KEY EVENTS TO WATCH FOR:

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/ex?changes/?c=indexes

The Dow closed lower on Monday as investors prepare for coronavirus-damaged earnings season. The low-range close that sets the stage for a steady to lower opening when Tuesday'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 the Dow extends the rally off March's low, the 50-day moving average crossing at 24,946.88 is the next upside target. Closes below the 20-day moving average crossing at 21,435.80 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 24,008.99. Second resistance is the 50-day moving average crossing at 24,946.88. First support is the 10-day moving average crossing at 22,341.23. Second support is the 20-day moving average crossing at 21,434.89.  

The June NASDAQ 100 closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the rally off March's low, the 50-day moving average crossing at 8418.36 is the next upside target. Closes below the 20-day moving average crossing at 7605.34 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 8418.36. Second resistance is the 62% retracement level of the January-March-decline crossing at 8583.30. First support is the 10-day moving average crossing at 7894.48. Second support is the 20-day moving average crossing at 7605.34.  

The June S&P 500 closed lower on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 March extends the rally off March's low, the 50-day moving average crossing at 2887.95 is the next upside target. Closes below the 20-day moving average crossing at 2519.69 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 62% retracement level of the February-March-decline crossing at 2924.34. First support is the 10-day moving average crossing at 2620.98. Second support is the 20-day moving average crossing at 2519.69.

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June T-bonds closed down 1-04/32's at 177-22.  

June T-bonds closed lower on Monday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 178-09 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June renews the rally off March's low, March's high crossing at 191-22. First resistance is the reaction 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 178-09. Second support is the 50-day moving average crossing at 171-27. 

June T-notes closed down 110-pts. at 137.285.

June T-notes closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 137.224 would confirm that a short-term top has been posted. If June renews the rally off March's low, March's high crossing at 140.240 is the next upside target. First resistance is the reaction 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 137.224. Second support is the 50-day moving average crossing at 135.015.        

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

May crude oil closed lower on Monday as it extends a five-week old trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the reaction high crossing at $29.13 would open the door for additional short-term gains. First resistance is the reaction 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 closed slightly higher on Monday while extending the trading range of the past five-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the reaction high crossing at $113.84 would signal that a short-term low has been posted. First resistance is the reaction high crossing at $113.84. Second resistance is the 50-day moving average crossing at $133.13. First support is April's low crossing at $93.03. Second support is weekly support crossing at $84.87.

May unleaded gas closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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, the 25% retracement level of the January-March-decline decline crossing at 84.25 is the next upside target. If May resumes the decline off February's high, monthly support crossing at 32.40 is the next downside target. First resistance is the 25% retracement level of the January-March-decline decline crossing at 84.25. Second resistance is the 38% retracement level of the January-March-decline decline crossing at 104.62. First support is March's low crossing at 46.05. Second support is monthly  support crossing at 32.40.

May Henry natural gas closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 1.71 would temper the near-term friendly outlook. If May renews the rally off March's low, March's high crossing at 2.044 is the next upside 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 March's low crossing at 1.521. Second support is weekly support crossing at 1.500.         

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

The June Dollar closed lower on Monday as it extended the decline off last-week's high. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 50-day moving average crossing at 98.89 would open the door for a larger-degree decline. If June renews the rally off the March 27^th low, March's high crossing at 103.96 is the next upside target. First resistance is last-week's high crossing at 101.03. Second resistance is March's high crossing at 103.96. First support is the 50-day moving average crossing at 98.89. Second support is the 62% retracement level of March's rally crossing at 98.14. 

The June Euro closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 50-day moving average crossing at 110.30 would confirms that a short-term low has been posted. If June renews the decline off the March 27^th high, 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 16^th high crossing at 112.78. First support is last-Monday's low crossing at 108.75. Second support is March's low crossing at 106.71. 

The June British Pound closed higher on Monday as it renews the rally off March's low.The high-range close sets the stage for a steady to higher opening when Tuesday'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 June extends the rally off March's low, the 50-day moving average crossing at 1.2629 is the next  upside target. Closes below the 20-day moving average crossing at 1.2155 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the December-March-decline crossing at 1.2505. Second resistance is the 50-day moving average crossing at 1.2629. First support is the 20-day moving average crossing at 1.2155. Second support is March's low crossing at 1.1438. 

The June Swiss Franc closed lower on Monday. The mid-range close sets the stage for a steady opening when Tuesday'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 50-day moving average crossing at 1.0402 would confirm that a short-term low has been posted. If June renews 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 support is March's low crossing at 1.0138.

The June Canadian Dollar closed higher on Monday as it extends the rally off March's low.The high-range close sets the stage for a steady to higher opening when Tuesday'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 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 20-day moving average crossing at 70.62 would confirm that a short-term top has been posted. First resistance is today's high crossing at 72.20. Second resistance isthe 50% retracement level of the January-March-decline crossing at 72.71. First support is the March 31^st low crossing at 69.73. Second support is March's low crossing at 68.20. 

The June Japanese Yen closed higher on Monday as it extends the rally off last-Monday's low. The high-range close sets the stage for a steady to higher opening when Tuesday’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 March's low, long-term resistance crossing at 0.0942 is the next upside target. Closes below last-Monday's low crossing at 0.0916 would confirm that a short-term top has been posted. First resistance is long-term resistance crossing at 0.0942. Second resistance is March's high crossing at 0.0992. First support is March'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 ""

June gold closed higher on Monday as it extends the rally off March's low.The high-range close sets the stage for a steady to higher opening when Tuesday'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 rally off March's low, the October-2012 high on the monthly continuation chart crossing at $1798.10 is the next upside target. Closes below last-Wednesday's low crossing at $1670.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at $1772.80. Second resistance is the October-2012 high on the monthly continuation chart crossing at $1798.10. First support is last-Wednesday's low crossing at $1670.70. Second support is the 20-day moving average crossing at $1619.80.

May silver posted an inside day with a lower close on Monday. The mid-range close set the stage for a steady opening when Tuesday'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, the 50-day moving average crossing at 16.165 is the next upside target. Closes below the 20-day moving average crossing at 14.151 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 16.165. First support is the 10-day moving average crossing at 14.900. Second support is the 20-day moving average crossing at 14.148.  

May copper closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 aforementioned rally, the 50-day moving average crossing at 242.44 is the next upside target. Closes below the 20-day moving average crossing at 221.52 would confirm that a short-term top has been posted. First resistance is today's high crossing at 235.25. Second resistance is the 50-day moving average crossing at 242.44. First support is the 20-day moving average crossing at 221.52. Second support is March's low crossing at 197.25. 

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

July Corn closed down $0.00 3/4-cents at 3.36. 

July corn closed fractionally lower on Monday as it extends last week's trading range. The mid-range close sets the stage for a steady opening when Tuesday's night sessions 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 $3.45 are needed to confirm that a short-term low has been posted. If July extends 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 3.39. Second resistance is the 20-day moving average crossing at $3.45. First support is today's low crossing at $3.31 1/4. Second support is monthly support crossing at $3.29 3/4.    

July wheat closed down $0.02 1/4-cents at $5.55 1/4.  

July wheat closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 $5.44 would confirm that a short-term top has been posted. If July resumes the rally off March's low, January's high crossing at $5.89 is the next upside target. 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 20-day moving average crossing at $5.44. Second support is March's low crossing at $4.94 1/4.      

July Kansas City Wheat closed up $0.01 3/4-cents at $5.00 3/4.

July Kansas City wheat closed higher on Monday. 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 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 20-day moving average crossing at $4.80 1/2 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 20-day moving average crossing at $4.80 1/2. Second support is the 62% retracement level of March's rally crossing at $4.58 1/2.    

July Minneapolis wheat closed down $0.04 3/4-cents at $5.39 1/4. 

July Minneapolis wheat closed lower on Monday as it consolidates some of last-week's rally.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, February's high crossing at $5.58 3/4 is the next upside target. Multiple closes below the 20-day moving average crossing at 5.35 3/4 would temper the near-term friendly outlook. First resistance is February's high crossing at $5.58 3/4. Second resistance is January's high crossing at $5.82 1/2. First support is the 20-day moving average crossing at $5.35 3/4. Second support is March's low crossing at $5.13 1/2.       

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

July soybeans closed down $0.09-cents at $8.62.

July soybeans posted a key reversal down on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, March's low crossing at $8.29 is the next downside target. If July renews the rally off March's low, March's high crossing at $9.20 1/2 is the next upside target. First resistance is the 50-day moving average crossing at $8.87 1/2. Second resistance is March's high crossing at $9.20 1/2. First support is last-Monday's low crossing at $8.54 1/4. Second support is March's low crossing at $8.29.      

July soybean meal closed down $3.70 at $294.10. 

July soybean meal closed lower on Monday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 July extends the aforementioned decline, monthly support crossing at $283.10 is the next downside target. Closes above the 20-day moving average crossing at $308.40 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $305.00. Second is the 20-day moving average crossing at $308.40. First support is today's low crossing at $293.90. Second support is monthly support crossing at $283.10.      

July soybean oil closed down 41-pts. At 27.35. 

July soybean oil closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 26.74 would temper the near-term friendly outlook. If July extends the rally off March's low, the 50-day moving average crossing at 28.78 is the next upside target. First resistance is the 50-day moving average crossing at 28.78. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.31. First support is the reaction low crossing at 26.19. Second support is March's low crossing at 25.02.        

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

June hogs closed down $3.75 at $44.92. 

June hogs gapped down and closed lower on Monday as it extended the decline off March's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, weekly support crossing at $40.70 is the next downside target. Closes above the 20-day moving average crossing at $60.81 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $52.59. Second resistance is the 20-day moving average crossing at $60.81. First support is last-Monday's low crossing at $43.82. Second support is weekly support crossing at $40.70.   

June cattle closed down $3.00 at $81.37. 

June cattle closed limit down on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's decline, monthly support crossing at $69.29 is the next downside target. Closes above the 20-day moving average crossing at $87.92 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $87.92. Second resistance is the March 25th high crossing at $99.78. First support is last-Monday's low crossing at $76.60. Second support is monthly support crossing at $69.29.  

May Feeder cattle closed down $4.50-cents at $114.45. 

May Feeder cattle closed limit down on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this year's decline, monthly support crossing at $95.50 is the next downside target. Closes above the 20-day moving average crossing at $117.36 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $117.36. Second resistance is the 50-day moving average crossing at $128.66. First support is last Monday's low crossing at $103.62. Second support is monthly support crossing at $95.50.       

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

May coffee closed higher on Tuesday as it extends last week's trading range. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 11.73 would renew the decline off March's high. If May renews the rally off March's low, March's high crossing at 13.07 is the next upside target. 

May cocoa closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, the October-2018 low crossing at 21.10 is the next downside target. If May extends the rally off March's low, the 50-day moving average crossing at 25.59 is the next upside target.              

May sugar closed lower on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, monthly support crossing at 9.91 is the next downside target. Closes above the 20-day moving average crossing at 10.69 are needed to temper the near-term bearish outlook.        

July cotton closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI 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 average crossing at 61.17 is the next upside target. Closes below the 10-day moving average crossing at 51.81 would temper the near-term friendly outlook.