KEY EVENTS TO WATCH FOR:

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 sharply higher on Thursday despite today's bearish jobs report following the Senate's approves historic $2 trillion coronavirus relief bill as it extended the rebounded off Monday's low. The high-range close that sets the stage for a steady to higher opening when Friday'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 22,859.87 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 22,859.87. Second resistance is the March 12^th 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 sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 7835.13 are needed to confirm that a short-term low has been posted. If June resumes 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 7835.13. 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 Thursday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2657.44 would confirm that a short-term low has been posted. If March resumes 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 2657.44. 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 11/32's at 177-14.  

June T-bonds posted an inside day with a lower close on Thursday.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 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 167-07 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 167-07. Second support is February's low crossing at 159-18. 

June T-notes closed up 15-pts. at 137.125.

June T-notes closed higher on Thursday. 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 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. Closes below the 20-day moving average crossing at 136-200 would open the door for additional weakness and a possible test of the 50-day moving average crossing at 133.045 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 133.046.       

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

May crude oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 $33.17 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $25.69. Second resistance is the 20-day moving average crossing at $33.17. 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 $121.90 would signal that a short-term low has been posted. If May resumes 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 $121.90. Second resistance is the March 9^th 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 slightly lower on Thursday. 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 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 99.71 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 66.32. Second resistance is the 20-day moving average crossing at 99.71. 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 Thursday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.792 would temper the near-term bearish outlook. If May renews 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 1.792. Second resistance is the 50-day moving average crossing at 1.890. First support is Monday's low crossing at 1.587. Second support is weekly support crossing at 1.530.         

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

The June Dollar closed lower on Thursday as it extended the decline off Monday's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 98.86 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 20-day moving average crossing at 98.86. Second support is the 50-day moving average crossing at 98.32. 

The June Euro closed higher on Thursday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Friday'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 111.06 would confirm that a short-term low has been posted. If June resumes 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 Thursday tempering the near-term bearish outlook. The high-range close sets the stage for a steady to higher opening when Friday'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 1.2390 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 20-day moving average crossing at 1.2390. Second resistance is the 50-day moving average crossing at 1.2786. 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 sharply higher on Thursday 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 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. Closes above the 20-day moving average crossing at 1.0491 would confirm that a short-term low has been posted. If June resumes this month's decline the November-2019 low on the monthly continuation chart crossing at 0.9987 is the next downside target.First resistance is the 20-day moving average crossing at 1.0491. Second resistance is the March 16^th high crossing at 1.0698. 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 higher on Thursday as it extends the rally off March's low.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 10-day moving average crossing at 70.20 confirms 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 20-day moving average crossing at 72.00. Second resistance is the 50% retracement level of the January-March-decline crossing at 72.71. First support is March'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 higher on Thursday 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 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 are needed to 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 Wednesday's low crossing at 0.0900. Second support is February's low crossing 0.0897.  

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

April gold closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 $1555.30 are needed to confirm that a short-term top has been posted. First resistance is Wednesday'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 $1555.30. Second support is March's low crossing at $1450.90.

May silver closed lower on Thursday as it consolidates some of the rally off March's low. The mid-range close set the stage for a steady to higher opening when Friday'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 15.155 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 15.155. Second resistance is the 50-day moving average crossing at 16.840. First support is last-Wednesday's low crossing at 11.640. Second support is weekly support crossing at 8.400.  

May copper closed lower on Thursday as it consolidates below the 10-day moving average crossing at 223.47. The mid-range close sets the stage for a steady to lower opening when Friday'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 238.68 are needed to 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 223.47. Second resistance is the 20-day moving average crossing at 238.68. First support is March's low crossing at 197.25. Second support is theJanuary-2016 low on the monthly continuation chart crossing at 193.55.

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

May Corn closed up $0.00 1/4-cents at 3.48 3/4. 

May corn closed higher on Wednesday. Corn sales came in at the high-end of expectations around 71 million bushels. Most of the sales went to China. Year-to-day sales are near 1.214 billion bushels compared with 1.679 for last year. The high-range close sets the stage for a steady to higher opening when Friday'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 $3.61 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 last-Friday's high crossing at 3.56 3/4. Second resistance is the 20-day moving average crossing at $3.61 3/4. First support is March's low crossing at $3.32. Second support is monthly support crossing at $3.29 3/4.    

May wheat closed down $0.11-cents at $5.69.  

May wheat closed lower on Thursday as it consolidated some of the rally off March's low. Export sales came in at 27 million bushels, which was above expectations. Year-to-date sales are 908 million bushels verses 867 million bushels last year. 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 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 $5.27 would confirm that a short-term top has been posted. First resistance is Wednesday'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 $5.27.      

May Kansas City Wheat closed own $0.13 3/4-cents at $4.87 1/4.

May Kansas City wheat closed lower on Thursday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday 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 $4.55 1/4 would confirm that a short-term top has been posted. First resistance is Wednesday'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 $4.70 3/4. Second support is the 20-day moving average crossing at $4.55 1/4.   

May Minneapolis wheat closed down $0.06 1/4-cents at $5.31 1/4. 

May Minneapolis wheat closed lower on Thursday as it consolidated some of the rally off March's low. 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 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 5.21 would temper the near-term friendly outlook. First resistance is February's high crossing at $5.50 3/4. Second resistance is January's high crossing at $5.76. First support is the 10-day moving average crossing at $5.21. Second support is March's low crossing at $5.03.       

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "

May soybeans closed down $0.01 1/4-cents at $8.80 1/4.

May soybeans closed lower on Thursday as it consolidates some of the rally off last-Monday's low. Today's export sales report showed net sales of near 33 million bushels, which was above expectations. Year-to-date sales are near 1.319 billion bushels verses 1.528 billion bushels last-year. The mid-range close sets the stage for a steady to higher opening when Friday'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 March'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 $8.56 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $8.91 3/4. Second resistance is March's high crossing at $9.12 1/2. First support is the 10-day moving average crossing at $8.56. Second support is March's low crossing at $8.21.      

May soybean meal closed up $1.30 at $323.00. 

May soybean meal closed higher on Thursday as it consolidates some of Wednesday's decline. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $309.50 would confirm that a short-term top has been posted. If May resumes 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 $314.20. Second support is the 50-day moving average crossing at $302.90.      

May soybean oil closed down 22-pts. At 26.42. 

May soybean oil closed lower on Thursday. 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 neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 27.13 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 27.13. Second resistance is the March 9^th gap crossing at 28.53. First support is March's low crossing at 24.68. Second support is weekly support crossing at 20.70.        

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April hogs closed down $2.95 at $62.90. 

April hogs closed sharply lower on Thursday and filled Tuesday's gap crossing at $64.58. 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 overbought and are poised to turn neutral to bearish with additional weakness. If April extends the rally off March's low, February's high crossing at $68.25 is the next upside target. Closes below the 10-day moving average crossing at $60.94 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 the 20-day moving average crossing at $62.18. Second support is the 10-day moving average crossing at $60.94.   

April cattle closed down $3.00 at $105.45. 

April cattle closed limit down on Thursday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 $99.13 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 $113.29. First support is the 20-day crossing at $102.81. Second support is the 10-day moving average crossing at $99.13.  

May Feeder cattle closed down $3.67-cents at $125.42. 

May Feeder cattle closed sharply lower on Thursday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Friday'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 $134.97 is the next upside target. Closes below the 10-day moving average crossing at $118.28 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $134.97. Second resistance is March's high crossing at $138.20. First support the 10-day moving average crossing at $118.28. Second support is March's low crossing at $107.47.       

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

May coffee closed lower on Thursday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 11.02 would confirm that a short-term top has been posted. 

May cocoa closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 24.45 are needed to confirm that a short-term low has been posted.              

May sugar closed lower on Thursday as it consolidates some of the rally off last-Thursday's low. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 12^th gap crossing at 12.23 are needed to 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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, monthly support crossing at 48.60 is the next downside target. Closes above the 20-day moving average crossing at 58.72 are needed to confirm that a low has been posted.