KEY EVENTS TO WATCH FOR:

Monday, April 13, 2020  

  N/A              Parliamentary Network on the World Bank and IMF Annual Conference

Tuesday, April 14, 2020  

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

                       Chain Store Sales, W/W% (previous -6.8%)

                       Chain Store Sales, M/M% (previous -16.0%)

8:30 AM ET. IMF World Economic Outlook virtual press briefing

8:30 AM ET. March Import & Export Price Indexes

                       Import Prices (expected -3.0%; previous -0.5%)

                       Non-Petroleum Prices (previous +0.2%)

                       Petroleum Prices (previous -7.6%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous +0.9%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +7.0%)

                       Latest Wk, Y/Y% (previous +5.3%)

9:00 AM ET. G24 Ministers and Governors Meeting held virtually

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +11.9M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +9.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous -0.2M)

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

The STOCK INDEXES:The June NASDAQ 100 were lower in overnight trading as investors prepare for coronavirus-damaged earnings season. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends extends the rally off March's low, the 50-day moving average crossing at 8416.69 is the next upside target. Closes below the 20-day moving average crossing at 7601.55 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 8416.69. Second resistance is the 62% retracement level of the February-March-decline crossing at 8583.30. First support is the 20-day moving average crossing at 7601.48. Second support is March's low crossing at 6628.75.

The June S&P 500 was steady to slightly 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 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 June extends the rally off March's low, the 50-day moving average crossing at 2887.55 is the next upside target. Closes below the 20-day moving average crossing at 2518.69 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 50-day moving average crossing at 2887.55. First support is the 10-day moving average crossing at 2618.98. Second support is the 20-day moving average crossing at 2518.69. 

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

INTEREST RATES: June T-bonds were higher overnight as they consolidate some of the decline off last-week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 178-10 would confirm that a short-term top has been posted. If June renews 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 178-10. Second support is the 50-day moving average crossing at 171-27.  

June T-notes were steady to slightly higher overnight due to short covering as it consolidates some of the decline off April 2nds high. The high-range overnight trade sets the stage for a steady to higher opening with 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 137.226 are needed to confirm that a short-term top has been posted. If June resumes the rally off March's low, March's high crossing at 140.240 is the next upside target. First resistance is the April 2nd 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 137.226. Second support is the 50-day moving average crossing at 135.016.   

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

May crude oil was steady to slightly higher in overnight trading as it extends the trading range of the past five-weeks.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 bearish signaling that sideways to lower prices are possible near-term. If May extends the rally off March's low, the 25% retracement level of the January-March-decline crossing at 30.40 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 the April 3rd high crossing at 29.13. Second resistance is the 25% retracement level of the January-March-decline crossing at 30.40. 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 steady to slightly lower overnight. The low-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 renews 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 April 2nd high crossing at 113.84 are needed to confirm that a short-term low has been posted. First resistance is the April 2nd high crossing at 113.84. Second resistance is the 25% retracement level of the January-March-decline crossing at 121.42. First support is April's low crossing at 93.03. Second support is weekly support crossing at 84.87.   

May unleaded gas was steady to slightly higher overnight as it extends the trading range of the past five-weeks. The mid-range overnight trade sets the stage for a steady 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-Friday's high crossing at 76.97 are needed to confirm that a short-term low has been posted while opening the door for additional short covering gains. If May resumes the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is last-Friday's high crossing at 76.97. 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 steady to 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 1.712 would temper the near-term friendly outlook. If May resumes the rally off last-Thursday's low, March's high crossing at 2.044 is the next upside target. If May renews the decline off November's high, weekly support crossing at 1.500 is the next downside target. First resistance is last-Wednesday's high crossing at 1.918. Second resistance is March's high crossing at 2.044. First support is the 10-day moving average crossing at 1.712. Second support is last-Thursday's low crossing at 1.521.    

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

CURRENCIES:The June Dollar was slightly lower in late-overnight trading. 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 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 the April 6th high crossing at 101.03. 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 steady to slightly 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 the March 27^th high crossing at 111.88, March's low crossing at 106.71 is the next downside target. Closes above the 50-day moving average crossing at 110.30 would temper the near-term bearish outlook. 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 last-Monday's low crossing at 107.92. Second support is March's low crossing at 106.71.    

The June British Pound was steady to slightly higher overnight.The mid-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 1.2628 is the next upside target. Closes below the 20-day moving average crossing at 1.2152 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.2628. Second resistance is March's high crossing at 1.3212. First support is the 20-day moving average crossing at 1.2152. Second support is March's low crossing at 1.1438.

The June Swiss Franc was steady to slightly lower overnight. The low-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.0402 would temper the near-term bearish outlook. If June extends the decline off the March 30^th high, 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 last-Monday's low crossing at 1.0234. Second is March's low crossing at 1.0138.

The June Canadian Dollar was steady to slightly 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 50% retracement level of the January-March-decline crossing at 72.71 is the next upside target. Closes below the March 31^st low crossing at 69.74 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 71.91. Second resistance is the 50% retracement level of the January-March-decline crossing at 72.71. First support is the March 31^st low crossing at 69.74. Second support is March's low crossing at 68.20.  

The June Japanese Yen was 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. If June renews the rally off March's low, the 25% retracement level of the January-March-decline crossing at 0.0943 is the next upside target. If June extends the decline off the April 1st high, March's low crossing at 0.0900 is the next downside target. First resistance is the April 1^st high crossing at 0.0938. Second resistance is the 25% retracement level of the January-March-decline crossing at 0.0943. First support is last-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 higher in late-overnight trading. 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 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 the 50-day moving average crossing at $1615.70 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $1754.50. Second resistance is monthly resistance crossing at $1809.50. First support is the 10-day moving average crossing at $1667.10. Second support is the 50-day moving average crossing at $1615.70.

May silver was 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 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 $16.164 is the next upside target. Closes below the 20-day moving average crossing at $14.147 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at $16.090. Second resistance is the 50-day moving average crossing at $16.164. First support is the 10-day moving average crossing at $14.896. Second support is the 20-day moving average crossing at $14.146. 

May copper 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. 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% retracement level of the January-March-decline crossing at $243.17 is the next upside target. Closes below the 20-day moving average crossing at 221.64 would temper the near-term friendly outlook. First resistance is the overnight high crossing at $234.90. Second resistance is the 50% retracement level of the January-March-decline crossing at $243.17. First support is the 20-day moving average crossing at 221.64. Second support is March's low crossing at $197.25. 

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

July corn was fractionally lower overnight as it extends the trading range of the past five-days. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at $3.45 are needed to confirm that a low has been posted. If July extends the decline off December's high, monthly support crossing at $3.12 is the next downside target. First resistance is the 20-day moving average crossing at $3.45. Second resistance is the March 20^th high crossing at $3.60 3/4. First support is last-Tuesday's low crossing at $3.31 1/4. Second support is monthly support crossing at $3.29 3/4.    

July wheat 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off March's low, January's high crossing at $5.89 is the next upside target. Closes below the 50-day moving average crossing at 5.40 1/4 would confirm that a short-term top has been posted. First resistance is March's high crossing at $5.71 1/2. Second resistance is January's high crossing at $5.89. First support is the 50-day moving average crossing at $5.40 1/4. Second support is April 2nds low crossing at $5.35.

July Kansas City Wheat closed up $0.13 3/4-cents at $4.99.

July Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off March's low, January's high crossing at $5.19 is the next upside target. Closes below the 50-day moving average crossing at $4.74 1/4 are needed to confirm that a short-term top has been posted. 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 50-day moving average crossing at $4.74 1/4. Second support is the 62% retracement level of March's rally crossing at $4.58 1/2.    

July Minneapolis wheat was 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above March's high crossing at $5.51 1/2 would renew the rally off March's low. Closes below the 20-day moving average crossing at $5.36 1/4 would temper the near-term friendly outlook. First resistance is March's high crossing at $5.51 1/2. Second resistance is February's high crossing at $5.58 3/4. First support is the April 2nd low crossing at $5.26 1/2. Second support is March's low crossing at $5.13 1/2.  

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

July soybeans were steady to fractionally lower overnight. 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. If July extends the decline off the March 25^th high, March's low crossing at $8.29 is a potential downside target. Closes above the 50-day moving average crossing at $8.87 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.87 3/4. Second resistance is the March 25th high crossing at $8.98. First support is last-Tuesday's low crossing at $8.54 1/4. Second support is March's low crossing at $8.29.    

July soybean meal was slightly lower overnight. 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 July extends the aforementioned decline, monthly support crossing at $295.20 is the next downside target. Closes above the 20-day moving average crossing at $308.60 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $305.80. Second resistance is the 20-day moving average crossing at 308.60. First support is last-Thursday's low crossing at $295.80. Second support is monthly support crossing at $295.20.     

July soybean oil was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 26.75 would temper the near-term friendly outlook. If July extends the rally off March's low, the 38% retracement level of the January-March-decline crossing at 29.31 is the next upside target. First resistance is the 25% retracement level of the January-March-decline crossing at 27.82. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.31. First support is March's low crossing at 25.02. Second support is monthly support crossing at 21.54.