KEY EVENTS TO WATCH FOR:

Wednesday, March 11, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 754.1)

                       Composite Idx, W/W% (previous +15.1%)

                       Purchase Idx-SA (previous 265.8)

                       Purchase Idx-SA, W/W% (previous -3.4%)

                       Refinance Idx (previous 2875.1)

                       Refinance Idx, W/W% (previous +26.0%)

8:30 AM ET. February Real Earnings

8:30 AM ET. February CPI

                       CPI, M/M% (expected +0.0%; previous +0.1%)

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

                       Energy Idx, M/M% (previous -0.7%)

                       Food Idx, M/M% (previous +0.2%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

                       CPI, Y/Y% (expected +2.2%; previous +2.5%)

                       Core Annual, Y/Y% (expected +2.3%; previous +2.3%)

9:00 AM ET. SEC Open Meeting

10:00 AM ET. February Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 444.119M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +0.784M)

                       Gasoline Stocks (Bbl) (previous 252.048M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -4.339M)

                       Distillate Stocks (Bbl) (previous 134.464M)

                       Distillate Stocks, Net Chg (Bbl) (previous -4.008M)

                       Refinery Usage (previous 86.9%)

                       Total Prod Supplied (Bbl/day) (previous 21.272M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.388M)

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

2:00 PM ET. SEC Closed Meeting

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

The June NASDAQ 100 closed higher on Tuesday as hope for fiscal response to coronavirus epidemic lifted spirits after Monday record decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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, the 75% retracement level of the October-February-rally crossing at 7759.93 is the next downside target. Closes above the 20-day moving average crossing at 9021.75 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8540.52. Second resistance is the 20-day moving average crossing at 9021.75. First support is the 75% retracement level of the October-February-rally crossing at 7759.93. Second support is the 87% retracement level of the October-February-rally crossing at 7436.02.

The March S&P 500 closed higher on Tuesday as it consolidated some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 March extends the decline off February's high, the 75% retracement level of the 2018-2020-rally crossing at 2614.56 is the next downside target. Closes above the 20-day moving average crossing at 3156.50 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2980.24. Second resistance is the 20-day moving average crossing at 3156.50. First support is the 62% retracement level of the 2018-2020-rally crossing at 2751.74. Second support is the 75% retracement level of the 2018-2020-rally crossing at 2614.56.

The Dow closed sharply higher on Tuesday as it consolidated some of Monday's record setting decline. The high-range close that sets the stage for a steady to higher opening is possible when Wednesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off February's high, the 25% retracement level of the 1974-2020-rally crossing at 22,303.18 is the next downside target. Closes above the 10-day moving average crossing at 25,870.04 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 25,870.04. Second resistance is the 20-day moving average crossing at 27,409.22. First support is today's low crossing at 23,690.34. Second support is the 25% retracement level of the 1974-2020-rally crossing at 22,303.18. 

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

June T-bonds closed down 6-29/32's at 178-22.

June T-bonds closed sharply lower on Tuesday as it consolidates some of this year's rally.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 168-02 are needed to confirm a short-term top has been posted. If June extends the rally off January's low into uncharted territory upside targets will be hard to project. First resistance is Monday's high crossing at 191-22. Second resistance is unknown. First support is the 10-day moving average crossing at 173-11. Second support is the 20-day moving average crossing at 168-02. 

June T-notes closed down 2,065-pts. At 137.080.

June T-notes closed sharply lower on Tuesday as it consolidated some of the rally off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 133.169 are needed to confirm that a short-term top has been posted. If June extends the aforementioned rally into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 140.240. Second resistance is unknown. First support is the 10-day moving average crossing at 135.234. Second support is the 20-day moving average crossing at 133.169.       

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

April crude oil closed higher on Tuesday as it consolidated some of Monday's sharp decline.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, long-term support on the weekly continuation chart crossing at $26.05 is the next downside target. Closes above Monday's gap crossing at $41.05 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $43.46. Second resistance is the 20-day moving average crossing at $47.79. First support is Monday's low crossing at $27.34. Second support is long-term support on the weekly continuation chart crossing at $26.05.  

April heating oil closed higher on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, weekly support crossing at $105.34 is the next downside target. Closes above Monday's gap crossing at $137.83 are needed to confirm that a short-term low has been posted. First resistance is Monday's gap crossing at $137.83. Second resistance is the 20-day moving average crossing at $154.79. First support is Monday's low crossing at $107.99. Second support is weekly support crossing at $105.34.

April unleaded gas closed higher on Tuesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 April extends the decline off February's high, weekly support crossing at 89.75 is the next downside target. Closes above Monday's gap crossing at 138.40 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 138.40. Second resistance is the 20-day moving average crossing at 158.24. First support is Monday's low crossing at 105.74. Second support is weekly support crossing at 89.75.

April Henry natural gas closed higher on Tuesday confirming Monday's key reversal up. The high-range close sets the stage for a steady to higher opening when Wednesday'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 50-day moving average crossing at 1.944 would open the door for a larger-degree rebound near-term. If April renews the decline below weekly support crossing at 1.611, it would open the door for additional weakness near-term. First resistance is the 50-day moving average crossing at 1.944. Second resistance is February's high crossing at 2.024. First support is Monday's low crossing at 1.610. Second support is unknown.         

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

The June Dollar closed sharply higher on Tuesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 97.37 are needed to confirm that a short-term low has been posted. If June extends the aforementioned decline, the June-2019 low crossing at 94.37 is the next downside target. First resistance is the 50-day moving average crossing at 97.37. Second resistance is the 20-day moving average crossing at 97.88. First support is Monday's low crossing at 94.53. Second support is the June-2019 low crossing at 94.37. 

The June Euro closed sharply lower on Tuesday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 110.68 would temper the friendly outlook. If June extends the aforementioned rally, the 38% retracement level of the 2018-2020-decline crossing at 118.19 is the next upside target. First resistance is the 25% retracement level of the 2018-2020-decline crossing at 114.84. Second resistance is the 38% retracement level of the 2018-2020-decline crossing at 118.19. First support the 10-day moving average crossing at 112.16. Second support is the 20-day moving average crossing at 110.68. 

The June British Pound closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 resumes the decline off December's high, the 62% retracement level of the September-December-2019 rally crossing at 1.2677 is the next downside target. If June extends the rally off February's low, the January 31^st high crossing at 1.3110 is the next upside target. First resistance is the January 31^st high crossing at 1.3110. Second resistance is the December 31st high crossing at 1.3253. First support is February's low crossing at 1.2760. Second support is the 62% retracement level of the September-December-2019 rally crossing at 1.2677.

The June Swiss Franc closed sharply lower on Tuesday as it consolidates some of the rally off February's low.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0424 are needed to confirm that a short-term top has been posted. If June extends the rally off February's low, the 38% retracement level of the 2015-2019-decline crossing at 1.1010 is the next upside target. First resistance is Monday's high crossing at 1.0943. Second resistance isthe 38% retracement level of the 2015-2019-decline crossing at 1.1010. First support is the 10-day moving average crossing at 1.0559. Second support is the 20-day moving average crossing at 1.0424.

The June Canadian Dollar closed lower on Tuesday as it extends this year's decline.The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the January-2016 low crossing at 70.34 is the next downside target. Closes above the 20-day moving average crossing at 74.88 would confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 74.38. Second resistance isthe 20-day moving average crossing at 74.88. First support is today's low crossing at 72.46. Second support is the January-2016 low crossing at 70.34. 

The June Japanese Yen closed sharply lower on Tuesday and filled Monday's gap crossing at 0.0956 signaling that the gap was an exhaustion gap. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the 10-day moving average crossing at 0.0939 is the next downside target. If June resumes the rally off February's low, the 62% retracement level of the 2016-2020-decline crossing at 0.01009 is the next upside target. First resistance is Monday's high crossing at 0.0992. Second resistance is the 62% retracement level of the 2016-2020-decline crossing at 0.01009. First support is the 10-day moving average crossing at 0.0939. Second support is the 20-day moving average crossing 0.0925.  

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

April gold closed lower on Tuesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $1625.70 would open the door for additional weakness near-term. If April extends the rally off January's low, monthly resistance crossing at $1809.50 is the next upside target. First resistance is Monday's high crossing at $1704.30. Second resistance is weekly resistance crossing at $1809.50. First support is the 10-day moving average crossing at $1642.30. Second support is the 20-day moving average at $1625.70.

May silver closed lower on Tuesday as it consolidated some of last-week's rally. The low-range close set the stage for a steady to lower opening when Wednesday'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 May resumes the decline off February's high, the 75% retracement level of the 2019 rally crossing at 15.981 is the next downside target. Closes above the 20-day moving average crossing at 17.670 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 17.670. Second resistance is the 50-day moving average crossing at 17.858. First support is February's low crossing at 16.400. Second support is the 75% retracement level of the 2019 rally crossing at 15.981.  

May copper closed sharply higher on Tuesday as it extends the February-March trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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 February's low crossing at 249.45 would confirm a downside breakout of the aforementioned trading range. Closes above February's high crossing at 263.95 would confirming an upside breakout of February's trading range. First resistance is February's high crossing at 263.95. Second resistance is the 50-day moving average crossing at 266.60. First support is Monday's low crossing at 245.65. Second support is the 75% retracement level of the 2016-2018-rally crossing at 234.46.

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

May Corn closed up $0.05-cents at 3.77 3/4. 

May corn closed higher on Tuesday due to spillover strength from the stock market and energy complex. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes this year's decline, weekly support crossing at $3.61 1/4 is the next downside target. Closes above the 50-day moving average crossing at $3.86 1/4 would open the door for a possible test of January's low crossing at $3.94. First resistance is the 50-day moving average crossing at 3.86 1/4. Second resistance is January's high crossing at $3.94. First support is February's low crossing at $3.65 3/4. Second support is weekly support crossing at $3.61 1/4.    

May wheat closed up $0.03 1/4-cents at $5.22.  

May wheat closed higher on Tuesday confirming Monday's key reversal up. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $5.36 1/4 would confirm that a short-term low has been posted. If May extends the decline off January's high, the 75% retracement level of the September-January-rally crossing at $4.95 is the next downside target. First resistance is the 10-day moving average crossing at $5.23. Second resistance is the 20-day moving average crossing at $5.36 1/4. First support is Monday's low crossing at $5.05 3/4. Second support is the 75% retracement level of the September-January-rally crossing at $4.95.      

May Kansas City Wheat closed up $0.03 3/4 at $4.44 3/4.

May Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $4.63 1/4 are needed to confirm that a short-term low has been posted. If May extends the decline off January's high, the 87% retracement level of the September-January-rally crossing at $4.22 1/4. First resistance is the 10-day moving average crossing at $4.51. Second resistance is the 20-day moving average crossing at $4.63 1/4. First support is Monday's low crossing at $4.33. Second support isthe 87% retracement level of the September-January-rally crossing at $4.11 1/4.  

May Minneapolis wheat closed down $0.02-cents at $5.18 3/4. 

May Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, last-September's low crossing at 5.11 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.32 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.32 1/4. Second resistance is the 50-day moving average crossing at $5.46 3/4. First support is Monday's low crossing at $5.15. Second support is September's low crossing at 5.11 1/2.      

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

May soybeans closed up $0.06 3/4-cents at $8.76 3/4.

May soybeans closed higher on Tuesday as it consolidates some of the decline off January's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, last-May's low crossing at $8.54 is the next downside target. Closes above the 20-day moving average crossing at $8.95 1/2 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at $9.12 1/2. Second resistance is the 50-day moving average crossing at $9.16 1/4. First support is Monday's low crossing at $8.67. Second support is last-May's low crossing at $8.54.    

May soybean meal closed up $2.20 at $302.60. 

May soybean meal closed higher on Tuesday and filled Monday's gap . The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 $300.40 would confirm that a short-term top has been posted. If May renews the rally off February's low, January's high crossing at $311.10 is the next upside target. First resistance is last-Wednesday's high crossing at $310.90. Second resistance is January's high crossing at $311.10. First support is the 20-day moving average crossing at 300.40. Second support is February's low crossing at $290.70.      

May soybean oil closed up 17-pts. at 27.71. 

May soybean oil posted an inside day with a higher close on Tuesday as it consolidates some of Monday's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, weekly support crossing at 26.21 is the next downside target. Closes above the 20-day moving average crossing at 29.78 are needed to confirm that a short-term top has been posted. First resistance is Monday's gap crossing at 28.53. Second resistance is the 20-day moving average crossing at 29.78. First support is Monday's low crossing at 27.07. Second support is weekly support crossing at 26.21.        

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

April hogs closed up $2.00 at $65.00. 

April hogs closed higher on Tuesday as it extends the February-March trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 February's high crossing at $68.25 would confirm an upside breakout of the February-March trading range. Closes below February's low crossing at $61.00 would mark a downside breakout of the aforementioned trading range. First resistance is February's high crossing at $68.25. Second resistance is the 50-day moving average crossing at $68.89. First support is the reaction low crossing at $61.52. Second support is February's low crossing at $61.00.   

April cattle closed up $2.60 at $105.45. 

April cattle closed higher on Tuesday and filled Monday's gap as it consolidates some of this year's decline. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off December's high, weekly support crossing at $98.94 is the next downside target. Closes above the 20-day moving average crossing at $113.27 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $108.46. Second resistance is the 20-day moving average crossing at $113.27. First support is Monday's low crossing at $102.75. Second support is weekly support crossing at $98.94.  

May Feeder cattle closed up $3.10-cents at $129.75. 

May Feeder cattle closed higher on Tuesday as it consolidates some of this year's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday's 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 May extends this year's decline, weekly support crossing at $120.50 is the next downside target. Closes above the 20-day moving average crossing at $137.23 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $133.44. Second resistance is the 20-day moving average crossing at $137.23. First support is Monday's low crossing at $126.65. Second support is weekly support crossing at $120.50.       

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

May coffee closed higher on Tuesday and above the 50-day moving average crossing at 11.28 tempering the near-term bearish outlook. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off February's low, the 62% retracement level of the December-February-decline crossing at 12.73 is the next upside target.   

May cocoa closed higher on Tuesday as it consolidates some of the decline off February's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 27.51 would confirm that a short-term low has been posted. If May extends the decline off February's high, January's low crossing at 24.80 is the next downside target.              

May sugar closed lower on Tuesday as it extended the decline off February's high. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, September's low crossing at 11.89 is the next downside target. Closes above the 50-day moving average crossing at 14.19 would confirm that a short-term low has been posted.      

May cotton closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, last-August's low crossing at 58.84 is the next downside target. Closes above the 20-day moving average crossing at 65.66 are needed to confirm that a low has been posted.