KEY EVENTS TO WATCH FOR:

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 opened lower on Friday due to follow-through selling from Thursday. However, the index quickly turned higher and closed sharply higher on Friday 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 Monday'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 2018-2020-rally on the weekly crossing at 6796.94 is the next downside target. Closes above the 20-day moving average crossing at 8729.98 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8266.77. Second resistance is the 20-day moving average crossing at 8729.84. First support is today's 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 closed sharply higher on Friday 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 Monday'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 December 24^th-2018 low crossing at 2356.00 is the next downside target. Closes above the 10-day moving average crossing at 2866.66 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2866.66. Second resistance is the 20-day moving average crossing at 3046.18. First support is Thursday's low crossing at 2459.00. Second support is the December 24th-low crossing at 2356.00.

The Dow closed sharply higher on Friday as it consolidates some of Thursday's loss.The high-range close that sets the stage for a steady to higher opening is possible when Monday'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 the Dow extends the decline off February's high, the 38% retracement level of the 1974-2020-rally crossing at 18,467.07 is the next downside target. Closes above the March 9^th gap crossing at 25,226.62 would signal that a short-term low has been posted. First resistance is the March 9^th gap crossing at 25,226.62. Second resistance is the 20-day moving average crossing at 26,393.64. First support is Thursday's low crossing at 21,285.37. Second support is the 38% retracement level of the 1974-2020-rally crossing at 18,467.07. 

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June T-bonds closed down 2-20/32's at 176-10.

June T-bonds closed lower on Friday following Thursday's key reversal down as it extends the decline off Monday's high.The mid-range close sets the stage for a steady to lower opening when Monday'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 170-20 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 20-day moving average crossing at 170-20. Second support is the 50-day moving average crossing at 163-21. 

June T-notes closed down 1,010-pts. At 136.065.

June T-notes closed lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 134.165 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 today's low crossing at 136.050. Second support is the 20-day moving average crossing at 134.165.        

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

April crude oil closed higher on Friday as it extended this week's trading range.The mid-range close sets the stage for a steady opening when Monday's night session begins. Stochastics and the RSI are oversold but remain neutral signaling that sideways trading is possible near-term. Closes above Monday's gap crossing at $41.05 are needed to confirm that a short-term low has been posted. If April renews this year's decline, long-term support on the weekly continuation chart 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 $44.91. 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 slightly higher on Friday while extending this week's trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 $147.52. First support is Monday's low crossing at $107.99. Second support is weekly support crossing at $105.34.

April unleaded gas closed slightly higher on Friday as it consolidates some of Thursday's decline. The low-range close sets the stage for a steady to lower opening when Monday'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, monthly support crossing at 78.50 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 147.15. First support is Thursday's low crossing at 85.36. Second support is weekly support crossing at 78.50.

April Henry natural gas closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 1.926 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 1.926. 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.         

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

The June Dollar closed sharply higher on Friday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to 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. Closes below the 10-day moving average crossing at 96.81 would temper the near-term friendly outlook. First resistance is today's high crossing at 99.03. 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 closed lower on Friday 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 Monday'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 110.06 would temper the friendly outlook. If June renews the rally off February's low, 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 20-day moving average crossing at 110.06. Second support is February's low crossing at 108.53. 

The June British Pound closed sharply lower on Friday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Monday'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 December's high, the September-2019 low crossing at 1.2120 is the next downside target. Closes above the 50-day moving average crossing at 1.3020 is the next upside target.First resistance is the 20-day moving average crossing at 1.2902. Second resistance is Monday's high crossing at 1.3212. First support is the 87% retracement level of the September-December-2019 rally crossing at 1.2309. Second support is the September-2019 low crossing at 1.2120.

The June Swiss Franc closed sharply lower on Friday as it extends the decline off Monday's high.The low-range close sets the stage for a steady to lower opening when Monday'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 1.0470 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 20-day moving average crossing at 1.0470. Second support is the 50-day moving average crossing at 1.0427.

The June Canadian Dollar closed slightly higher on Friday as it consolidated some of this week's decline.The mid-range close sets the stage for a steady to lower opening when Monday'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 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 74.39. First support is today's low crossing at 71.46. Second support is the January-2016 low crossing at 70.34. 

The June Japanese Yen closed sharply lower on Friday and below the 20-day moving average crossing at 0.0930. The low-range close sets the stage for a steady to lower opening when Monday’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 this week's decline, the 50-day moving average crossing at 0.0925 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 50-day moving average crossing at 0.0925. Second support is February's low crossing 0.0897.  

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

April gold closed sharply lower on Friday as it extended the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends today's decline, the 87% retracement level of the November-March-rally crossing at $1489.90 is the next downside target. Closes above the 10-day moving average crossing at $1627.40 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1627.40. Second resistance is Monday's high crossing at $1704.30. First support is today's low crossing at $1504.00. Second support is November's low crossing at $1458.50.

May silver closed sharply lower on Friday as it extends this year's decline. The low-range close set the stage for a steady to lower opening when Monday'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 extends the decline off February's high, weekly support crossing at 14.265 is the next downside target. Closes above the 20-day moving average crossing at 17.379 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 17.379. Second resistance is the 50-day moving average crossing at 17.721. First support is today's low crossing at 14.425. Second support is weekly support crossing at 14.265.  

May copper posted a key reversal up on Friday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday'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 255.98 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 255.98. Second resistance is February's high crossing at 263.95. First support is today's 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 closed up $0.00 3/4-cents at 3.66 1/2. 

May corn closed fractionally higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 extends this year's decline, weekly support crossing at $3.61 1/4 is the next downside target. Closes above the 20-day moving average crossing at $3.76 3/4 would signaling that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.76 3/4. Second resistance is the 50-day moving average crossing at $3.84 3/4. First support is today's low crossing at $3.63 1/2. Second support is weekly support crossing at $3.61 1/4.    

May wheat closed down a $0.00 1/4-cent at $5.05 1/4.  

May wheat closed fractionally lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 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. Closes above the 20-day moving average crossing at $5.30 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.30 1/2. Second resistance is the 50-day moving average crossing at $5.49. 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 $0.01 1/4-cents at $4.31 1/2.

May Kansas City wheat closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday 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 $4.57 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.44 3/4. Second resistance is the 20-day moving average crossing at $4.57. First support is Thursday's low crossing at $4.24. Second support isthe 87% retracement level of the September-January-rally crossing at $4.11 1/4.  

May Minneapolis wheat closed down $0.01-cents at $5.08. 

May Minneapolis wheat closed lower on Friday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday'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 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 $5.27 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.27 3/4. 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 closed down $0.12-cents at $8.47 1/2.

May soybeans closed lower on Friday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 extends this year's decline, weekly support crossing at $8.39 1/2 is the next downside target. Closes above the 20-day moving average crossing at $8.89 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.89 1/4. Second resistance is March's high crossing at $9.12 1/2. First support is today's low crossing at $8.45 1/4. Second support is weekly support crossing at $8.39 1/2.    

May soybean meal closed down $3.80 at $299.00. 

May soybean meal closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at $301.00 confirms that a short-term top has been posted. If May renews the rally off February's low, November's high crossing at $315.30 is the next upside target. First resistance is last-Wednesday's high crossing at $310.90. Second resistance is November's 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 closed up 6-pts. at 26.26. 

May soybean oil closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday'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 extends the decline off January's high, weekly support crossing at 25.47 is the next downside target. Closes above the 20-day moving average crossing at 29.11 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 29.11. First support is today's low crossing at 25.65. Second support is weekly support crossing at 25.47.        

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April hogs closed down $4.50 at $56.38. 

April hogs closed limit-down on Friday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, weekly support crossing at $52.25 is the next downside target. Closes above the 20-day moving average crossing at $64.08 would confirm that a short-term low has been posted. First resistance is March's high crossing at $66.38. Second resistance is the 50-day moving average crossing at $67.83. First support is today's low crossing at $56.38. Second support is weekly support crossing at $52.25.   

April cattle closed down $4.50 at $95.58. 

April cattle closed limit down on Friday as it extends this year's decline. The limit-down close sets the stage for a steady to lower opening on Monday. 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 $93.40 is the next downside target. Closes above the 20-day moving average crossing at $110.53 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $105.29. Second resistance is the 20-day moving average crossing at $110.53. First support is today's low crossing at $95.57. Second support is weekly support crossing at $93.40.  

May Feeder cattle closed down $4.50-cents at $114.48. 

May Feeder cattle closed limit down for the third day in a row on Friday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 $102.55 is the next downside target. Closes above the 20-day moving average crossing at $134.34 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $128.89. Second resistance is the 20-day moving average crossing at $134.34. First support is today's low crossing at $114.00. Second support is weekly support crossing at $102.55.       

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

May coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Monday. 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, December's low crossing at 24.04 is the next downside target. Closes above the 20-day moving average crossing at 26.96 are needed to confirm that a short-term low has been posted.              

May sugar posted an inside day with a higher close on Friday as it consolidates some of the decline off February's high. The low-range close set the stage for a steady to lower opening on Monday. 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 12.83 would confirm that a short-term low has been posted.      

May cotton posted a key reversal up as it closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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, last-August's low crossing at 56.59 is the next downside target. Closes above the 20-day moving average crossing at 64.41 are needed to confirm that a low has been posted.