KEY EVENTS TO WATCH FOR:

Tuesday, May 7, 2019

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous +1.7%)

                       Chain Store Sales, M/M% (previous +4.6%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +1.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.5%)

                       Latest Wk, Y/Y% (previous +5.5%)

10:00 AM ET. March Job Openings & Labor Turnover Survey

10:00 AM ET. May IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 54.2)

                       6-Mo Economic Outlook (previous 48.8)

11:00 AM ET. Annual Washington Conference on the Americas

3:00 PM ET. March Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +14.9B; previous +15.19B)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +6.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -1.1M)

                       Distillate Stocks, Net Chg (Bbls) (previous -2.1M)

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

The June NASDAQ 100 closed lower on Monday as President Trump's tweets regarding trade negotiations spooked the market.The high-range close sets the stage for a steady to higher opening when Tuesday'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 7736.51 would confirm that a short-term top has been posted. First resistance is April's high crossing at 7879.50. Second resistance is unknown. First support is the 20-day moving average crossing at 7736.51. Second support is the 50-day moving average crossing at 7482.10.  

The June S&P 500 closed lower on Monday however, a short covering rally in the afternoon session tempered early losses. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If June resumes 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 2918.71 would confirm that a short-term top has been posted. First resistance is last-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 2918.71. Second support is the 50-day moving average crossing at 2859.48.  

The Dow bounced off intra-day lows but closed lower Monday after President Donald Trump threatened over the weekend to increase tariffs on $200 billion of Chinese goods, raising fresh fears about a market-disruptive clash between the world’s two-largest economies. The Dow and the broader market briefly dipped below apparent technical support at the 50-day moving average before bouncing back. Today's high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that today's low might have marked a short-term low. 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 26,087.20 are needed to confirm that a short-term top has been posted. First resistance is April'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 26,087.20. Second support is the the March 25^th reaction low crossing at 25,372.26.

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June T-bonds closed up 14/32's at 147-26

June T-bonds gapped up and closed higher on Monday but well off session highs. The low-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 148-17 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 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 95-pts. At 123.205.

June T-notes gapped up and closed higher on Monday on renewed trade war concerns between the U.S. and China. However, profit taking in the afternoon session tempered early gains and the low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are poised to turn 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 last-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 posted a key reversal up on Monday after a move below the 50-day moving average crossing at 61.07 failed to uncover additional sell orders.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are poised to turning neutral to bullish with additional strength. Closes above the 20-day moving average crossing at 63.96 are needed to temper the near-term bearish outlook. Closes below the 50-day moving average crossing at 61.07 would open the door for additional weakness near-term. 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 61.07. Second support is the reaction low crossing at 58.41.  

June heating oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are poised to turn neutral to bullish with additional strength that would signal 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 202.81 would confirm that a short-term top has been posted. First resistance is April'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 202.81. Second support is the reaction low crossing at 194.17. 

June unleaded gas closed lower on Monday. 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 Tuesday's night session begins trading. If June extends the decline off April's high, the 50-day moving average crossing at 191.29 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 191.29.

June Henry natural gas closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 March's high, weekly support crossing at 2.432 is the next downside target.Closes above the 20-day moving average crossing at 2.606 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.606. Second resistance is the 50-day moving average crossing at 2.743. 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 an inside day with a slightly higher close on Monday leaving last-Friday's downside reversal unconfirmed. The low-range close sets the stage for a steady to lower opening when Tuesday'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 97.11 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 97.11. Second support is the 50-day moving average crossing at 96.60.

The June Euro closed slightly higher on Monday.The high-range close sets the stage for a steady to higher opening when Tuesday'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 50-day moving average crossing at 113.42 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 113.42. 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 an inside day with a lower close on Monday leaving last-Friday's key reversal up unconfirmed. The low-range close sets the stage for a steady to lower opening when Tuesday'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. Closes below the 10-day moving average crossing at 1.3031 would temper the near-term friendly outlook. 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 lower on Monday while extending the trading range of the past two-weeks.The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 0.9928 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 0.9928. Second resistance is the 50-day moving average crossing at 1.0023. First support is April's low crossing at 0.9814. Second support is weekly support crossing at 0.9713.

The June Canadian Dollar closed slightly lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 74.98 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 74.98. 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 gapped up and closed above the 50-day moving average on Monday. However, profit taking ahead of the close tempered early-session gains and the low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 0.0903 confirms 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 today's high crossing at 0.0910. 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.  

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June gold closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 1285.60 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 posted an inside day with a slightly lower close on Monday. The high-range close set the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 15.007 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 15.007. Second resistance is the 50-day moving average crossing at 15.256. 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 posted a huge key reversal up as it closed higher on Monday.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish with today's higher close signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 289.80 are needed to confirm that a short-term low has been posted. If July extends the decline off April's high, the 62% retracement level of the December-April-rally crossing at 272.86 is the next downside target. First resistance is last-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 down 6 1/4-cents at 3.64 1/2. 

July corn gapped down and closed lower on Monday on renewed trade war concerns between the U.S. and China. Early weakness saw July post double digit losses before a short covering rebound into the close tempered those losses. Today's high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. At the same time, stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday'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 3/4 is the next upside target. First resistance is the 50-day moving average crossing at 3.73 3/4. 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 a 1/4-cent at 4.37 3/4. 

July wheat closed fractionally lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 4.48 1/4 are needed to confirm that a short-term low has been posted. If July renews 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 4.48 1/4. 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 up 1 1/2-cents at 4.03.

July Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday 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 4.18 1/4 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 4.05 1/4. Second resistance is the 20-day moving average crossing at 4.18 1/4. First support is last-Tuesday's low crossing at 3.90 1/2. Second support is weekly support crossing at 3.74.  

July Minneapolis wheat closed down 3/4-cents at 5.14 1/4. 

July Minneapolis wheat closed fractionally lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 5.22 1/2 are needed to confirm that a low has been posted. If July resumes 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 5.22 1/2. Second resistance is the 50-day moving average crossing at 5.43 1/2. First support is last-Tuesday's low crossing at 5.06. Second support is psychological support crossing at 5.00.    

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July soybeans closed down 11 1/4-cents at 8.31.

July soybeans gapped down and closed lower on Monday on concerns over U.S./China trade negotiations. A short covering rally ahead of the close tempered early-session losses and the high-range close sets the stage for a steady to higher opening when Tuesday'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 8.12 1/4 is the next downside target. Closes above the 20-day moving average crossing at 8.80 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.56 1/4. Second resistance is the 20-day moving average crossing at 8.80 1/2. First support is today's low crossing at 8.16 3/4. Second support is weekly support crossing at 8.12 1/4.

July soybean meal closed down $1.20 at 297.00. 

July soybean meal closed lower on Monday as it extended this year's decline. A short covering rally tempered early-session losses and the high-range close sets the stage for a steady to higher opening when Tuesday'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 306.10 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 306.10. Second resistance is the 50-day moving average crossing at 309.80. First support is today's low crossing at 293.10. Second support is weekly support crossing at 291.80.   

July soybean oil closed down 23-pts. at 27.12. 

July soybean oil closed lower on Monday but well off session lows due to a short covering rebound ahead of the close. The high-range close sets the stage for a steady to higher opening when Tuesday'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 28.47 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.79. Second resistance is the 20-day moving average crossing at 28.47. First support is today's low crossing at 26.53. Second support is weekly support crossing at 25.94.    

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June hogs closed limit down at $89.75. 

June hogs closed limit down on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness on Tuesday. Closes below the April-29^th low crossing at 87.03 are needed to renew the decline off April's high. Closes above the 20-day moving average crossing at 93.73 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 93.73. Second resistance is April's high crossing at 99.83. First support is the 50-day moving average crossing at 88.74. Second support is April's low crossing at 86.25. 

June cattle closed down $1.15 at 112.27. 

June cattle closed lower on Monday 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 75% retracement level of the 2018-2019-rally crossing at 109.79 is the next downside target. Closes above 20-day moving average crossing at 118.28 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 115.22. Second resistance is the 20-day moving average crossing at 118.28. First support is today's low crossing at 111.87. Second support the 75% retracement level of the 2018-2019-rally crossing at 109.79. 

May Feeder cattle closed down $1.13 at $136.06. 

May Feeder cattle closed sharply lower on Monday as it extends the decline off April's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 132.22 is the next downside target. Closes above the 10-day moving average crossing at 142.22 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at  crossing at 142.22. Second resistance is the 20-day moving average crossing at 146.38. First support is today's low crossing at 133.65. Second support is weekly support crossing at 132.22.  

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

July coffee closed lower on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 9.65 are needed to confirm that a low has been posted. 

July cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off April'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 Monday as it extends this spring's decline. The low-range close set the stage for a steady to lower opening on Tuesday. 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 spring's decline, last-September's low crossing at 11.10 is the next downside target. Closes above the 50-day moving average crossing at 12.69 would confirm that a short-term low has been posted. 

July cotton gapped down and closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 72.33 is the next downside target. Closes above the 20-day moving average crossing at 77.50 would confirm that a short-term low has been posted.