INO Evening Market Comments
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Started by tallpine - May 9, 2018, 4:35 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, May 9, 2018 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 388.6)



                       Composite Idx, W/W% (previous -2.5%)



                       Purchase Idx-SA (previous 258.1)



                       Purchase Idx-SA, W/W% (previous -1.6%)



                       Refinance Idx (previous 1104.9)



                       Refinance Idx, W/W% (previous -3.5%)



8:30 AM ET. April PPI



                       PPI, M/M% (previous +0.3%)



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



                       Personal Consumption (previous +0.1%)



10:00 AM ET. March Monthly Wholesale Trade



                       Inventories, M/M% (previous +1.0%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 435.955M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous +6.218M)



                       Gasoline Stocks (Bbl) (previous 237.978M)



                       Gasoline Stocks, Net Chg (Bbl) (previous +1.171M)



                       Distillate Stocks (Bbl) (previous 118.829M)



                       Distillate Stocks, Net Chg (Bbl) (previous -3.9M)



                       Refinery Usage (previous 91.1%)



                       Total Prod Supplied (Bbl/day) (previous 20.164M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.164M)

                       



Thursday, May 10, 2018  



8:30 AM ET. April Real Earnings



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



                       Corn (Metric Tons) (previous 1640.1K)



                       Soybeans (Metric Tons) (previous 387.2K)



                       Wheat (Metric Tons) (previous 475.6K)



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



                       Jobless Claims (previous 211K)



                       Jobless Claims, Net Chg (previous +2K)



                       Continuing Claims (previous 1756000)



                       Continuing Claims, Net Chg (previous -77K)



8:30 AM ET. April CPI



                       CPI, M/M% (previous -0.1%)



                       Core CPI, M/M% (previous +0.2%)



                       Energy Idx, M/M% (previous -2.8%)



                       Food Idx, M/M% (previous +0.1%)



                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.4%)



                       CPI, Y/Y% (previous +2.4%)



                       Core Annual, Y/Y% (previous +2.1%)



9:45 AM ET. Bloomberg Consumer Comfort Index



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



                       Working Gas In Storage (Cbf) (previous 1343B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +62B)

                       

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



                       Corn, End Stocks (Bushels)



                       Soybeans, End Stocks (Bushels)



                       Wheat, End Stocks (Bushels)



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



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



4:30 PM ET. Foreign Central Bank Holdings



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Money Stock Measures



Friday, May 11, 2018  



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



                       Import Prices (previous +0.0%)



                       Non-Petroleum Prices (previous +0.1%)



                       Petroleum Prices (previous -1.3%)



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



                       Mid-Mo Sentiment (previous 97.8)



                       Mid-Mo Expectations (previous 86.8)



                       Mid-Mo Current Idx (previous 115.0)



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



The June NASDAQ 100 closed higher on Wednesday and above April's high thereby renewing the rally off April's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 75% retracement level of the March-April-decline crossing at 6987.87 is the next upside target. Closes below the 20-day moving average crossing at 6712.66 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 6951.00. Second resistance is the 75% retracement level of the March-April-decline crossing at 6987.87. 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 Wednesday and above the 50-day moving average crossing at 2681.92 confirming that a short-term low has been posted. 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. If June extends the rally off last Thursday's low, April's high crossing at 2718.00 is the next upside target. Closes below last Thursday's low crossing at 2592.50 would confirm that a short-term top 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 last Thursday's low crossing at 2592.50. Second support is April's low crossing at 2554.00. 



The Dow closed higher on Wednesday as U.S. oil soared above $71 a barrel, boosting energy-related shares. 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. Today's close above the 50-day moving average crossing at 24,422.44 confirms that a short-term low has been posted while opening the door for additional short-term gains. If the Dow extends the rally off last Thursday's low, April's high crossing at 23,832.54 is the next upside target. Closes below last Thursday's low crossing at 23,531.31 would confirm that a short-term top 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 last Thursday'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 down 26/32's at 142-19.



June T-bonds closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness. If June renews the decline off April's high, February's low crossing at 141-14 is the next downside target. Closes above the 50-day moving average crossing at 144-08 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 143-20. Second resistance is the 50-day moving average crossing at 144-08. First support is April's low crossing at 142-09. Second support is February's low crossing at 141-14.     



June T-notes closed down 85-points at 119-080.



June T-notes 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 signaling that sideways to lower prices are possible near-term. If June renews the decline off April's high, weekly support crossing at 117.180 is the next downside target. Closes above the 50-day moving average crossing at 120.056 would confirm that a short-term low has been posted. First resistance the 20-day moving average crossing at 119.222. Second resistance is the 50-day moving average crossing at 120.056. 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 Wednesday as the U.S. exit from the Iran nuclear deal along with a larger-than-expected weekly decline in U.S. crude stockpiles. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. 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 50% retracement level of the 2014-2016-decline crossing at 72.85 is the next upside target. Closes below the 20-day moving average crossing at 68.32 would confirm that a short-term top has been posted. First resistance is today's high crossing at 71.36. 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 68.32. Second support is the 50-day moving average crossing at 65.06. 



June heating oil closed higher on Wednesday as it extends this year's rally. 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 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 contract high crossing at 235.70 is the next upside target. Closes below the 20-day moving average crossing at 212.33 are needed to confirm that a short-term top has been posted.First resistance is today's high crossing at 222.58. Second resistance is the contract high crossing at 235.70. First support is the 20-day moving average crossing at 212.33. Second support is the 50-day moving average crossing at 202.14.  



June unleaded gas closed higher on Wednesday as it extended this year's rally. 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. If June extends the rally off February's low, monthly resistance crossing at 217.77 is the next upside target. Closes below last Thursday's low crossing at 205.29 would confirm that a short-term top has been posted. First resistance is today's high crossing at 217.01. Second resistance is monthly resistance crossing at 217.77. First support is last Thursday's low crossing at 205.29. Second support is the 50-day moving average crossing at 202.08.



June Henry natural gas posted an inside day with a slightly higher close on Wednesday as it extends the February-April-trading range. 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 renews the decline off March's high, April's low crossing at 2.660 is the next downside target. Closes above March's high crossing at 3.020 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. 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 slightly lower on Wednesday due to profit taking after testing resistance marked by the 62% retracement level of the 2017-2018-decline crossing at 93.29. 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 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 75% retracement level of the 2017-2018-decline crossing at 94.46. First resistance is the 62% retracement level of the 2017-2018-decline crossing at 93.29. Second resistance is the 75% retracement level of the 2017-2018-decline crossing at 94.46. First support is the 10-day moving average crossing at 92.24. Second support is the 20-day moving average crossing at 91.05.  



The June Euro closed slightly higher on Wednesday after testing support marked by the 87% retracement of the November-February-rally crossing at 118.54. The mid-range close sets the stage for a steady 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 June extends the decline off April's high, last-November's low crossing at 117.35 is the next downside target. Closes above the 20-day moving average crossing at 121.89 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 120.23. Second resistance is the 20-day moving average crossing at 121.89. First support is the 87% retracement level of the November-February-rally crossing at 118.54. Second support is last-November's low crossing at 117.35.    



The June British Pound closed slightly higher on Wednesday as it consolidates some of the decline off April's high. The mid-range close sets the stage for a steady 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 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 1.3666 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3666. Second resistance is the 20-day moving average crossing at 1.3913. First support is Tuesday's low crossing at 1.3506. Second support is December's low crossing at 1.3400. 



The June Swiss Franc closed lower on Wednesday as it extends the decline off February's high. 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 June extends the decline off February's high, weekly support crossing at 0.9833 is the next downside target. Closes above the 20-day moving average crossing at 1.0209 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0065. Second resistance is the 20-day moving average crossing at 1.0209. First support is Monday's low crossing at 0.9977. Second support is weekly support crossing at 0.9833.



The June Canadian Dollar closed sharply higher on Wednesday as it erased all of Tuesday's losses. 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 poised to turn neutral to bearish with additional strength signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 78.35 would confirm that a short-term low has been posted. If June extends the decline off April's high, March's low crossing at 76.33 is the next downside target. First resistance is the 20-day moving average crossing at 78.35. Second resistance is April's high crossing at 79.92. First support is Tuesday's low crossing at 76.99. Second support is March's low crossing at 76.33.  



The June Japanese Yen 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 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 0.9240 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9240. Second resistance is the 50-day moving average crossing at 0.9375. First support is last 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 lower on Wednesday as it extends the trading range of the past six-days. The mid-range close sets the stage for a steady 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 20-day moving average crossing at 1327.20 would confirm that a short-term low has been posted. 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 1327.20. 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.



July silver closed slightly higher on Wednesday. The mid-range close set the stage for a steady 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. Multiple closes above the 20-day moving average crossing at 16.658 would confirm that a short-term low has been posted. If July renews 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 16.658. Second resistance is April's high crossing at 17.360. First support is last Tuesday's low crossing at 16.340. Second support is December's low crossing at 15.705.       



June copper closed lower on Wednesday. The mid-range close sets the stage for a steady 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. Closes above the 20-day moving average crossing at 309.35 are needed to 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 20-day moving average crossing at 309.35. 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 down 3/4-cents at 4.02 1/2. 



July corn closed fractionally 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 20-day moving average crossing at 3.96 3/4 would confirm that a short-term top has been posted. 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. First resistance is last Friday'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 3.96 3/4. Second support is the 50-day moving average crossing at 3.94.  



July wheat closed down 3 3/4-cents at 5.10 3/4. 



July wheat closed 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 20-day moving average crossing at 5.00 3/4 would confirm that a short-term top has been posted. If July renews the rally off March's low, the 62% retracement level of the July-December-decline crossing at 5.43 3/4 is the next upside target. First resistance is last Thursday'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 20-day moving average crossing at 5.00 3/4. Second support is the 50-day moving average crossing at 4.95.       



July Kansas City Wheat closed down 6 3/4-cents at 5.31 1/2. 



July Kansas City wheat closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.26 1/2 would confirm that a short-term top has been posted. If July renews the rally off April's low, the 75% retracement level of the July-December-decline crossing at 5.77 is the next upside target.First resistance is last Friday's high crossing at 5.67 3/4. Second resistance is the 75% retracement level of the July-December-decline crossing at 5.77. First support is the 20-day moving average crossing at 5.26 1/2. Second support is the 50-day moving average crossing at 5.22 3/4. 



July Minneapolis wheat closed down 2 3/4-cents at 6.11 1/4. 



July Minneapolis 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last Thursday's high, the late-April's low crossing at 5.91 1/4 is the next downside target. If July renews the rally off April's low, April's high crossing at 6.43 1/2 is the next upside target. First resistance is last Thursday'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 down 4-cents at 10.16 1/4. 



July soybeans closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening with 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 April's high, April's low crossing at 9.94 1/2 is the next downside target. Closes above the 50-day moving average crossing at 10.48 3/4 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 10.67 1/2. Second resistance is April's high crossing at 10.78. First support is Monday's low crossing at 10.10 3/4. Second support is April's low crossing at 9.94 1/2.



July soybean meal closed down $0.40 at 395.50. 



July soybean meal 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 382.80 would confirm that a short-term top has been posted. If July extends the rally off April's low, weekly resistance crossing at 414.20 is the next upside target. First resistance is last Wednesday's high crossing at 406.50. Second resistance is weekly resistance crossing at 414.20. First support is the 50-day moving average crossing at 382.80. Second support is the reaction low crossing at 373.80.  



July soybean oil closed up 37 pts. At 31.06. 



July soybean oil closed 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 31.74 would confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 31.13. Second resistance is the 50-day moving average crossing at 31.74. First support is last 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 up $0.28 at $76.58 



June hogs closed higher on Wednesday. The mid-range close sets the stage for a steady opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 76.22 confirm that a low has been posted. If June renews the decline off April's high, April's low crossing at 70.25 is the next downside target. First resistance is April's high crossing at 79.10. Second resistance is the reaction high crossing at 79.60. First support is last Monday's low crossing at 72.20. Second support is April's low crossing at 70.25. 



June cattle closed down $0.63 at 105.68. 



June cattle 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 signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 107.20 would open the door for additional gains near-term. 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 107.20. 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.

 

August Feeder cattle closed down $1.03 at $142.70. 



August Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off April's high, the reaction low crossing at 140.08 is the next downside target. Closes above last Friday's high crossing at 147.30 would confirm that a short-term low has been posted. First resistance is April's high crossing at 149.08. Second resistance is March's high crossing at 153.88. First support is the reaction low crossing at 140.08. Second support is April's low crossing at 128.88.  



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



July coffee closed lower on Wednesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the reaction low crossing at 11.75 is the next upside target. Closes above the 10-day moving average crossing at 12.20 would confirm that a low has been posted. 



July cocoa closed lower on Wednesday and below the 20-day moving average crossing at 27.72 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If July extends today's decline the 50-day moving average crossing at 26.21 is the next downside target.  



July sugar closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this year's decline, monthly support crossing at 10.13 is the next downside target. Closes above the 20-day moving average crossing at 11.67 are needed to confirm that a low has been posted. 



July cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 83.23 would confirm that a short-term top has been posted. If July extends this year's rally, weekly resistance crossing at 95.10 is the next upside target.   

Comments
By metmike - May 9, 2018, 7:30 p.m.
Like Reply

Thanks Ken!