INO Evening Market Comments
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Started by tallpine - April 30, 2019, 3:58 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, May 1, 2019 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 425.6)



                       Composite Idx, W/W% (previous -7.3%)



                       Purchase Idx-SA (previous 269.3)



                       Purchase Idx-SA, W/W% (previous -4.1%)



                       Refinance Idx (previous 1293.0)



                       Refinance Idx, W/W% (previous -11.0%)



8:15 AM ET. April ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected +177000; previous +129000)



8:30 AM ET. 4th Quarter GDP by State



9:45 AM ET. April US Manufacturing PMI



                       PMI, Mfg (expected 52.4; previous 52.4)



10:00 AM ET. March Metropolitan Area Employment & Unemployment



10:00 AM ET. March Construction Spending - Construction Put in Place



                       New Construction (expected +0.0%; previous +1.0%)



                       Residential Construction



10:00 AM ET. April ISM Manufacturing Report on Business



                       Manufacturing PMI (expected 55.0; previous 55.3)



                       Prices Idx (previous 54.3)



                       Employment Idx (previous 57.5)



                       Inventories (previous 51.8)



                       New Orders Idx (previous 57.4)



                       Production Idx (previous 55.8)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 460.633M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +5.479M)



                       Gasoline Stocks (Bbl) (previous 225.826M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -2.129M)



                       Distillate Stocks (Bbl) (previous 127.029M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.662M)



                       Refinery Usage (previous 90.1%)



                       Total Prod Supplied (Bbl/day) (previous 20.448M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.555M)

                       

2:00 PM ET. U.S. interest rate decision



                       Federal Funds Rate



                       Federal Funds Rate Change (Pts)



                       Fed Funds Rate-Range High (previous 2.50)



                       Fed Funds Rate-Range Low (previous 2.25)



                       FOMC Vote For Action (previous 10)



                       FOMC Vote Against Action (previous 0)



                       Discount Rate (previous 3.00)



                       Discount Rate Change (Pts) (previous +0.00)



                       Discount Rate-Range High



                       Discount Rate-Range Low



4:00 PM ET. April Domestic Auto Industry Sales



Thursday, May 2, 2019 



7:30 AM ET. April Challenger Job-Cut Report



                       Job Cuts, M/M% (previous -21%)



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



                       Corn (Metric Tons) (previous 782.9K)



                       Soybeans (Metric Tons) (previous 619.1K)



                       Wheat (Metric Tons) (previous 651.5K)



8:30 AM ET. 1st Quarter Preliminary Productivity & Costs



                       Non-Farm Productivity, Q/Q% (previous +2.4%)



                       Unit Labor Costs (previous +1.3%)



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



                       Jobless Claims (expected 215K; previous 230K)



                       Jobless Claims, Net Chg (previous +37K)



                       Continuing Claims (previous 1655000)



                       Continuing Claims, Net Chg (previous +1K)



9:45 AM ET. April ISM-NY Report on Business



                       Business Index (previous 66.9)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. March Manufacturers' Shipments, Inventories & Orders (M3)



                       Total Orders, M/M% (expected +1.5%; previous -0.5%)



                       Orders, Ex-Defense, M/M% (previous -0.6%)



                       Orders, Ex-Transport, M/M% (previous +0.3%)



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



                       Durable Goods, M/M%



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



                       Working Gas In Storage (Cbf) (previous 1339B)



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

                       

11:00 AM ET. April Global Manufacturing PMI



                       PMI, Mfg (previous 50.6)



1:00 PM ET. SEC Closed Meeting



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Money Stock Measures



4:30 PM ET. Foreign Central Bank Holdings



Friday, May 3, 2019 



8:30 AM ET. April U.S. Employment Report



                       Non-Farm Payrolls (expected +190K; previous +196K)



                       Unemployment Rate (expected 3.8%; previous 3.8%)



                       Avg Hourly Earnings (USD) (previous 27.70)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.04)



                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.14%)



                       Avg Hourly Earnings, Y/Y% (expected +3.3%; previous +3.2%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous +0.1)



                       Government Payrolls (previous +14K)



                       Private Payroll (previous +182K)



                       Participation Rate (previous 63.0%)



                       Non-Farm Payrolls Bench Net Chg



9:45 AM ET. April US Services PMI



                       PMI, Services (expected 52.8; previous 55.3)



10:00 AM ET. April ISM Non-Manufacturing Report on Business



                       Non-Mfg Composite Idx (expected 57.0; previous 56.1)



                       Non-Mfg Business Idx (previous 7.4)



                       Prices Idx (previous 58.7)



                       Employment Idx (previous 55.9)



                       New Orders Idx (previous 59.0)



Monday, May 6, 2019 



10:00 AM ET. April Employment Trends Index



                       ETI (previous 110.98)



                       ETI, Y/Y%



11:00 AM ET. April Global Services PMI



                       PMI, Services (previous 53.7)


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



The June NASDAQ 100 closed lower on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7689.50 would confirm that a short-term top has been posted. If June extends the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is last-Thursday's high crossing at 7879.50. Second resistance is unknown. First support is the 20-day moving average crossing at 7689.50. Second support is the 50-day moving average crossing at 7425.36.  



The June S&P 500 closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 2908.54 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 2951.00. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving low crossing at 2908.54. Second support is the 50-day moving average crossing at 2847.86.  



The Dow closed slightly higher on Tuesday as investors are guardedly optimistic ahead of another round of corporate earnings, while awaiting economic data and the outcome of a Fed policy meeting on Wednesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off March's low, last-October's high crossing at 26,951.81 is the next upside target. Closes below the 50-day moving average crossing at 26,047.15 would confirm that a short-term top has been posted. First resistance is last-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 26,407.45. Second support is the 50-day moving average crossing at 26,047.15.



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



June T-bonds closed up 20/32's at 147-20.



June T-bonds closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 147-10 are needed to confirm that a short-term low has been posted. If June resumes 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 147-10. Second resistance is the reaction high crossing at 148-17. First support is April's low crossing at 145-31. Second support is the reaction low crossing at 145-03.         



June T-notes closed up 80-pts. At 123.215.



June T-notes closed higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, March's high crossing at 124.310 is the next upside target. 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 April's 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 slightly higher on Tuesday as it consolidates some of last week's decline.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are 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 60.71 is the next downside target. If June renews the rally off December's low, the 75% retracement level of the October-December-decline crossing at 67.73 is the next upside target. First resistance is last-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 50-day moving average crossing at 60.71. Second support is the reaction low crossing at 58.41.  



June heating oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. 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 202.34 would confirm that a short-term top has been posted. If June renews 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 last-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 50-day moving average crossing at 202.34. Second support is the reaction low crossing at 194.17. 



June unleaded gas closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 200.80 are needed to confirm that a short-term top has been posted. If June resumes the rally off December's low, the 75% retracement level of the October-December-decline crossing at 211.35 is the next upside target. First resistance is last-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 200.80. Second support is the 50-day moving average crossing at 189.29.



June Henry natural gas closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.635 would confirm that a short-term low has been posted. If June resumes the decline off March's high, weekly support crossing at 2.432 is the next downside target. First resistance is the 20-day moving average crossing at 2.635. Second resistance is the 50-day moving average crossing at 2.759. First support is last-Thursday'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 sharply lower on Tuesday as it extends the decline off last-Friday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 97.01 would confirm that a short-term top has been posted. If June extends the rally off March's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is last-Friday's high crossing at 98.09. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 97.01. Second support is the 50-day moving average crossing at 96.48.



The June Euro closed higher due to short covering on Tuesday as it consolidates some of last-week's decline.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term top might be in or is near. Closes above the 50-day moving average crossing at 113.58 are needed to temper the bearish outlook. If June resumes the decline off March's high, the January 2017 low crossing at 110.16 is the next downside target. First resistance is the 50-day moving average crossing at 113.58. Second resistance is March's high crossing at 115.33. First support is last-Friday's low crossing at 111.56. Second support is the January 2017 low crossing at 110.16.      



The June British Pound closed higher on Tuesday and above the 20-day moving average crossing at 1.3066 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. If June resumes the decline off March's high, February's low crossing at 1.2854 is the next downside target. First resistance is the 50-day moving average crossing at 1.3162. Second resistance is April's high crossing at 1.3245. First support is last-Thursday's low crossing at 1.2899. Second support is February's low crossing at 1.2854.   



The June Swiss Franc closed slightly higher on Tuesday while extending the trading range of the past six-days.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 0.9970 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 0.9883. Second resistance is the 20-day moving average crossing at 0.9970. First support is last-Friday's low crossing at 0.9814. Second support is weekly support crossing at 0.9713.



The June Canadian Dollar closed higher on Tuesday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 75.10 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, December's low crossing at 74.48 is the next downside target. First resistance is the 50-day moving average crossing at 75.10. Second resistance is the reaction high crossing at 76.46. First support is last-Wednesday's low crossing at 74.04. Second support is December's low crossing at 73.47.  



The June Japanese Yen closed higher on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Closes above the 50-day moving average crossing at 0.0904 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's low, November's low crossing at 0.0892 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 last-Wednesday's low crossing at 0.0893. Second support is November's low crossing at 0.0892.  



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



June gold closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1289.10 are needed to confirm that a low has been posted. If June resumes the decline off February's high, the 62% retracement level of the August-February-rally crossing at 1252.70 is the next downside target. 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 higher on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 75% retracement level of the November-February-rally crossing at 14.644 is the next downside target. Multiple closes above the 20-day moving average crossing at 15.001 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 15.001. Second resistance is the 50-day moving average crossing at 15.271. 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 higher on Tuesday as it extends the February-April trading range.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 291.35 are needed to confirm that a short-term low has been posted. If May extends the decline off April's high, March's low crossing at 283.45 is the next downside target. 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 1 3/4-cents at 3.53 3/4. 



May corn closed higher on Tuesday as it extends the rally off last-Thursday's low.Today's high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 3.57 1/4 are needed to confirm that a short-term low has been posted. If May resumes the decline off March's high, weekly support crossing at 3.29 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 3.57 1/4. Second resistance is the 50-day moving average crossing at 3.66 1/2. First support is last-Thursday's low crossing at 3.42 1/4. Second support is weekly support crossing at 3.29 1/4.   



May wheat closed down 8 1/4-cents at 4.18 1/2. 



May wheat closed lower on Tuesday confirming Monday's key reversal down. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, weekly support crossing at 4.05 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.49 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.35 1/2. Second resistance is the 20-day moving average crossing at 4.49 3/4. First support is today's low crossing at 4.16 1/4. Second support is weekly support crossing at 4.05 1/4.     



May Kansas City Wheat closed down 3 1/2-cents at 3.86 1/4.

 

May Kansas City wheat closed lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday 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 3.74 is the next downside target. Closes above the 20-day moving average crossing at 4.19 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.06 3/4. Second resistance is the 20-day moving average crossing at 4.19 1/4. First support is today's low crossing at 3.83 1/2. Second support is weekly support crossing at 3.74.  



May Minneapolis wheat closed down a 1/2-cents at 4.90 1/4. 



May Minneapolis wheat closed fractionally lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways 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 5.19 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.19 1/4. Second resistance is the 50-day moving average crossing at 5.42 3/4. First support is today's low crossing at 4.89 3/4. Second support is weekly support crossing at 4.82 1/4.    



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



May soybeans closed down 6-cents at 8.41 1/2



May soybeans closed lower on Tuesday as it extends this year's decline.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, weekly support crossing at 8.31 3/4 is the next downside target. Closes above the 20-day moving average crossing at 8.81 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.64 1/4. Second resistance is the 20-day moving average crossing at 8.81 3/4. First support is today's low crossing at 8.38 1/2. Second support is weekly support crossing at 8.31 3/4.



May soybean meal closed down $1.30 at 295.90. 



May soybean meal closed lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, weekly support crossing at 291.80 is the next downside target. Closes above the 20-day moving average crossing at 305.60 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 305.60. Second resistance is April's high crossing at 312.30. First support is today's low crossing at 295.20. Second support is weekly support crossing at 291.80.   



May soybean oil closed down 28-pts. at 27.60. 



May soybean oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 28.55 would confirm that a short-term low has been posted. If May renews the decline off February's high, weekly support crossing at 27.27 is the next downside target. First resistance is the 10-day moving average crossing at 28.13. Second resistance is the 20-day moving average crossing at 28.55. First support is last-Friday'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 up $0.18 at $89.23. 



June hogs closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50-day moving average crossing at 87.37 is the next downside target. Closes above the 20-day moving average crossing at 94.56 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 94.56. Second resistance is April's high crossing at 99.83. First support is the 50-day moving average crossing at 87.37. Second support is April's low crossing at 86.25. 



June cattle closed down $0.55 at 114.25. 



June cattle closed lower on Tuesday as it extends this month's decline.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 62% retracement level of the 2018-2019-rally crossing at 112.45 is the next downside target. Closes above 50-day moving average crossing at 120.13 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 120.13. Second resistance is April's high crossing at 122.38. First support is today's low crossing at 114.10. Second support the 62% retracement level of the 2018-2019-rally crossing at 112.45. 

 

May Feeder cattle closed down $1.80 at $141.60. 



May Feeder cattle closed lower on Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, weekly support crossing at 140.45 is the next downside target. Closes above the 20-day moving average crossing at 148.48 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 141.45. Second support is weekly support crossing at 140.45.  



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



May coffee closed slightly 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 9.50 are needed to confirm that a low has been posted. If May resumes this winter's decline, weekly support crossing at 8.32 is the next downside target. 



July cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off last-Wednesday's low, April's high crossing at 24.34 is the next upside target. If July resumes the decline off April's high, the reaction low crossing at 22.15 is the next downside target.         



July sugar closed slightly 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, March's low crossing at 12.29 is the next downside target. If July resumes the rally off March's low, February's high crossing at 13.00 is the next upside target. 



July cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 76.68 would confirm that a short-term top has been posted. If July renews the rally off February's low, the 38% retracement level of the 2018-2019-decline crossing at 80.54 is the next upside target.  

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By metmike - May 1, 2019, 1:22 a.m.
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Thanks tallpine!


Wet weather forecasts and planting delays catching the attention of corn.

May corn closed higher on Tuesday as it extends the rally off last-Thursday's low.Today's high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 3.57 1/4 are needed to confirm that a short-term low has been posted. If May resumes the decline off March's high, weekly support crossing at 3.29 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 3.57 1/4. Second resistance is the 50-day moving average crossing at 3.66 1/2. First support is last-Thursday's low crossing at 3.42 1/4. Second support is weekly support crossing at 3.29 1/4.