KEY EVENTS TO WATCH FOR:
Friday, May 4, 2018
8:30 AM ET. April U.S. Employment Report
Non-Farm Payrolls (previous +103K)
Unemployment Rate (previous 4.1%)
Avg Hourly Earnings (USD) (previous 26.82)
Avg Hourly Earnings-Net Chg (USD) (previous +0.08)
Avg Hourly Earnings, M/M% (previous +0.3%)
Avg Hourly Earnings, Y/Y% (previous +2.7%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +1K)
Private Payroll (previous +102K)
Participation Rate (previous 62.9%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. 4th Quarter GDP by State
11:00 AM ET. April Global Services PMI
PMI, Services (previous 53.2)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The June NASDAQ 100 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June extends the decline off April's high, April's low crossing at 6306.75 is the next downside target. Closes above the 50-day moving average crossing at 6761.80 would confirm that a short-term low has been posted. First resistance is April's high crossing at 6867.00. Second resistance is the reaction high crossing at 6951.00. First support is the reaction low crossing at 6429.25. Second support is April's low crossing at 6306.75.
The June S&P 500 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 today's decline, the reaction low crossing at 2584.00 is the next downside target. Closes above the 50-day moving average crossing at 2684.64 would confirm that a short-term low has been posted. First resistance is April's high crossing at 2718.00. Second resistance is the reaction high crossing at 2741.00. First support is the reaction low crossing at 2584.00. Second support is April's low crossing at 2554.00.
The Dow closed higher on Thursday after early weakness extended the decline off April's high. The Dow erased early losses as investors continued to react to earnings and global trade news. Initial weakness was triggered by some disappointing quarterly results as well as uncertainty over how to interpret the Federal Reserve’s recent policy statement as well as worries over talks in Beijing designed to avert a full-blown U.S.-China trade war. The high-range close sets the stage for a steady to higher opening when Friday'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 April's high, April's low crossing at 23,344.52 is the next downside target. Closes above the 50-day moving average crossing at 24,499.90 would confirm that a short-term low has been posted. First resistance is April's high crossing at 23,832.54. Second resistance is the reaction high crossing at 24,977.65. First support is today's low crossing at 23,531.31. Second support is April's low crossing at 23,344.52.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
June T-bonds closed up 8/32's at 143-16.
June T-bonds closed higher on Thursday.The mid-range close sets the stage for a steady to higher opening when Friday'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 144-06 would confirm that a short-term low has been posted. If June renews the decline off April's high, February's low crossing at 141-14 is the next downside target. First resistance is the 20-day moving average crossing at 144-06. Second resistance is the 50-day moving average crossing at 144-07. First support is last Monday's low crossing at 142-09. Second support is February's low crossing at 141-14.
June T-notes closed up 50 pts at 119-215.
June T-notes closed higher on Thursday as it extended the rally off April's low. The mid-range close sets the stage for a steady to higher opening when Friday'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 119.311 would confirm that a short-term low has been posted. If June renews the decline off April's high, weekly support crossing at 117.180 is the next downside target. First resistance the 20-day moving average crossing at 119.311. Second resistance is the 50-day moving average crossing at 120.068. First support is April's low crossing at 119.065. Second support is weekly support crossing at 117.180.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
June crude oil closed higher on Thursday while extending the trading range of the past three-weeks.The high-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 67.13 would confirm that a short-term top has been posted. If June renews the rally off February's low, the 50% retracement level of the 2014-2016-decline crossing at 72.85 is the next upside target. First resistance is April's high crossing at 69.55. Second resistance is the 50% retracement level of the 2014-2016-decline crossing at 72.85.First support is the 20-day moving average crossing at 67.13. Second support is the 50-day moving average crossing at 64.46.
June heating oil closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at 209.08 are needed to confirm that a short-term top has been posted. If June renews the rally off February's low, the contract high crossing at 235.70 is the next upside target. First resistance is Monday's high crossing at 217.26. Second resistance is the contract high crossing at 235.70. First support is the 20-day moving average crossing at 209.08. Second support is the 50-day moving average crossing at 200.39.
June unleaded gas closed higher on Thursday. 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 207.23 would confirm that a short-term top has been posted. If June extends the rally off February's low, monthly resistance crossing at 217.77 is the next upside target. First resistance is Monday's high crossing at 215.23. Second resistance is monthly resistance crossing at 217.77. First support is the 20-day moving average crossing at 207.23. Second support is the 50-day moving average crossing at 200.93.
June Henry natural gas closed lower on Thursday as it extends April's trading range. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above April's high crossing at 2.844 would confirm an upside breakout of the aforementioned trading range while opening the door for a possible test of March's high crossing at 3.020. If June renews the decline off March's high, February's low crossing at 2.638 is the next downside target. First resistance is April's high crossing at 2.844. Second resistance is March's high crossing at 2.873. First support is April's low crossing at 2.660. Second support is February's low crossing at 2.638.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed lower on Thursday 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 Friday'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 February's low, the 62% retracement level of the 2017-2018-decline crossing at 93.29. First resistance is Wednesday's high crossing at 92.66. Second resistance is the 62% retracement level of the 2017-2018-decline crossing at 93.29. First support is the 10-day moving average crossing at 91.38. Second support is the 20-day moving average crossing at 90.41.
The June Euro posted an inside day with a higher close on Thursday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Friday'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 June extends the decline off April's high, the 75% retracement of the November-February-rally crossing at 119.65 is the next downside target. Closes above the 20-day moving average crossing at 122.80 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 121.58. Second resistance is the 20-day moving average crossing at 122.80. First support is Wednesday's low crossing at 119.76. Second support is the 75% retracement level of the November-February-rally crossing at 119.65.
The June British Pound closed slightly lower on Thursday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Friday'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 June extends the aforementioned decline, December's low crossing at 1.3400 is the next downside target. Closes above the 10-day moving average crossing at 1.3838 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3837. Second resistance is the 20-day moving average crossing at 1.4035. First support is today's low crossing at 1.3562. Second support is December's low crossing at 1.3400.
The June Swiss Franc closed slightly higher on Thursday. The mid-range close sets the stage for a steady opening when Friday'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 June extends the decline off February's high, weekly support crossing at 0.9991 is the next downside target. Closes above the 20-day moving average crossing at 1.0307 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0166. Second resistance is the 20-day moving average crossing at 1.0307. First support is today's low crossing at 1.0034. Second support is weekly support crossing at 0.9991.
The June Canadian Dollar closed lower on Thursday as it extends the trading range of the past seven-days. The mid-range close sets the stage for a steady opening when Friday'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 the decline off April's high, the reaction low crossing at 77.35 is the next downside target. Closes above the 20-day moving average crossing at 78.61 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.61. Second resistance is April's high crossing at 79.92. First support is the reaction low crossing at 77.35. Second support is March's low crossing at 76.33.
The June Japanese Yen closed higher on Thursday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Friday’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 June extends the aforementioned decline, the 75% retracement level of the October-March-rally crossing at 0.9047 is the next downside target. Closes above the 20-day moving average crossing at 0.9284 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9284. Second resistance is the 50-day moving average crossing at 0.9394. First support is Wednesday's low crossing at 0.9111. Second support is the 75% retracement level of the October-March-rally crossing at 0.9047.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
June gold closed higher on Thursday as it consolidated some of its recent losses. The mid-range close sets the stage for a steady to higher opening when Friday'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 June extends the decline off April's high, the 62% retracement level of the December-January-rally crossing at 1296.30 is the next downside target. First resistance is the 20-day moving average crossing at 1333.20. Second resistance is April's high crossing at 1369.40. First support is the 62% retracement level of the December-January-rally crossing at 1296.30. Second support is the 75% retracement level of the December-January-rally crossing at 1279.20.
May silver closed lower on Thursday. The mid-range close set the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 16.608 would confirm that a short-term low has been posted. If May extends the decline off April's high, December's low crossing at 15.705 is the next downside target. First resistance is the 20-day moving average crossing at 16.608. Second resistance is April's high crossing at 17.360. First support is Tuesday's low crossing at 16.340. Second support is December's low crossing at 15.705.
May copper closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 50-day moving average crossing at 309.53 would confirm that a short-term low has been posted. If May renews the decline off April's high, April's low crossing at 297.00 is the next downside target. First resistance is the 50-day moving average crossing at 309.53. Second resistance is April's high crossing at 319.55. First support is April's low crossing at 297.00. Second support is March's low crossing at 2.93 3/4.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up 3-cents at 4.08.
July corn closed higher on Thursday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this year's rally, the 75% retracement level of the July-January-decline crossing at 4.16 1/4 is the next upside target. Closes below the 20-day moving average crossing at 3.95 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.08 1/4. Second resistance is the 75% retracement level of the July-January-decline crossing at 4.16 1/4. First support is the 20-day moving average crossing at 3.95 3/4. Second support is the 50-day moving average crossing at 3.92 1/2.
July wheat closed up 10 3/4-cents at 5.37 1/2.
July wheat closed higher on Thursday as it extended the rally off March's low.The high-range close sets the stage for a steady to higher opening when Friday'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 aforementioned rally, the 62% retracement level of the July-December-decline crossing at 5.43 3/4 is the next upside target. Closes below the 20-day moving average crossing at 4.97 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 5.38 1/2. Second resistance is the 62% retracement level of the July-December-decline crossing at 5.43 3/4. First support is the 10-day moving average crossing at 5.02 3/4. Second support is the 20-day moving average crossing at 4.97 3/4.
July Kansas City Wheat closed up 12 1/2-cents at 5.67 3/4.
July Kansas City wheat closed higher on Thursday and above March's high crossing at 5.65. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 75% retracement level of the July-December-decline crossing at 5.77 is the next upside target. Closes below the 20-day moving average crossing at 5.25 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 5.67 3/4. Second resistance isthe 75% retracement level of the July-December-decline crossing at 5.77. First support is the 10-day moving average crossing at 5.30 3/4. Second support is the 20-day moving average crossing at 5.25 1/2.
July Minneapolis wheat closed up 5 1/2-cents at 6.30.
July Minneapolis wheat closed higher on Thursday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the decline off April's low, April's high crossing at 6.43 1/2 is the next upside target. Closes below the 10-day moving average crossing at 6.11 would confirm that a short-term top has been posted. First resistance is today's high crossing at 6.30 3/4. Second resistance is April's high crossing at 6.43 1/2. First support is the late-April's low crossing at 5.91 1/4. Second support is March's low crossing at 5.81.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed up 10 1/4-cents at 10.53 1/4.
July soybeans closed higher on Thursday. The high-range close sets the stage for a steady to higher opening with Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the late-April low, April's high crossing at 10.78 is the next upside target. Closes below the late-April low crossing at 10.27 3/4 would renew the decline off April's high and could lead to a test of April's low crossing at 9.94 1/2. First resistance is April's high crossing at 10.78. Second resistance is March's high crossing at 10.90 1/4. First support is the reaction low crossing at 10.14. Second support is April's low crossing at 9.94 1/2.
July soybean meal closed down $1.40 at 399.30.
July soybean meal closed lower on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, weekly resistance crossing at 414.20 is the next upside target. Closes below the 20-day moving average crossing at 363.50 would confirm that a short-term top has been posted. First resistance is today's high crossing at 401.40. Second resistance is weekly resistance crossing at 414.20. First support is the 20-day moving average crossing at 363.50. Second support is the 50-day moving average crossing at 339.20.
July soybean oil closed up 15 pts. At 30.75.
July soybean oil closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 January's high, the 87% retracement level of the 2015-2016-rally crossing at 29.35 is the next downside target. Closes above the 50-day moving average crossing at 32.08 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 30.94. Second resistance is the 20-day moving average crossing at 31.34. First support is Tuesday's low crossing at 30.15. Second support is the 87% retracement level of the 2015-2016-rally crossing at 29.35.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed unchanged at $73.50.
June hogs closed unchanged on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, April's low crossing at 70.25 is the next downside target. Closes above the 20-day moving average crossing at 75.46 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 75.46. Second resistance is the 50-day moving average crossing at 76.81. First support is Monday's low crossing at 72.20. Second support is April's low crossing at 70.25.
June cattle closed up $1.68 at 106.53.
June cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 extends the rally off April's low, the 50-day moving average crossing at 108.05 is the next upside target. If June resumes the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. First resistance is the 50-day moving average crossing at 108.05. Second resistance is the reaction high crossing at 114.80. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.
May Feeder cattle closed up $2.18 at $140.80.
May Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below Wednesday's low crossing at 137.30 would confirm that a short-term top has been posted. If May extends the rally off April's low, the reaction high crossing at 148.98 is the next upside target. First resistance is Monday's high crossing at 143.00. Second resistance is the reaction high crossing at 148.98. First support is the reaction low crossing at 134.33. Second support is April's low crossing at 128.88.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the reaction high crossing at 12.87 is the next upside target. Closes below the 20-day moving average crossing at 11.99 are needed to confirm that a low has been posted.
July cocoa closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 27.22 are needed to confirm that a short-term top has been posted. If July extends the rally off December's low, the contract high crossing at 30.20 is the next upside target.
July sugar closed lower on Thursday. The mid-range close set the stage for a steady to lower opening on Friday. 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 11.84 are needed to confirm that a low has been posted. If July extends this year's decline, monthly support crossing at 10.13 is the next downside target.
July cotton closed lower on Thursday. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off April's low, March's high crossing at 85.83 is the next upside target. Closes below the reaction low crossing at 81.36 would confirm that a short-term top has been posted.