KEY EVENTS TO WATCH FOR:
Tuesday, March 10, 2020
N/A 2nd Quarter Manpower U.S. Employment Outlook Survey
6:00 AM ET. February NFIB Index of Small Business Optimism
Small Business Idx (expected 102.8; previous 104.3)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.3%)
Chain Store Sales, M/M% (previous +2.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -0.1%)
Ret Sales Mo-to-Date, Y/Y% (previous +5.4%)
Latest Wk, Y/Y% (previous +5.9%)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +1.7M)
Gasoline Stocks, Net Chg (Bbls) (previous -3.9M)
Distillate Stocks, Net Chg (Bbls) (previous -1.7M)
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/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was sharply lower in overnight trading as the roller coaster ride continues. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold, diverging and are poised to turn neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 8954.66 are needed to confirm that a low has been posted. If June extends the decline off February's high the 75% retracement level of the October-January-rally crossing at 7759.93 is the next downside target. First resistance is the 10-day moving average crossing at 8477.45. Second resistance is the 20-day moving average crossing at 8954.66. First support is Tuesday's low crossing at 7805.00. Second support is the 75% retracement level of the October-January-rally crossing at 7759.93.
The March S&P 500 was lower in overnight trading because Fiscal Stimulus Can’t Come Soon Enough according to traders. The low-range overnight trade sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold, diverging 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 3129.16 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2951.17. Second resistance is the 20-day moving average crossing at 3129.16. First support is Monday's low crossing at 2727.00. Second support is the 75% retracement level of the 2018-2020-rally crossing at 2614.56.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were higher overnight as it consolidates some of Tuesday's sharp decline. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 169-00 are needed to confirm that 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 174-23. Second support is the 20-day moving average crossing at 169-00.
June T-notes were higher overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI have turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 133.284 would confirm that a short-term top has been posted. If June extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 140.240. Second resistance is is unknown. First support is the 10-day moving average crossing at 136.075. Second support is the 20-day moving average crossing at 133.284.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil was lower in overnight trading following Tuesday's bounce.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above Monday's gap crossing at 41.05 would signal that a short-term low has been posted. If April extends this year's decline, monthly support crossing at 26.05 is the next downside target. First resistance is Monday's gap crossing at 41.05. Second resistance is the 10-day moving average crossing at 41.96. First support is Monday's low crossing at 27.34. Second support is weekly support crossing at 26.05.
April heating oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above Monday's gap crossing at 137.83 are needed to confirm that a short-term low has been posted. If April extends this year's decline, weekly support crossing at 105.34 is the next downside target. First resistance is Monday's gap crossing at 137.83. Second resistance is the 10-day moving average crossing at 141.08. First support is Monday's low crossing at 107.99. Second support is weekly support crossing at 105.34.
April unleaded gas was lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower 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 April extends the decline off February's high, monthly support crossing at 89.75 is the next downside target. Closes above Monday's gap crossing at 138.40 would confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 138.40. Second resistance is the 10-day moving average crossing at 139.55. First support is Monday's low crossing at 105.74. Second support is monthly support crossing at 89.75.
April Henry natural gas was slightly lower overnight as it consolidates some of this week's solid gains. The low-range overnight 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 the 50-day moving average crossing at 1.938 would open the door for a larger-degree rebound during March. If April renews the decline off February's high, weekly support crossing at 1.530 is the next downside target. First resistance is the 50-day moving average crossing at 1.938. Second resistance is February's high crossing at 2.024. First support is Monday's low crossing at 1.610. Second support is weekly support crossing at 1.530.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was lower overnight as it consolidates some of Tuesday's gains. 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 97.38 are needed to confirm that a short-term low has been posted. If June extends this year's decline, the June-2019 low crossing at 94.37 is the next downside target. First resistance is the 10-day moving average crossing at 96.68. Second resistance is the 50-day moving average crossing at 97.38. First support is Monday's low crossing at 94.53. Second support is the June-2019 low crossing at 94.37.
The June Euro was higher overnight as it consolidates some of Tuesday'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 111.41 would temper the near-term bullish outlook. If June extends this year's rally, last-June's high crossing at 116.89 is the next upside target. First resistance is Monday's high crossing at 115.45. Second resistance is last-June's high crossing at 116.89. First support is the 10-day moving average crossing at 112.57. Second support is the 50-day moving average crossing at 111.41.
The June British Pound was slightly higher overnight as it consolidates some of Tuesday's sharp decline.The mid-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends Tuesday's decline, February's low crossing at 1.2760 is the next downside target. If June resumes the rally off February's low, the January 31st high crossing at 1.3253 is the next upside target. First resistance is the January 31st high crossing at 1.3253. Second resistance is the December 31st high crossing at 1.3328. First support is February's low crossing at 1.2760. second support is the 62% retracement level of the September-2019 rally crossing at 1.2677.
The June Swiss Franc 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0428 would 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 is the 38% retracement level of the 2015-2019-decline crossing at 1.1010. First support is the 10-day moving average crossing at 1.0602. Second support is the 20-day moving average crossing at 1.0444.
The June Canadian Dollar was higher overnight as it consolidates some of this week's decline. 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 December's high, the January-2016 low crossing at 70.34 is the next downside target. Closes above Monday's gap crossing at 74.38 would temper the near-term bearish outlook.First resistance is Monday's gap crossing at 74.38. Second resistance is the 20-day moving average crossing at 74.77. First support is Tuesday's low crossing at 72.46. Second support is the January-2016 low crossing at 70.34.
The June Japanese Yen was higher overnight as it consolidates some of Tuesday's loss. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0927 would confirm that a short-term top has been posted. If June extends 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 0.0943. Second support is the 20-day moving average crossing at 0.0927.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: April gold was higher overnight. 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 $1630.50 would confirm that a short-term top has been posted. If April extends the aforementioned rally, monthly resistance crossing at $1809.50 is the next upside target. First resistance is Monday's high crossing at $1704.30. Second resistance is monthly resistance crossing at $1809.50. First support is the 10-day moving average crossing at $1644.60. Second support is the 20-day moving average crossing at $1630.50.
May silver was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews this year's decline, the 75% retracement level of 2019's rally crossing at $15.981 is the next downside target. Closes above the 20-day moving averagecrossing at $17.637 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving averagecrossing at $17.637. Second resistance is the 50-day moving average crossing at $17.840. First support is February's low crossing at $16.400. Second support is the 75% retracement level of 2019's rally crossing at $15.981.
May copper was lower overnight. The low-range overnight trade sets the stage for a lower 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 February's low crossing at $249.45 would renew the decline off January's high. Closes above the 20-day moving average crossing at $257.66 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at $265.97. Second resistance is the January 24th gap crossing at $268.75. 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 was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day sessions 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, weekly support crossing at $3.61 1/4 is the next downside target. Closes above the 50-day moving average crossing at $3.86 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at $3.86. 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 was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $5.35 would temper the near-term bearish outlook. If May resumes 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 20-day moving average crossing at $5.35. Second resistance is the 50-day moving average crossing at $5.51 1/2. 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 was steady to fractionally higher overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off January's high, September's low crossing at $5.11 1/2 is the next downside target. Closes above the 20-day moving average crossing at $5.31 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.31. Second resistance is the 50-day moving average crossing at $5.46. 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 were higher overnight as it consolidates some of Monday's decline. The low-range trade sets the stage for a steady to slightly 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 May extends the decline off January's high, last-May's low crossing at $8.54 is the next downside target. Closes above Monday's gap crossing at $8.88 1/2 would temper the near-term bearish outlook. First resistance is Monday's gap crossing at $8.88 1/2. Second resistance is the 50-day moving average crossing at $9.14 1/2. First support is Monday's low crossing at $8.67. Second support is last-May's low crossing at $8.54.
May soybean meal was slightly higher overnight. The low-range trade sets the stage for a steady to slightly 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 20-day moving average crossing at $300.70 would temper the near-term friendly outlook. If May resumes the rally off February's low, the November 18th high crossing at 315.30 is the next upside target. First resistance is the January 14th high crossing at $311.00. Second resistance is the November 18th high crossing at 315.30. First support is the 20-day moving average crossing at $300.70. Second support is February's low crossing at $290.70.
May soybean oil was steady to slightly higher overnight as it consolidates some of Monday's decline. The low-range trade sets the stage for a steady to slightly 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 May extends the decline off January's high, monthly support crossing at 26.21 is the next downside target. Closes above the 20-day moving average crossing at 29.61 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 29.61. Second resistance is the 50-day moving average crossing at 31.68. First support is Monday's low crossing at 27.07. Second support is monthly 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.