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. 4^th Quarter Quarterly Financial Report - Retail Trade

10:00 AM ET. 4^th Quarter Quarterly Financial Report - Industry

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"

The STOCK INDEXES:The June NASDAQ 100 gapped down and was lower overnight after the U.S. Senate failed to advance a motion to provide stimulus to counter the economic effort of shutdowns. However, a short-covering rally  in late-overnight trading tempered early losses and the high-range trade sets the stage for a modestly lower opening when the day 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 June extends the decline off February's high the January-2019 low on the weekly continuation chart crossing at 6616.75 is the next downside target. Closes above the 20-day moving average crossing at 7992.31 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 7387.20. Second resistance is the 20-day moving average crossing at 7992.31. First support is the January-2019 low on the weekly continuation chart crossing at 6616.75. Second support is the 87% retracement level of the 2018-2020-rally on the weekly crossing at 6321.77.  

The June S&P 500 gapped down and was lower in overnight trading as it extends the decline off January's high. The high-range overnight trade sets the stage for a steady to modestly 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 June extends the decline off February's high, monthly support crossing at 2028.01 is the next downside target. Closes above the 20-day moving average crossing at 2742.00 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2484.94. Second resistance is the 20-day moving average crossing at 2742.00. First support is the overnight low crossing at 2174.90. Second support is monthly support crossing at 2028.01. 

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

INTEREST RATES: June T-bonds were higher overnight as they consolidated some of the decline off March's high. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Monday's high crossing at 182-21 would signal that a short-term low has been posted. If June extends the aforementioned decline, the 50-day moving average crossing at 165-31 is the next downside target. First resistance is last-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 165-31. Second support is February's low crossing at 159-18.  

June T-notes were higher overnight as they extended the decline off last-Thursday's low. Stochastics and the RSI have turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rebound off last-Thursday's low, March's high crossing at 140.240 is the next upside target. If June extends the decline off March's high, the 50-day moving average crossing at 132.199 is the next downside target. First resistance is the overnight high crossing at 138.020. Second resistance is March's high crossing at 140.240. First support is the 50-day moving average crossing at 132.199. Second support is February's low crossing at 130.025.   

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

May crude oil was lower in overnight trading as it extends the decline off January's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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. If May 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 36.80 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 28.40. Second resistance is the 20-day moving average crossing at 36.80. First support is last-Wednesday's low crossing at 20.06. Second support is the October-1998 low on the monthly continuation chart crossing at 17.12.

May heating oil was lower overnight. The mid-range overnight trade sets the stage for a steady to lower 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 this year's decline, the January 2016 low on the weekly continuation chart crossing at 84.87 is the next downside target. Closes above the 20-day moving average crossing at 128.11 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 109.78. Second residential is the 20-day moving average crossing at 128.11. First support is last-Wednesday's low crossing at 93.43. Second support is weekly support crossing at 84.87.   

May unleaded gas was lower as it extends the decline off January'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 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 47.80 is the next downside target. Closes above the 20-day moving average crossing at 114.64 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.58. Second resistance is the 20-day moving average crossing at 114.64. First support is the overnight low crossing at 56.01. Second support is monthly support crossing at 47.80. 

May Henry natural gas gapped down and was lower overnight as it extends decline off November's high. The high-range overnight trade sets the stage for a steady to slightly 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 the decline off November's high, weekly support crossing at 1.530 is the next downside target. Closes above the 20-day moving average crossing at 1.808 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.808. Second resistance is 50-day moving average crossing at 1.918. First support is the overnight low crossing at 1.587. Second support is weekly support crossing at 1.530.  

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

CURRENCIES:The June Dollar was higher overnight as it extends the rally off March's low. 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 98.08 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 103.96. Second resistance is the 75% retracement of the 2001-2008 decline on the monthly continuation chart crossing at 108.73. First support is the 10-day moving average crossing at 99.87. Second support is the 20-day moving average crossing at 98.52. 

The June Euro was slightly 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 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 106.54 is the next downside target. Closes above the 20-day moving average crossing at 111.11 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 110.46. Second resistance is the 20-day moving average crossing at 111.11. First support is the overnight low crossing at 106.71. Second support is weekly support crossing at 106.54.     

The June British Pound was lower overnight.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, downside targets are unknown. Closes above the 20-day moving average crossing at 1.2539 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.2135. Second resistance is the 20-day moving average crossing at 1.2539. First support is last-Friday's low crossing at 1.1438. Second support is unknown.

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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, monthly support crossing at 0.9987 is the next downside target. Closes above the 20-day moving average crossing at 1.0494 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0420. Second resistance is the 20-day moving average crossing at 1.0494. First support is the overnight low crossing at 1.0139. Second support is monthly support crossing at 0.9987.

The June Canadian Dollar was lower overnight. 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 on the monthly continuation chart crossing at 68.09 is the next downside target. Closes above last-Monday's high crossing at 72.85 would temper the near-term bearish outlook.First resistance is the 10-day moving average crossing at 70.84. Second resistance is the 20-day moving average crossing at 72.85. First support is last-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 was steady to slightly higher overnight as it consolidates some of this month's decline. 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 oversold but remain 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 0.0897 is the next downside target. Closes above the 20-day moving average crossing at 0.0934 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 March's high crossing at 0.0992. First support is last-Friday's low crossing at 0.0901. Second support is February's low crossing at 0.0897.

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS: April gold was lower overnight. 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 above the 20-day moving average crossing at $1590.00 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1539.00. Second resistance is the 20-day moving average crossing at $1590.00. First support is last-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 steady to slightly lower in late-overnight trading. The high-range overnight trade sets the stage for a steady to slightly 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 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 $15.617 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving averagecrossing at $13.895. Second resistance is the 20-day moving average crossing at $15.617. First support is last-Wednesday's low crossing at $11.640. 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 mid-range overnight trade sets the stage for a steady to lower opening when the day 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 $244.02 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 $231.88. Second resistance is the 20-day moving average crossing at $244.02. First support is last-Thursday's low crossing at $197.25 Second support is the January-2016 low on the monthly continuation chart crossing at $193.55.

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

May corn was steady to lower overnight as it consolidates some of this month's decline. The high-range trade sets the stage for a steady to higher opening when the day sessions 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 $3.65 1/4 would confirm that a low has been posted. If May extends the decline off January's high, monthly support crossing at $3.29 3/4 is the next downside target. First resistance is the 10-day moving average crossing at $3.54 3/4. Second resistance is the 20-day moving average crossing at $3.65 1/4. First support is last-Wednesday's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.    

May wheat was higher overnight as it extended the rally off last-Monday's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $5.44 3/4 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 5.17 1/2 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $5.44 3/4. 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 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 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 was higher overnight as it extends the rally off March's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If May extends the rally off March's low, the 50-day moving average crossing at $5.38 1/4 is the next upside target. If May renews the decline off January's high, psychological support crossing at $5.00 is the next downside target. First resistance is the 50-day moving average crossing at $5.38 1/4. Second resistance is February's high crossing at $5.50 3/4. First support is March'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 high-range trade sets the stage for a steady to higher opening when the day 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 $8.72 1/2 would temper the near-term bearish outlook. If May renews the decline off January's high, psychological support crossing at $8.00 is the next downside target. First resistance is the 20-day moving average crossing at $8.72 1/4. Second resistance is the 50-day moving average crossing at $8.96. First support is last-Monday's low crossing at $8.21. Second support is psychological support crossing at $8.00.    

May soybean meal was sharply higher overnight as it extends the rally off February's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, last-June's high crossing at 336.60 is the next upside target. Closes below the 50-day moving average crossing at $301.80 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $333.80. Second resistance is last-June's high crossing at 336.60. First support is the 50-day moving average crossing at $301.90. Second support is last-Tuesday's low crossing at $295.60.     

May soybean oil was steady to 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 27.54 are needed to confirm that a short-term low has been posted. If May extends the decline off January's high, monthly support crossing at 21.54 is the next downside target. First resistance is the 10-day moving average crossing at 26.02. Second resistance is the 20-day moving average crossing at 27.54. First support is last-Wednesday's low crossing at 24.68. Second support is monthly support crossing at 21.54.    

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

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.       

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

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.