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

Tuesday, May 14, 2019  

6:00  April NFIB Index of Small Business Optimism

                       Small Business Idx (previous 101.8)

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

                       Chain Store Sales, W/W% (previous -1.3%)

                       Chain Store Sales, M/M% (previous +2.6%)

8:30 AM ET. April Import & Export Price Indexes

                       Import Prices (previous +0.6%)

                       Non-Petroleum Prices (previous +0.2%)

                       Petroleum Prices (previous +4.7%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +1.3%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.6%)

                       Latest Wk, Y/Y% (previous +5.9%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +2.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -2.8M)

                       Distillate Stocks, Net Chg (Bbls) (previous -0.8M)

Wednesday, May 15, 2019  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 418.1)

                       Composite Idx, W/W% (previous +2.7%)

                       Purchase Idx-SA (previous 270.2)

                       Purchase Idx-SA, W/W% (previous +4.2%)

                       Refinance Idx (previous 1238.5)

                       Refinance Idx, W/W% (previous +0.8%)

8:30 AM ET. April Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +1.6%)

                       Sales, Ex-Auto, M/M% (previous +1.2%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.9%)

8:30 AM ET. May Empire State Manufacturing Survey

                       Mfg Idx (previous 10.1)

                       Employment Idx (previous 11.9)

                       New Orders Idx (previous 7.5)

                       Prices Received (previous 14.0)

9:15 AM ET. April Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous -0.1%)

                       Capacity Utilization % (previous 78.8%)

                       Capacity Utilization, Net Chg (Pts) (previous -0.2)

9:30 AM ET. U.S. Senate Banking Committee hearing on financial regulators

10:00 AM ET. March Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.3%)

10:00 AM ET. May NAHB Housing Market Index

                       Housing Mkt Idx (previous 63)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 466.604M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.963M)

                       Gasoline Stocks (Bbl) (previous 226.147M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.596M)

                       Distillate Stocks (Bbl) (previous 125.563M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.159M)

                       Refinery Usage (previous 88.9%)

                       Total Prod Supplied (Bbl/day) (previous 20.408M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.256M)

4:00 PM ET. March Treasury International Capital Data

Thursday, May 16, 2019   

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

                       Jobless Claims (previous 228K)

                       Jobless Claims, Net Chg (previous -2K)

                       Continuing Claims (previous 1684000)

                       Continuing Claims, Net Chg (previous +13K)

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

                       Corn (Metric Tons) (previous 294.5K)

                       Soybeans (Metric Tons) (previous 146.5K)

                       Wheat (Metric Tons) (previous 502.9K)

8:30 AM ET. May Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 8.5)

                       Prices Paid (previous 21.6)

                       Employment (previous 14.7)

                       New Orders (previous 15.7)

                       Prices Received (previous 20.0)

                       Delivery Times (previous -5.1)

                       Inventories (previous 2.6)

                       Shipments (previous 18.4)

8:30 AM ET. April New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.139M)

                       Housing Starts, M/M% (previous -0.3%)

                       Building Permits (previous 1.269M)

                       Building Permits, M/M% (previous -1.7%)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 1547B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +85B)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, May 17, 2019  

10:00 AM ET. April Regional & State Employment & Unemployment

10:00 AM ET. May University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 96.9)

                       Mid-Mo Expectations (previous 85.8)

                       Mid-Mo Current Idx (previous 114.2)

10:00 AM ET. 1^st Quarter Quarterly Retail E-Commerce Sales

10:00 AM ET. April Leading Indicators

                       Leading Index, M/M% (previous +0.4%)

                       Leading Index (previous 111.9)

                       Coincident Index, M/M% (previous +0.1%)

                       Lagging Index, M/M% (previous +0.4%)

10:00 AM ET. 1^st Quarter Advance Quarterly Services

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

The STOCK INDEXES:The June NASDAQ 100 was sharply lower overnight as investors faced up to the fact that a deal between the U.S. and China could take longer than they expected. Talks in Washington ended with no agreement on Friday. The Trump administration said it was ready to impose 25% tariffs on another $300 billion worth of Chinese goods, nearly all that country’s imports, after that duty was lifted to 10% as of Friday. Investors are now waiting for retaliatory measures from Beijing. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 7525.40 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 7726.18 would temper the near-term bearish outlook. First resistance is April's high crossing at 7879.50. Second resistance is unknown. First support is the 50-day moving average crossing at 7525.40. Second support is the 25% retracement level of the December-April-rally crossing at 7371.42.  

The June S&P 500 was lower overnight as it extends the decline off April's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Closes below the 50-day moving average crossing at 2866.75 would open the door for additional weakness near-term.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 25% retracement level of the December-April-rally crossing at 2804.09 is the next downside target. Closes above the 20-day moving average crossing at 2912.77 would temper the near-term bearish outlook. First resistance is May's high crossing at 2957.30. Second resistance is last-September's high crossing at 2957.90. First support is the 50-day moving average crossing at 2866.75. Second support is the 25% retracement level of the December-April-rally crossing at 2804.09.

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

INTEREST RATES: June T-bonds were higher overnight. 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 150-21 is the next upside target. Closes below the 50-day moving average crossing at 147-10 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 149-09. Second resistance is March's high crossing at 150-21. First support is the 50-day moving average crossing at 147-10. Second support is April's low crossing at 145-31.

June T-notes were higher overnight as it extends the rally off April's low. 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 March's low, March's high crossing at 124.310 is the next upside targets. Closes below the reaction low crossing at 122.300 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 124.100. 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 higher in late-overnight trading as it extends the trading range of the past two-weeks. A breakout in either direction of this consolidation pattern should point the direction of the next short-term trending move. The high-range late-overnight trade sets the stage for a steady to higher opening when the day 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 63.37 would confirm that a short-term low has been posted. Closes below last-Monday's low crossing at 60.04 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 last-Monday's low crossing at 60.04. Second support is the reaction low crossing at 58.41.  

June heating oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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, the 75% retracement level of the October-December-decline crossing at 221.16 is the next upside target. Closes below the 50-day moving average crossing at 203.35 would confirm that a short-term top has been posted. 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 203.35. Second support is the reaction low crossing at 194.17. 

June unleaded gas was higher overnight as it rebounds off last-week's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 202.31 would confirm that a short-term low has been posted. Closes below the 50-day moving average crossing at 193.55 would open the door for additional weakness near-term. 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 50-day moving average crossing at 193.55. Second support is the March 28^th reaction low crossing at 180.31.

June Henry natural gas was steady to 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 are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 2.626 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 reaction high crossing at 2.626. Second resistance is the 50-day moving average crossing at 2.716. 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 steady to slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 96.87 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 reaction low crossing at 96.87. Second support is the 50-day moving average crossing at 96.76.

The June Euro was steady to slightly higher overnight. The high-range trade overnight sets the stage for a steady to higher opening when the day 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 112.59 are needed to confirm that a low has been posted. If June renews the decline off March's high, the January-2017 low crossing at 110.16 is the next downside target. First resistance is the 20-day moving average crossing at 112.59. Second resistance is the 50-day moving average crossing at 113.19. 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 slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings 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 May's high, April's low crossing at 1.2899 is the next downside target. Closes above the 50-day moving average crossing at 1.3136 would temper the near-term bearish outlook. 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 higher overnight as it extends last-Friday's upside breakout of the trading range of the past three-weeks. Stochastics and the RSI are becoming 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, the 50-day moving average crossing at 1.0001 is the next upside target. If June resumes the decline off March's high, weekly support crossing at 0.9713 is the next downside target. First resistance is the 50-day moving average crossing at 1.000. Second resistance is the 2018-2019 downtrend line crossing near 1.0124. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 74.82 are needed to confirm that a short-term low has been posted.If June resumes the decline off April's high, December's low crossing at 73.47 is the next downside target. First resistance is the 50-day moving average crossing at 74.82. 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 slightly higher overnight as it extends the rally off April's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term are possible. 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 0.0902 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 0.0916. Second resistance is March's high crossing at 0.0918. First support is the 10-day moving average crossing at 0.0907. Second support is the 20-day moving average crossing at 0.0902.

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS: June gold was slightly lower overnight as it extends the trading range of the past four-weeks. 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 1295.20 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 50-day moving average crossing at 1295.20. Second resistance is April's high crossing at 1314.70. 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 bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 14.909 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 14.909. Second resistance is the 50-day moving average crossing at 15.154. First support is May'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. 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 April's high, 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 285.65 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 279.79. Second resistance is the 20-day moving average crossing at 285.65. 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.   

GRAINS http://quotes.ino.com/ex changes/?c=grains

July corn was lower overnight as it extends this year's decline. Disappointment over a lack of progress on trade negotiations between the U.S. and China along with bearish weather forecast for much of the Midwest this week continue to weigh on corn prices. The low-range trade overnight 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 likely near-term. If July extends last-week's decline, weekly support crossing at 3.44 1/4 is the next downside target. Closes above the 50-day moving average crossing at 3.71 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 3.62 1/4. Second resistance is the 50-day moving average crossing at 3.71. First support is last-Friday's low crossing at 3.45 1/2. Second support is weekly support crossing at 3.44 1/4.  

July wheat was lower overnight as it extends last-week's 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends 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 4.39 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.39 1/2. Second resistance is the 50-day moving average crossing at 4.54 1/4. First support is the overnight low crossing at 4.21 1/4. 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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.18 1/2 are needed to confirm that a short-term 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 5.18 1/2. Second resistance is the 50-day moving average crossing at 5.39 1/4. First support is April'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 was lower overnight as it extends this year's 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 7.75 is the next downside target. Closes above last-Monday's gap crossing at 8.40 1/2 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.29 3/4. Second resistance is the 20-day moving average crossing at 8.56 1/2. First support is the overnight low crossing at 7.99 1/2. Second support is monthly support crossing at 7.75.

July soybean meal 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 275.50 is the next downside target. Closes above the 20-day moving average crossing at 300.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 293.90. Second resistance is the 20-day moving average crossing at 300.40. First support is the overnight low crossing at 285.50. Second support is weekly support crossing at 275.50.   

July soybean oil was lower overnight as it extends this year's 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 still 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 27.84 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.13. Second resistance is the 20-day moving average crossing at 27.84. First support is the overnight low crossing at 26.35. Second support is monthly support crossing at 25.47.

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

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.