KEY EVENTS TO WATCH FOR:
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/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was higher in overnight trading due to short covering after a week of dramatic losses across the globe. The Nasdaq Composite index entered bear-market territory on Thursday joining the Dow Jones Industrial Average. Bear-market territory is commonly defined as a decline of at least 20% from a recent peak. The overnight high-range trade sets the stage for a 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 June extends the decline off February's high the 75% retracement level of the 2018-2020-rally on the weekly crossing at 6796.94 is the next downside target. Closes above the 20-day moving average crossing at 8715.25 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8237.70. Second resistance is the 20-day moving average crossing at 8715.25. First support is the overnight low crossing at 6925.25. Second support is the 75% retracement level of the 2018-2020-rally on the weekly crossing at 6796.94.
The March S&P 500 was higher due to short covering in overnight trading as it consolidates some of this year's decline. 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 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 December-2018 low crossing at 2356.00 is the next downside target. Closes above the 20-day moving average crossing at 3080.26 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2896.39. Second resistance is the 20-day moving average crossing at 3080.26. First support is Thursday's low crossing at 2459.00. Second support is the December-2018 low crossing at 2356.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were lower overnight as it extends the decline off Monday's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If Closes below the 20-day moving average crossing at 170-21 are needed to confirm that a short-term top has been posted. 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 20-day moving average crossing at 170-21. Second support is the 50-day moving average crossing at 163-22.
June T-notes were lower overnight as it challenges support marked by the 10-day moving average crossing at 136.279. 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 134.181 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 is unknown. First support is the 10-day moving average crossing at 136.279. Second support is the 20-day moving average crossing at 134.181.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil was higher in overnight trading as it consolidates some of Thursday'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 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 20-day moving average crossing at 44.96. First support is Monday's low crossing at 27.34. Second support is weekly support crossing at 26.05.
April heating oil was higher overnight as it consolidates some of Thursday's loss. 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 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 147.67. First support is Monday's low crossing at 107.99. Second support is weekly support crossing at 105.34.
April unleaded gas was higher in overnight trading as it consolidates some of Thursday's sharp 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 April extends the decline off February's high, monthly support crossing at 78.50 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 the 10-day moving average crossing at 128.55. Second resistance is Monday's gap crossing at 138.40. First support is Thursday's low crossing at 85.36. Second support is monthly support crossing at 78.50.
April Henry natural gas was higher overnight as it consolidates some of its recent losses. 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 1.927 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 1.927. 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 higher overnight as it extends the rebound off Monday's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, February's high crossing at 99.44 is the next upside target. If June renews this year's decline, the June-2019 low crossing at 94.37 is the next downside target. First resistance is Thursday's high crossing at 98.40. Second resistance is February's high crossing at 99.44. 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 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 111.10 would confirm that a short-term low has been posted. If June renews 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 20-day moving average crossing at 111.10. Second support is February's low crossing at 108.53.
The June British Pound was slightly higher overnight as it consolidates some of the decline off Monday's high.The high-range overnight trade sets the stage for a steady to lower opening when the day session beings 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 this week's decline, the 75% retracement level of the September-December-2019 rally crossing at 1.2484 is the next downside target. Closes above the 50-day moving average crossing at 1.3025 would temper the near-term bearish outlook. 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 the 75% retracement level of the September-December-2019 rally crossing at 1.2484. Second support is the 87% retracement level of the September-December-2019 rally crossing at 1.2309.
The June Swiss Franc was lower overnight as it extends the decline off Monday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0474 would confirm that a short-term top has been posted. If June renews 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 20-day moving average crossing at 1.0474. Second support is the 50-day moving average crossing at 1.0429.
The June Canadian Dollar was 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 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 74.41. First support is Thursday's low crossing at 71.60. Second support is the January-2016 low crossing at 70.34.
The June Japanese Yen was lower overnight as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0930 would confirm that a short-term top has been posted. If June renews 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 20-day moving average crossing at 0.0930. Second support is the 50-day moving average crossing at 0.0925.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: April gold was higher overnight as it consolidated some of Thursday's huge decline but remains below broken support marked by the 50-day moving average crossing at $1593.20.. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this week's decline, the January 14th low crossing at $1542.80 is the next downside target. Closes below the 20-day moving average crossing at $1634.50 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at $1704.30. Second resistance is monthly resistance crossing at $1809.50. First support is the January 14th low crossing at $1542.80. Second support is January's low crossing at $1526.00.
May silver was slightly lower in late-overnight trading. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, the May 2019 low crossing at $14.694 is the next downside target. Closes above the 20-day moving averagecrossing at $17.440 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving averagecrossing at $16.817. Second resistance is the 20-day moving average crossing at $17.440. First support is the 87% retracement level of 2019's rally crossing at $15.351.
May copper was higher overnight and is working on a key reversal up as it consolidates some of this year's decline. The high-range overnight trade sets the stage for a 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 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 $256.03 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $256.03. Second resistance is the 50-day moving average crossing at $264.52. First support is the overnight low crossing at $240.15. 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 higher due to short covering overnight as it consolidates some of this week's decline. The high-range trade sets the stage for a steady to higher 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 extends 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 $3.84 3/4 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at $3.84 3/4. Second resistance is February's high crossing at $3.86 3/4. First support is the overnight low crossing at $3.63 1/2. Second support is weekly support crossing at $3.61 1/4.
May wheat was higher overnight as it consolidated some of Thursday's decline. The high-range 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 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. Closes above the 20-day moving average crossing at $5.30 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $5.30 3/4. Second resistance is the 50-day moving average crossing at $5.49 1/4. First support is Thursday's low crossing at $4.97 1/4. Second support is the 75% retracement level of the September-January-rally crossing at 4.95.
May Kansas City Wheat closed down $0.02 3/4-cents at $4.32 3/4.
May Kansas City wheat closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday 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 $4.59 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.46 3/4. Second resistance is the 20-day moving average crossing at $4.59. First support is today's low crossing at $4.24. Second support is the 87% retracement level of the September-January-rally crossing at $4.11 1/4.
May Minneapolis wheat was higher overnight as it consolidates some of this week's decline. The high-range 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 May extends 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 $5.28 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.28. Second resistance is the 50-day moving average crossing at $5.43 1/2. First support is Thursday's low crossing at $5.03. Second support is psychological support crossing at $5.00.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans were higher due to short covering overnight as they consolidates some of this week's decline. The high-range 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 May extends the decline off January's high, weekly support crossing at $8.39 1/2 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 $9.10 1/4. First support is the overnight low crossing at $8.45 1/4. Second support is weekly support crossing at $8.39 1/2.
May soybean meal was higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. 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 November 18th high crossing at 315.30 is the next upside target. Closes below Monday's low crossing at $296.20 would confirm that a short-term top has been posted. 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 Monday's low crossing at $296.20. Second support is February's low crossing at $290.70.
May soybean oil was higher in late-overnight trading as it consolidates some of this week's decline. The high-range trade sets the stage for a 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. Closes above the 20-day moving average crossing at 29.13 are needed to confirm that a short-term low has been posted. If May extends the decline off January's high, monthly support crossing at 25.47 is the next downside target. First resistance is the 10-day moving average crossing at 28.19. Second resistance is the 20-day moving average crossing at 29.13. First support is the overnight low crossing at 25.65. Second support is monthly support crossing at 25.47.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
April hogs closed down $3.00 at $60.88.
April hogs gapped lower and closed limit-down on Thursday and spiked below trading range support crossing at $61.00. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below February's low crossing at $61.00 would mark a downside breakout of the February-March trading range. Closes above February's high crossing at $68.25 would confirm an upside breakout of the February-March trading range. First resistance is February's high crossing at $68.25. Second resistance is the 50-day moving average crossing at $68.26. First support is February's low crossing at $61.00. Second support is weekly support crossing at $59.30.
April cattle closed down $3.00 at $100.08.
April cattle gapped lower and closed limit down on Thursday as it extends this year's decline. The limit-down close sets the stage for a steady to lower opening on Friday. 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 $111.68 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $106.50. Second resistance is the 20-day moving average crossing at $111.68. First support is today's low crossing at $100.08. Second support is weekly support crossing at $98.94.
May Feeder cattle closed down $4.50-cents at $120.75.
May Feeder cattle closed limit down for the second day in a row on Thursday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Friday'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 $135.65 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $130.80. Second resistance is the 20-day moving average crossing at $135.65. First support is today's low crossing at $120.75. Second support is weekly support crossing at $120.50.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee gapped down and closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. 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 February's high, February's low crossing at 9.96 is the next downside target. 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 sharply lower on Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, December's low crossing at 24.04 is the next downside target. Closes above the 20-day moving average crossing at 27.20 are needed to confirm that a short-term low has been posted.
May sugar gapped down and closed sharply lower on Thursday as it extends the decline off February's high. The low-range close set the stage for a steady to lower opening on Friday. 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, weekly support crossing at 11.36 is the next downside target. Closes above the 10-day moving average crossing at 13.07 would confirm that a short-term low has been posted.
May cotton closed sharply lower on Thursday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening on Friday. 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, last-August's low crossing at 58.84 is the next downside target. Closes above the 20-day moving average crossing at 64.82 are needed to confirm that a low has been posted.