KEY EVENTS TO WATCH FOR:
Thursday, March 19, 2020
8:30 AM ET. March Philadelphia Fed Business Outlook Survey
Business Activity (expected 9.0; previous 36.7)
Prices Paid (previous 16.4)
Employment (previous 9.8)
New Orders (previous 33.6)
Prices Received (previous 17.1)
Delivery Times (previous 2.7)
Inventories (previous 11.8)
Shipments (previous 25.2)
8:30 AM ET. 4th Quarter International Transactions
Current Account (USD) (expected -110.0B; previous -124.09B)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 220K; previous 211K)
Jobless Claims, Net Chg (previous -4K)
Continuing Claims (previous 1722000)
Continuing Claims, Net Chg (previous -11K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1599.3K)
Soybeans (Metric Tons) (previous 304.2K)
Wheat (Metric Tons) (previous 480.8K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. February Leading Indicators
Leading Index, M/M% (expected +0.0%; previous +0.8%)
Leading Index (previous 112.1)
Coincident Index, M/M% (previous +0.1%)
Lagging Index, M/M% (previous +0.0%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2043B)
Working Gas In Storage, Net Chg (Cbf) (previous -48B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, March 20, 2020
10:00 AM ET. February Existing Home Sales
Existing Sales (expected 5.50M; previous 5.46M)
Existing Sales, M/M% (expected +0.7%; previous -1.3%)
Unsold Homes Month's Supply (previous 3.1)
Median Price (USD) (previous 266300)
Median Home Price, Y/Y% (previous +6.8%)
10:00 AM ET. January Metropolitan Area Employment & Unemployment
Monday, March 23, 2020
8:30 AM ET. February CFNAI Chicago Fed National Activity Index
NAI (previous -0.25)
NAI, 3-mo Moving Avg (previous -0.09)
10:00 AM ET. 4th Quarter Quarterly Financial Report - Retail Trade
10:00 AM ET. 4th Quarter Quarterly Financial Report - Industry
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The June NASDAQ 100 closed lower on Wednesday as it extends decline off February's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 8353.58 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7793.50. Second resistance is the 20-day moving average crossing at 8353.58. First support is today's low crossing at 6810.00. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 24th-2018 low crossing at 2356.00 is the next downside target. Closes above the 20-day moving average crossing at 2894.99 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2666.98. Second resistance is the 20-day moving average crossing at 2894.99. First support is Tuesday's low crossing at 2382.60. Second support is the December 24th-low crossing at 2356.00.
The Dow closed lower on Wednesday as it extends this year's decline. A short covering rebound ahead of the close tempered early-session losses and the mid-range close that sets the stage for a steady to higher opening is possible when Thursday'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 12th gap crossing at 23,328.32 would confirm that a short-term low has been posted. First resistance is the March 12th 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 18,954.93. 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 3-28/32's at 169-19.
June T-bonds closed sharply lower on Wednesday as it extends the decline off last-Monday's high.The low-range close sets the stage for a steady to lower opening when Thursday'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 172-16 confirms a short-term top has been posted while opening the door additional weakness near-term. If June extends the decline off March's high, the 50-day moving average crossing at 164-23. First resistance is Monday's high crossing at 182-21. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 164-23. Second support is February's low crossing at 159-18.
June T-notes closed down 1,175-pts. at 134.110.
June T-notes closed sharply lower on Wednesday and below the 20-day moving average crossing at 135.081 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the 50-day moving average crossing at 132.048 is the next downside target. Closes above Monday's high crossing at 138.305 are needed to confirm that a short-term low has been posted. First resistance is March's high crossing at 140.240. Second resistance is unknown. First support is today's low crossing at 134.025. Second support is the 50-day moving average crossing at 132.048.
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April crude oil closed sharply lower on Wednesday as it extends the decline off January's high.The low-range close sets the stage for a steady to lower opening when Thursday'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,If April extends this year's decline, the October-1998 low on the monthly continuation chart crossing at 17.12 is the next downside target. 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 March's high crossing at $48.66. First support is today's low crossing at $20.06. Second support is the October-1998 low on the monthly continuation chart crossing at 17.12.
April heating oil closed lower on Wednesday as it extended the decline off January's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 March's high crossing at $157.66. First support is today's low crossing at $93.43. Second support is weekly support crossing at $84.87.
April unleaded gas closed lower on Wednesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 the 20-day moving average crossing at 131.30 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 101.97. Second resistance is the 20-day moving average crossing at 131.30. First support is today's low crossing at 62.05. Second support is weekly supportcrossing at 47.80.
April Henry natural gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 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 1.902 would open the door for a larger-degree rebound near-term. First resistance is the 50-day moving average crossing at 1.902. Second resistance is February's high crossing at 2.024. First support is today's low crossing at 1.555. Second support is weekly support crossing at 1.530.
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The June Dollar closed sharply higher on Wednesday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Thursday'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, the January-2017 high on the monthly continuation chart crossing at 103.82 is the next upside target. Closes below the 10-day moving average crossing at 97.57 would confirm that a short-term top has been posted. First resistance is today's high crossing at 102.04. Second resistance is the January-2017 high on the monthly continuation chart crossing at 103.82. First support is the 20-day moving average crossing at 97.86. Second support is the 10-day moving average crossing at 97.57.
The June Euro closed lower on Wednesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Thursday'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, weekly support crossing at 106.55 is the next downside target. Closes above the 10-day moving average crossing at 112.33 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 108.50. Second support is weekly support crossing at 106.55.
The June British Pound closed sharply lower for the seventh-day in a row on Wednesday as it extended the decline off December's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 February-1985 low crossing at 1.09325 is the next downside target. Closes above the 20-day moving average crossing at 1.2745 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2577. Second resistance is the 20-day moving average crossing at 1.2745. First support is today's low crossing at 1.1147. Second support is the February-1985 low crossing at 1.09325.
The June Swiss Franc closed sharply lower on Wednesday as it extends the decline off March's high.The low-range close sets the stage for a steady to lower opening when Thursday'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 this month's decline, February's low crossing at 1.0240 is the next downside target. Closes above the 10-day moving average crossing at 1.0306 would temper the near-term bearish outlook. First resistance is Monday's high crossing at 1.0698. Second resistance is March's high crossing at 1.0943. First support is today's low crossing at 1.0309. Second support is February's low crossing at 1.0240.
The June Canadian Dollar closed sharply lower on Wednesday as it extends this year's decline.The low-range close sets the stage for a steady to lower opening when Thursday'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 72.22 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 72.22. Second resistance is the 20-day moving average crossing at 73.63. First support is today's low crossing at 68.29. Second support is the January-2016 low on the monthly continuation chart crossing at 68.09.
The June Japanese Yen closed lower on Wednesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Thursday’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 0.0897 is the next downside target. Closes above the 10-day moving average crossing at 0.0949 would confirm that a short-term low has been posted. 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.
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April gold closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold and are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1613.60 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 $1589.40. Second resistance is the 20-day moving average crossing at $1613.60. 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 Wednesday as it extends this year's decline. The low-range close set the stage for a steady to lower opening when Thursday'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 16.533 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 15.340. Second resistance is the 20-day moving average crossing at 16.533. First support is today's low crossing at 11.640. Second support is weekly support crossing at 8.400.
May copper closed sharply lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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, the January-2016 low crossing at 199.35 is the next downside target. Closes above the 20-day moving average crossing at 251.02 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 244.08. Second resistance is the 20-day moving average crossing at 251.02. First support is today's low crossing at 211.10. Second support is the January-2016 low crossing at 199.35.
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May Corn closed down $0.07 1/2-cents at 3.36 1/2.
May corn closed lower for the third day in a row on Wednesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 $3.70 3/4 would signaling that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.70 3/4. Second resistance is the 50-day moving average crossing at $3.81 3/4. First support is today's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.
May wheat closed up $0.07-cents at $5.06 1/4.
May wheat closed higher on Wednesday as it consolidates above the 75% retracement level of the September-January-rally crossing at $4.95. The high-range close sets the stage for a steady to higher opening when Thursday'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 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 $5.22 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.22 1/4. Second resistance is the 50-day moving average crossing at $5.45 3/4. 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 $0.14 1/4-cents at $4.46 1/2.
May Kansas City wheat closed higher on Wednesday 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 Thursday night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $4.49 1/2 are needed to confirm that a short-term low has been posted. If May extends the decline off January's high, last-September's low crossing at $4.08 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $4.49 1/2. Second resistance is March's high crossing at $4.65 3/4. 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 unchanged at $5.09 1/4.
May Minneapolis wheat closed unchanged on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 $5.22 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.22 1/2. Second resistance is the 50-day moving average crossing at $5.40 1/2. First support is last-Thursday's low crossing at $5.03. Second support is psychological support crossing at 5.00.
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May soybeans closed up $0.01 3/4-cents at $8.26.
May soybeans closed higher on Wednesday as it consolidates some of this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 $8.77 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $8.77 1/2. Second resistance is the 50-day moving average crossing at $9.01 3/4. First support is Monday's low crossing at $8.21. Second support is weekly support crossing at $8.00.
May soybean meal closed up $5.80 at $304.10.
May soybean meal closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 May extends today's rally, March's high crossing at $310.90 is the next upside target. If May resumes the decline off March's high, February's low crossing at $290.70 is the next downside target. First resistance is March's high crossing at $310.90. Second resistance is November's high crossing at $315.30. First support is Tuesday's low crossing at 295.60. Second support is February's low crossing at $290.70.
May soybean oil closed down 14-pts. At 25.10.
May soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 28.26 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 26.89. Second resistance is the 20-day moving average crossing at 28.26. First support is today's low crossing at 24.68. Second support is weekly support crossing at 20.70.
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April hogs closed down $0.33 at $58.15.
April hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $62.74 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 20-day moving average crossing at $62.74. Second resistance is the 50-day moving average crossing at $66.68. First support is Monday's low crossing at $52.13. Second support is weekly support crossing at $47.83.
April cattle closed down $4.25 at $92.10.
April cattle closed sharply lower on Wednesday. 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 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 $106.46 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $100.17. Second resistance is the 20-day moving average crossing at $106.46. First support is Monday's low crossing at $91.08. Second support is long-term support crossing at $83.41.
May Feeder cattle closed down $3.33-cents at $108.52.
May Feeder cattle closed lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 $129.29 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $121.28. Second resistance is the 20-day moving average crossing at $129.29. First support is today's low crossing at $107.47. Second support is weekly support crossing at $102.55.
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May coffee closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 Wednesday as it extends the decline off February's high. 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 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 26.16 are needed to confirm that a short-term low has been posted.
May sugar closed lower on Wednesday as it extends the decline off February's high. The low-range close set the stage for a steady to lower opening on Thursday. 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, monthly support crossing at 9.91 is the next downside target. Closes above the 10-day moving average crossing at 11.99 would confirm that a short-term low has been posted.
May cotton closed lower on Wednesday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening on Thursday. 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, monthly support crossing at 54.53 is the next downside target. Closes above the 20-day moving average crossing at 62.73 are needed to confirm that a low has been posted.