KEY EVENTS TO WATCH FOR:

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 higher due to short covering on Tuesday as it consolidated some of Monday's record decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 8482.86 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7966.50. Second resistance is the 20-day moving average crossing at 8482.86. 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 June S&P 500 closed higher on Tuesday as it consolidates some of Monday's sharp decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 2733.86 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2733.86. Second resistance is the 20-day moving average crossing at 2942.48. First support is today's low crossing at 2382.60. Second support is the December 24th-low crossing at 2356.00.

The Dow closed higher due to short covering on Tuesday as it consolidates some of this year's decline.The high-range close that sets the stage for a steady to higher opening is possible when Wednesday'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 23,703.77. First support is today's low crossing at 19,882.26. 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 8-15/32's at 172-19.

June T-bonds closed sharply lower on Tuesday as it extends the decline off last-Monday's high.The low-range close sets the stage for a steady to lower opening when Wednesday'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 172-07 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 last-Monday's high crossing at 191-22. Second resistance is unknown. First support is the 20-day moving average crossing at 172-07. Second support is the 50-day moving average crossing at 164-16. 

June T-notes closed down 2,165-pts. At 135.145.

June T-notes closed sharply lower on Tuesday as it extends the decline off March'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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 135.035 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 March's high crossing at 140.240. Second resistance is unknown. First support is last-Friday's low crossing at 135.255. Second support is the 20-day moving average crossing at 135.035.        

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

April crude oil closed lower on Tuesday as it renewed the decline off January's high.The low-range close sets the stage for a steady to lower opening when Wednesday'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 extends 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 $42.49. First support is today's low crossing at $26.79. 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 $141.18. First support is Monday's low crossing at $102.48. Second support is weekly support crossing at $84.87.

April unleaded gas closed higher on Tuesday due to short covering as it consolidated some of this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 confirm that a short-term low has been posted. First resistance  is the 10-day moving average crossing at 111.25. Second resistance is last-Monday's gap crossing at 138.40. First support is Monday's low crossing at 67.78. Second support is weekly support crossing at 47.80.

April Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 renews the decline below weekly support crossing at 1.611, it would open the door for additional weakness near-term. Closes above the 50-day moving average crossing at 1.913 would open the door for a larger-degree rebound near-term. First resistance is the 50-day moving average crossing at 1.913. 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 sharply higher on Tuesday as it extended the rally off March's low and closed above February's high crossing at 99.44. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, weekly resistance crossing at 101.78 is the next upside target. Closes below the 10-day moving average crossing at 97.15 would confirm that a short-term top has been posted. First resistance is today's high crossing at 100.08. Second resistance is weekly resistance crossing at 101.78. First support is the 20-day moving average crossing at 97.76. Second support is the 10-day moving average crossing at 97.15. 

The June Euro closed sharply lower on Tuesday and below the 20-day moving average crossing at 111.32 confirming that the short-term trend has turned bearish. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the decline off March's high, February's low crossing at 108.53 is the next downside target. Closes above the 10-day moving average crossing at 112.57 would temper the near-term bearish outlook. 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 is today's low crossing at 110.05. Second support is February's low crossing at 108.53. 

The June British Pound closed sharply lower for the six-day in a row on Tuesday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 January-2017 low crossing at 1.2001 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 1.2706. Second resistance is the 20-day moving average crossing at 1.2813. First support is today's low crossing at 1.2026. Second support is the January-2017 low crossing at 1.2120.

The June Swiss Franc closed sharply lower on Tuesday as it extends the decline off March's high.The low-range close sets the stage for a steady to lower opening when Wednesday'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 1.0500 confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 1.0644 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.0644. Second resistance is March's high crossing at 1.0943. First support is the 50-day moving average crossing at 1.0434. Second support is February's low crossing at 1.0240.

The June Canadian Dollar closed sharply lower on Tuesday following Monday's key reversal down as it extends this year's decline.The low-range close sets the stage for a steady to lower opening when Wednesday'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 on the monthly continuation chart crossing at 68.09 is the next downside target. Closes above the 10-day moving average crossing at 72.79 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 72.79. Second resistance is the 20-day moving average crossing at 73.95. First support is today's low crossing at 70.10. Second support is the January-2016 low on the monthly continuation chart crossing at 68.09. 

The June Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’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 the decline off March's high, 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 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 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 higher on Tuesday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1619.40 would confirm that a short-term low has been posted. If April extends the decline off Monday's high, the 62% retracement level of the 2018-2020-rally crossing at $1468.20 is the next downside target. First resistance is the 50-day moving average crossing at $1591.00. Second resistance is the 20-day moving average crossing at $1619.40. First support is Monday'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 lower on Tuesday as it extends this year's decline. The mid-range close set the stage for a steady to lower opening when Wednesday'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 16.863 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 15.870. Second resistance is the 20-day moving average crossing at 16.863. First support is Monday's low crossing at 11.770. Second support is weekly support crossing at 8.400.  

May copper closed lower on Tuesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 253.37 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 253.37. Second resistance is February's high crossing at 263.95. First support is today's low crossing at 230.20. 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 $0.11 3/4-cents at 3.43. 

May corn closed sharply lower for the second day in a row on Tuesday as it extends the decline off last-June's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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, monthly support crossing at $3.29 3/4 is the next downside target. Closes above the 20-day moving average crossing at $3.73 1/4 would signaling that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.73 1/4. Second resistance is the 50-day moving average crossing at $3.82 3/4. First support is today's low crossing at $3.42 3/4. Second support is monthly support crossing at $3.29 3/4.    

May wheat closed up $0.00 3/4-cents at $4.98 3/4.  

May wheat closed fractionally higher on Tuesday as it consolidates above the 75% retracement level of the September-January-rally crossing at $4.95. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $5.25 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.25. Second resistance is the 50-day moving average crossing at $5.46 1/2. 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 up $0.08 1/2-cents at $4.32 1/4.

May Kansas City wheat closed higher on Tuesday as it consolidated some of the decline off January's high. The high-range close sets the stage for a steady to higher opening when Wednesday 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 $4.51 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.38 3/4. Second resistance is the 20-day moving average crossing at $4.51 1/2. First support is Monday's low crossing at $4.20. Second support is last-September's low crossing at $4.08 3/4.  

May Minneapolis wheat closed down $0.00 1/2-cents at $5.09 1/4. 

May Minneapolis wheat closed fractionally lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $5.24 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.24 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 closed down $0.03 1/4-cents at $8.25.

May soybeans closed higher on Tuesday as it consolidates some of this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $8.81 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.81 1/2. Second resistance is the 50-day moving average crossing at $9.04 1/2. First support is Monday's low crossing at $8.21. Second support is weekly support crossing at $8.00.    

May soybean meal closed up $2.70 at $299.00. 

May soybean meal closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 295.60. Second support is February's low crossing at $290.70.      

May soybean oil closed up 23-pts. At 25.22. 

May soybean oil posted an inside day with a higher close on Tuesday as it consolidates some of this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 28.54 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 27.36. 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 weekly support crossing at 20.70.        

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

April hogs closed up $4.50 at $58.48. 

April hogs closed limit up on Tuesday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $63.21 would confirm that a short-term low has been posted. If April extends this year's decline, weekly support crossing at $47.83 is the next downside target. First resistance is the 10-day moving average crossing at $61.72. Second resistance is the 20-day moving average crossing at $63.21. First support is Monday's low crossing at $52.13. Second support is weekly support crossing at $47.83.   

April cattle closed up $4.50 at $96.35. 

April cattle closed limit up on Tuesday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 $107.90 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $102.09. Second resistance is the 20-day moving average crossing at $107.90. First support is Monday's low crossing at $91.08. Second support is long-term support crossing at $83.41.  

May Feeder cattle closed up $1.88-cents at $109.98. 

May Feeder cattle closed higher due to short covering on Tuesday as it consolidates some of this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $131.08 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $124.07. Second resistance is the 20-day moving average crossing at $131.08. First support is Monday'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 Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, 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 closed lower on Tuesday as it extends the decline off February's high. The high-range close sets the stage for a steady to higher 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 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 26.42 are needed to confirm that a short-term low has been posted.              

May sugar closed lower on Tuesday as it extends the decline off February's high. The low-range close set the stage for a steady to lower opening on Wednesday. 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 12.27 would confirm that a short-term low has been posted.      

May cotton closed lower on Tuesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 63.38 are needed to confirm that a low has been posted.