KEY EVENTS TO WATCH FOR:

Tuesday, March 17, 2020  

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous +0.0%)

                       Chain Store Sales, M/M% (previous +0.9%)

8:30 AM ET. February Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (expected +0.1%; previous +0.3%)

                       Sales, Ex-Auto, M/M% (expected +0.1%; previous +0.3%)

                       Sales, Ex-Auto & Gas, M/M% (previous +0.4%)

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 +6.0%)

                       Latest Wk, Y/Y% (previous +6.0%)

9:15 AM ET. February Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (expected +0.4%; previous -0.3%)

                       Capacity Utilization % (expected 77.0%; previous 76.8%)

                       Capacity Utilization, Net Chg (Pts) (previous -0.3)

10:00 AM ET. January Job Openings & Labor Turnover Survey

10:00 AM ET. January Manufacturing & Trade: Inventories & Sales

                       Total Inventories (expected -0.1%; previous +0.1%)

10:00 AM ET. March NAHB Housing Market Index

                       Housing Mkt Idx (expected 74; previous 74)

1:00 PM ET. U.S. Federal Open Market Committee meeting

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +6.4M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -3.1M)

                       Distillate Stocks, Net Chg (Bbls) (previous -4.7M)

Wednesday, March 18, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 1172.1)

                       Composite Idx, W/W% (previous +55.4%)

                       Purchase Idx-SA (previous 265.8)

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

                       Refinance Idx (previous 6418.9)

                       Refinance Idx, W/W% (previous +78.6%)

8:30 AM ET. February New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected 1.50M; previous 1.567M)

                       Housing Starts, M/M% (expected -4.3%; previous -3.6%)

                       Building Permits (expected 1.49M; previous 1.551M)

                       Building Permits, M/M% (expected -3.9%; previous +9.2%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 451.783M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +7.664M)

                       Gasoline Stocks (Bbl) (previous 246.999M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -5.049M)

                       Distillate Stocks (Bbl) (previous 128.06M)

                       Distillate Stocks, Net Chg (Bbl) (previous -6.404M)

                       Refinery Usage (previous 86.4%)

                       Total Prod Supplied (Bbl/day) (previous 21.86M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.588M)

2:00 PM ET. SEC Closed Meeting

2:00 PM ET. Federal Reserve economic projections

                       Median Fed Funds Rate - 2019 (previous 1.6%)

                       Median Fed Funds Rate - 2020 (previous 1.6%)

                       Median Fed Funds Rate - 2021 (previous 1.9%)

2:00 PM ET. U.S. interest rate decision

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 1.75)

                       Fed Funds Rate-Range Low (previous 1.50)

                       FOMC Vote For Action (previous 10)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 2.25)

                       Discount Rate Change (Pts) (previous +0)

                       Discount Rate-Range High

                       Discount Rate-Range Low

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

The June NASDAQ 100 closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 8598.44 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8086.88. Second resistance is the 20-day moving average crossing at 8598.44. First support is today's low crossing at 6906.00. 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 lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night 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. 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 2789.15 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2789.15. Second resistance is the 20-day moving average crossing at 2989.14. First support is last-Friday's low crossing at 2383.20. Second support is the December 24th-low crossing at 2356.00.

The Dow closed sharply lower on Monday (down almost 3,000 points) as it extends this year's decline.The low-range close that sets the stage for a steady to lower opening is possible when Tuesday'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 12^th gap crossing at 23,328.32 would signal that a short-term low has been posted. First resistance is the March 12^th gap crossing at 23,328.32. Second resistance is the 10-day moving average crossing at 24,199.15. First support is today's low crossing at 20,116.46. 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 up 3-28/32's at 180-20.

June T-bonds closed sharply higher on Monday as it consolidates some of the decline off last-Monday's high.The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off January's low into uncharted territory upside targets will be hard to project. Closes below the 20-day moving average crossing at 171-19 are needed to confirm a short-term top has been posted. First resistance is last-Monday's high crossing at 191-22. Second resistance is unknown. First support is the 20-day moving average crossing at 171-19. Second support is the 50-day moving average crossing at 164-06. 

June T-notes closed up 1,140-pts. At 137.230.

June T-notes closed sharply higher on Monday as it consolidates some of last-week's decline. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 134.274 are needed to confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 140.240. Second resistance is unknown. First support is last-Friday's low crossing at 136.050. Second support is the 20-day moving average crossing at 134.274.        

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

April crude oil closed lower on Monday as it extends last-week's trading range.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews this year's decline, long-term support on the weekly continuation chart crossing at $26.05 is the next downside target. Closes above last-Monday's gap crossing at $41.05 are needed to confirm that a short-term low has been posted. First resistance is last-Monday's gap crossing at $41.05. Second resistance is the 20-day moving average crossing at $43.78. First support is last-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 Monday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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, the January 2016 low on the weekly continuation chart crossing at $84.87 is the next downside target. Closes above last-Monday's gap crossing at $137.83 are needed to confirm that a short-term low has been posted. First resistance is last-Monday's gap crossing at $137.83. Second resistance is the 20-day moving average crossing at $144.41. First support is today's low crossing at $102.48. Second support is weekly support crossing at $84.87.

April unleaded gas closed sharply lower on Monday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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 47.80 is the next downside target. Closes above last-Monday's gap crossing at 138.40 would signal that a short-term low has been posted. First resistance is last-Monday's gap crossing at 138.40. Second resistance is the 20-day moving average crossing at 142.12. First support is today's low crossing at 67.78. Second support is weekly support crossing at 47.80.

April Henry natural gas closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 1.920 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 1.920. Second resistance is February's high crossing at 2.024. First support is last-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 lower on Monday as it consolidates some of the rally off last-Monday's low. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 the rally off March's low, February's high crossing at 99.44 is the next upside target. Closes below the 10-day moving average crossing at 96.86 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at 99.03. Second resistance is February's high crossing at 99.44. First support is last-Monday's low crossing at 94.53. Second support is the June-2019 low crossing at 94.37. 

The June Euro closed higher on Monday as it consolidates some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 111.22 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 111.22. Second support is February's low crossing at 108.53. 

The June British Pound closed sharply lower for the fifth-day in a row on Monday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 1.3000 is the next upside target.First resistance is the 10-day moving average crossing at 1.2779. Second resistance is the 20-day moving average crossing at 1.2860. First support is today's low crossing at 1.2225. Second support is the September-2019 low crossing at 1.2120.

The June Swiss Franc closed higher on Monday as it consolidates some of the decline off last-Monday's high.The mid-range close sets the stage for a steady to higher opening when Tuesday'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 1.0489 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 last-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 1.0489. Second support is the 50-day moving average crossing at 1.0432.

The June Canadian Dollar posted a key reversal down on Monday as it extends this year's decline.The low-range close sets the stage for a steady to lower opening when Tuesday'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 last-Monday's gap crossing at 74.38 would confirm that a short-term low has been posted. First resistance is last-Monday's gap crossing at 74.38. Second resistance is the 20-day moving average crossing at 74.22. First support is today's low crossing at 71.38. Second support is the January-2016 low crossing at 70.34. 

The June Japanese Yen closed higher on Monday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Tuesday’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 extends last-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 last-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 lower on Monday as it extended the decline off last-Monday's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 last-Monday's high, the 62% retracement level of the 2018-2020-rally crossing at $1468.20 is the next downside target. Closes above the 20-day moving average crossing at $1622.40 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1591.30. Second resistance is the 20-day moving average crossing at $1622.40. First support is today's low crossing at $1450.90. Second support is the 62% retracement level of the 2018-2020-rally crossing at $1468.20.

May silver closed sharply lower on Monday as it extends this year's decline. The low-range close set the stage for a steady to lower opening when Tuesday'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 8.400 is the next downside target. Closes above the 20-day moving average crossing at 17.137 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 17.137. Second resistance is the 50-day moving average crossing at 17.616. First support is today's low crossing at 11.770. Second support is weekly support crossing at 8.400.  

May copper closed sharply lower on Monday 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 May extends this year's decline, the 87% retracement level of the 2016-2018-rally crossing at 217.37 is the next downside target. Closes above the 20-day moving average crossing at 254.84 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 254.84. Second resistance is February's high crossing at 263.95. First support is today's low crossing at 233.50. Second support is the 87% retracement level of the 2016-2018-rally crossing at 217.37.

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

May Corn closed down $0.10-cents at 3.55 3/4. 

May corn closed sharply lower on Monday as it extends the decline off last-June's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night sessions 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, psychological support crossing at $3.50 is the next downside target. Closes above the 20-day moving average crossing at $3.75 1/2 would signaling that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.75 1/2. Second resistance is the 50-day moving average crossing at $3.83 3/4. First support is today's low crossing at $3.54. Second support is psychological support crossing at $3.50.    

May wheat closed down $0.08 1/4-cents at $4.97 3/4.  

May wheat closed lower on Monday as it extends the decline off January's high. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 87% retracement level of the September-January-rally crossing at $4.79 3/4 is the next downside target. Closes above the 20-day moving average crossing at $5.28 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.28 1/4. Second resistance is the 50-day moving average crossing at $5.47 3/4. First support is today's low crossing at $4.91 3/4. Second support is the 87% retracement level of the September-January-rally crossing at $4.79 3/4.      

May Kansas City Wheat closed down $0.07 3/4-cents at $4.23 3/4.

May Kansas City wheat closed lower on Monday as it extends the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday 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, last-September's low crossing at $4.08 3/4 is the next downside target. Closes above the 20-day moving average crossing at $4.54 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.41 1/4. Second resistance is the 20-day moving average crossing at $4.54 1/2. First support is today's low crossing at $4.20. Second support is last-September's low crossing at $4.08 3/4.  

May Minneapolis wheat closed up $0.01 3/4-cent at $5.09 3/4. 

May Minneapolis wheat closed higher on Monday as it consolidates some of the decline off January's high. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 $5.26 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.26 1/2. Second resistance is the 50-day moving average crossing at $5.42 1/4. First support is last-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 $0.23 3/4-cents at $8.25.

May soybeans closed sharply lower on Monday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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, psychological support crossing at $8.00 is the next downside target. Closes above the 20-day moving average crossing at $8.85 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.85 1/4. Second resistance is the 50-day moving average crossing at $9.07. First support is today's low crossing at $8.21. Second support is weekly support crossing at $8.00.    

May soybean meal closed down $3.10 at $296.40. 

May soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the decline off March's high, February's low crossing at $290.70 is the next downside target. Closes above March's high crossing at $310.90 is the next upside target. First resistance is March's high crossing at $310.90. Second resistance is November's high crossing at $315.30. First support is today's low crossing at 296.00. Second support is February's low crossing at $290.70.      

May soybean oil closed down 128-pts. At 25.09. 

May soybean oil closed sharply lower on Monday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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 20.70 is the next downside target. Closes above the 20-day moving average crossing at 28.81 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 27.75. Second resistance is the 20-day moving average crossing at 28.81. First support is today's low crossing at 24.91. Second support is weekly support crossing at 20.70.        

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

April hogs closed down $2.40 at $53.98. 

April hogs closed sharply lower on Monday as it extends this year's decline. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 this year's decline, weekly support crossing at $47.83 is the next downside target. Closes above the 20-day moving average crossing at $63.57 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 $67.35. First support is today's low crossing at $52.13. Second support is weekly support crossing at $47.83.   

April cattle closed down $3.73 at $91.85. 

April cattle closed sharply lower on Monday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. 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, long-term support crossing at $83.41 is the next downside target. Closes above the 20-day moving average crossing at $109.11 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $103.47. Second resistance is the 20-day moving average crossing at $109.11. First support is today's low crossing at $91.08. Second support is long-term support crossing at $83.41.  

May Feeder cattle closed down $4.50-cents at $109.98. 

May Feeder cattle closed limit down for the fourth day in a row on Monday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $132.68 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $126.29. Second resistance is the 20-day moving average crossing at $132.68. First support is today's low crossing at $109.98. Second support is weekly support crossing at $102.55.       

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

May coffee closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are 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. Closes above last-Friday's high crossing at 11.28 would temper the near-term bearish outlook.   

May cocoa gapped down and closed sharply lower on Monday 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, the 87% retracement level of the 2018-2020-rally crossing at 22.16 is the next downside target. Closes above the 20-day moving average crossing at 26.69 are needed to confirm that a short-term low has been posted.              

May sugar gapped down and closed sharply lower on Monday as it extends the decline off February's high. The low-range close set the stage for a steady to lower opening on Tuesday. 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, the September-2019 low crossing at 10.68 is the next downside target. Closes above the 10-day moving average crossing at 12.55 would confirm that a short-term low has been posted.      

May cotton closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 63.93 are needed to confirm that a low has been posted.