INO Morning Market Commentary
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Started by tallpine - May 18, 2018, 7:27 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

Friday, May 18, 2018  

 



 

 

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

 



 

 

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

 


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



The STOCK INDEXES:The June NASDAQ 100 was higher overnight as it extends this week's choppy trading range. Stochastics and the RSI are overbought and are turn neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 6782.04 are needed to confirm that a short-term top has been posted. If June resumes the rally off the late-April low, the 87% retracement level of the March-April-decline crossing at 7098.50 is the next upside target. First resistance is the 75% retracement level of the March-April-decline crossing at 6987.87. Second resistance is the 87% retracement level of the March-April-decline crossing at 7098.50. First support is the 20-day moving average crossing at 6782.04. Second support is May's low crossing at 6538.00.    



The June S&P 500 was steady to slightly higher overnight as it extends this week's trading range. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off May's low, March's high crossing at 2806.00 is the next upside target. Closes below the 20-day moving average crossing at 2680.31 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2741.00. Second resistance is March'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.     



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



INTEREST RATES: June T-bonds were steady to slightly higher overnight as it consolidates some of this week's  decline. 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, monthly support crossing at 140-03 is the next downside target. Closes above the 20-day moving average crossing at 142-18 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 142-18. Second resistance is the 50-day moving average crossing at 144-00. First support is the overnight low crossing at 140-05. Second support is monthly support crossing at 140-03.



June T-notes were steady to slightly higher overnight as it consolidates some of this week's decline. 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, monthly support crossing at 117.180 is the next downside target. Closes above the 20-day moving average crossing at 119.073 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.073. Second resistance is the 50-day moving average crossing at 119.318. First support is Thursday's low crossing at 118.105. Second support is monthly support crossing at 117.180.  



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



ENERGY MARKETS: JuneNymex crude oil was steady to slightly 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 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 69.64 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 72.30. 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 69.64. Second support is the 50-day moving average crossing at 66.48.  



June heating oil was steady to slightly higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the contract high crossing at 235.70 is the next upside target. Closes below the 20-day moving average crossing at 218.26 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 230.69. Second resistance is the the contract high crossing at 235.70. First support is the 20-day moving average crossing at 218.26. Second support is the 50-day moving average crossing at 207.22. 



June unleaded gas was steady to slightly higher overnight as it extends this year's rally. 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 248.43 is the next upside target. Closes below the 20-day moving average crossing at 215.04 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 227.73. Second support is monthly resistance crossing at 248.43. First support is the 20-day moving average crossing at 215.04. Second support is May's low crossing at 205.29. 



June Henry natural gas was steady to slightly higher overnight.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, March's high crossing at 2.873 is the next upside target. Closes below the 50-day moving average crossing at 2.769 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 2.864. Second resistance is March's high crossing at 2.873. First support is the 50-day moving average crossing at 2.769. Second support is May's low crossing at 2.695.  



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



CURRENCIES:The June Dollar was slightly higher overnight as it extends this year's rally. 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 92.28 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 93.55. Second resistance is the 75% retracement level of the June-2017/February-2018-decline crossing at 94.46. First support is the 20-day moving average crossing at 92.28. Second support is the 50-day moving average crossing at 90.62.



The June Euro was lower overnight as it extends this year's decline. 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 120.08 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 120.08. Second resistance is the 50-day moving average crossing at 122.43. First support is Wednesday's low crossing at 117.90. Second support is last-November's low crossing at 117.35. 



The June British Pound was slightly lower overnight as it extends the trading range of the past two-weeks.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 1.3667 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.3638. Second resistance is the 20-day moving average crossing at 1.3667. First support is Tuesday's low crossing at 1.3470. Second support is December's low crossing at 1.3148.  



The June Swiss Franc was steady to slightly higher overnight as it extend the trading range of the past two-weeks. 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 1.0075 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, monthly support crossing at 0.9833 is the next downside target. First resistance is the 20-day moving average crossing at 1.0075. Second resistance is the 50-day moving average crossing at 1.0346. First support is last Thursday's low crossing at 0.9972. Second support is monthly support crossing at 0.9833.



The June Canadian Dollar was lower overnight while extending the trading range of the past four-weeks. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June resumes the rally off May's low, April's high crossing at 79.92 is the next upside target. Closes below May's low crossing at 76.99 would renew the decline off April's high while opening the door for a possible test of March's low crossing at 76.33.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 was lower overnight as it extended the decline off March's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 87% retracement level of the November-March-rally crossing at 0.8956 is the next downside target. Closes above the 20-day moving average crossing at 0.9150 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.9150. Second resistance is the 50-day moving average crossing at 0.9320. First support is the 87% retracement level of the November-March-rally crossing at 0.8956.  Second support is last-November low crossing at 0.8858.



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



PRECIOUS METALS: June gold was lower overnight as it extends the decline off April's high. 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 level of the December-January-rally crossing at 1279.80 is the next downside target. Closes above the 20-day moving average crossing at 1311.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1311.60. Second resistance is April's high crossing at 1369.40. First support is the 75% retracement level of the December-January-rally crossing at 1279.20. Second support is the 87% retracement level of the December-January-rally crossing at 1263.70.



July silver was steady to slightly lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If July extends this week's decline, May's low crossing at 16.070 is the next downside target. Closes above the 50-day moving average crossing at 16.582 would confirm that a short-term low has been posted. First resistance is May's high crossing at 16.865. Second resistance is April's high crossing at 17.425. First support is May's low crossing at 16.070. Second support is December's low crossing at 15.805. 



June copper was lower overnight while extending the trading range of the past three-weeks. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at 311.95 would confirm an upside breakout of the aforementioned trading range. If June resumes the decline off April's high, April's low crossing at 298.39 is the next downside target. First resistance is Monday's high crossing at 311.95. Second resistance is April's high crossing at 320.00. First support is last 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 erasing Thursday's loss. 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 sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.94 3/4 would open the door for a possible test of the late-April low crossing at 3.85 1/4. If July renews 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 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 3/4. Second support is the late-April low crossing at 3.85 1/4.  



July wheat was higher overnight as it consolidates some of the decline off May's high. Stochastics and the RSI are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 5.05 would confirm that a short-term low has been posted. If July resumes the decline off May's high, the reaction low crossing at 4.87 1/4 is the next downside target. 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 Tuesday's low crossing at 4.86 1/4. Second support is the late-April low crossing at 4.67 3/4.      



July Kansas City Wheat closed up 5-cents at 5.19. 



July Kansas City wheat closed higher on Thursday as it consolidated some of this month's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. If July extends this month's decline, the reaction low crossing at 4.94 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.28 1/2 are needed to 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 Wednesday's low crossing at 5.02 1/2. Second support is the reaction low crossing at 4.94 3/4. 



July Minneapolis wheat was higher overnight while forming a huge symmetrical triangle off April's low. A breakout in either direction of this consolidation formation should lead to a trading move in the direction of that breakout. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above May's high crossing at 6.30 3/4 would confirm an upside breakout of the aforementioned triangle and point to additional short-term gains. If July renews this month's decline, the late-April low crossing at 5.91 1/4 is a potential downside 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 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 as it consolidates some of the decline off April's high. 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, February's low crossing at 9.88 3/4 is the next downside target. Closes above the 50-day moving average crossing at 10.39 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 10.26 1/2. Second resistance is the 50-day moving average crossing at 10.39. First support is Thursday's low crossing at 9.92 1/2. Second support is February's low crossing at 9.88 3/4. 



July soybean meal was higher overnight as it consolidates some of this month's decline. 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 this month's decline, April's low crossing at 367.00 is the next downside target. Closes above the 20-day moving average crossing at 385.90 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 391.90. Second resistance is May's high crossing at 406.50. First support is the late-April low crossing at 373.80. Second support is April's low crossing at 367.00. 



July soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 31.55 would open the door for additional short-term gains. 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 50-day moving average crossing at 31.55. Second resistance is the reaction high crossing at 32.19. First support is April's low crossing at 30.15. Second support is the 87% retracement level of the 2015-2016-rally crossing at 29.35. 



Comments
By metmike - May 18, 2018, 9:54 a.m.
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thanks tallpine!