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/exchanges/?c=indexes"

The STOCK INDEXES:The June NASDAQ 100 was higher in overnight trading which suggest we should see rebound in the Dow when it opens later this morning. 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. If June extends the decline off February's high the 75% retracement level of the 2018-2020-rally on the weekly chart crossing at 6796.94 is the next downside target. Closes above the 20-day moving average crossing at 8479.10 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 7957.75. Second resistance is the 20-day moving average crossing at 8479.10. First support is Monday'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 was higher in overnight trading as it consolidates some of Monday's sharp decline. The mid-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 2359.10 is the next downside target. Closes above the 20-day moving average crossing at 2943.94 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2736.78. Second resistance is the 20-day moving average crossing at 2943.94. First support is the overnight low crossing at 2382.60. Second support is the December-2018 low crossing at 2359.10. 

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: June T-bonds were lower overnight as it consolidates some of Monday's rally. 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 172-15 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 last-Monday's high crossing at 191-22. Second resistance is unknown. First support is the 20-day moving average crossing at 172-15. Second support is the 50-day moving average crossing at 164-20.  

June T-notes were lower overnight as they consolidates some of Monday's rally. 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 135.053 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 last-Monday's high crossing at 140.240. Second resistance is is unknown. First support is the 20-day moving average crossing at 135.053. Second support is the 50-day moving average crossing at 132.024.   

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

April crude oil was slightly higher in overnight trading as it consolidates some of Monday's decline while at the same time extending last-week's trading range. The mid-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 this year's decline, monthly support crossing at 26.05 is the next downside target. Closes above last-Monday's gap crossing at 41.05 would signal 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 42.61. First support is last-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 Monday's decline. The mid-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 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 141.32. First support is Monday's low crossing at 102.48. Second support is weekly support crossing at 84.87.   

April unleaded gas was higher due to short covering in overnight trading as it consolidates some of Monday'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 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 68.40 is the next downside target. Closes above last-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 111.57. Second resistance is last-Monday's gap crossing at 138.40. First support is Monday's low crossing at 67.78. Second support is monthly support crossing at 68.40. 

April Henry natural gas was slightly lower overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If April renews the decline off February's high, weekly support crossing at 1.530 is the next downside target. Closes above the 50-day moving average crossing at 1.914 would open the door for a larger-degree rebound during March. First resistance is the 50-day moving average crossing at 1.914. 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.  

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

CURRENCIES:The June Dollar was sharply higher overnight as it extends the rally off March's low. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, February's high crossing at 99.44 is the next upside target. Closes below the 10-day moving average crossing at 97.09 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 99.34. Second resistance is February's high crossing at 99.44. First support is the 10-day moving average crossing at 97.09. Second support is March's low crossing at 94.53. Third support is the June-2019 low crossing at 94.37.  

The June Euro was lower overnight as it extends the decline off March's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Closes below the 20-day moving average crossing at 111.34 would confirm that a short-term low has been posted. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 10-day moving average crossing at 112.61 would temper the bearish outlook. First resistance is March'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 111.34. Second support is February's low crossing at 108.53.     

The June British Pound was lower overnight as it extends the decline off March's high.The low-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 month's decline, last-September's low crossing at 1.2120 is the next downside target. Closes above the 20-day moving average crossing at 1.2815 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.2710. Second resistance is the 20-day moving average crossing at 1.2815. First support is the September-2019 low crossing at 1.2120. Second support is monthly support crossing at 1.2001.

The June Swiss Franc was lower overnight as it extends the decline off March'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 1.0503 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 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 1.0503. Second support is the 50-day moving average crossing at 1.0435.

The June Canadian Dollar was lower overnight as it extends this year'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 high crossing at 72.85 would temper the near-term bearish outlook.First resistance is Monday's high crossing at 72.85. Second resistance is last-Monday's gap crossing at 74.38. First support is the overnight low crossing at 70.86. Second support is the January-2016 low crossing at 70.34.  

The June Japanese Yen was lower overnight as it consolidates some of Monday's rally. 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 0.0933 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 March'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 0.0933. 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 lower overnight as it extends the decline off March's high. 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 month's decline, the 62% retracement level of the 2018-2020-rally crossing at $1412.50 is the next downside target. Closes below the 20-day moving average crossing at $1616.50 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1589.80. Second resistance is the 20-day moving average crossing at $1616.50. First support is Monday's low crossing at $1450.90. Second support the 62% retracement level of the 2018-2020-rally crossing at $1412.50.

May silver was lower in late-overnight trading as it extended Monday's decline. The low-range overnight trade sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, the October 2008 low on the monthly continuation chart crossing at $8.400 is the next downside target. Closes above the 20-day moving averagecrossing at $16.837 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving averagecrossing at $15.820. Second resistance is the 20-day moving average crossing at $16.837. First support is Monday's low crossing at $11.770. Second support is the October 2008 low on the monthly continuation chart crossing at $8.400. 

May copper was lower overnight as it extends this year's decline. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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 $254.76 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $253.58. Second resistance is the 50-day moving average crossing at $262.74. First support is the 75% retracement level of the 2016-2018-rally crossing at $234.46. 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 was steady to lower overnight following Monday's sharp decline. The low-range trade sets the stage for a steady to lower opening when the day 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 the decline off January's high, psychological support crossing at $3.50 is the next downside target. Closes above the 20-day moving average crossing at $3.73 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at $3.71. Second resistance is the 20-day moving average crossing at $3.73 3/4. First support is the overnight low crossing at $3.53 3/4 3/4. Second support is psychological support crossing at $3.50.    

May wheat was steady to fractionally higher overnight. The mid-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 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 $5.25 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $5.11 1/4. Second resistance is the 20-day moving average crossing at $5.25. First support is the 75% retracement level of the September-January-rally crossing at 4.95. 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 was steady to fractionally 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 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 $5.24 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.24 1/2. Second resistance is the 50-day moving average crossing at $5.41 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 were higher due to short covering overnight as they consolidate some of this year's decline. The mid-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 $8.00 is the next downside target. Closes above the 20-day moving average crossing at $8.81 1/2 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $8.67 1/4. Second resistance is the 20-day moving average crossing at $8.81 1/2. First support is Monday's low crossing at $8.21. Second support is psychological support crossing at $8.00.    

May soybean meal was slightly higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $296.20 would open the door for a possible test of February's low crossing at $290.70. If May resumes the rally off February's low, the November 18^th high crossing at 315.30 is the next upside target. First resistance is the January 14^th high crossing at $311.00. Second resistance is the November 18^th high crossing at 315.30. First support is the overnight low crossing at $295.60. Second support is February's low crossing at $290.70.    

May soybean oil was higher in overnight trading as it consolidates some of this year's decline. The mid-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, monthly support crossing at 21.54 is the next downside target. Closes above the 20-day moving average crossing at 28.54 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 27.37. Second resistance is the 20-day moving average crossing at 28.54. First support is Monday's low crossing at 24.91. Second support is monthly support crossing at 21.54.    

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.