KEY EVENTS TO WATCH FOR:

Thursday, May 9, 2019 

8:30 AM ET. April PPI

                       PPI, M/M% (expected +0.3%; previous +0.6%)

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.3%)

                       Personal Consumption (previous +0.7%)

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

                       Corn (Metric Tons) (previous 796K)

                       Soybeans (Metric Tons) (previous 336.9K)

                       Wheat (Metric Tons) (previous 419.5K)

8:30 AM ET. March U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -50.2B; previous -49.38B)

                       Exports (USD) (previous 209.69B)

                       Exports, M/M% (previous +1.1%)

                       Imports (USD) (previous 259.07B)

                       Imports, M/M% (previous +0.2%)

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

                       Jobless Claims (expected 220K; previous 230K)

                       Jobless Claims, Net Chg (previous +0)

                       Continuing Claims (previous 1671000)

                       Continuing Claims, Net Chg (previous +17K)

9:00 AM ET. SEC Open Meeting

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. March Monthly Wholesale Trade

                       Inventories, M/M% (expected +0.0%; previous +0.2%)

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

                       Working Gas In Storage (Cbf) (previous 462B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +123B)

12:00 PM ET. April Monthly U.S. Retail Chain Store Sales Index

1:30 PM ET. May 9 Economic Forum

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

  N/A            Chinese delegation in U.S. to for latest talks on bilateral trade relationship

  N/A              SEC Annual Conference On Financial Market Regulation commences

Friday, May 10, 2019 

8:30 AM ET. April Real Earnings

8:30 AM ET. April CPI

                       CPI, M/M% (expected +0.4%; previous +0.4%)

                       Core CPI, M/M% (expected +0.2%; previous +0.1%)

                       Energy Idx, M/M% (previous +3.5%)

                       Food Idx, M/M% (previous +0.3%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0%)

                       CPI, Y/Y% (expected +2.1%; previous +1.9%)

                       Core Annual, Y/Y% (expected +2.1%; previous +2.0%)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

2:00 PM ET:  April Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

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

The June NASDAQ 100 posted an inside day with a modestly lower close on Wednesday.The high-range close sets the stage for a steady to higher opening when Thursday'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 this week's decline, the 50-day moving average crossing at 7501.44 is the next downside target. Closes above last-Friday's high crossing at 7872.50 would confirm that a short-term low has been posted. First resistance is April's high crossing at 7879.50. Second resistance is unknown. First support is the 50-day moving average crossing at 7501.44. Second support is the March 26^th reaction low crossing at 7340.50.  

The June S&P 500 closed slightly lower on Wednesday as it extends this week's decline. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2862.50 would open the door for a larger-degree decline this month. Closes above last-Friday's high crossing at 2947.60 would confirm that a short-term low 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 50-day moving low crossing at 2862.50. Second support is the March 25^th reaction low crossing at 2792.40.  

The Dow posted an inside day with a slightly higher close on Wednesday as strong gains in health-care and real-estate sectors offset pressure from China-U.S. tariff tensions, which have buffeted assets perceived as risky. During today's trading session, a notice in the Federal Register formally laid the groundwork to raise tariffs on $200 billion of Chinese imports to 25% from 10% early Friday, following through on remarks by U.S. Trade Representative Robert Lighthizer regarding such a move on Monday. Today's high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off May's high, the 25% retracement level of the December-May-rally crossing at 25,456.82 is the next downside target. If the Dow resumes the rally off March's low, last-October's high crossing at 26,951.81 is the next upside target. 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 Tuesday's low crossing at 25,789.71. Second support is the 25% retracement level of the December-May-rally crossing at 25,456.82.

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

June T-bonds closed down 19/32's at 148-05

June T-bonds closed lower on Wednesday following comments by President Donald Trump as he stated that he was willing to make a deal on Wednesday, giving some hope to investors who were uncertain about the state of progress in U.S.-China trade negotiations. The increase in trade optimism helped to dampen demand for haven assets like U.S. government paper, lifting their yields. The low-range close sets the stage r a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, March's high high crossing at 150-21 is the next upside target. Closes below last-Friday's low crossing at 146-21 would confirm that a short-term top has been posted. First resistance is today's high crossing at 149-06. 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 down 100-pts. At 123.225.

June T-notes closed lower on Wednesday due to a disappointing Treasury Department’s sale of $27 billion of its benchmark 10-year notes because of insufficient demand. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, March's high crossing at 124.310 is the next upside target. Closes below last-Friday's low crossing at 122.300 would confirm that a short-term top has been posted. First resistance is today's high crossing at 124.060. Second resistance is March's high crossing at 124.310. First support is April's low crossing at 122.205. Second support is March's low crossing at 121.144.       

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

June crude oil closed higher on Wednesday as it consolidates above the 50-day moving average crossing at 61.27. Today's rebound was underpinned by U.S. crude supplies registered that posted a larger-than-expected decline and as growing tensions between the U.S. and Iran raised the threat of disruptions to supplies in the Middle East.The high-range close sets the stage for a steady to higher opening when Thursday'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 63.70 are needed to temper the near-term bearish outlook. Closes below the 50-day moving average crossing at 61.27 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 61.27. Second support is the reaction low crossing at 58.41.  

June heating oil posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 203.05 would confirm that a short-term top has been posted. If June renews the rally off December's low, the 75% retracement level of the October-December-decline crossing at 222.16 is the next upside target. First resistance is 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 203.05. Second support is the reaction low crossing at 194.17. 

June unleaded gas closed higher on Wednesday as it bounced off support marked by the 50-day moving average crossing at 192.16. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Closes below the 50-day moving average crossing at 191.16 would open the door for a possible test of the March 28^th reaction low crossing at 180.31. Closes above the 20-day moving average crossing at 202.56 would confirm that a short-term low has been posted. 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 50-day moving average crossing at 191.16. Second support is the March 28^th reaction low crossing at 180.31.

June Henry natural gas closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 reaction high crossing at 2.626 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 reaction high crossing at 2.626. Second resistance is the 50-day moving average crossing at 2.732. First support is April's low crossing at 2.477. Second support is weekly support crossing at 2.432.       

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

The June Dollar posted an inside day with a slightly higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 97.18 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 97.18. Second support is the 50-day moving average crossing at 96.67.

The June Euro closed slightly higher on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday'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 113.31 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 113.31. 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 closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at 1.3053 tempers the near-term friendly outlook. If June renews the rally off April's low, April's high crossing at 1.3245 is the next upside 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 lower on Wednesday while extending the trading range of the past three-weeks.The low-range close sets the stage for a steady to lower opening when Thursday'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 0.9713 is the next downside target. Closes above the 20-day moving average crossing at 0.9905 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 0.9905. Second resistance is the 50-day moving average crossing at 1.0012. 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 Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 74.91 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 74.91. 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 Wednesday as it extends the rally off April's low. The mid-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, March's high crossing at 0.0918 is the next upside target. Closes below the 20-day moving average crossing at 0.0900 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.0913. 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 ""

June gold closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1297.10 are needed to confirm that a low has been posted. If June resumes the decline off February's high, the 62% retracement level of the August-February-rally crossing at 1252.70 is the next downside target. First resistance is April's high crossing at 1314.70. Second resistance is March's high crossing at 1330.80. First support is the 50% retracement level of the August-February-rally crossing at 1272.30. Second support is the 62% retracement level of the August-February-rally crossing at 1252.70.

July silver closed lower on Wednesday. The low-range close set the stage for a steady to lower opening when Thursday'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 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. Multiple closes above the 20-day moving average crossing at 14.965 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 14.965. Second resistance is the 50-day moving average crossing at 15.209. 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 lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish with today's decline signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 288.12 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 292.35. Second resistance is April's high crossing at 300.10. First support is Monday's low crossing at 274.15. 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 closed down 3 3/4-cents at 3.62 3/4. 

July corn closed lower on Tuesday. Today's low-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. stochastics and the RSI 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 3.72 3/4 is the next upside target. First resistance is the 50-day moving average crossing at 3.72 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 1 3/4-cents at 4.37. 

July wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 4.45 1/2 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 4.45 1/2. Second resistance is the 50-day moving average crossing at 4.57. 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 a 1/2-cent at 4.03 1/2.

July Kansas City wheat closed fractionally lower on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday 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 4.14 3/4 are needed to confirm that a short-term low has been posted. If July resumes the decline off December's high, weekly support crossing at 3.74 is the next downside target. First resistance is the 20-day moving average crossing at 4.14 3/4. Second resistance is the 50-day moving average crossing at 4.34. 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 1 1/4-cents at 5.20 1/2. 

July Minneapolis wheat closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 5.21 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 5.21 1/2. Second resistance is the 50-day moving average crossing at 5.42. 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 closed down 5 1/2-cents at 8.25 1/4.

July soybeans closed lower on Wednesday on concerns over U.S./China trade negotiations. The low-range close sets the stage for a steady to lower opening when Thursday'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 8.72 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.47 1/2. Second resistance is the 20-day moving average crossing at 8.72 1/4. First support is Monday's low crossing at 8.16 3/4. Second support is weekly support crossing at 8.12 1/4.

July soybean meal closed down $0.90 at 292.30. 

July soybean meal closed lower on Wednesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 304.10 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 299.20. Second resistance is the 20-day moving average crossing at 304.10. First support is today's low crossing at 292.30. Second support is weekly support crossing at 291.80.   

July soybean oil closed down 18-pts. at 26.92. 

July soybean oil closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 28.25 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.54. Second resistance is the 20-day moving average crossing at 28.25. First support is Monday's low crossing at 26.53. Second support is weekly support crossing at 25.94.    

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

June hogs closed limit $0.70 at $85.55. 

June hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 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 92.95 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 92.95. Second resistance is April's high crossing at 99.83. First support is Tuesday's low crossing at 85.37. Second support is the 62% retracement level of the February-April-rally crossing at 82.73. 

June cattle closed down $1.20 at 111.07. 

June cattle closed lower on Wednesday 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 117.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 113.61. Second resistance is the 20-day moving average crossing at 118.28. First support is today's low crossing at 110.92. Second support the 75% retracement level of the 2018-2019-rally crossing at 109.79. 

May Feeder cattle closed down $1.52 at $135.77. 

May Feeder cattle closed lower on Tuesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 139.91 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at crossing at 139.91. Second resistance is the 20-day moving average crossing at 144.99. First support is Monday'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 posted an inside day with a higher close on Wednesday. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain 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 9.58 are needed to confirm that a low has been posted. 

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

July sugar closed sharply lower on Wednesday as it extends this spring's decline. The low-range close set the stage for a steady to lower opening on Thursday. 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 12.63 would confirm that a short-term low has been posted. 

July cotton closed lower on Wednesday and renewed the decline off 2018's high. 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 aforementioned decline, the 87% retracement level of 2018's rally crossing at 70.89 is the next downside target. Closes above Monday's gap down crossing at 75.43 are needed to confirm that a short-term low has been posted.