KEY EVENTS TO WATCH FOR:
Thursday, March 26, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 960.6K)
Soybeans (Metric Tons) (previous 701.2K)
Wheat (Metric Tons) (previous 482.1K)
8:30 AM ET. February Advance Economic Indicators Report
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 875K; previous 281K)
Jobless Claims, Net Chg (previous +70K)
Continuing Claims (previous 1701000)
Continuing Claims, Net Chg (previous +2K)
8:30 AM ET. 4th Quarter 3rd estimate GDP
Annual Rate, Q/Q% (expected +2.1%; previous +2.1%)
Chain-Weighted Price Idx, Q/Q% (expected +1.3%; previous +1.3%)
Corporate Profits, Q/Q%
PCE Price Idx, Q/Q% (previous +1.3%)
Purchase Price Idx, Q/Q% (previous +1.4%)
Real Final Sales, Q/Q% (previous +3.1%)
Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +1.2%)
Personal Consumption, Q/Q% (previous +1.7%)
8:30 AM ET. 4th Quarter Corporate Profits
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2034B)
Working Gas In Storage, Net Chg (Cbf) (previous -9B)
(Cbf)
11:00 AM ET. March Federal Reserve Bank of Kansas City Survey of Tenth District
Manufacturing
Mfg Activity Idx (previous 8)
6-Mo Exp Prod Idx (previous 21)
Mfg Composite Idx (previous 5)
6-Mo Exp Composite Idx (previous 16)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
N/A Ex-Im Bank Annual Conference
Friday, March 27, 2020
8:30 AM ET. February Personal Income & Outlays
Personal Income, M/M% (expected +0.4%; previous +0.6%)
Consumer Spending, M/M% (expected +0.2%; previous +0.2%)
PCE Price Idx, M/M% (previous +0.1%)
PCE Price Idx, Y/Y% (previous +1.7%)
PCE Core Price Idx, M/M% (expected +0.2%; previous +0.1%)
PCE Core Price Idx, Y/Y% (expected +1.7%; previous +1.6%)
10:00 AM ET. March University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 89.0; previous 101.0)
End-Mo Expectations Idx (previous 92.1)
12-Month Inflation Forecast (previous 2.4%)
5-Year Inflation Forecast (previous 2.3%)
End-Mo Current Idx (previous 114.8)
10:00 AM ET. February Regional & State Employment & Unemployment
N/A Shadow Open Market Committee Spring Meeting
Monday, March 30, 2020
10:00 AM ET. February Pending Home Sales Index
Pending Home Sales (previous 108.8)
Pending Home Sales Idx, M/M% (previous +5.2%)
Pending Home Sales Idx , Y/Y% (previous +5.7%)
10:30 AM ET. March Texas Manufacturing Outlook Survey
Business Activity (previous 1.2)
Mfg Production Idx (previous 16.4)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Wednesday as it extended the rebounded off Monday's low. The mid-range close that sets the stage for a steady to higher 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 23,038.28 are needed to confirm that a short-term low has been posted. If the Dow renews the decline off February's high, the November-2016 low crossing at 17,883.56 is the next downside target. First resistance is the 20-day moving average crossing at 23,038.28. second resistance is the March 12th gap crossing at 23,328.32. First support is Monday's low crossing at 18,213.65. Second support is the November-2016 low crossing at 17,883.56.
The June NASDAQ 100 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 7864.34 are needed to confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 7864.34. Second resistance is the 50% retracement level of the February-March-decline crossing at 8208.09. First support is Monday's low crossing at 6628.75. Second support is the January-2019 low on the weekly continuation chart crossing at 6616.75.
The June S&P 500 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 a low might be in or is near. Closes above the 20-day moving average crossing at 2674.41 would confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 2674.41. Second resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. First support is Monday's low crossing at 2174.90. Second support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.
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June T-bonds closed down 14/32's at 177-09.
June T-bonds posted an inside day with a lower close 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Wednesday's low, March's high crossing at 191-22. If June resumes the decline off March's high, the 50-day moving average crossing at 166-25 is the next downside target.First resistance is Monday's high crossing at 181-08. Second resistance is March's high crossing at 191-22. First support is the 50-day moving average crossing at 166-25. Second support is February's low crossing at 159-18.
June T-notes closed down 10-pts. at 137.085.
June T-notes closed lower on Wednesday as it consolidates some of the rally off last-Thursday's low. 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Thursday's low, 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 132.311 is the next downside target. First resistance is Monday's high crossing at 138.180. Second resistance is March's high crossing at 140.240. First support is last-Thursday's low crossing at 133.210. Second support is the 50-day moving average crossing at 132.311.
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May crude oil closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher 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 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 $34.38 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $26.60. Second resistance is the 20-day moving average crossing at $34.38. First support is last-Wednesday's low crossing at $20.52. Second support is the October-1998 low on the monthly continuation chart crossing at $17.12.
May heating oil closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $124.01 would signal that a short-term low has been posted. 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.First resistance is the 20-day moving average crossing at $124.01. Second resistance is the March 9th gap crossing at $137.81. First support is last-Wednesday's low crossing at $94.30. Second support is weekly support crossing at $84.87.
May unleaded gas closed higher on Wednesday as it consolidates some of this year's decline. 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 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 32.40 is the next downside target. Closes above the 20-day moving average crossing at 104.21 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 69.66. Second resistance is the 20-day moving average crossing at 104.21. First support is Monday's low crossing at 46.05. Second support is monthly support crossing at 32.40.
May 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.796 would confirm that a short-term low has been posted. If May extends the decline below weekly support crossing at 1.611, it would open the door for additional weakness near-term. First resistance is the 20-day moving average crossing at 1.796. Second resistance is the 50-day moving average crossing at 1.900. First support is Monday's low crossing at 1.587. Second support is weekly support crossing at 1.530.
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The June Dollar closed lower on Wednesday as it consolidates some of the rally off March's low. 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 overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 98.26 would confirm that a short-term top has been posted. If June resumes the rally off March's low, the 75% retracement of the 2001-2008 decline on the monthly continuation chart crossing at 108.73 is the next upside target. First resistance is Monday's 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 is the next upside target. First support is the 10-day moving average crossing at 100.84. Second support is the 50-day moving average crossing at 98.26.
The June Euro closed higher on Wednesday as it consolidates some of the decline off March's high. 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 sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 111.06 would temper the near-term bearish outlook. If June extends the decline off March's high, weekly support crossing at 106.55 is the next downside target. First resistance is the 20-day moving average crossing at 111.06. Second resistance is last-Monday's high crossing at 112.78. First support is Monday's low crossing at 106.71. Second support is weekly support crossing at 106.55.
The June British Pound 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 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 1.2426 would confirm that a short-term low has been posted. If June resumes the decline off December's high, the February-1985 low crossing at 1.0932 is the next downside target. First resistance is the 10-day moving average crossing at 1.1933. Second resistance is the 20-day moving average crossing at 1.2426. First support is last-Friday's low crossing at 1.1438. Second support is the February-1985 low crossing at 1.09325.
The June Swiss Franc closed higher on Wednesday as it consolidates some of the decline off March's high.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 remains neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline the November-2019 low on the monthly continuation chart crossing at 0.9987 is the next downside target. Closes above the 20-day moving average crossing at 1.0490 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 1.0415. Second resistance is the 20-day moving average crossing at 1.0490. First support is Monday's low crossing at 1.0138. Second support is the November-2019 low on the monthly continuation chart crossing at 0.9987.
The June Canadian Dollar closed sharply 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 10-day moving average crossing at 70.25 would confirm that a short-term low has been posted. If June renews the decline off January's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. First resistance is the 10-day moving average crossing at 70.25. Second resistance is the 20-day moving average crossing at 72.17. 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 closed unchanged on Wednesday as it extends the decline off March's high. The mid-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 March's high, February's low crossing at 0.0897 is the next downside target. Closes above the 20-day moving average crossing at 0.0933 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.0923. Second resistance is the 20-day moving average crossing at 0.0933. First support is today's low crossing at 0.0900. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, March's high crossing at $1704.30. Closes below the 10-day moving average crossing at $1548.00 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $1699.30. Second resistance is March's high crossing at $1704.30. First support is the 10-day moving average crossing at $1548.00. Second support is last-Monday's low crossing at $1450.90.
May silver closed higher on Wednesday as it extends the rally off March's low. The high-range close set the stage for a steady to higher opening when Thursday'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 15.310 would confirm that a short-term low has been posted. If May resumes the decline off February's high, weekly support crossing at 8.400 is the next downside target. First resistance is the 20-day moving average crossing at 15.310. Second resistance is the 50-day moving average crossing at 16.903. First support is last-Wednesday's low crossing at 11.640. Second support is weekly support crossing at 8.400.
May copper closed higher on Wednesday as it consolidates some of this year's decline. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 240.50 would confirm that a short-term low has been posted. If May resumes 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 226.00. Second resistance is the 20-day moving average crossing at 240.50. 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.
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May Corn closed up $0.02 1/2-cents at 3.49 3/4.
May corn closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night sessions 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 $3.62 3/4 are needed to confirm that a short-term low has been posted. If May resumes 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 3.49 1/4. Second resistance is the 20-day moving average crossing at $3.62 3/4. First support is last-Wednesday's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.
May wheat closed up $0.18 1/4-cents at $5.79 3/4.
May wheat closed higher on Wednesday as it extends the rally off last-Monday'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 lower prices are possible near-term. If May extends the rally off March's low, January's high crossing at $5.90 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.24 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.83 1/4. Second resistance is January's high crossing at $5.90 3/4. First support is the 50-day moving average crossing at $5.45. Second support is the 20-day moving average crossing at $5.24 3/4.
May Kansas City Wheat closed up $0.10 1/4-cents at $5.01.
May Kansas City wheat closed higher on Wednesday as it extends the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday 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 May extends the rally off March's low, January's high crossing at $5.11 3/4 is the next upside target. Closes below the 20-day moving average crossing at $4.53 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.05 3/4. Second resistance is January's high crossing at $5.11 3/4. First support is the 50-day moving average crossing at $4.71 1/4. Second support is the 20-day moving average crossing at $4.53 1/2.
May Minneapolis wheat closed up $0.02 1/2-cents at $5.37 1/2.
May Minneapolis wheat closed higher on Wednesday as it extends the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at $5.50 3/4 is the next upside target. Closes below the 10-day moving average crossing at 5.18 3/4 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $5.37 1/4. Second resistance is February's high crossing at $5.50 3/4. First support is the 10-day moving average crossing at $5.18 3/4. Second support is March's low crossing at $5.03.
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May soybeans closed down $0.04 1/4-cents at $8.82 1/2.
May soybeans closed lower on Wednesday as it consolidates some of the rally off last-Monday's low. 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 bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Monday's low, March's high crossing at $9.12 1/2 is the next upside target. Closes below the 10-day moving average crossing at $8.54 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $8.93. Second resistance is March's high crossing at $9.12 1/2. First support is the 10-day moving average crossing at $8.54. Second support is last-Monday's low crossing at $8.21.
May soybean meal closed down $11.40 at $320.70.
May soybean meal closed lower on Wednesday as it consolidates some of the rally off February's low. 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $308.60 would confirm that a short-term top has been posted. If May extends this month's rally, last-June's high crossing at $336.60 is the next upside target. First resistance is Tuesday's high crossing at $336.30. Second resistance is last-June's high crossing at $336.60. First support is the 10-day moving average crossing at $312.20. Second support is the 50-day moving average crossing at $302.60.
May soybean oil closed up 22-pts. At 26.77.
May soybean oil 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 neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 27.27 are needed to confirm that a short-term top has been posted. If May extends the decline off January's high, weekly support crossing at 20.70 is the next downside target. First resistance is the 20-day moving average crossing at 27.27. Second resistance is the March 9th gap crossing at 28.53. First support is last-Wednesday's low crossing at 24.68. Second support is weekly support crossing at 20.70.
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April hogs closed down $0.58 at $65.85.
April hogs closed lower on Wednesday but remains above the 50-day moving average crossing at $65.60. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally, February's high crossing at $68.25 is the next upside target. Closes below the 10-day moving average crossing at $60.74 would confirm that a short-term top has been posted. First resistance is February's high crossing at $68.25. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $71.54. First support is Tuesday's gap crossing at $64.58. Second support is the 10-day moving average crossing at $60.74.
April cattle closed up $2.30 at $108.45.
April cattle closed higher on Wednesday as it extended the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off March's low, March's high crossing at $112.65 is the next upside target. Closes below the 10-day moving average crossing at $98.60 would confirm that a short-term top has been posted. First resistance is March's high crossing at $112.65. Second resistance is the 50-day moving average crossing at $113.74. First support is the 20-day crossing at $103.06. Second support is the 10-day moving average crossing at $98.60.
May Feeder cattle closed down $0.40-cents at $129.10.
May Feeder cattle closed lower on Thursday as it consolidated some of the rally off March's low. The mid-range up close sets the stage for a steady to lower opening when Thursday's 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 month's rally, the 50-day moving average crossing at $135.46 is the next upside target. Closes below the 10-day moving average crossing at $117.82 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $135.46. Second resistance is March's high crossing at $138.20. First support the 10-day moving average crossing at $117.82. Second support is March's low crossing at $107.47.
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May coffee closed higher on Wednesday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, the 75% retracement level of the December-February-decline crossing at 13.33 is the next upside target. Closes below the 50-day moving average crossing at 11.01 would confirm that a short-term top has been posted.
May cocoa closed lower on Wednesday. The low-range close sets 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, the October-2018 low crossing at 21.10 is the next downside target. Closes above the 20-day moving average crossing at 24.70 are needed to confirm that a short-term low has been posted.
May sugar closed higher on Wednesday 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 Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 12th gap crossing at 12.23 would temper the near-term bearish outlook. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target.
May cotton closed higher on Wednesday as it consolidated some of this month's decline. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 59.20 are needed to confirm that a low has been posted. If May extends the decline off January's high, monthly support crossing at 48.60 is the next downside target.