KEY EVENTS TO WATCH FOR:

Tuesday, April 7, 2020  

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous -10.3%)

                       Chain Store Sales, M/M% (previous -6.7%)

8:30 AM ET. 4^th Quarter GDP by State

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +1.3%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +7.5%)

                       Latest Wk, Y/Y% (previous +6.3%)

10:00 AM ET. April IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 53.9)

                       6-Mo Economic Outlook (previous 47.8)

10:00 AM ET. February Job Openings & Labor Turnover Survey

3:00 PM ET. February Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +12.02B)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +10.5M)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

Wednesday, April 8, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 874.6)

                       Composite Idx, W/W% (previous -29.4%)

                       Purchase Idx-SA (previous 211.7)

                       Purchase Idx-SA, W/W% (previous -10.8%)

                       Refinance Idx (previous 4781.1)

                       Refinance Idx, W/W% (previous -33.8%)

10:00 AM ET. February Metropolitan Area Employment & Unemployment

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 469.193M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +13.833M)

                       Gasoline Stocks (Bbl) (previous 246.806M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +7.524M)

                       Distillate Stocks (Bbl) (previous 122.248M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.194M)

                       Refinery Usage (previous 82.3%)

                       Total Prod Supplied (Bbl/day) (previous 17.847M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.553M)

  N/A              IMF World Economic Outlook analytical chapters

Thursday, April 9, 2020

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 1095.7K)

                       Soybeans (Metric Tons) (previous 1071.4K)

                       Wheat (Metric Tons) (previous 258.8K)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 6.648M)

                       Jobless Claims, Net Chg (previous +3.341M)

                       Continuing Claims (previous 3029000)

                       Continuing Claims, Net Chg (previous +1245K)

8:30 AM ET. March PPI

                       PPI, M/M% (previous -0.6%)

                       Ex-Food & Energy PPI, M/M% (previous -0.3%)

                       Personal Consumption (previous -0.8%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. February Monthly Wholesale Trade

                       Inventories, M/M% (previous -0.4%)

10:00 AM ET. April University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 95.9)

                       Mid-Mo Expectations (previous 85.3)

                       Mid-Mo Current Idx (previous 112.5)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1986B)

                       Working Gas In Storage, Net Chg (Cbf) (previous -19B)

                       (Cbf)

12:00 PM ET. March Monthly U.S. Retail Chain Store Sales Index

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, April 10, 2020 

8:30 AM ET. March CPI 

                       CPI, M/M% (previous +0.1%)

                       Core CPI, M/M% (previous +0.2%)

                       Energy Idx, M/M% (previous -2.0%)

                       Food Idx, M/M% (previous +0.4%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.5%)

                       CPI, Y/Y% (previous +2.3%)

                       Core Annual, Y/Y% (previous +2.4%)

8:30 AM ET. March Real Earnings

  N/A              U.S. stock markets closed on Good Friday

  N/A              Marianas: Good Friday

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

The STOCK INDEXES:The June NASDAQ 100 were sharply higher in overnight trading as it extends Monday's rally. 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 June extends extends the rally off March's low, the 50-day moving average crossing at 8481.19 is the next upside target. Closes below last-Thursday's low crossing at 7376.00 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 8481.22. Second resistance is the 62% retracement level of the February-March-decline crossing at 8583.30. First support is last-Thursday's low crossing at 7376.00. Second support is March's low crossing at 6628.75.

The June S&P 500 was higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50% retracement level of this year's decline crossing at 2780.02 is the next upside target. Closes below last-Wednesday's low crossing at 2448.00 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. Second resistance is the 62% retracement level of the February-March-decline crossing at 2924.37. First support is last-Wednesday's low crossing at 2448.00. Second support is March's low crossing at 2174.90. 

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

INTEREST RATES: June T-bonds were lower overnight. 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 178-08 would confirm that a short-term top has been posted. If June extends the rally off March's low, the March 12^th high crossing at 184-07 is the next upside target. First resistance is the March 12th high crossing at 184-07. Second resistance is March's high crossing at 191-22. First support is the 20-day moving average crossing at 178-08. Second support is the 50-day moving average crossing at 170-25.  

June T-notes were lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening with the day 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 137.177 would confirm that a short-term top has been posted. If June extends the rally off March's low, March's high crossing at 140.240 is the next upside target. First resistance is last-Thursday's high crossing at 139.145. Second resistance is March's high crossing at 140.240. First support is the 20-day moving average crossing at 137.177. Second support is the 50-day moving average crossing at 134.193.   

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

May crude oil was slightly higher in overnight trading as it consolidates above the 20-day moving average.The mid-range overnight 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. If May extends the rally off March's low, the 50-day moving average crossing at 39.78 is the next upside target. If May renews this year's decline, the October-1998 low on the monthly continuation chart crossing at 17.12 is the next downside target. First resistance is last-Friday's high crossing at 29.13. Second resistance is the 50-day moving average crossing at 39.78. First support is March's low crossing at 19.27. Second support is the October-1998 low on the monthly continuation chart crossing at 17.12.

May heating oil was slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly 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 last-Thursday's high crossing at 113.84 would signal that a short-term low has been posted. If May renews 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 last-Thursday's high crossing at 113.84. Second resistance is the March 9^th gap crossing at 137.81. First support is last-Wednesday's low crossing at 93.03. Second support is weekly support crossing at 84.87.  

May unleaded gas was slightly higher overnight. The high-range overnight 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. Multiple closes above the 20-day moving average crossing at 69.30 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is the 20-day moving average crossing at 69.30. Second resistance is the 25% retracement level of the January-March-decline crossing at 84.25. First support is March's low crossing at 46.05. Second support is monthly support crossing at 32.40. 

May Henry natural gas was higher overnight as it extends the rally off last-Thursday's low. The high-range overnight 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 50-day moving average crossing at 1.832 would open the door for a possible test of March's high crossing at 2.044. If May renews the decline off November's high, weekly support crossing at 1.500 is the next downside target. First resistance is the 50-day moving average crossing at 1.832. Second resistance is March's high crossing at 2.044. First support is last-Thursday's low crossing at 1.521. Second support is weekly support crossing at 1.500.  

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

CURRENCIES:The June Dollar was lower overnight. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, the 62% retracement level of March's rally crossing at 98.14 is the next downside target. If June extends the rally off the March 27^th low crossing at 98.34, March's high crossing at 103.96 is the next upside target.First resistance is last-Friday's high crossing at 100.97. Second resistance is March's high crossing at 103.96. First support is the 62% retracement level of March's rally crossing at 98.13. Second support is the 75% retracement level of March's rally crossing at 98.88. 

The June Euro was higher overnight as it consolidates some of last-week's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 50-day moving average crossing at 110.41 would temper the near-term bearish outlook. If June extends last-week's decline, March's low crossing at 106.71 is the next downside target. First resistance is the March 27^th high crossing at 111.88. Second resistance is the March 19th high crossing at 112.78. First support is Monday's low crossing at 107.92. Second support is March's low crossing at 106.71.    

The June British Pound was higher overnight as it appears to be forming a bull flag.The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low the 50-day moving average crossing at 1.2666 is the next upside target. Closes below the 20-day moving average crossing at 1.2168 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.2666. Second resistance is March's high crossing at 1.3212. First support is the 20-day moving average crossing at 1.2168. Second support is March's low crossing at 1.1438.

The June Swiss Franc was higher overnight as it consolidates some of last-week's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 50-day moving average crossing at 1.0404 would temper the near-term bearish outlook. If June extends last-week's decline, March's low crossing at 1.0138 is the next downside target. First resistance is the March 30^th high crossing at 1.0566. Second resistance is the March 16^th high crossing at 1.0698. First support is Monday's low crossing at 1.0234. Second is March's low crossing at 1.0138.

The June Canadian Dollar was higher overnight as it extends the trading range of the past eight-days. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 27th high crossing at 71.89 are needed to confirm that a short-term low has been posted.If June resumes the decline off December's high, the January-2016 low on the monthly continuation chart crossing at 68.09 is the next downside target. First resistance is the March 27th high crossing at 71.89. Second resistance is the March 16^th high crossing at 72.85. 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 was slightly higher overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Wednesday's high, March's low crossing at 0.0900 is the next downside target. If June renews the rally off March's low, the March 12^th high crossing at 0.0973 is the next upside target. First resistance is last-Wednesday's high crossing at 0.0938. Second resistance is March 12^th high crossing at 0.0973. First support is Monday's low crossing at 0.0919. Second support is March's low crossing at 0.0900. 

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

PRECIOUS METALS: June gold was steady to slightly lower in late-overnight trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, monthly resistance crossing at $1809.50 is the next upside target. Closes below last-Wednesday's low crossing at $1576.00 would confirm that a double top has been posted. First resistance is the overnight high crossing at $1742.60. Second resistance is monthly resistance crossing at $1809.50. First support is last-Wednesday's low crossing at $1576.00. Second support is March's low crossing at $1453.00.

May silver was higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 the 50-day moving averagecrossing at $16.295 is the next upside target. Closes below last-Wednesday's low crossing at $13.895 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $15.930. Second resistance is the 50-day moving average crossing at $16.295. First support is last-Wednesday's low crossing at $13.895. Second support is March's low crossing at $11.640. 

May copper was sharply higher overnight as it renewed the rally off March's low. The high-range overnight 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 $224.53 would confirm that a short-term low has been posted while opening the door for additional gains near-term. 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 38% retracement level of the January-March-decline crossing at $232.21. Second resistance is the 50% retracement level of the January-March-decline crossing at $243.17. First support is March'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 higher due to short covering overnight as it consolidates some of its recent 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, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off December's high, monthly support crossing at $3.12 is the next downside target.Closes above the 20-day moving average crossing at $3.45 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at $3.45 1/4. Second resistance is the March 20^th high crossing at $3.56 1/2. First support is Monday's low crossing at $3.25 1/2. Second support is monthly support crossing at $3.12.    

May wheat was lower overnight following a two-day bounce off last-Thursday's low.The low-range trade sets the stage for a steady to 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. Closes below the 20-day moving average crossing at 5.41 1/2 would confirm that a double top with January's high has been posted. If May resumes the rally off March's low, January's high crossing at $5.90 3/4 is the next upside target. First resistance is March's high crossing at $5.87. Second resistance is January's high crossing at $5.90 3/4. First support is the 20-day moving average crossing at $5.41 1/2. Second support is the 62% retracement level of the March rally crossing at $5.28 1/4.

July Kansas City Wheat closed up $0.03 3/4-cents at $4.75 3/4.

July Kansas City wheat closed higher on Monday but well off session highs. The low-range close sets the stage for a steady to lower opening when Tuesday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $4.65 are needed to confirm that a short-term top has been posted. If July resumes the rally off March's low, January's high crossing at $5.19 is the next upside target. First resistance is March's high crossing at $5.09 1/4. Second resistance is January's high crossing at $5.19. First support is the 20-day moving average crossing at $4.65. Second support is the 62% retracement level of March's rally crossing at $4.58 1/2.    

May Minneapolis wheat was lower overnight following a two-day bounce off last Thursday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above March's high crossing at $5.42 1/2 would renew the rally off March's low. If May resumes last-week's decline, March's low crossing at $5.03 is the next downside target. First resistance is March's high crossing at $5.42 1/2. Second resistance is February's high crossing at $5.50 3/4. First support is last-Thursday's low crossing at $5.15 1/4. Second support is March's low crossing at $5.03.  

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

May soybeans were higher due to short covering overnight as they consolidate some of last-week's decline. The mid-range trade sets the stage for a steady to higher 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 last-week's decline, March's low crossing at $8.21 is a potential downside target. Closes above the 50-day moving average crossing at $8.82 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.82. Second resistance is March's high crossing at $9.12 1/2. First support is Monday's low crossing at $8.48 1/2. Second support is March's low crossing at $8.21.    

May soybean meal was lower overnight as it extended last-week's sharp decline. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If May extends last-week's decline, the March 17^th low crossing at $295.60 is the next downside target. Closes above the 10-day moving average crossing at $313.50 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $304.20. Second resistance is the 20-day moving average crossing at 311.90. First support is the March 17^th low crossing at $295.60. Second support is February's low crossing at $290.70.     

May soybean oil was 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 neutral to bullish signaling that sideways to higher prices are is possible near-term. Closes above last-Monday's high crossing at 27.38 are needed to confirm that a short-term low has been posted. If May resumes the decline off January's high, monthly support crossing at 21.54 is the next downside target. First resistance is last-Monday's high crossing at 27.38. Second resistance is the 38% retracement level of the January-March-decline crossing at 28.97. First support is March's low crossing at 24.68. Second support is monthly support crossing at 21.54.