KEY EVENTS TO WATCH FOR:

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 June NASDAQ 100 closed lower on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7633.14 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7879.50. Second resistance is unknown. First support is the 20-day moving average crossing at 7633.14. Second support is the 50-day moving average crossing at 7381.10.  

The June S&P 500 closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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's high crossing at 2957.90 is the next upside target. Closes below the 20-day moving average crossing at 2894.45 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 low crossing at 2894.45. Second support is the 50-day moving average crossing at 2837.27.  

The Dow closed lower on Thursday. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are overbought but are 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 25,992.37 would confirm that a short-term top has been posted. If the Dow extends the rally off March's low, last-October's high crossing at 26,951.81 is the next upside target. First resistance is Tuesday's high crossing at 26,695.96. Second resistance is last-October 2018 high crossing at 26,951.81. First support is the 20-day moving average crossing at 26,322.11. Second support is the 50-day moving average crossing at 25,992.37.

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

June T-bonds closed down 4/32's at 147-07.

June T-bonds closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 147-18. 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 145-31. Second support is the reaction low crossing at 145-03.         

June T-notes closed down 45-pts. At 123.130.

June T-notes closed lower on Thursday as it consolidates some of this week's gains. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 123.143 would confirm that a short-term low has been posted. If June renews the decline off March's high. March's low crossing at 121.155 is the next downside target. First resistance is the reaction high crossing at 123.295. Second resistance is March's high crossing at 124.310. First support is the reaction low crossing at 122.205. Second support is March's low crossing at 121.144.       

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

June crude oil closed lower on Thursday as it consolidates above the 62% retracement level of the October-December-decline crossing at 63.50. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are overbought diverging and 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 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 63.62 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 63.62. Second support is the 50-day moving average crossing at 60.28.  

June heating oil closed slightly lower on Thursday as it consolidates some of its recent gains. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are overbought diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 201.81 would confirm that a short-term top has been posted. If June extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 222.16 is the next upside target. First resistance is Monday's high crossing at 212.68. Second resistance is the 75% retracement level of the October-December-decline crossing at 222.16. First support is the 20-day moving average crossing at 205.50. Second support is the 50-day moving average crossing at 201.81. 

June unleaded gas closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 198.27 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 209.69. Second resistance is the 75% retracement level of the October-December-decline crossing at 211.35. First support is the 20-day moving average crossing at 198.27. Second support is the 50-day moving average crossing at 187.32.

June Henry natural gas posted a key reversal up due to short covering on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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 2.432 is the next downside target. Closes above the 20-day moving average crossing at 2.659 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.585. Second resistance is the 20-day moving average crossing at 2.659. First support is today's low crossing at 2.477. Second support is weekly support crossing at 2.432.       

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

The June Dollar closed higher on Thursday as it extends this year's rally. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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 99.90 is the next upside target. Closes below the 20-day moving average crossing at 96.91 would confirm that a short-term top has been posted. First resistance is today's high crossing at 98.06. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 96.91. Second support is the 50-day moving average crossing at 96.41.

The June Euro closed lower on Thursday as it extends this week's decline.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI 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 January 2017 low crossing at 110.16 is the next downside target. Closes above the 50-day moving average crossing at 113.68 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 113.68. Second resistance is March's high crossing at 115.33. First support is today's low crossing at 111.66. Second support is the January 2017 low crossing at 110.16.      

The June British Pound closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 confirm that a low has been posted. 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 today's low crossing at 1.2899. Second support is February's low crossing at 1.2854.   

The June Swiss Franc closed lower on Thursday as it extends the decline off March's high.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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 1.0008 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 0.9935. Second resistance is the 20-day moving average crossing at 1.0008. First support is today's low crossing at 0.9825. Second support is weekly support crossing at 0.9713.

The June Canadian Dollar closed slightly higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off February's high, December's low crossing at 74.48 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 76.46. First support is Wednesday's low crossing at 74.04. Second support is December's low crossing at 73.47.  

The June Japanese Yen closed higher on Thursday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. 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 low, December's low crossing at 0.0894 is the next downside target. First resistance is April's high crossing at 0.0907. 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 ""

June gold closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. If June extends the decline off February's high, the 62% retracement level of the August-February-rally crossing at 1252.70 is the next downside target. Closes above the 20-day moving average crossing at 1290.60 are needed to confirm that a low has been posted. First resistance is April's high crossing at 1314.70. Second resistance is March's high crossing at 1330.80. First support is the 50% retracement level of the August-February-rally crossing at 1272.30. Second support is the 62% retracement level of the August-February-rally crossing at 1252.70.

May silver closed slightly lower on Thursday. The mid-range close set the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 75% retracement level of the November-February-rally crossing at 14.644 is the next downside target. Closes above the 20-day moving average crossing at 15.019 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 15.019. Second resistance is the 50-day moving average crossing at 15.318. First support is the 75% retracement level of the November-February-rally crossing at 14.644. Second support is the 87% retracement level of the November-February-rally crossing at 14.378.          

May copper closed sharply lower on Thursday as it extends the February-April trading range.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends today's decline, March's low crossing at 283.45 is the next downside target. Closes above the 20-day moving average crossing at 291.67 would confirm that a short-term low has been posted. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance is the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is March's low crossing at 283.45. Second support is the reaction low crossing at 275.95. 

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

May Corn closed up 3/4-cents at 3.46 1/4. 

May corn closed fractionally higher on Thursday.Today's mid-range close sets the stage for a steady to higher opening when Friday's night sessions 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 3.29 1/4 is the next downside target. Closes above the 20-day moving average crossing at 3.59 are needed to confirm 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 today's low crossing at 3.42 1/4. Second support is  weekly support crossing at 3.29 1/4.   

May wheat closed up 1 3/4-cents at 4.34. 

May wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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 10-day moving average crossing at 4.46 1/4. Second resistance is the 20-day moving average crossing at 4.55. First support is today's low crossing at 4.28 1/4. Second support is March's low crossing at 4.27.    

May Kansas City Wheat closed down a 1/4-cent at 4.04 1/4.

May Kansas City wheat closed fractionally lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday 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 renews 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 4.25 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.25 3/4. Second resistance is the 50-day moving average crossing at 4.39 3/4. First support is today's low crossing at 4.00 1/2. Second support is weekly support crossing at 3.91 1/2.  

May Minneapolis wheat closed up 1 3/4-cents at 5.05. 

May Minneapolis wheat closed higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways trading is possible near-term. If May extends the decline off March's high, weekly support crossing at 4.82 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 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 4.82 1/4.    

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

May soybeans closed up 2 3/4-cents at 8.58

May soybeans closed higher on Thursday.The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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, psychological support crossing at 8.50 is the next downside target. Closes above the 20-day moving average crossing at 8.88 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 8.88. Second resistance is the 50-day moving average crossing at 9.00 3/4. First support is today's low crossing at 8.53 1/2. Second support is  psychological support crossing at 8.50.

May soybean meal closed up $5.40 at 305.80. 

May soybean meal closed sharply higher due to short covering on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 308.10 are needed to confirm that a low has been posted. If May extends the decline off March's high, weekly support crossing at 298.80 is the next downside target. First resistance is the 50-day moving average crossing at 308.10. Second resistance is April's high crossing at 312.30. First support is today's low crossing at 299.80. Second support is weekly support crossing at 298.80.   

May soybean oil closed down 33-pts. at 27.59. 

May soybean oil closed lower on Thursday and posted a new contract low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, weekly support crossing at 27.27 is the next downside target. Closes above the 20-day moving average crossing at 28.68 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 28.68. Second resistance is April's high crossing at 29.40. First support is today's low crossing at 27.57. Second support is weekly support crossing at 27.27.    

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

June hogs closed down $3.00 at $89.77. 

June hogs gapped down and closed limit down on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold, but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50-day moving average crossing at 86.69 is the next downside target. Closes above the 10-day moving average crossing at 95.32 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 95.32. Second resistance is April's high crossing at 99.83. First support is the 50-day moving average crossing at 86.69. Second support is April's low crossing at 86.25. 

June cattle closed down $2.98 at 115.38. 

June cattle closed sharply lower on Thursday. 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, January's low crossing at 115.10 is the next downside target. Closes above 10-day moving average crossing at 127.73 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 127.73. Second resistance is April's high crossing at 122.38. First support is the 50% retracement level of the 2018-2019-rally crossing at 114.84. Second support the 62% retracement level of the 2018-2019-rally crossing at 112.45. 

May Feeder cattle closed down $2.98 at $143.55. 

May Feeder cattle closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, December's low crossing at 141.85 is the next downside target. Closes above the 10-day moving average crossing at 149.52 would renew the rally off April's low. First resistance is April's high crossing at 152.23. Second resistance is March's high crossing at 155.30. First support is today's low crossing at 143.13. Second support is December's low crossing at 141.85.  

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

May coffee closed higher on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 9.56 are needed to confirm that a low has been posted. If May extends this winter's decline, weekly support crossing at 8.32 is the next downside target. 

July cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If July extends the decline off April's high, the reaction low crossing at 22.15 is the next downside target. Closes above the 20-day moving average crossing at 23.55 would confirm that a short-term low has been posted.          

July sugar closed lower on Thursday as it extends this year's trading range. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the rally off March's low, February's high crossing at 13.00 is the next upside target. If July renews the decline off February's high, March's low crossing at 12.29 is the next downside target. 

May cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the 50-day moving average crossing at 75.44 is the next downside target. If May renews the rally off February's low, the 38% retracement level of the 2018-2019-decline crossing at 79.88 is the next upside target.