KEY EVENTS TO WATCH FOR:

Wednesday, April 22, 2020 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx

                       Composite Idx, W/W%

                       Purchase Idx-SA

                       Purchase Idx-SA, W/W%

                       Refinance Idx

                       Refinance Idx, W/W%

9:00 AM ET. February U.S. Monthly House Price Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl)

                       Crude Oil Stocks, Net Chg (Bbl)

                       Gasoline Stocks (Bbl)

                       Gasoline Stocks, Net Chg (Bbl)

                       Distillate Stocks (Bbl)

                       Distillate Stocks, Net Chg (Bbl)

                       Refinery Usage

                       Total Prod Supplied (Bbl/day)

                       Total Prod Supplied, Net Chg (Bbl/day)

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

The STOCK INDEXES:The June NASDAQ 100 was higher in overnight trading after Tuesday's selloff, as investors ignore oil and focus on earnings reports. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 8127.64 would confirm that a short-term top has been posted. If June resumes the rally off March's low, the 75% retracement level of the February-March-decline crossing at 9003.03. First resistance is the 75% retracement level of the February-March-decline crossing at 9003.03. Second resistance is the 87% retracement level of the February-March-decline crossing at 9384.61. First support is the 50-day moving average crossing at 8324.60. Second support is the 20-day moving average crossing at 8127.64.

The June S&P 500 was higher in late-overnight trading as it consolidates some this week's decline. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2670.88 would confirm that a short-term top has been posted. If June extends the rally off March's low, the 62% retracement level of the February-March-decline crossing at 2921.04 is the next upside target. First resistance is the 62% retracement level of the February-March-decline crossing at 2921.04. Second resistance is the 75% retracement level of the February-March-decline crossing at 3081.80. First support is the 20-day moving average crossing at 2633.61. Second support is the April 1^st low crossing at 2448.00. 

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

INTEREST RATES: June T-bonds were lower in late-overnight trading. Stochastics and the RSI are diverging 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 March 12^th high crossing at 184-07 is the next upside target. Multiple closes below the reaction low crossing at 177-14 would confirm that a short-term top has been posted. 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 reaction low crossing at 177-14. Second support is the 50-day moving average crossing at 174-16.  

June T-notes were lower overnight. 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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the 20-day moving average crossing at 138.183 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 139.220. Second resistance is March's high crossing at 140.240. First support is the 20-day moving average crossing at 138.183. Second support is the 50-day moving average crossing at 136.057.   

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

June crude oil was lower in overnight trading as it extends both the decline off April's high.The low-range overnight trade sets the stage for a lower opening when the day 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 this year's decline, downside targets are unknown. Closes above the 20-day moving average crossing at 25.54 would signal that a short-term low has been posted. First resistance is the April 9th high crossing at 33.15. Second resistance is the 50-day moving average crossing at 35.20. First support is Tuesday's low crossing at 6.50. Second support is unknown.

June heating oil was lower overnight as it extends this year's decline to a new contract 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's decline, the October-2001 low on the monthly continuation chart crossing at 49.30 is the next downside target. Closes above the 20-day moving average crossing at 100.76 are needed to confirm that a short-term low has been posted. First resistance is the April 2nd high crossing at 116.02. Second resistance is the 50-day moving average crossing at 124.20. First support is the overnight low crossing at 70.84. Second support is the October-2001 low on the monthly continuation chart crossing at 49.30.   

June unleaded gas was steady to slightly higher overnight. The high-range late-overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends the overnight decline, March's low crossing at 51.89. Closes above the reaction high crossing at 82.72 would signal that a short-term low has been posted. First resistance is the reaction high crossing at 82.72. Second resistance is the 25% retracement level of the January-March-decline crossing at 88.30. First support is March's low crossing at 51.89. Second support is monthly support crossing at 32.40. 

June Henry natural gas was lower overnight as it consolidates some of the rally off last-Thursday's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally, the 50% retracement level of the 2019-2020-low crossing at 2.154 is the next upside target. Closes below the 20-day moving average crossing at 1.848 would signal that a short-term top has been posted. First resistance is March's high crossing at 2.108. Second resistance is the 50% retracement level of the 2019-2020-low crossing at 2.154. First support is last-Thursday's low crossing at 1.705. Second support is April's low crossing at 1.649.    

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

CURRENCIES:The June Dollar was lower in late-overnight trading. The lower-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. If June extends the rally off last-week's low, the April 6^th high crossing at 101.03 is the next upside target.If June resumes the decline off March's high, the 62% retracement level of March's rally crossing at 98.14 is the next downside 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 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 turning neutral to bullish signaling that sideways to higher 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 110.03 would temper the near-term bearish outlook. First resistance is the March 27^th high crossing at 111.88. Second resistance is the March 16th high crossing at 112.78. First support is April'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 consolidates some of Tuesday's decline.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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends Tuesday's decline, the April 7^th low crossing at 1.2174 is the next downside target. If June resumes the rally off March's low the 62% retracement level of the December-March-decline crossing at 1.2758 is the next upside target. First resistance is the 62% retracement level of the December-March-decline crossing at 1.2758. Second resistance is the 75% retracement level of the December-March-decline crossing at 1.3042. First support is the April 7th low crossing at 1.2174. Second support is March's low crossing at 1.1438.

The June Swiss Franc was 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 turning bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off April's low, the March 30^th high crossing at 1.0566 is the next upside target. If June extends last-week's decline, April's low crossing at 1.0234 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 April's low crossing at 1.0234. Second is March's low crossing at 1.0138.

The June Canadian Dollar was higher overnight as it consolidates some of the decline off the April-13^th high crossing at 72.24. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If June extends the aforementioned decline, the March 31^st low crossing at 69.73 is the next downside target. If June resumes the rally off March's low, the 50% retracement level of the January-March-decline crossing at 72.71 is the next upside target.First resistance is the 50% retracement level of the January-March-decline crossing at 72.71. Second resistance is the 62% retracement level of the January-March-decline crossing at 73.79. First support is the March 31^st low crossing at 69.74. Second support is March's low crossing at March's low crossing at 68.20.  

The June Japanese Yen was higher overnight as it extends the trading range of the past six-days. 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. If June resumes the rally off March's low, the 25% retracement level of the 2016-2020 decline crossing at 0.0943 is the next upside target. Closes below the 50-day moving average crossing at 0.0926 would temper the near-term friendly outlook. First resistance is the April 1^st high crossing at 0.0938. Second resistance is the 25% retracement level of the 2016-2020-decline crossing at 0.0943. First support is April's low crossing at 0.0916. 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 higher in late-overnight trading as it extends Tuesday's upside reversal. 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 below the 20-day moving average crossing at $1685.20 would confirm that a short-term top has been posted. If June renews the rally off March's low, the October-2012 high on the monthly continuation chart crossing at $1798.10 is the next upside target. First resistance is last-Tuesday's high crossing at $1788.80. Second resistance is the October-2012 high on the monthly continuation chart crossing at $1798.10 is the next upside target. First support is the 20-day moving average crossing at $1685.20. Second support is the 50-day moving average crossing at $1636.40.

July silver was higher overnight as it consolidates some of the decline off last-Tuesday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $15.145 would confirm that a short-term top has been posted. If July renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at $17.237 is the next upside target. First resistance is the 62% retracement level of the February-March-decline crossing at $16.252. Second resistance is the 75% retracement level of the February-March-decline crossing at $17.237. First support is the 20-day moving average crossing at $15.145. Second support is April's low crossing at $13.935. 

July copper was higher overnight as it consolidates some of Tuesday'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2.2578 would signal that a short-term top has been posted. If July renews the rally off March's low, the 50% retracement level of the January-March-decline crossing at 2.4380 is the next upside target. First resistance is the 50-day moving average crossing at 2.3946. Second resistance is the 50% retracement level of the January-March-decline crossing at 2.4380. First support is the 20-day moving average crossing at 2.2578. Second support is March's low crossing at 1.9795. 

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

July corn was higher due to short covering overnight as it consolidates some of this year's 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 but remain neutral to bearish signaling that additional weakness is possible near-term. If July extends the decline off December's high, psychological support crossing at $3.00 is the next downside target. Closes above the 20-day moving average crossing at $3.36 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at $3.36 1/4. Second resistance is the 50-day moving average crossing at $3.58 1/2. First support is Tuesday's low crossing at $3.09. Second support is psychological support crossing at $3.00.    

July wheat was lower overnight as it consolidates some of Monday's rally. The mid-range 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 the 20-day moving average crossing at $5.49 1/2 would confirm that a short-term low has been posted. If July resumes the decline off March's high, the 62% retracement level of March's rally crossing at $5.23 3/4 is the next downside target. First resistance is April's high crossing at $5.64 1/2. Second resistance is March's high crossing at $5.71 1/2. First support is the 62% retracement level of March's rally crossing at $5.23 3/4. Second support is 75% retracement level of March's rally crossing at $5.13 1/2.

July Kansas City Wheat closed up $0.01 3/4-cents at $5.04.

July Kansas City wheat closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday 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 $4.75 1/4 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at $5.14. Second resistance is January's high crossing at $5.19. First support is the 50-day moving average crossing at $4.75 1/4. Second support is April's low crossing at $4.67 3/4.   

July Minneapolis wheat 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline March's low crossing at $5.13 1/2 is the next downside target. Closes above the 50-day moving average crossing at $5.35 1/4 are needed to confirm that a short-term low has been posted. First resistance is April's high crossing at $5.48 1/4. Second resistance is March's high crossing at $5.51 1/2. First support is the overnight low crossing at $5.16. 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 higher due to short covering overnight as it extends Tuesday's upside reversal. 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. Closes above the 20-day moving average crossing at $8.63 are needed to signal that a short-term low has been posted. If July extends the decline off the March 25^th high, psychological support crossing at $8.00 is the next downside target. First resistance is the 10-day moving average crossing at $8.51. Second resistance is the 20-day moving average crossing at $8.63. First support is Tuesday's low crossing at $8.18 1/2. Second support is psychological support crossing at $8.00.    

July soybean meal was higher overnight as it extends Tuesday's upside reversal. The high-range trade sets the stage for a steady to higher opening when the day 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 50-day moving average crossing at $304.90 are needed to confirm that a short-term low has been posted. If July extends this year's decline, monthly support crossing at $283.10 is the next downside target. First resistance is last-Wednesday's high crossing at $298.80. Second resistance is the 50-day moving average crossing at 304.90. First support is Tuesday's low crossing at $286.50. Second support is monthly support crossing at $283.10.     

July soybean oil was higher due to short covering overnight as it consolidates some of the decline off April's high. The high-range trade sets the stage for a steady to higher 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, March's low crossing at 25.02 is the next downside target. Closes above the 20-day moving average crossing at 26.94 would temper the near-term bearish outlook. First resistance is the 25% retracement level of the January-March-decline crossing at 27.82. Second resistance is the 50-day moving average crossing at 28.09. First support is Tuesday's low crossing at 25.18. Second support is March's low crossing at 25.02.