KEY EVENTS TO WATCH FOR:

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 sharply higher on Friday following today's strong jobless report.The high-range close sets the stage for a steady to higher opening when Monday'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 June resumes 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 7725.76 would confirm that a short-term top has been posted. 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 7725.76. Second support is the 50-day moving average crossing at 7468.01.  

The June S&P 500 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turned 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 2916.78 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 2957.30. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving low crossing at 2914.78. Second support is the 50-day moving average crossing at 2856.68.  

The Dow posted triple digit gains on Friday following today's strong jobs report. The April employment data, showing a stronger-than-expected 263,000 new jobs created and the unemployment rate dropping to 3.6%. Non-Farm-payrolls rose by 263,000 confirming the rebound in the March report from the weakness in February. Today's high-range close sets the stage for a steady to higher opening when Monday'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 resumes 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 26,078.85 are needed to 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 50-day moving average crossing at 26,078.85. Second support is the the March 25^th reaction low crossing at 25,372.26.

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June T-bonds closed up 13/32's at 147-11

June T-bonds closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. If June resumes the decline off March's high, the reaction low crossing at 145-03 is the next downside target. Closes above the reaction high crossing at 148-17 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 148-17. Second resistance is March's high crossing at 150-21. 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 60-pts. At 123.115.

June T-notes closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night 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 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 Wednesday's high crossing at 124.040. 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.       

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June crude oil closed higher on Friday as it consolidates some of the decline off April's high.The mid-range close sets the stage for a steady to higher opening when Monday's night 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 60.98 would open the door for additional weakness near-term. 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 60.98. Second support is the reaction low crossing at 58.41.  

June heating oil closed slightly higher on Friday. The mid-range close sets the stage for a steady opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at 202.71 would confirm that a short-term top has been posted. 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 202.71. Second support is the reaction low crossing at 194.17. 

June unleaded gas posted an inside day with a higher close on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. If June extends the decline off April's high, the 50-day moving average crossing at 190.84 is the next downside target. 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 April'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 reaction low crossing at 197.35. Second support is the 50-day moving average crossing at 190.84.

June Henry natural gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 2.616 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 2.616. Second resistance is the 50-day moving average crossing at 2.748. First support is April's low crossing at 2.477. Second support is weekly support crossing at 2.432.       

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The June Dollar posted a downside reversal on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 97.10 would confirm that a short-term top has been posted. If June resumes the rally off March's low, weekly resistance crossing at 99.90 is the next upside target. First resistance is April'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 97.10. Second support is the 50-day moving average crossing at 96.57.

The June Euro posted an upside reversal on Friday.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes 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 113.45 are needed to temper the bearish outlook. First resistance is the 50-day moving average crossing at 113.45. Second resistance is March's high crossing at 115.33. First support is April's low crossing at 111.56. Second support is the January 2017 low crossing at 110.16.      

The June British Pound posted a key reversal up on Friday as it extended the rally off April's low and above the 50-day moving average crossing at 1.3161. The high-range close sets the stage for a steady to higher opening when Monday'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, April's high crossing at 1.3245 is the next upside target. If June resumes the decline off March's high, February's low crossing at 1.2854 is the next downside target. First resistance is April's high crossing at 1.3245. Second resistance is March's high crossing at 1.3441. First support is April's low crossing at 1.2899. Second support is February's low crossing at 1.2854.   

The June Swiss Franc closed slightly higher on Friday while extending the trading range of the past eight-days.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 0.9937 are needed to confirm that a low has been posted. If June resumes the decline off March's high, weekly support crossing at 0.9713 is the next downside target. First resistance is the 20-day moving average crossing at 0.9937. Second resistance is the 50-day moving average crossing at 1.0027. 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 Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes 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 75.02 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 75.02. Second resistance is the reaction high crossing at 76.46. First support is April's low crossing at 74.04. Second support is December's low crossing at 73.47.  

The June Japanese Yen closed higher on Friday. 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 Monday’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.  

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June gold closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 1286.30 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.

July silver closed sharply higher on Friday as it consolidated some of the decline off February's high. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 15.018 are needed to confirm that a low has been posted. If July extends the decline off February's high, the 87% retracement level of the November-February-rally crossing at 14.460 is the next downside target. First resistance is the 20-day moving average crossing at 15.018. Second resistance is the 50-day moving average crossing at 15.278. First support is the 87% retracement level of the November-February-rally crossing at 14.460. Second support is last-November's low crossing at 14.175.          

July copper closed higher on Friday as it consolidates some of the decline off April's high.The high-range close sets the stage for a steady to higher opening when Monday'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 July extends the decline off April's high, February's low crossing at 276.45 is the next downside target. Closes above the 20-day moving average crossing at 290.04 are needed to confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 292.35. Second resistance is April's high crossing at 300.10. First support is February's low crossing at 276.45. Second support is the 62% retracement level of the January-April rally crossing at 272.86. 

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July Corn closed up a 1/4-cents at 3.70 3/4. 

July corn closed higher on Friday as it extends the rally off April's low.Today's high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the 50-day moving average crossing at 3.74 1/4 is the next upside target. Closes below Tuesday'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 1/4. 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 closed down 6 1/2-cents at 4.37 1/2. 

July wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.49 3/4 are needed to confirm that a short-term low has been posted. If July extends the decline off January's high, weekly support crossing at 4.19 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 4.49 3/4. Second resistance is the 50-day moving average crossing at 4.59 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 down 3 1/2-cents at 4.01 1/2.

July Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday 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 20-day moving average crossing at 4.20 would confirm that a short-term low has been posted. If July extends the decline off December's high, weekly support crossing at 3.74 is the next downside target. First resistance is the 10-day moving average crossing at 4.06 3/4. Second resistance is the 20-day moving average crossing at 4.20. First support is Tuesday's low crossing at 3.90 1/2. Second support is weekly support crossing at 3.74.  

July Minneapolis wheat closed down 5 3/4-cents at 5.15. 

July Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 5.23 1/2 are needed to confirm that a 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 5.23 1/2. Second resistance is the 50-day moving average crossing at 5.44 1/2. 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 closed down 2 1/4-cents at 8.41.

July soybeans closed lower on Friday as it extends this year's decline.The low-range close sets the stage for a steady to lower opening when Monday'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 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 8.84 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.62 1/2. Second resistance is the 20-day moving average crossing at 8.84 3/4. First support is today's low crossing at 8.40 1/2. Second support is weekly support crossing at 8.31 3/4.

July soybean meal closed up $0.70 at 297.60. 

July soybean meal closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 July 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 306.80 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 306.80. Second resistance is the 50-day moving average crossing at 310.10. First support is Thursday's low crossing at 296.60. Second support is weekly support crossing at 291.80.   

July soybean oil closed down 18-pts. at 27.32. 

July soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold, diverging 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 25.94 is the next downside target. Closes above the 20-day moving average crossing at 28.59 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.98. Second resistance is the 20-day moving average crossing at 28.59. First support is Thursday's low crossing at 27.17. Second support is weekly support crossing at 25.94.    

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June hogs closed unchanged at $92.75. 

June hogs closed unchanged on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 94.18 are needed to confirm that a short-term low has been posted. Closes below the 50-day moving average the 50-day moving average crossing at 88.46 would open the door for additional weakness near-term. First resistance is the 20-day moving average crossing at 94.18. Second resistance is April's high crossing at 99.83. First support is the 50-day moving average crossing at 88.46. Second support is April's low crossing at 86.25. 

June cattle closed down $0.25 at 113.42. 

June cattle closed lower on Friday 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, the 62% retracement level of the 2018-2019-rally crossing at 112.45 is the next downside target. Closes above 20-day moving average crossing at 118.68 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 116.15. Second resistance is the 20-day moving average crossing at 118.68. First support is today's low crossing at 113.22. Second support the 62% retracement level of the 2018-2019-rally crossing at 112.45. 

May Feeder cattle closed down $1.83 at $137.15. 

May Feeder cattle closed sharply lower on Friday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Monday'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 135.92 is the next downside target. Closes above the 10-day moving average crossing at 143.69 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at  crossing at 143.69. Second resistance is the 20-day moving average crossing at 147.09. First support is today's low crossing at 137.07. Second support is weekly support crossing at 135.92.  

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

July coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes this winter's decline, weekly support crossing at 8.32 is the next downside target. Closes above the 50-day moving average crossing at 9.67 are needed to confirm that a low has been posted. 

July cocoa closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. 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 lower on Friday as it extends this week's decline. The low-range close set the stage for a steady to lower opening on Monday. 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, last-September's low crossing at 11.10 is the next downside target. Closes above the 50-day moving average crossing at 12.72 would confirm that a short-term low has been posted. 

July cotton closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 April's high, the reaction low crossing at 73.72 is the next downside target. Closes above the 20-day moving average crossing at 77.75 would confirm that a short-term low has been posted.