moving average crossing at 122.223.

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

May crude oil was steady to slightly lower overnight as it consolidates some of its recent gains. 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 and 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 57.90 are needed to confirm that a short-term top has been posted. If May extends the rally off December's low, the 62% retracement level of the October-December-decline crossing at 63.39 is the next upside target. First resistance is last-Thursday's high crossing at 60.39. Second resistance is the 62% retracement level of the October-December-decline crossing at 63.39. First support is the 20-day moving average crossing at 57.90. Second support is the 50-day moving average crossing at 55.90.  

May heating oil was steady to slightly lower overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 194.18 would confirm a downside breakout of the February-March trading range. If May resumes the rally off December's low, the 62% retracement level of the October-December-decline crossing at 211.17 is the next upside target. First resistance is the 62% retracement level of the October-December-decline crossing at 211.17. Second resistance is the 75% retracement level of the October-December-decline crossing at 221.89. First support is the reaction low crossing at 194.18. Second support is the 50-day moving average crossing at 194.16. 

May unleaded gas was steady to slightly lower overnight. 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 62% retracement level of the October-December-decline crossing at 200.45 is the next upside target. Closes below the 20-day moving average crossing at 182.10 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the October-December-decline crossing at 189.65. Second resistance is the 62% retracement level of the October-December-decline crossing at 200.45. First support is the 20-day moving average crossing at 182.10. Second support is the 50-day moving average crossing at 172.42. 

May Henry natural gas was lower overnight as it extended the decline off last-Tuesday's high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends last week's decline, the reaction low crossing at 2.620 is the next downside target. Closes above the 20-day moving average crossing at 2.831 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 2.897. Second resistance is December's high crossing at 2.923. First support is the overnight low crossing at 2.726. Second support is the Feb. 15^th reaction low crossing at 2.620.

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

CURRENCIES:The June Dollar was lower overnight. Stochastics and the RSI have turned neutral to bullish hinting that a short-term low might be in or is near. Multiple closes above the 20-day moving average crossing at 96.07 would confirm that a short-term low has been posted. If June resumes this month's decline, the late-January low crossing at 94.38 is the next downside target. First resistance is March's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is last-Wednesday's low crossing at 95.17. Second support is the late-January low crossing at 94.38.

The June Euro was higher overnight as it consolidates some of last-Friday's decline. The high-range trade overnight sets the stage for a steady to 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. If June extends last-Friday's decline, March's low crossing at 112.70 is the next downside target. Closes above the 50-day moving average crossing at 114.69 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 115.35. Second resistance is the late-January high crossing at 116.46. First support is the 87% retracement level of the 2016-2018-rally crossing at 112.62. Second support is the April-10th-2017 low crossing at 111.05.  

The June British Pound was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 1.3060 would confirm that a short-term top has been posted. If June renews the rally off January's low, the 50% retracement level of the 2018 decline crossing at 1.3603. First resistance is last-Wednesday's high crossing at 1.3441. Second resistance is the 50% retracement level of the 2018 decline crossing at 1.3603. First support is last-Thursday's low crossing at 1.3060. Second support is March's low crossing at 1.3026.  

The June Swiss Franc was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the September-January downtrend line crossing near 1.0247 is the next upside target. Closes below the 20-day moving average crossing at 1.0078 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 1.0191. Second resistance is the September-January downtrend line crossing near 1.0247. First support is the 20-day moving average crossing at 1.0078. Second support is March's low crossing at 0.9970. 

The June Canadian Dollar was steady to slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off February's high, December's low crossing at 73.47 is the next likely downside target. Closes above the 50-day moving averagecrossing at 75.54 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 75.54. Second resistance is the late-February high crossing at 76.46. First support is March's low crossing at 74.43. Second support is December's low crossing at 73.47.

The June Japanese Yen was lower overnight as it consolidates some of the rally off March's low. 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 0.0915 would open the door for a possible test of the late-January high crossing at 0.0931. Closes below the 20-day moving average crossing at 0.0906 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 0.0918. Second resistance is the late-January high crossing at 0.0931. First support is the 87% retracement level of the November-January rally crossing at 0.0900. Second support is last-November's low crossing at 0.0893.

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

PRECIOUS METALS: April gold was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off March's low, the reaction high crossing at 1332.40 is the next upside target. If April resumes the decline off February's high, the 50% retracement level of the September-February-rally crossing at 1273.20 is the next downside target. First resistance is the reaction high crossing at 1332.40. Second resistance is February's high crossing at 1349.80. First support is March's low crossing at 1280.80. Second support is the 50% retracement level of the September-February-rally crossing at 1273.20.

May silver was higher overnight as it extends the rally off March's low. 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 15.642 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, the 62% retracement level of the November-January-rally crossing at 14.935 is the next downside target. First resistance is the 50-day moving average crossing at 15.642. Second resistance is the reaction high crossing at 16.010. First support is March's low crossing at 14.985. Second support is the 62% retracement level of the November-January-rally crossing at 14.935. 

May copper was slightly higher overnight as it consolidates some of last-Friday's decline. The high-range trade sets the stage for a steady to 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 50-day moving average crossing at 283.07 would open the door for a possible test of the reaction low crossing at 275.95. Closes above the 20-day moving average crossing at 291.54 would temper the near-term bearish outlook. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the 50-day moving average crossing at 283.07. Second support is the reaction low crossing at 275.95.   

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

May corn was steady to fractionally lower overnight as it consolidates some of the rally off March's low. The low-range trade overnight 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. Closes above the 50-day moving average crossing at 3.79 1/2 would open the door for additional gains and a possible test of the February 25^th reaction high crossing at 3.87 3/4. Closes below the 20-day moving average crossing at 3.71 1/4 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 3.79 1/2. Second resistance is the February 25^th reaction high crossing at 3.87 3/4. First support is March's low crossing at 3.61. Second support is weekly support crossing at 3.55 1/4.  

May wheat was lower overnight it consolidates some of the rally off March's low.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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at 4.92 is the next upside target. Closes below the 20-day moving average crossing at 4.55 1/4 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 4.75 1/2. Second resistance is the 50-day moving average crossing at 4.92. First support is March's low crossing at 4.27. Second support is long-term support crossing at 4.19 1/4.

May Kansas City Wheat closed down 2-cents at 4.45.

May Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday 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, the 50-day moving average crossing at 4.78 1/4 is the next upside target. If May renews the decline off December's high, weekly support crossing at 4.17 3/4 is the next downside target. First resistance is the reaction high crossing at 4.52 3/4. Second resistance is the 50-day moving average crossing at 4.78 1/4. First support is last-Tuesday's low crossing at 4.18 1/4. Second support is weekly support crossing at 4.17 3/4.   

May Minneapolis wheat was lower overnight in narrow trading. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at 5.81 1/4 is the next upside target. Closes below the 20-day moving average crossing at 5.58 1/4 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 5.77 1/4. Second resistance is February's high crossing at 5.81 1/4. First support is March's low crossing at 5.44. Second support is weekly support crossing at 5.23 3/4. 

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

May soybeans were higher overnight. The mid-range overnight trade sets the stage for a steady to 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. If May extends the rally off March's low, the 50-day moving average crossing at 9.17 3/4 is the next upside target. If May resumes the decline off February's high, the November 26^th reaction low crossing at 8.84 3/4 is the next downside target. First resistance is the 50-day moving average crossing at 9.17 3/4. Second resistance is the February 25^th reaction high crossing at 9.23 3/4. First support is March's low crossing at 8.87 3/4. Second support is the November-26^th low crossing at 8.84 3/4.

May soybean meal was slightly higher overnight as it extends the rally off March's low. The high-range close 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 May extends the rally off March's low, February's high crossing at 321.30 is the next upside target. Closes below the 20-day moving average crossing at 308.50 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 316.50. Second resistance is February's high crossing at 321.30. First support is the 20-day moving average crossing at 308.50. Second support is March's low crossing at 300.30.   

May soybean oil was lower overnight as it extends the decline off February's high. 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 additional weakness is possible near-term. If May extends the decline off February's high, the 87% retracement level of the November-February-rally crossing at 28.17 is the next downside target. Closes above the 20-day moving average crossing at 29.66 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.66. Second resistance is the reaction high crossing at 30.64. First support is the 75% retracement level of the November-February-rally crossing at 28.60. Second support is the 87% retracement level of the November-February-rally crossing at 28.17.

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

April hogs closed unchanged at $78.33. 

April hogs closed unchanged on Friday after posting a new contract high as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening when Monday'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 April extends the rally off February's low, weekly resistance crossing at 98.17 is the next upside target. Closes below the 10-day moving average crossing at 69.69 would temper the near-term bullish outlook. First resistance is today's high crossing at 80.30. Second resistance is weekly resistance crossing at 98.17. First support is the 10-day moving average crossing at 69.69. Second support is the 20-day moving average crossing at 63.25. 

April cattle closed down $0.18 at 129.73. 

April cattle closed lower on Friday. Today's cattle-on-feed report was termed bearish and will likely trigger some selling on Monday. Therefore the stage is set for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above March's high crossing at 130.45 are needed to renew the rally off November's low. Closes below March's low crossing at 1265.33 are needed to confirm that a short-term top has been posted. First resistance is March's high crossing at 130.45. Second resistance is weekly resistance crossing at 134.55. First support is the 25% retracement level of the 2018-2019-rally crossing at 125.41. Second support the 38% retracement level of the 2018-2019-rally crossing at 122.76. 

April Feeder cattle closed down $0.13 at $148.80. 

April Feeder cattle closed lower on Friday. Today's bearish placements number could pressure feeders on Monday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are diverging and turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 145.62 would confirm that a short-term top has been posted. First resistance is December's high crossing at 147.83. Second resistance is November's high crossing at 150.20. First support is March's low crossing at 143.50. Second support is January's low crossing at 142.62.  

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

May coffee closed lower on Friday as it extends the decline off last-October's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this winter's decline, weekly support crossing at 9.26 is the next downside target. Closes above the 20-day moving average crossing at 9.74 are needed to confirm that a low has been posted. 

May cocoa closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If May extends the decline off February's high, October's low crossing at 20.23 is the next downside target. Closes above the 50-day moving average crossing at 22.57 are needed to confirm that a low has been posted.          

May sugar closed higher on Friday. The mid-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. May renews the decline off February's high, January's low crossing at 11.82 is the next downside target. If May extends the rally off March's low, February's high crossing at 13.42 is the next upside target.    

May cotton closed lower on Friday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 38% retracement level of the 2018-2019-decline crossing at 79.88 is the next upside target. Closes below the 20-day moving average crossing at 74.32 would confirm that a short-term top has been posted.