KEY EVENTS TO WATCH FOR:

Thursday, April 25, 2019   

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

                       Jobless Claims (previous 192K)

                       Jobless Claims, Net Chg (previous -5K)

                       Continuing Claims (previous 1653000)

                       Continuing Claims, Net Chg (previous -63K)

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

                       Corn (Metric Tons) (previous  966K)

                       Soybeans (Metric Tons) (previous 403.2K)

                       Wheat (Metric Tons) (previous 545.5K)

8:30 AM ET. March Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous -1.6%)

                       Dur Goods, Ex-Defense, M/M% (previous -1.9%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.1%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.1%)  

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.0%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. 1^st Quarter U.S. Housing Vacancies

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

                       Working Gas In Storage (Cbf) (previous 1247B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +92B)

11:00 AM ET. April Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 17)

                       6-Mo Exp Prod Idx (previous 28)

                       Mfg Composite Idx (previous 10)

                       6-Mo Exp Composite Idx (previous 22)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Money Stock Measures

Friday, April 26, 2019  

8:30 AM ET. 1^st Quarter Advance estimate GDP

                       Annual Rate, Q/Q% (previous +2.2%)

                       Chain-Weighted Price Idx, Q/Q% (previous +1.7%)

                       PCE Price Idx, Q/Q% (previous +1.5%)

                       Purchase Price Idx, Q/Q% (previous +1.7%)

                       Real Final Sales 1st Est, Q/Q% (previous +2.1%)

                       Core PCE Price Idx, Q/Q% (previous +1.8%)

                       Personal Consumption, Q/Q% (previous +2.5%)

10:00 AM ET. April University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (previous 98.4)

                       End-Mo Expectations Idx (previous 88.8)

                       12-Month Inflation Forecast (previous 2.5%)

                       5-Year Inflation Forecast (previous 2.5%)

                       End-Mo Current Idx  (previous 113.3)

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

The STOCK INDEXES:The June NASDAQ 100 was higher overnight as it extends the rally off December's low. However, the low-range overnight trade leaves the door open 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 June extends the aforementioned rally above last-October's high crossing at 7767.00 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7633.55 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 7876.25. Second resistance is unknown. First support is the 20-day moving average crossing at 7633.55. Second support is the 50-day moving average low crossing at 7381.30.  

The June S&P 500 was steady to slightly higher overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.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 2894.33 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 2939.00. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving average crossing at 2894.33. Second support is the50-day moving average crossing at 2837.22.

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

INTEREST RATES: June T-bonds were slightly lower overnight. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 147-18 are needed to confirm that a short-term low has been posted. If June extends the decline off March's high, the reaction low crossing at 145-03 is the next downside target. First resistance is the 20-day moving average crossing at 147-18. Second resistance is March's high crossing at 150-21. First support is the reaction low crossing at 145-03. Second support is March's low crossing at 143-16.

June T-notes were steady to slightly lower overnight. Stochastics and the RSI are 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 123.146 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, the reaction low crossing at 122.120 then March's low crossing at 121.155 are the next downside targets. First resistance is the 20-day moving average crossing at 123.146. Second resistance is March's high crossing at 124.310. First support is the reaction low crossing at 122.120. Second resistance is March's low crossing at 121.155.

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

June crude oil was steady to slightly 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, the 75% retracement level of the October-December-decline crossing at 67.73 is the next upside target. Closes below the 20-day moving average crossing at 63.66 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 66.60. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.73. First support is the 20-day moving average crossing at 63.66. Second support is the 50-day moving average crossing at 60.30.  

June heating oil was higher overnight as it tests resistance marked by the 62% retracement level of the October-December-decline crossing at 211.48. 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, the 75% retracement level of the October-December-decline crossing at 221.16 is the next upside target. Closes below the 50-day moving average crossing at 201.84 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 211.48. Second resistance is the 75% retracement level of the October-December-decline crossing at 221.16. First support is the 20-day moving average crossing at 205.57. Second support is the 50-day moving average crossing at 201.84. 

June unleaded gas was higher overnight 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 June extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 211.35 is the next upside target. Closes below the 20-day moving average crossing at 198.35 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the October-December-decline crossing at 211.35. Second resistance is the 87% retracement level of the October-December-decline crossing at 222.18. First support is the 10-day moving average crossing at 203.72. Second support is the 20-day moving average crossing at 198.35. 

June Henry natural gas was steady to slightly 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 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, weekly support crossing at 2.444 is the next downside target. Closes above the 20-day moving average crossing at 2.657 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.582. Second resistance is the 20-day moving average crossing at 2.657. First support is Tuesday's low crossing at 2.491. Second support is weekly support crossing at 2.444.

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

CURRENCIES:The June Dollar was higher overnight as it extends this week's rally. 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, weekly resistance crossing at 98.67 is the next upside target. Closes below the 20-day moving average crossing at 96.90 would confirm that a top has been posted. First resistance is the overnight high crossing at 97.99. Second resistance is weekly resistance crossing at 98.67. First support is the 20-day moving average crossing at 96.90. Second support is April's low crossing at 96.36.

The June Euro was lower overnight as it extends this week's decline. 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 June extends the decline off March's high, the January-2017 low crossing at 110.16 is the next downside target. Closes above the 20-day moving average crossing at 113.00 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 113.00. Second resistance is the 50-day moving average crossing at 113.69. First support is the overnight low crossing at 111.77. Second support is the January-2017 low crossing at 110.16.   

The June British Pound was lower overnight as it extends the decline off March's high. 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 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, February's low crossing at 1.2854 is the next downside target. Closes above the 20-day moving average crossing at 1.3083 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.3083. Second resistance is the 50-day moving average crossing at 1.3157. First support is the overnight low crossing at 1.2904. Second support is February's low crossing at 1.2854.  

The June Swiss Franc was lower overnight as it extends the decline off March's high. 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, weekly support crossing at 0.9713 is the next downside target. Closes above the 20-day moving average crossing at 1.0007 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0007. Second resistance is the 50-day moving average crossing at 1.0053. First support is Tuesday's low crossing at 0.9825. Second support is weekly support crossing at 0.9713. 

The June Canadian Dollar was lower overnight as it extends Wednesday's breakout to the downside of the March-April trading range. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If June extends this week's decline, December's low crossing at 73.47 is the next downside target. Closes above the 50-day moving average crossing at 75.17 are needed to confirm that a short-term low has been posted.First resistance is the 50-day moving average crossing at 75.17. Second resistance is the reaction high crossing at 75.64. First support is Wednesday's low crossing at 74.04. Second support is December's low crossing at 73.47.

The June Japanese Yen was higher overnight. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 50-day moving average crossing at 0.0905 would temper the near-term bearish outlook. If June extends the decline off March's high, November's low crossing at 0.0893 is the next downside target. First resistance is the 50-day moving average crossing at 0.0905. Second resistance is March's high crossing at 0.0918. First support is Wednesday's low crossing at 0.0893. Second support is November's low crossing at 0.0893.

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

PRECIOUS METALS: June gold was slightly higher overnight. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1290.60 would confirm that a short-term low has been posted. If June extends the decline off March's high, 62% retracement level of the September-February-rally crossing at 1252.70 is the next downside target. First resistance is the 10-day moving average crossing at 1282.20. Second resistance is the 20-day moving average crossing at 1290.60. First support is the 50% retracement level of the September-February-rally crossing at 1272.30. Second support is the 62% retracement level of the September-February-rally crossing at 1252.70.

May silver was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 75% retracement level of the November-January-rally crossing at 14.644 is the next downside target. Closes above the 20-day moving average crossing at 15.016 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 15.016. Second resistance is the 50-day moving average crossing at 15.317. First support is Tuesday's low crossing at 14.700. Second support is the 75% retracement level of the November-January-rally crossing at 14.644.

May copper was lower overnight while extending the February-April trading range. The low-range 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 sideways to lower prices are possible near-term. If May extends this week's decline, March's low crossing at 283.45 is the next downside target. Closes above the 20-day moving average crossing at 291.73 would temper the 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 overnight low crossing at 287.25. Second support is March's low crossing at 283.45.  

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

May corn was lower overnight as it extends this week's sharp sell off. Funds are holding a record net short position as of last Friday and continue to add to their short positions. A rising U.S. Dollar along with burdensome supplies leaves the door open for additional weakness near-term. This year's projected increase in corn acres along with a sharp increase in the coming year's projected carryout overshadows any concern of potential production problems which might arise during the coming growing season as of right now. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, weekly support crossing at 3.29 1/4 is the next downside target. Closes above the 20-day moving average crossing at 3.59 wouldconfirm that a short-term low has been posted.First resistance is the 20-day moving average crossing at 3.59. Second resistance is the 50-day moving average crossing at 3.68 1/4. First support is the overnight low crossing at 3.44 3/4. Second support is weekly support crossing at 3.29 1/4.  

May wheat was steady to fractionally 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, March's low crossing at 4.27 is the next downside target. Closes above the 20-day moving average crossing at 4.55 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.55. Second resistance is the 50-day moving average crossing at 4.62 1/2. First support is Wednesday's low crossing at 4.29 3/4. Second support is March's low crossing at 4.27. 

May Kansas City Wheat down 10-cents at 4.04 1/2.

May Kansas City wheat closed lower on Wednesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Thursday 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 December's high, weekly support crossing at 3.91 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.27 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.27 3/4. Second resistance is the 50-day moving average crossing at 4.41 1/2. First support is Wednesday's low crossing at 4.04 3/4. Second support is weekly support crossing at 3.91 1/2.  

May Minneapolis wheat was higher due to short covering overnight as it consolidated some of this week's decline. 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 and 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 4.80 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.28 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.28 3/4. Second resistance is the 50-day moving average crossing at 5.47 1/4. First support is Wednesday's low crossing at 5.00. Second support is weekly support crossing at 4.80 1/4. 

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

May soybeans were higher due to short covering overnight as they consolidate some of this week's huge decline. 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 February's high, last- September's low crossing at 8.53 is the next downside target. Closes above the 20-day moving average crossing at 8.88 would temper the bearish outlook. First resistance is the 10-day moving average crossing at 8.78 3/4. Second resistance is the 20-day moving average crossing at 8.88. First support is Wednesday's low crossing at 8.54 1/2. Second support is last-September's low crossing at 8.53.

May soybean meal was higher due to short covering overnight. The high-range 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 298.80 is the next downside target. Closes above the 20-day moving average crossing at 306.80 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 304.30. Second resistance is the 20-day moving average crossing at 306.80. First support is the overnight low crossing at 299.90. Second support is weekly support crossing at 298.80.   

May soybean oil was higher due to short covering 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 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, last-November's low crossing at 27.70 is the next downside target. Closes above the 20-day moving average crossing at 28.70 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 28.70. Second resistance is April's high crossing at 29.40. First support is Wednesday's low crossing at 27.88. Second support is last-November's low crossing at 27.70.