KEY EVENTS TO WATCH FOR:
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 Friday as it extends decline off February's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off 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 8118.31 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7517.23. Second resistance is the 20-day moving average crossing at 8118.31. First support is Wednesday'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 Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday'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 50% retracement level of the 2009-2020-rally crossing at 2028.01 is the next downside target. Closes above the 20-day moving average crossing at 2798.48 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2548.85. Second resistance is the 20-day moving average crossing at 2798.48. First support is Thursday's low crossing at 2314.30. Second support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.
The Dow closed sharply lower on Friday led by a decline in energy prices. The low-range close that sets the stage for a steady to lower opening is possible when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off February's high, the 38% retracement level of the 1974-2020-rally crossing at 18,467.07 is the next downside target. Closes above the March 12th gap crossing at 23,328.32 are needed to 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 20-day moving average crossing at 24,133.88. First support is Wednesday's low crossing at 18,917.46. 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 4-26/32's at 177-14.
June T-bonds closed higher on Friday as it consolidated some of the decline off March's high. Today's close above the 10-day moving average crossing at 177-05 has tempered the near-term bearish outlook.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a low might be in or is near. If June resumes the decline off March's high, the 50-day moving average crossing at 165-16 is the next downside target. 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 165-16. Second support is February's low crossing at 159-18.
June T-notes closed up 1275-pts. at 137.025.
June T-notes closed higher on Friday and above the 10-day moving average crossing at 136.236 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, March's high crossing at 140.240 is the next upside target. If June resumes this month's decline, the 50-day moving average crossing at 132.140 is the next downside target. First resistance is the 10-day moving average crossing at 136.226. Second resistance is March's high crossing at 140.240. First support is Thursday's low crossing at 133.210. Second support is the 50-day moving average crossing at 132.140.
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April crude oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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, the October-1998 low on the monthly continuation chart crossing at $17.12 is the next downside target. Closes above the 20-day moving average crossing at $37.94 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $28.76. Second resistance is the 20-day moving average crossing at $37.94. First support is today's low crossing at $19.46. Second support is the October-1998 low on the monthly continuation chart crossing at 17.12.
April heating oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher 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.First resistance is the 10-day moving average crossing at $110.83. Second resistance is the 20-day moving average crossing at $131.10. First support is Wednesday's low crossing at $93.43. Second support is weekly support crossing at $84.87.
April unleaded gas closed lower on Friday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, monthly support crossing at 47.80 is the next downside target. Closes above the 20-day moving average crossing at 120.24 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 86.07. Second resistance is the 20-day moving average crossing at 120.24. First support is today's low crossing at 60.10. Second support is weekly support crossing at 47.80.
April Henry natural gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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 1.881 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.779. Second resistance is the 50-day moving average crossing at 1.881. First support is Wednesday's low crossing at 1.555. Second support is weekly support crossing at 1.530.
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The June Dollar closed slightly higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 75% retracement of the 2001-2008 decline on the monthly continuation chart crossing at 108.73 is the next upside target. Closes below the 50-day moving average crossing at 97.95 would confirm that a short-term top has been posted. First resistance is today's high crossing at 103.83. If June extends the aforementioned rally, the 75% retracement of the 2001-2008 decline on the monthly continuation chart crossing at 108.73 is the next upside target. First support is the 10-day moving average crossing at 99.04. Second support is the 50-day moving average crossing at 97.95.
The June Euro plunged to a new contract low on Friday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, weekly support crossing at 106.55 is the next downside target. Closes above the 20-day moving average crossing at 111.19 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 111.19. Second resistance is Monday's high crossing at 112.78. First support is today's low crossing at 106.76. Second support is weekly support crossing at 106.55.
The June British Pound closed slightly higher on Friday as it consolidated some of this month's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 1.2607 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2289. Second resistance is the 20-day moving average crossing at 1.2607. First support is today's low crossing at 1.1438. Second support is the February-1985 low crossing at 1.09325.
The June Swiss Franc closed lower on Friday as it extends the decline off March's high.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, November's low crossing at 1.0149 is the next downside target. Closes above the 10-day moving average crossing at 1.0589 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 1.0145. Second support is weekly support crossing at 1.0095.
The June Canadian Dollar closed slightly higher on Friday as it consolidates some of this year's decline.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 71.17 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 71.17. Second resistance is the 20-day moving average crossing at 72.99. First support is Thursday's low crossing at 68.20. Second support is the January-2016 low on the monthly continuation chart crossing at 68.09.
The June Japanese Yen closed lower on Friday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, February's low crossing at 0.0897 is the next downside target. Closes above the 10-day moving average crossing at 0.0940 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.0934. Second resistance is the 10-day moving average crossing at 0.0940. First support is today's low crossing at 0.0901. Second support is February's low crossing 0.0897.
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April gold closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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. Closes above the 20-day moving average crossing at $1597.50 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1555.90. Second resistance is the 20-day moving average crossing at $1597.50. 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 higher on Friday as it consolidates some of this year's decline. The mid-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, weekly support crossing at 8.400 is the next downside target. Closes above the 20-day moving average crossing at 15.919 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 14.330. Second resistance is the 20-day moving average crossing at 15.919. First support is Wednesday's low crossing at 11.640. Second support is weekly support crossing at 8.400.
May copper closed slightly lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 246.45 would confirm that a short-term low has been posted. If May extends this year's decline, the January-2016 low on the monthly continuation chart crossing at 193.55 is the next downside target. First resistance is the 10-day moving average crossing at 235.81. Second resistance is the 20-day moving average crossing at 246.45. First support is Thursday's low crossing at 197.25. Second support is theJanuary-2016 low on the monthly continuation chart crossing at 193.55.
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May Corn closed down $0.02 3/4-cents at 3.42 3/4.
May corn closed lower on Friday due to spillover weakness from crude oil. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $3.67 are needed to confirm that a short-term low has been posted. If May extends this year's decline, monthly support crossing at $3.29 3/4 is the next downside target. First resistance is the 10-day moving average crossing at 3.58. Second resistance is the 20-day moving average crossing at $3.67. First support is Wednesday's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.
May wheat closed up $0.05-cents at $5.40.
May wheat closed higher on Friday as it extends the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $5.45 would open the door for a possible test of February's high crossing at $5.68 1/2. Closes below the 10-day moving average crossing at $5.14 1/4 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $5.45. Second resistance is February's high crossing at $5.68 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 $0.03 1/2-cents at $4.69.
May Kansas City wheat closed higher on Thursday as it extends the rally off Monday's low The mid-range close sets the stage for a steady to higher opening when Monday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends today's rally, February's high crossing at $4.93 1/2 is the next upside target. Closes below the 10-day moving average crossing at $4.42 1/4 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $4.71 1/2. Second resistance is February's high crossing at $4.93 1/2. First support is the 10-day moving average crossing at $4.42 1/4. Second support is Monday's low crossing at $4.20.
May Minneapolis wheat closed up $0.01 1/4-cents at $5.21.
May Minneapolis wheat closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $5.20 3/4 are needed to confirm that a short-term low has been posted. If May renews the decline off January's high, psychological support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at $5.20 3/4. Second resistance is the 50-day moving average crossing at $5.39. 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 $0.20-cents at $8.63 1/4.
May soybeans closed higher on Friday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $8.73 are needed to confirm that a short-term low has been posted. If May extends renews year's decline, psychological support crossing at $8.00 is the next downside target. First resistance is the 20-day moving average crossing at $8.73. Second resistance is the 50-day moving average crossing at $8.97 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 $8.00 at $322.80.
May soybean meal closed higher on Friday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, last-June's high crossing at $336.60 is the next upside target. Closes below the 50-day moving average crossing at $301.30 would confirm that a short-term top has been posted. First resistance is today's high crossing at $326.60. Second resistance is last-June's high crossing at $336.60. First support is Tuesday's low crossing at 295.60. Second support is February's low crossing at $290.70.
May soybean oil closed up 16-pts. At 25.64.
May soybean oil closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 27.75 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 26.21. Second resistance is the 20-day moving average crossing at 27.75. First support is Wednesday's low crossing at 24.68. Second support is weekly support crossing at 20.70.
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April hogs closed up $0.43 at $61.58.
April hogs closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $62.18 would confirm that a short-term low has been posted. If April resumes 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 $62.18. Second resistance is the 50-day moving average crossing at $66.10. First support is Monday's low crossing at $52.13. Second support is weekly support crossing at $47.83.
April cattle closed up $3.55 at $98.65.
April cattle closed higher on Friday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening on Monday. 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 $104.28 are needed to confirm that a short-term low has been posted. If April extends the decline off December's high, long-term support crossing at $83.41 is the next downside target. First resistance is the 20-day moving average crossing at $104.28. Second resistance is March's high crossing at $112.65. 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 $5.23-cents at $118.25.
May Feeder cattle gapped up and closed sharply higher on Friday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday's 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 $126.53 are needed to confirm that a short-term low has been posted. If May renews this year's decline, weekly support crossing at $102.55 is the next downside target. First resistance is the 20-day moving average crossing at $126.53. Second resistance is the 50-day moving average crossing at $136.86. First support is Wednesday's low crossing at $107.47. Second support is weekly support crossing at $102.55.
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May coffee closed sharply higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, March's high crossing at 12.25 is the next upside target. Closes below the 50-day moving average crossing at 11.46 would confirm that a short-term top has been posted.
May cocoa closed lower on Friday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the October-2018 low crossing at 21.10 is the next downside target. Closes above the 20-day moving average crossing at 25.50 are needed to confirm that a short-term low has been posted.
May sugar closed higher on Friday as it consolidates some of the decline off February's high. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target. Closes above the 10-day moving average crossing at 11.49 would confirm that a short-term low has been posted.
May cotton closed lower on Friday as it extended this year's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off January's high, monthly support crossing at 48.60 is the next downside target. Closes above the 20-day moving average crossing at 61.25 are needed to confirm that a low has been posted.