KEY EVENTS TO WATCH FOR:

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. 1^st 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 STOCK INDEXES:The June NASDAQ 100 was higher overnight as it consolidates some of Tuesday's losses. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7713.27 would confirm that a short-term top has been posted. If June extends this year's rally 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 7713.27. Second support is the 50-day moving average low crossing at 7453.01.  

The June S&P 500 was slightly higher overnight as it consolidates some of Tuesday's loss. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 2914.17 would confirm that a short-term top has been posted. If June extends the rally off December's low, last-September high crossing at 2957.90 is the next upside target. First resistance is Tuesday's high crossing at 2957.30. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving average crossing at 2914.17. Second support is the50-day moving average crossing at 2853.54.

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

INTEREST RATES: June T-bonds were lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the reaction high crossing at 148-17 is the next upside target. Closes below the 50-day moving average crossing at 146-27 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 148-17. Second resistance is March's high crossing at 150-21. First support is the 50-day moving average crossing at 146-27. Second support is April's low crossing at 145-31.

June T-notes were lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the reaction high crossing at 123.295 are needed to confirm that a short-term low has been posted. 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 resistance is the reaction low crossing at 122.120.

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

June crude oil was lower overnight as strong U.S. production offsets OPEC’s production cuts and sanctions on Iran begin. 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 again signaling that additional weakness is possible near-term. If June extends the decline off April's high, the 50-day moving average crossing at 60.92 is the next downside target. If June renews the rally off last-December's low, the 75% retracement level of the October-December-decline crossing at 67.73 is the next upside target. First resistance is April'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 60.92. Second support is the reaction low crossing at 58.41.  

June heating oil was slightly lower overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes 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 202.67 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 50-day moving average crossing at 202.67. Second support is the reaction low crossing at 194.17. 

June unleaded gas was 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 sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 202.07 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 20-day moving average crossing at 202.07. Second support is the 50-day moving average crossing at 190.41. 

June 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 remain neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2.623 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, weekly support crossing at 2.444 is the next downside target. First resistance is the 20-day moving average crossing at 2.623. Second resistance is the 50-day moving average crossing at 2.753. First support is April's low crossing at 2.477. Second support is weekly support crossing at 2.444.

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

CURRENCIES:The June Dollar was lower overnight despite Tuesday's upside reversal. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 97.07 would confirm that a top has been posted while opening the door for additional weakness near-term. If June resumes the rally off March's low, weekly resistance crossing at 98.67 is the next upside target.First resistance is April's high crossing at 98.09. Second resistance is weekly resistance crossing at 98.67. First support is the 20-day moving average crossing at 97.07. Second support is April's low crossing at 96.36.

The June Euro was steady to slightly higher overnight. The mid-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 112.86 are needed to confirm that a low has been posted. If June renews 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 112.86. Second resistance is the 50-day moving average crossing at 113.50. First support is April's low crossing at 111.57. Second support is the January-2017 low crossing at 110.16.   

The June British Pound was lower overnight as it consolidates some of the rally off April's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 50-day moving average crossing at 1.3159 is the next upside target. If June renews 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 1.3159. Second resistance is April's high crossing at 1.3245. First support is April's low crossing at 1.2899. Second support is February's low crossing at 1.2854.  

The June Swiss Franc was slightly 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 resumes 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 0.9947 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9947. Second resistance is the 50-day moving average crossing at 1.0032. First support is last-Friday's low crossing at 0.9814. Second support is weekly support crossing at 0.9713. 

The June Canadian Dollar was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving averagecrossing at 75.04 are needed to confirm that a short-term low has been posted.If June extends the decline off April's high, December's low crossing at 73.47 is the next downside target. First resistance is the 50-day moving average crossing at 75.04. Second resistance is the reaction high crossing at 75.64. First support is April's low crossing at 74.04. Second support is December's low crossing at 73.47.

The June Japanese Yen was slightly lower overnight. Stochastics and the RSI are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 50-day moving average crossing at 0.0904 are needed to confirm that a short-term low has been posted. If June resumes the decline off March's high, November's low crossing at 0.0892 is the next downside target. First resistance is the 50-day moving average crossing at 0.0904. Second resistance is March's high crossing at 0.0918. First support is April'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"

PRECIOUS METALS: June gold was lower overnight as it adds to Tuesday's loss, which marked a key reversal down. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, 62% retracement level of the September-February-rally crossing at 1252.70 is the next downside target. Closes above the 20-day moving average crossing at 1287.10 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1287.10. Second resistance is the 50-day moving average crossing at 1301.40. 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.

July silver was steady to slightly higher overnight as it consolidates some of Tuesday's huge loss. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off February's high, the 87% retracement level of the November-January-rally crossing at 14.460 is the next downside target. Closes above the 20-day moving average crossing at 15.035 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 15.035. Second resistance is the 50-day moving average crossing at 15.299. First support is Tuesday's low crossing at 14.620. Second support is the 87% retracement level of the November-January-rally crossing at 14.460.

July copper was higher overnight as it consolidated some of Tuesday's huge decline that marked a downside breakout of the February-April trading range. The mid-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 July extends Tuesday's decline, the 50% retracement level of the January-April-rally crossing at 278.06 is the next downside target. Closes above the 20-day moving average crossing at 290.63 would confirm that a short-term low has been posted. First resistance Monday's high crossing at 292.35. Second resistance is April's high crossing at 300.10. First support is the 50% retracement level of the January-April-rally crossing at 278.06. Second support is the 62% retracement level of the January-April-rally crossing at 272.86   

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

July corn was steady to fractionally higher overnight as it extends the rebound off April's low. The mid-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Tuesday's close above the 20-day moving average crossing at 3.66 confirms that a short-term low has been posted. If July extends the rally off April's low, the 50-day moving average crossing at 3.74 1/2 is the next upside target. Closes below Monday's low crossing at 3.58 1/2 would temper the near-term friendly outlook.First resistance is the 50-day moving average crossing at 3.74 1/2. Second resistance is March's high crossing at 3.90. First support is April's low crossing at 3.51 1/2. Second support is psychological support crossing at 3.50.  

July wheat 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 4.51 1/2 would confirm that a short-term low has been posted. If July extends this year's decline, weekly support crossing at 4.19 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 4.51 1/2. Second resistance is the 50-day moving average crossing at 4.60 1/2. First support is Tuesday's low crossing at 4.26. Second support is weekly support crossing at 4.19 1/4. 

July Kansas City Wheat closed up 6-cents at 4.00.

July Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday 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 July 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 4.24 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.11 1/4. Second resistance is the 20-day moving average crossing at 4.24. First support is Tuesday's low crossing at 3.90 1/2. Second support is weekly support crossing at 3.74.  

July Minneapolis wheat was higher overnight as it consolidates some of its recent losses. 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 and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 5.24 1/4 are needed to confirm that a short-term low has been posted. If July extends the decline off March's high, psychological support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at 5.24 1/4. Second resistance is the 50-day moving average crossing at 5.45 1/4. First support is Tuesday's low crossing at 5.06. Second support is psychological support crossing at 5.00. 

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

July soybeans were lower overnight as they extend the decline off April's high. 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 July 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 8.89 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.68 1/2. Second resistance is the 20-day moving average crossing at 8.89. First support is Wednesday's low crossing at 8.44 1/4. Second support is weekly support crossing at 8.31 3/4.

July 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, weekly support crossing at 291.30 is the next downside target. Closes above the 20-day moving average crossing at 307.80 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 303.50. Second resistance is the 20-day moving average crossing at 307.80. First support is Wednesday's low crossing at 297.50. Second support is weekly support crossing at 291.30.   

July soybean oil were lower overnight as they extend this year's sharp decline. 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 July extends the decline off February's high, weekly support crossing at 26.95 is the next downside target. Closes above the 20-day moving average crossing at 28.70 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 28.17. Second resistance is the 20-day moving average crossing at 28.70. First support is the overnight low crossing at 27.46. Second support is weekly support crossing at 26.95.