KEY EVENTS TO WATCH FOR:

Thursday, March 12, 2020  

8:30 AM ET. February PPI

                       PPI, M/M% (expected -0.1%; previous +0.5%)

                       Ex-Food & Energy PPI, M/M% (expected +0.1%; previous +0.5%)

                       Personal Consumption (previous +0.6%)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 869.2K)

                       Soybeans (Metric Tons) (previous 346.4K)

                       Wheat (Metric Tons) (previous 570.5K)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 219K; previous 216K)

                       Jobless Claims, Net Chg (previous -3K)

                       Continuing Claims (previous 1729000)

                       Continuing Claims, Net Chg (previous +7K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. 4^th Quarter Quarterly Services

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2091B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -109B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

Friday, March 13, 2020 

8:30 AM ET. February Import & Export Price Indexes

                       Import Prices (expected -0.8%; previous +0%)

                       Non-Petroleum Prices (previous +0.2%)

                       Petroleum Prices (previous -1.7%)

10:00 AM ET. March University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 95.0; previous 100.9)

                       Mid-Mo Expectations (previous 92.6)

                       Mid-Mo Current Idx (previous 113.8)

Monday, March 16, 2020  

8:30 AM ET. March Empire State Manufacturing Survey

                       Mfg Idx (previous 12.9)

                       Employment Idx (previous 6.6)

                       New Orders Idx (previous 22.1)

                       Prices Received (previous 16.7)

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

4:00 PM ET. January Treasury International Capital Data

  N/A              Annual World Bank Conference on Land and Poverty

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

The June NASDAQ 100 posted an inside day with a sharply lower close on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 8945.30 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8458.33. Second resistance is the 20-day moving average crossing at 8945.30. 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 lower on Wednesday and is poised to extend the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 3125.61 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2944.07. Second resistance is the 20-day moving average crossing at 3125.61. 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.

The Dow closed sharply lower on Wednesday and below 23,641.14 marking a 20% drop marking the threshold that puts the Dow in bear-market territory signaling a possible end the longest bull-market in history. The low-range close that sets the stage for a steady to lower opening is possible when Thursday'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 25,531.71 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 25,531.71. Second resistance is the 20-day moving average crossing at 27,124.84. First support is today's low crossing at 23,565.24. Second support is the 25% retracement level of the 1974-2020-rally crossing at 22,303.18. 

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June T-bonds closed up 6/32's at 178-25.

June T-bonds closed higher on Wednesday.The mid-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at 168-31 are needed to confirm a short-term top has been posted. If June resumes 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 174-21. Second support is the 20-day moving average crossing at 168-31. 

June T-notes closed down 165-pts. At 137.035.

June T-notes closed lower on Wednesday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night 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 133.276 are needed to confirm that a short-term top has been posted. If June resumes 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 unknown. First support is the 10-day moving average crossing at 136.059. Second support is the 20-day moving average crossing at 133.276.       

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

April crude oil closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional gains signaling that a low might be in or is near. Closes above Monday's gap crossing at $41.05 are needed to confirm that a short-term low has been posted. If April extends this year's decline, long-term support on the weekly continuation chart crossing at $26.05 is the next downside target. First resistance is the 10-day moving average crossing at $41.88. Second resistance is the 20-day moving average crossing at $46.92. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 20-day moving average crossing at $152.85. First support is Monday's low crossing at $107.99. Second support is weekly support crossing at $105.34.

April unleaded gas closed lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 155.42. First support is Monday's low crossing at 105.74. Second support is weekly support crossing at 89.75.

April Henry natural gas closed lower on Wednesday as it consolidates some of the rally off Monday's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral 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 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 1.938. 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 slightly higher on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 97.39 are needed to confirm that a short-term low has been posted. If June renews 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 97.39. Second resistance is the 20-day moving average crossing at 97.78. 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 lower on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 110.83 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 112.51. Second support is the 20-day moving average crossing at 110.83. 

The June British Pound closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral 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 renews 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 higher on Wednesday as it consolidates some of Tuesday's decline.The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0442 are needed to confirm that a short-term top has been posted. If June resumes 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 1.0599. Second support is the 20-day moving average crossing at 1.0442.

The June Canadian Dollar closed lower on Wednesday as it extends this year's decline.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 Monday's gap crossing at 74.38 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 74.75. 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 closed higher on Wednesday as it consolidated some of Tuesday's sharp decline. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends Tuesday's decline, the 10-day moving average crossing at 0.0944 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 0.0944. Second support is the 20-day moving average crossing 0.0927.  

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

April gold closed lower on Wednesday 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 Thursday'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 $1629.20 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 20-day moving average crossing at $1629.20. Second support is the 50-day moving average at $1591.10.

May silver closed lower on Wednesday as it extends this week's decline. The low-range close set the stage for a steady to lower opening when Thursday'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 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 17.621 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 17.621. Second resistance is the 50-day moving average crossing at 17.834. 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 lower on Wednesday and below February's low crossing at 249.45 confirming a downside breakout of the February-March trading range. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, the 75% retracement level of the 2016-2018-rally crossing at 234.46 is the next downside target. Closes above the 20-day moving average crossing at 257.52 would signal that a short-term low has been posted. First resistance is February's high crossing at 263.95. Second resistance is the 50-day moving average crossing at 265.91. 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 down $0.03 1/2-cents at 3.74. 

May corn closed lower on Wednesday due to spillover weakness from the stock market. The low-range close sets the stage for a steady to lower opening when Thursday'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 $3.85 3/4 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 3.85 3/4. 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 down $0.10-cents at $5.12 1/4.  

May wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 $5.34 1/2 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 20-day moving average crossing at $5.34 1/2. Second resistance is the 50-day moving average crossing at $5.51 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 down $0.09 1/4-cents at $4.35 1/2.

May Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday 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, the 87% retracement level of the September-January-rally crossing at $4.22 1/4. Closes above the 20-day moving average crossing at $4.61 1/4 are needed to confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at $4.48 3/4. Second resistance is the 20-day moving average crossing at $4.61 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 $0.06 3/4-cents at $5.12. 

May Minneapolis wheat closed lower on Wednesday and posted a new contract low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, psychological support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at $5.30 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.30 3/4. Second resistance is the 50-day moving average crossing at $5.45 3/4. First support is today's low crossing at $5.11 1/4. Second support is psychological support crossing at 5.00.      

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

May soybeans closed down $0.02 3/4-cents at $8.73 1/2.

May soybeans closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral 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 $8.94 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.94 1/4. Second resistance is last-Thursday's high crossing at $9.12 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 closed down $0.20 at $301.70. 

May soybean meal closed slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $300.60 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 300.60. Second support is February's low crossing at $290.70.      

May soybean oil closed down 11-pts. at 27.56. 

May soybean oil posted an inside day with a lower close on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are 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 29.60 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 29.60. 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 down $1.13 at $63.88. 

April hogs closed lower on Wednesday as it extends the February-March trading range. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 $68.61. First support is the reaction low crossing at $61.52. Second support is February's low crossing at $61.00.   

April cattle closed down $2.38 at $103.08. 

April cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 $112.57 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $107.54. Second resistance is the 20-day moving average crossing at $112.57. First support is Monday's low crossing at $102.75. Second support is weekly support crossing at $98.94.  

May Feeder cattle closed down $4.50-cents at $125.25. 

May Feeder cattle closed limit down on Wednesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 $136.57 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $132.28. Second resistance is the 20-day moving average crossing at $136.57. First support is today's low crossing at $125.25. Second support is weekly support crossing at $120.50.       

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

May coffee closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are 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. If May renews the decline off February's high, February's low crossing at 9.96 is the next downside target.   

May cocoa closed higher on Wednesday 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 Thursday. 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 27.37 are needed to 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 Wednesday as it extends the decline off February's high. The low-range close set the stage for a steady to lower opening on Thursday. 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 14.16 would confirm that a short-term low has been posted.      

May cotton closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain 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 65.30 are needed to confirm that a low has been posted.