KEY EVENTS TO WATCH FOR:

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 AM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

12:00 AM 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 STOCK INDEXES:The June NASDAQ 100 was higher overnight and is on track for its longest winning streak since February, with stock futures moving higher ahead of inflation data that could help decide the path of future Federal Reserve policy.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 the late-April low, the reaction high crossing at 6951.00 is the next upside target. Closes below the 20-day moving average crossing at 6724.14 would temper the friendly outlook. 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 late-April low crossing at 6429.25. Second support is April's low crossing at 6306.75.    

The June S&P 500 was steady to slightly higher overnight as it extends Wednesday's rally above resistance marked by the 50-day moving average. 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 last Thursday's low, April's high crossing at 2718.00 is the next upside target. Closes below the 10-day moving average crossing at 2662.57 are needed to 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.     

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

INTEREST RATES: June T-bonds were higher overnight. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If June resumes 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 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 144-08. Second resistance is the reaction high crossing at 146-02. First support is April's low crossing at 141-17. Second support is February's low crossing at 141-14.

June T-notes were higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off April's high, monthly support crossing at 117.180 is the next downside target. Closes above the 50-day moving average crossing at 120.051 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.204. Second resistance is the 50-day moving average crossing at 120.051. First support is the late-April low crossing at 118.310. Second support is monthly support crossing at 117.180.  

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

ENERGY MARKETS: JuneNymex crude oil extended this year's rally overnight underpinned by solid demand and lower supplies.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 68.54 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 71.89. 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 68.54. Second support is the 50-day moving average crossing at 65.27.  

June heating oil was slightly lower overnight as it consolidates some of its recent gains. 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, the contract high crossing at 235.70 is the next upside target. Closes below the 20-day moving average crossing at 213.05 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 223.39. Second resistance is the the contract high crossing at 235.70. First support is the 20-day moving average crossing at 213.05. Second support is the 50-day moving average crossing at 202.77. 

June unleaded gas was slightly higher overnight as it extends the rally off February'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, monthly resistance crossing at 218.57 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 monthly resistance crossing at 218.57. Second support is monthly resistance crossing at 248.43. First support is last Thursday's low crossing at 205.29. Second support is the 50-day moving average crossing at 202.55. 

June Henry natural gas was lower overnight.Stochastics and the RSI are turning neutral to bearish with the overnight decline signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, April's low crossing at 2.660 is the next upside target. Closes above Tuesday's high crossing at 2.773 would confirm that a short-term low has been posted. First resistance is April's high crossing at 2.844. Second resistance is March's high crossing at 2.873. First support is the reaction low crossing at 2.691. Second support is April's low crossing at 2.660.

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

CURRENCIES:The June Dollar was lower 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, the 75% retracement level of the June-2017/February-2018 decline crossing at 94.46 is the next upside target. Closes below the 20-day moving average crossing at 91.22 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the June-2017/February-2018-decline crossing at 93.29. Second resistance is the 75% retracement level of the June-2017/February-2018-decline crossing at 94.46. First support is the 10-day moving average crossing at 92.38. Second support is the 20-day moving average crossing at 91.23.

The June Euro was higher overnight as it bounced off support marked by the 87% retracement level of the November-February-decline crossing at 118.54. 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 low crossing at 117.35 is the next downside target. Closes above the 20-day moving average crossing at 121.65 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 119.98. Second resistance is the 20-day moving average crossing at 121.65. First support is the 87% retracement level of the November-February-decline crossing at 118.54. Second support is last-November's low crossing at 117.35. 

The June British Pound was lower overnight.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, December's low crossing at 1.3148 is the next downside target. Closes above the 20-day moving average crossing at 1.3877 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.3625. Second resistance is the 20-day moving average crossing at 1.3877. First support is Tuesday's low crossing at 1.3506. Second support is December's low crossing at 1.3148.  

The June Swiss Franc were slightly higher overnight. 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, monthly support crossing at 0.9833 is the next downside target. Closes above the 20-day moving average crossing at 1.0186 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0050. Second resistance is the 20-day moving average crossing at 1.0186. First support is the overnight low crossing at 0.9972. Second support is monthly support crossing at 0.9833.

The June Canadian Dollar was higher overnight as it extends Wednesday's rally. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 78.28 are needed to confirm that a short-term low has been posted.If June renews 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 78.28. 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 was steady to slightly higher overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, the 75% retracement level of the November-March-rally crossing at 0.9047 is the next downside target. Closes above the 20-day moving average crossing at 0.9229 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9229. Second resistance is the 50-day moving average crossing at 0.9368. First support is the overnight low crossing at 0.9110. Second support is the 75% retracement level of the November-March-rally crossing at 0.9047.  

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

PRECIOUS METALS: June gold was higher overnight as it extends the trading range of the past seven-days. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1326.30 would confirm that a short-term low has been posted. If June resumes 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 1326.30. 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 was higher overnight as it extends the rally off May's low. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 16.664 would confirm that a short-term low has been posted. If July resumes the decline off April's high, December's low crossing at 15.805 is the next downside target. First resistance is the the 20-day moving average crossing at 16.664. Second resistance is the reaction high crossing at 16.950. First support is May's low crossing at 16.070. Second support is December's low crossing at 15.805. 

June copper was higher overnight. The high-range 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 309.48 are needed to confirm that a short-term low has been posted. If June resumes the decline off April's high, April's low crossing at 298.39 is the next downside target. First resistance is the 20-day moving average crossing at 309.48. Second resistance is April's high crossing at 320.00. First support is Tuesday's low crossing at 300.50. Second support is April's low crossing at 298.39. 

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

July corn was 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3.97 1/4 would confirm that a short-term top has been posted. If July extends the rally off March's low, 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 Tuesday's low crossing at 3.99 1/4. Second support is the 20-day moving average crossing at 3.97 1/4.  

July wheat was higher overnight as it consolidates some of the decline off last Thursday's high. 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 5.01 1/2 would confirm that a short-term top has been posted. If July resumes 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 5.01 1/2. Second support is the 50-day moving average crossing at 4.95 1/4.     

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 was higher overnight. The mid-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 bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the late-April low crossing at 5.91 1/4 is a potential downside target. If July renews the rally off the late-April low crossing at 5.91 1/4, April's high crossing at 6.43 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 low crossing at 5.91 1/4. Second support is April's low crossing at 5.81. 

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

July soybeans were 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 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 10.47 3/4 would temper the near-term bearish outlook. 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 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 July renews the rally off January's low, weekly resistance crossing at 414.20 is the next upside target. Closes below the 50-day moving average crossing at 382.70 would confirm that a short-term top has been posted. 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 382.70. Second support is the late-April's low crossing at 373.80. 

July soybean oil was higher overnight. The mid-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 31.09 are needed to confirm that a short-term low has been posted. If July resumes the decline off November'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 31.09. 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.