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 STOCK INDEXES:The June NASDAQ 100 was sharply lower overnight as global markets sold off over fears that trade talks between the U.S. and China were on the verge of collapse, after President Donald Trump threatened to raise tariffs on $200 billion of Chinese goods. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 7730.48 would confirm that a short-term top has been posted. If June resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is April's high crossing at 7879.50. Second resistance is unknown. First support is the 20-day moving average crossing at 7730.48. Second support is the 50-day moving average low crossing at 7479.69.  

The June S&P 500 was sharply lower overnight due to rising concerns over U.S./China trade talks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2916.76 would confirm that a short-term top has been posted. If June resumes the rally off December's low, last-September high crossing at 2957.90 is the next upside target. First resistance is last-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 2916.76. Second support is the 50-day moving average crossing at 2858.70.

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

INTEREST RATES: June T-bonds were higher 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, March's high crossing at 150-21 is the next upside target. Closes below the 50-day moving average crossing at 146-30 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 148-24. Second resistance is March's high crossing at 150-21. First support is the 50-day moving average crossing at 146-30. Second support is April's low crossing at 145-31.

June T-notes were higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 123.295 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, April's low crossing at 122.205 then March's low crossing at 121.155 are the next downside targets. 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 the reaction low crossing at 122.120.

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

June crude oil was slightly lower in late-overnight trading as it extends the decline off April's high. The high-range late-overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that additional weakness is possible near-term. Closes below the 50-day moving average crossing at 61.04 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 63.88 would temper the near-term bearish outlook. 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 61.04. Second support is the reaction low crossing at 58.41.  

June heating oil was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 202.77 would 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 221.16 is the next upside target. 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 202.77. Second support is the reaction low crossing at 194.17. 

June unleaded gas was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are 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 191.30 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 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 overnight low crossing at 198.11. Second support is the 50-day moving average crossing at 191.30. 

June Henry natural gas was slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2.608 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 2.608. Second resistance is the 50-day moving average crossing at 2.744. 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 higher overnight as it consolidates some of last-Friday's downside reversal. Stochastics and the RSI are also turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 97.12 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 97.11. Second support is April's low crossing at 96.36.

The June Euro was slightly lower overnight. The mid-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. 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 January-2017 low crossing at 110.16 is the next downside target. Closes above the 20-day moving average crossing at 112.79 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 112.79. Second resistance is the 50-day moving average crossing at 113.41. 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, April's high crossing at 1.3245 is the next upside target. Closes below the 10-day moving average crossing at 1.3031 would confirm that a short-term top has been posted. First resistance is April's high crossing at 1.3245. Second resistance is the reaction high crossing at 1.3323. 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 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 0.9927 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 0.9713 is the next downside target. First resistance is the 20-day moving average crossing at 0.9927. Second resistance is the 50-day moving average crossing at 1.0022. First support is April's low crossing at 0.9814. Second support is weekly support crossing at 0.9713. 

The June Canadian Dollar was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off April's high, December's low crossing at 73.47 is the next downside target. Closes above the 50-day moving average crossing at 74.97 are needed to confirm that a short-term low has been posted.First resistance is the 50-day moving average crossing at 74.97. 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 gapped above the 50-day moving average crossing at 0.093 and was higher overnight as it extends the rally off April's low. 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 0.0903 are needed to confirm that a short-term low has been posted and would open the door for a possible test of March's high crossing at 0.0918. 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 0.0903. 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 higher overnight. 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 1285.60 are needed to confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 1285.60. Second resistance is the 50-day moving average crossing at 1299.20. 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 lower overnight. 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 15.004 are needed to confirm that a short-term low has been posted. If July resumes the decline off February's high, the 87% retracement level of the November-January-rally crossing at 14.460 is the next downside target. First resistance is the 20-day moving average crossing at 15.004. Second resistance is the 50-day moving average crossing at 15.254. First support is last-Thursday's low crossing at 14.570. Second support is the 87% retracement level of the November-January-rally crossing at 14.460.

July copper was lower overnight as it extends the decline off April's high. However, the high-range trade sets the stage for a steady to slightly 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 62% retracement level of the January-April-rally crossing at 272.86 is the next downside target. Closes above the 20-day moving average crossing at 289.59 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 285.77. Second resistance is the 20-day moving average crossing at 290.56. 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 gapped down and was sharply lower overnight due to renewed trade war concerns between the U.S. and China. A late-overnight rally tempered early losses and the high-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 3.58 1/2 would temper the near-term friendly outlook. If July extends the rally off April's low, the 50-day moving average crossing at 3.73 1/2 is the next upside target. First resistance is the 50-day moving average crossing at 3.73 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 gapped down and was lower overnight.The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes this year's decline, weekly support crossing at 4.19 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.47 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.47 3/4. Second resistance is the 50-day moving average crossing at 4.58 1/4. First support is last-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 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 signaling that sideways trading is possible near-term. If July resumes the decline off March's high, psychological support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.22 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.22 1/2. Second resistance is the 50-day moving average crossing at 5.43 1/4. First support is last-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 gapped down and wash sharply lower overnight on heightened concerns over the U.S./China trade war may be heating up. 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 8.12 1/4 is the next downside target. Closes above the 20-day moving average crossing at 8.80 1/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.55 3/4. Second resistance is the 20-day moving average crossing at 8.80 1/4. First support is the overnight low crossing at 8.22 1/4. Second support is weekly support crossing at 8.12 1/4.

July soybean meal gapped down and was lower overnight as it extends this year's decline. 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 305.90 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 301.20. Second resistance is the 20-day moving average crossing at 305.90. First support is the overnight low crossing at 293.80. Second support is weekly support crossing at 291.30.   

July soybean oil gapped down and was sharply 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, monthly support crossing at 25.47 is the next downside target. Closes above the 20-day moving average crossing at 28.45 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.76. Second resistance is the 20-day moving average crossing at 28.45. First support is the overnight low crossing at 26.75. Second support is monthly support crossing at 25.47.

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

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.