KEY EVENTS TO WATCH FOR:

Monday, May 13, 2019 

8:30 AM ET.  FRB Boston President Eric Rosengren and Federal Reserve Board

                       Vice Chairman Richard Clarida speak at Fed Listens conference

N/A               Trump welcomes Hungarian PM Viktor Orban to the White House

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

The June NASDAQ 100 closed modestly higher on Friday as it consolidated some of this week's decline.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 7734.69 would confirm that a short-term low has been posted. Closes below the 50-day moving average crossing at 7519.42 would open the door for a larger-degree decline. First resistance is April's high crossing at 7879.50. Second resistance is unknown. First support is the 50-day moving average crossing at 7519.42. Second support is the 25% retracement level of the December-April-rally crossing at 7371.42.  

The June S&P 500 closed higher on Friday as it consolidated some of this week's decline. 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 a low might be in or is near. Closes above the 20-day moving average crossing at 2915.79 would confirm that a short-term low has been posted. Closes below the 50-day moving average crossing at 2865.91 would open the door for a larger-degree decline this month. 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 2865.91. Second support is the 25% retracement level of the December-April-rally crossing at 2804.09.  

The Dow ended up closing higher and near-session highs on Friday. Trade talks between the U.S and China. U.S. and Chinese officials wrapped up trade talks earlier today without a trade agreement just hours after higher tariffs went into effect on a raft of Chinese goods. Treasury Secretary Steven Mnuchin told reporters after meeting Vice Premier Liu He that the talks were “constructive,” but offered no further information regarding what was said at the trade meeting. Tariffs on $200 billion of Chinese goods increased to 25% early Friday, and President Donald Trump said in a series of tweets that he was prepared to levy more. 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 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. Closes above the 20-day moving average crossing at 26,370.59 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 26,370.59. Second resistance is April's high crossing at 26,695.96. First support is the 25% retracement level of the December-May-rally crossing at 25,456.82. Second support is the 38% retracement level of the December-May-rally crossing at 24,795.46.

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June T-bonds closed down 2/32's at 148-19

June T-bonds 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. 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 Wednesday's high crossing at 149-06. Second resistance is March's high crossing at 150-21. First support is last-Friday's low crossing at 146-21. Second support is April's low crossing at 145-31.          

June T-notes closed down 40-pts. At 123.275.

June T-notes closed slightly 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. 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 Thursday's high crossing at 124.085. Second resistance is March's high crossing at 124.310. First support is last-Friday's low crossing at 122.300. Second support is April's low crossing at 122.205.       

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

June crude oil closed slightly lower on Friday as it consolidates above the 50-day moving average crossing at 61.41.The low-range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 61.41 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 63.44 are needed to 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 61.41. Second support is the reaction low crossing at 58.41.  

June heating oil closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 203.16 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 203.16. Second support is the reaction low crossing at 194.17. 

June unleaded gas closed higher on Friday as it rebounded off the 50-day moving average crossing at 193.00. Stochastics and the RSI are turning 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 20-day moving average crossing at 202.23 are needed to confirm that a short-term low has been posted. Closes below the 50-day moving average crossing at 193.00 would open the door for a possible test of the March 28^th reaction low crossing at 180.31. 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 193.00. Second support is the March 28^th reaction low crossing at 180.31.

June Henry natural gas closed higher on Friday and above the reaction high crossing at 2.626 confirming that a short-term low has been posted. 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 resumes the decline off March's high, weekly support crossing at 2.432 is the next downside target.First resistance is today's high crossing at 2.647. Second resistance is the 50-day moving average crossing at 2.722. 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 closed lower on Friday. The mid-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 bearish signaling that sideways to lower prices are possible near-term.Closes below the May 1^st low crossing at 96.87 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 May 1^st low crossing at 96.87. Second support is the 50-day moving averagecrossing at 96.73.

The June Euro 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 113.23 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 113.23. 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 slightly 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May's high, April's low crossing at 1.2899 is the next downside target. Close above the 50-day moving average crossing at 1.3141 would confirm that a short-term low has been posted. First resistance is May's high crossing at 1.3208. Second resistance is April's high crossing at 1.3245. First support is April's low crossing at 1.2899. Second support is February's low crossing at 1.2854.   

The June Swiss Franc closed higher on Friday while extending the trading range of the past three-weeks.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 reaction high crossing at 0.9920 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 today's high crossing at 0.9934. Second resistance is the 50-day moving average crossing at 1.0003. First support is April's low crossing at 0.9814. Second support is weekly support crossing at 0.9713.

The June Canadian Dollar 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 74.84 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, December's low crossing at 74.48 is the next downside target. First resistance is the 50-day moving average crossing at 74.84. 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 lower on Friday as it consolidated some of the rally off April's low. 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 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 0.0901 would confirm that a short-term top has been posted. First resistance is today's high crossing at 0.0916. 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 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1295.50 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 the 50-day moving average crossing at 1295.50. Second resistance is April's high crossing at 1314.70. 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 slightly lower on Friday. The low-range close set the stage for a steady to lower 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 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 14.927 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 14.927. Second resistance is the 50-day moving average crossing at 15.167. 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.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 bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 75% retracement level of the December-April-rally crossing at 267.05 is the next downside target. Closes above the 20-day moving average crossing at 286.70 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 281.34. Second resistance is the 20-day moving average crossing at 286.70. First support is the 62% retracement level of the January-April rally crossing at 272.86. Second support is the 75% retracement level of the January-April rally crossing at 267.05.

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July Corn closed down 3-cents at 3.50 1/4. 

July corn closed lower on Friday following today's bearish USDA supply and demand data. A short covering rally tempered some of today's early losses and the mid-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off December's high, weekly support crossing at 3.40 1/4 is the next downside target. Closes above the 50-day moving average crossing at 3.71 3/4 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.71 3/4. Second resistance is March's high crossing at 3.90. First support is today's low crossing at 3.45 1/2. Second support is weekly support crossing at 3.40 1/4.  

July wheat closed down 5-cents at 4.24 1/2. 

July wheat closed lower on Friday and doing so posted a new contract low. Today's WASDE report showed that the USDA estimated all U.S. -wheat production this year at 1.897 billion bushels, up from April's estimate of 1.884 billion bushels. Increases in hard red winter wheat production are expected to more than offset small declines in soft red winter and white winter wheat production. World stocks declined slightly to 10.105 billion bushels.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 bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off January's high, weekly support crossing at 4.19 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.41 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.41 3/4. Second resistance is the 50-day moving average crossing at 4.55 1/4. First support is today's low crossing at 4.21 1/2. Second support is weekly support crossing at 4.19 1/4.     

July Kansas City Wheat closed down 10 3/4-cents at 3.87.

July Kansas City wheat closed lower on Friday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Monday night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off December's high, weekly support crossing at 3.74 is the next downside target. Closes above the 20-day moving average crossing at 4.10 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.10 1/2. Second resistance is the 50-day moving average crossing at 4.31 1/2. First support is today's low crossing at 3.85 1/4. Second support is weekly support crossing at 3.74.  

July Minneapolis wheat closed down a 1/4-cent at 5.17. 

July Minneapolis wheat closed fractionally lower on Friday. The mid-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 5.19 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 5.19 1/2. Second resistance is the 50-day moving average crossing at 5.40 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 closed down 4 3/4-cents at 8.08.

July soybeans closed lower on Friday as trade negotiations between the U.S. and China weighed on the market today. 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, psychological support crossing at 8.00 is the next downside target. Closes above Monday's gap crossing at 8.40 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.35 3/4. Second resistance is the 20-day moving average crossing at 8.62. First support is today's low crossing at 8.06 1/4. Second support is psychological support crossing at 8.00.

July soybean meal closed down $2.40 at 286.70. 

July soybean meal 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 March's high, weekly support crossing at 275.50 is the next downside target. Closes above the 20-day moving average crossing at 301.60 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 295.50. Second resistance is the 20-day moving average crossing at 301.60. First support is today's low crossing at 286.50. Second support is weekly support crossing at 275.50.   

July soybean oil closed up 16-pts. at 26.79. 

July soybean oil closed higher on Friday as it consolidated some of this week's decline. 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 February's high, weekly support crossing at 25.94 is the next downside target. Closes above the 20-day moving average crossing at 27.98 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.30. Second resistance is the 20-day moving average crossing at 27.98. First support is today's low crossing at 26.43. Second support is weekly support crossing at 25.94.    

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June hogs closed down $0.33 at $89.67. 

June hogs closed lower 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 92.22 are needed to confirm that a short-term low has been posted. Closes below the April-29^th low crossing at 87.03 are needed to renew the decline off April's high. First resistance is the 20-day moving average crossing at 92.22. 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 up $0.50 at 112.45. 

June cattle closed higher on Friday. 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 116.60 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 113.00. Second resistance is the 20-day moving average crossing at 116.60. First support is Thursday's low crossing at 110.87. Second support the 75% retracement level of the 2018-2019-rally crossing at 109.79. 

May Feeder cattle closed up $1.38 at $136.63. 

May Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's 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 10-day moving average crossing at 138.55 are needed to confirm that a low has been posted. If May renews the decline off March's high, weekly support crossing at 132.22 is the next downside target. First resistance is the 10-day moving average crossing at crossing at 138.55. Second resistance is the 20-day moving average crossing at 143.74. 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 closed lower on Friday. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near-term. Closes above the 50-day moving average crossing at 9.55 are needed to confirm that a low has been posted. If July resumes this winter's decline, weekly support crossing at 8.32 is the next downside target. 

July cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Friday. 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 lower on Friday. 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 spring's decline, last-September's low crossing at 11.10 is the next downside target. Closes above the 20-day moving average crossing at 12.39 would confirm that a short-term low has been posted. 

July cotton closed sharply lower on Friday as it extends the decline off 2018's high. 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 June 2018 low crossing at 67.49 is the next downside target. Closes above Monday's gap crossing at 75.43 are needed to confirm that a short-term low has been posted.