KEY EVENTS TO WATCH FOR:

Wednesday, April 10, 2019  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 503.6)

                       Composite Idx, W/W% (previous +18.6%)

                       Purchase Idx-SA (previous 276.6)

                       Purchase Idx-SA, W/W% (previous +3.4%)

                       Refinance Idx (previous 1786.0)

                       Refinance Idx, W/W% (previous +38.5%)

8:30 AM ET. March Real Earnings

8:30 AM ET. March CPI

                       CPI, M/M% (expected +0.3%; previous +0.2%)

                       Core CPI, M/M% (expected +0.2%; previous +0.1%)

                       Energy Idx, M/M% (previous +0.4%)

                       Food Idx, M/M% (previous +0.4%)

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

                       CPI, Y/Y% (expected +1.8%; previous +1.5%)

                       Core Annual, Y/Y% (expected +2.1%; previous +2.1%)

8:30 AM ET. G24 Deputies Meeting

8:30 AM ET. IMF Global Financial Stability Report main chapters published

9:30 AM ET. IMF Fiscal Monitor published

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 449.521M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +7.238M)

                       Gasoline Stocks (Bbl) (previous 236.839M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.781M)

                       Distillate Stocks (Bbl) (previous 128.169M)

                       Distillate Stocks, Net Chg (Bbl) (previous -1.998M)

                       Refinery Usage (previous 86.4%)

                       Total Prod Supplied (Bbl/day) (previous 19.998M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.132M)

2:00 PM ET. March Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

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

The STOCK INDEXES:The June NASDAQ 100 was higher 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off December's low, last-October's high crossing at 7767.00 is the next upside target. Closes below the 20-day moving average crossing at 7453.81 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 7633.75. Second resistance is the October 3^rd 2018 high crossing at 7767.00. First support is the 20-day moving average crossing at 7453.84. Second support is the 50-day moving average low crossing at 7227.23.  

The June S&P 500 was steady to slightly higher overnight as it consolidates above the 87% retracement level of the September-December-decline crossing at 2879.73.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 December's low, last-September high crossing at 2957.90 is the next upside target. Closes below the 20-day moving average crossing at 2849.04 would confirm that a short-term top has been posted. First resistance is Monday's low crossing at 2899.00. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving average crossing at 2849.04. Second support is the50-day moving average crossing at 2797.78.

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

INTEREST RATES: June T-bonds were steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Friday's low crossing at 147-01 are needed to confirm that a short-term top has been posted. If June resumes the rally off March's low, weekly resistance crossing at 152-01 is the next upside target. First resistance is March's high crossing at 150-21. Second resistance is weekly resistance crossing at 152-01. First support is last-Friday's low crossing at 147-01. Second support is the 50-day moving average crossing at 146-13.

June T-notes were steady to slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at 123.085 would confirm that a short-term top has been posted. If June resumes the rally off March's low, weekly resistance crossing at 125.265 is the next upside target.First resistance is March's high crossing at 124.310. Second resistance is weekly resistance crossing at 125.265. First support is last-Friday's low crossing at 123.085. Second support is the 50-day moving average crossing at 122.276.

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

May crude oil was slightly higher overnight as it extends the rally off December's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 67.68 is the next upside target. Closes below the 20-day moving average crossing at 60.93 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 64.79. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.68. First support is the 20-day moving average crossing at 60.93. Second support is the 50-day moving average crossing at 57.99.  

May heating oil was steady to slightly higher overnight as it extends the rally off December's low. 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 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 211.17 is the next upside target. Closes below the 50-day moving average crossing at 197.84 would confirm that a short-term top has been posted. 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 50-day moving average crossing at 197.84. Second support is the reaction low crossing at 193.69. 

May unleaded gas was higher overnight and above the 62% retracement level of the October-December-decline crossing at 200.45 as it extends the rally off December's low. 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 October-December-decline crossing at 212.54 is the next upside target. Closes below the 20-day moving average crossing at 191.10 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 203.31. Second resistance is the 75% retracement level of the October-December-decline crossing at 212.54. First support is the 20-day moving average crossing at 191.10. Second support is the 50-day moving average crossing at 179.85. 

May Henry natural gas was steady to slightly lower overnight. 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2.747 would confirm that a short-term low has been posted. If May extends the decline off March's high, the reaction low crossing at 2.620 is the next downside target. First resistance is the 20-day moving average crossing at 2.747. Second resistance is the 50-day moving average crossing at 2.754. First support is last-Friday's low crossing at 2.632. 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 are turning neutral to bearish signaling that a double top with March's high might be forming. Closes below the 50-day moving average crossing at 96.12 are needed to confirm that a double top has been posted. If June extends the rally off March's low, March's high crossing at 97.16 is the next upside target.First resistance is March's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is the 20-day moving average crossing at 96.40. Second support is the 50-day moving average crossing at 96.12.

The June Euro was higher overnight. The high-range trade overnight sets the stage for a steady to higher opening when the day 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 113.55 are needed to confirm that a short-term low has been posted. If June extends the decline off March's high, the January-2017 low crossing at 110.16 is the next downside target. First resistance is the 20-day moving average crossing at 113.55. Second resistance is the 50-day moving average crossing at 114.11. First support is the 87% retracement level of the 2016-2018-rally crossing at 112.62. Second support is the January-2017 low crossing at 110.16.   

The June British Pound was slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3200 would temper the near-term bearish outlook. Closes below March's low crossing at 1.3026 would confirm that a short-term top has been posted. First resistance is March's high crossing at 1.3441. Second resistance is the 50% retracement level of the 2018 decline crossing at 1.3603. First support is March's low crossing at 1.3026. Second support is February's low crossing at 1.2854.  

The June Swiss Franc was lower overnight. 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, March's low crossing at 0.9970 is a potential downside target. If June resumes the rally off March's low, the September-January downtrend line crossing near 1.0209 is the next upside target. First resistance is March's high crossing at 1.0191. Second resistance is the September-January downtrend line crossing near 1.0209. First support is the overnight low crossing at 1.0054. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 75.42 are needed to confirm that a short-term low has been posted. If June renews the decline off February's high, December's low crossing at 73.47 is the next likely downside target. First resistance is the 50-day moving average crossing at 75.42. 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. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 0.0910 would temper the near-term bearish outlook. If June extends the decline off March's high, December's low crossing at 0.0894 is the next downside target. First resistance is March's 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 December's low crossing at 0.0894.

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

PRECIOUS METALS: June gold was slightly lower overnight. 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 1314.90 would temper the near-term bearish outlook. If June extends the decline off March's high, 38% retracement level of the September-February-rally crossing at 1273.10 is the next downside target. First resistance is March's high crossing at 1330.80. Second resistance is February's high crossing at 1356.00. First support is last-Thursday's low crossing at 1284.90. Second support is the 38% retracement level of the September-February-rally crossing at 1273.10.

May silver was steady to slightly higher overnight as it consolidates above the 62% retracement level of the November-January-rally crossing at 14.935. Stochastics and the RSI are neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 15.251 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, the 75% retracement level of the November-January-rally crossing at 14.644 is the next downside target. First resistance is the 20-day moving average crossing at 15.251. Second resistance is the 50-day moving average crossing at 15.521. First support is the 62% retracement level of the November-January-rally crossing at 14.935. Second support is the 75% retracement level of the November-January-rally crossing at 14.644.

May copper was steady to slightly lower overnight. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If May renews the rally off January's low, the 62% retracement level of the April-December-2018 decline crossing at 306.69 is the next upside target. Closes below the 50-day moving average crossing at 288.52 would confirm that a short-term top has been posted. 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 288.52. 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 higher overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, psychological support crossing at 3.50 is the next likely downside target. Closes above the 20-day moving average crossing at 3.68 1/4 would confirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 3.68 1/4. Second resistance is March's high crossing at 3.80 3/4. First support is Tuesday's low crossing at 3.55 1/4. Second support is psychological support crossing at 3.50.  

May wheat was steady to fractionally lower overnight.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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 4.52 1/2 would confirm that a short-term top has been posted. If May resumes the rally off March's low, the reaction high crossing at 4.97 1/2 is the next upside target. First resistance is the reaction high crossing at 4.75 1/2. Second resistance is the reaction high crossing at 4.97 1/2. First support is the reaction low crossing at 4.52 1/2. Second support is March's low crossing at 4.27. 

May Kansas City Wheat closed down 4-cents at 4.27 1/2.

May Kansas City wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday 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 December's high, weekly support crossing at 4.17 3/4 is the next downside target. If May resumes the rally off March's low, the 50-day moving average crossing at 4.59 1/2 is the next upside target. First resistance is the reaction high crossing at 4.54. Second resistance is the 50-day moving average crossing at 4.59 1/2. First support is March's low crossing at 4.18 1/4. Second support is weekly support crossing at 4.17 3/4.  

May Minneapolis wheat was steady to higher 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 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, weekly support crossing at 5.15 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.51 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.36 1/2. Second resistance is the 20-day moving average crossing at 5.51. First support is Monday's low crossing at 5.21. Second support is weekly support crossing at 5.15 1/4. 

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

May soybeans were slightly lower in quiet overnight 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 75% retracement level of the September-December 2018 rally crossing at 8.78 is the next downside target. If May renews the rally off March's low, the 50-day moving average crossing at 9.11 is the next upside target. First resistance is the 50-day moving average crossing at 9.11. Second resistance is the reaction high crossing at 9.24 3/4. First support is March's low crossing at 8.83. Second support is the 75% retracement level of the September-December 2018 rally crossing at 8.78.

May soybean meal was lower overnight. The low-range 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 sideways to lower prices are possible near-term. If May resumes the decline off March's high, March's low crossing at 300.30 is the next downside target. If May extends the rally off the late-March low, March's high crossing at 316.50 is the next upside target. First resistance is March's high crossing at 316.50. Second resistance is February's high crossing at 321.30. First support is the late-March low crossing at 303.60. Second support is March's low crossing at 300.30.   

May soybean oil was lower overnight as it consolidates some of the rally off last-Friday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 87% retracement level of the November-February-rally crossing at 28.17 is the next downside target. If May extends the rally off last-Friday's low, the 50-day moving average crossing at 29.80 is the next upside target. First resistance is the 50-day moving average crossing at 29.80. Second resistance is the reaction high crossing at 30.64. First support is March's low crossing at 28.34. Second support is the 87% retracement level of the November-February-rally crossing at 28.17.

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

June hogs closed down $3.00 at $95.15. 

June hogs closed limit down on Tuesday as it consolidates some of the rally off last-Monday'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 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 91.88 would confirm that a short-term top has been posted. If June extends the rally off February's low, weekly resistance crossing at 110.53 is the next upside target. First resistance is last-Friday's high crossing at 99.83. Second resistance is weekly resistance crossing at 110.53. First support is the 20-day moving average crossing at 91.88. Second support is April's low crossing at 86.25. 

April cattle closed up $0.10 at 125.90. 

April cattle closed slightly higher on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off March's high, January's low crossing at 123.50 is the next downside target. Closes above 50-day moving average crossing at 127.86 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 127.86. Second resistance is March's high crossing at 130.45. First support is the 25% retracement level of the 2018-2019-rally crossing at 125.45. Second support the 38% retracement level of the 2018-2019-rally crossing at 122.80. 

April Feeder cattle closed down $0.58 at $146.15. 

April Feeder cattle 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 147.20 would confirm that a low has been posted. If April extends the decline off March's high, March's low crossing at 143.50 is the next downside target. First resistance is March's high crossing at 150.80. Second resistance is last-October's high crossing at 155.70. 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 higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 9.12 is the next downside target. Closes above the 20-day moving average crossing at 9.48 are needed to confirm that a low has been posted. 

May cocoa closed slightly higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If May extends the rally off March's low, December's high crossing at 24.64 is the next upside target. Closes below the 20-day moving average crossing at 22.75 would confirm that a short-term top has been posted.          

May sugar closed higher on Tuesday as it extends this year's trading range. The high-range close set 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. If May resumes the rally off March's low, February's high crossing at 13.42 is the next upside target. May renews the decline off February's high, January's low crossing at 11.82 is the next downside target. 

May cotton posted a key reversal down on Tuesday as it consolidated some of the rally off February'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 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 76.80 would confirm that a short-term top has been posted.