INO Evening Market Comments
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Started by tallpine - May 14, 2018, 4:43 p.m.

KEY EVENTS TO WATCH FOR:



Tuesday, May 15, 2018  



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



                       Chain Store Sales, W/W% (previous +0.6%)



                       Chain Store Sales, M/M% (previous +3.8%)



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



                       Overall Sales-SA, M/M% (expected +0.3%; previous +0.6%)



                       Sales, Ex-Auto, M/M% (expected +0.5%; previous +0.2%)



                       Sales, Ex-Auto & Gas, M/M% (previous +0.3%)



8:30 AM ET. May Empire State Manufacturing Survey



                       Mfg Idx (expected 14.9; previous 15.8)



                       Employment Idx (previous 6.0)



                       New Orders Idx (previous 9.0)



                       Prices Received (previous 20.7)



8:55 AM ET. Johnson Redbook Retail Sales Index



                       Ret Sales Mo-to-Date, M/M% (previous +0.8%)



                       Ret Sales Mo-to-Date, Y/Y% (previous +3.3%)



                       Latest Wk, Y/Y% (previous +4.2%)



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



                       Total Inventories (expected +0.2%; previous +0.6%)



10:00 AM ET. May NAHB Housing Market Index



                       Housing Mkt Idx (expected 69; previous 69)



4:00 PM ET. March Treasury International Capital Data



4:30 PM ET. API Weekly Statistical Bulletin



                       Crude Stocks, Net Chg (Bbls) (previous -1.9M)



                       Gasoline Stocks, Net Chg (Bbls) (previous -2.1M)



                       Distillate Stocks, Net Chg (Bbls) (previous -6.7M)


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



The June NASDAQ 100 closed higher on Monday amid signs of easing trade tensions between the U.S. and China.The mid-range close sets the stage for a steady to lower opening when Tuesday'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 87% retracement level of the March-April-decline crossing at 7099.43 is the next upside target. Closes below the 20-day moving average crossing at 6755.98 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the March-April-decline crossing at 6989.66. Second resistance is the 87% retracement level of the March-April-decline crossing at 7099.43. 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 slightly higher on Monday as it extends this month's rally. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 May's low, April's high crossing at 2806.00 is the next upside target. Closes below the 20-day moving average crossing at 2675.72 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2741.00. Second resistance is April's high crossing at 2806.00. First support is May's low crossing at 2592.50. Second support is April's low crossing at 2554.00. 



The Dow closed higher on Monday as it extends this month's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off May's low, March's high crossing at 25,449.15 is the next upside target. Closes below the 20-day moving average crossing at 24,398.42 would confirm that a short-term top has been posted. First resistance is today's high crossing at 24,994.19. Second resistance is March's high crossing at 25,449.15. First support is May'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 15/32's at 142-22.



June T-bonds closed lower on Monday.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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 144-07 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 50-day moving average crossing at 144-07. Second resistance is the reaction high crossing at 146-02. 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 70-points at 119-060.



June T-notes closed lower on Monday. 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 neutral signaling that sideways trading is 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 120.038 would confirm that a short-term low has been posted. First resistance the 50-day moving average crossing at 120.038. Second resistance is the reaction high crossing at 120.180. 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 Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 68.94 would confirm that a short-term top has been posted. First resistance is last Thursday's 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 68.94. Second support is the 50-day moving average crossing at 65.66. 



June heating oil closed higher on Monday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Tuesday'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 214.69 are needed to confirm that a short-term top has been posted.First resistance is today's high crossing at 225.45. Second resistance is the contract high crossing at 235.70. First support is the 20-day moving average crossing at 214.69. Second support is the 50-day moving average crossing at 204.18.  



June unleaded gas closed higher on Monday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Tuesday'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, monthly resistance crossing at 248.43 is the next upside target. Closes below May's low crossing at 205.29 would confirm that a short-term top has been posted. First resistance is today's high crossing at 220.53. Second resistance is monthly resistance crossing at 248.43. First support is May's low crossing at 205.29. Second support is the 50-day moving average crossing at 203.70.



June Henry natural gas closed higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 April's high crossing at 2.844 would open the door for a possible test of March's high crossing at 2.873, which marks the upper boundary of this year's trading range. Closes below the 10-day moving average crossing at 2.768 would confirm that a short-term top 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 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 higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 91.53 would confirm that a short-term top has been posted. 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 today's low crossing at 92.11. Second support is the 20-day moving average crossing at 91.53.  



The June Euro closed unchanged on Monday. The low-range close sets the stage for a steady to lower prices are possible when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 121.22 are needed to confirm that a short-term low has been posted. If June extends the decline off April's high, last-November's low crossing at 117.35 is the next downside target. First resistance is today's high crossing at 120.25. Second resistance is the 20-day moving average crossing at 121.22. 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 higher on Monday as it extends the trading range of the past eight days. 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 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 20-day moving average crossing at 1.3801 would confirm that a short-term low has been posted. First resistance is last Thursday's high crossing at 1.3638. Second resistance is the 20-day moving average crossing at 1.3801. First support is last Thursday's low crossing at 1.3480. Second support is December's low crossing at 1.3400. 



The June Swiss Franc closed slightly higher on Monday. 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 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 1.0143 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0025. Second resistance is the 20-day moving average crossing at 1.0143. First support is last Thursday's low crossing at 0.9972. Second support is weekly support crossing at 0.9833.



The June Canadian Dollar closed slightly higher on Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, April's high crossing at 79.92 is the next upside target. If June renews the decline off April's high, March's low crossing at 76.33 is the next downside target. First resistance is last Friday's high crossing at 78.62. Second resistance is April's high crossing at 79.92. First support is May's low crossing at 76.99. Second support is March's low crossing at 76.33.  



The June Japanese Yen closed lower on Monday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.9209 would confirm that a short-term low has been posted. If June extends the decline off March's high, the 75% retracement level of the October-March-rally crossing at 0.9047 is the next downside target. First resistance is the 20-day moving average crossing at 0.9209. Second resistance is the 50-day moving average crossing at 0.9355. First support is last Thursday's low crossing at 0.9110. 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 Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1323.30 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 1323.30. 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 closed lower on Monday. The low-range close set the stage for a steady to lower opening when Tuesday'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 this month's rally, the reaction high crossing at 16.950 is the next upside target. 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 reaction high crossing at 16.950. Second resistance is April's high crossing at 17.360. First support is last Tuesday's low crossing at 16.335. Second support is May's low crossing at 16.070.       



June copper closed lower on Monday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Tuesday's low, the reaction high crossing at 315.65 is the next upside target. If June renews the decline off April's high, April's low crossing at 298.35 is the next downside target. First resistance is the reaction high crossing at 315.65. Second resistance is April's high crossing at 320.00. First support is April's low crossing at 298.35. Second support is March's low crossing at 295.95.  



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



July Corn closed down a 1/4-cent at 3.96 1/4. 



July corn closed fractionally lower on Monday and below the 20-day moving average crossing at 3.97 1/2. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 3.94 1/2 would open the door for a possible test of the late-April low crossing at 3.85 1/4. Closes above the 10-day moving average crossing at 4.02 1/2 would confirm that a short-term low has been posted. First resistance is May'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 50-day moving average crossing at 3.94 1/2. Second support is the late-April low crossing at 3.85 1/4.  



July wheat closed down 71/4-cents at 4.91 1/2. 



July wheat closed lower on Monday and below the 50-day moving average crossing at 4.94 as it extends the decline off May's high.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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the late-April low crossing at 4.67 3/4 is the next downside target. Closes above the 10-day moving average crossing at 5.15 would confirm that a short-term low has been posted. First resistance is May'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 today's low crossing at 4.90 1/4. Second support is the late-April low crossing at 4.67 3/4.       



July Kansas City Wheat closed down 8 1/4-cents at 5.09 3/4. 



July Kansas City wheat closed lower on Monday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the reaction low crossing at 4.94 3/4 is the next downside target. Closes above the 10-day moving average crossing at 5.39 1/2 would confirm that a short-term low has been posted. First resistance is May'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 today's low crossing at 5.09. Second support is the reaction low crossing at 4.94 3/4. 



July Minneapolis wheat closed down 3 1/2-cents at 6.01 1/2. 



July Minneapolis wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 May'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 May'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 14 1/2-cents at 10.17 3/4. 



July soybeans closed higher on Monday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening with Tuesday'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 10.45 would confirm that a short-term low has been posted. First resistance is last Thursday's high crossing at 10.33 3/4. Second resistance is the late-April's high crossing at 10.67 1/2. First support is today's low crossing at 10.01 3/4. Second support is April's low crossing at 9.94 1/2.



July soybean meal closed up $8.70 at 387.30. 



July soybean meal closed higher on Monday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Tuesday'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 this month's decline, the reaction low crossing at 373.80 is the next downside target. First resistance is May's high crossing at 406.50. Second resistance is weekly resistance crossing at 414.20. First support is the late-April low crossing at 373.80. Second support is April's low crossing at 367.00.  



July soybean oil closed up 4 pts. At 31.30. 



July soybean oil closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 31.67 are needed confirm that a short-term low has been posted. If July renews 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 50-day moving average crossing at 31.67. Second resistance is the reaction high crossing at 32.19. First support is May'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 $1.05 at $76.15 



June hogs closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 the late-April low, April's high crossing at 79.10 is the next upside target. 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 the late-April low crossing at 72.20. Second support is April's low crossing at 70.25. 



June cattle closed down $3.00 at 104.60. 



June cattle closed limit down on Monday. The limit-down close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish with today's limit-down close signaling that sideways to lower prices are possible near-term. If June resumes the decline off February's high, the March 2017 low crossing at 96.40 is the next downside target. If June extends the rally off April's low, the reaction high crossing at 109.13 is the next upside target. First resistance is the reaction high crossing at 109.13. 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 $3.53 at $140.37. 



August Feeder cattle closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, April's low crossing at 11.53 is the next upside target. Closes above the 10-day moving average crossing at 12.11 would confirm that a low has been posted. 



July cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renewed this year's rally, the contract high crossing at 30.20 is the next upside target. If July renews the decline off April's high, the 50-day moving average crossing at 26.50 is the next downside target.  



July sugar closed slightly higher on Monday. The high-range close set the stage for a steady to higher opening on Monday. 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, monthly support crossing at 10.13 is the next downside target. Closes above the 20-day moving average crossing at 11.53 are needed to confirm that a low has been posted. 



July cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 83.33 would confirm that a short-term top has been posted. If July resumes this year's rally, weekly resistance crossing at 95.10 is the next upside target.   

Comments
By metmike - May 14, 2018, 4:48 p.m.
Like Reply

Thanks tallpine!