KEY EVENTS TO WATCH FOR:

Monday, May 4, 2020  

9:45 AM ET. April ISM-NY Report on Business

                       Business Index (previous 12.9)

10:00 AM ET. March Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (previous +0.0%)

                       Orders, Ex-Defense, M/M% (previous -0.6%)

                       Orders, Ex-Transport, M/M% (previous -0.9%)

                       Durable Goods, M/M% (previous +1.2%)

                       Durable Goods, M/M%

11:00 AM ET. April Global Manufacturing PMI

                       PMI, Mfg (previous 47.6)

11:30 AM ET. Federal Reserve Board of Governors closed meeting

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

The STOCK INDEXES:The June NASDAQ 100 was lower in overnight trading as it extended the decline off last-Thursday's high. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 8587.48 would confirm that a short-term top has been posted. If June resumes the rally off March's low, the 87% retracement level of the February-March-decline crossing at 9384.61 is the next upside target. First resistance is last-Thursday's high crossing at 9144.75. Second resistance is the 87% retracement level of the February-March-decline crossing at 9384.61. First support is the 20-day moving average crossing at 8587.48. Second support is the reaction low crossing at 8342.00.

The June S&P 500 gapped down and was lower in overnight trading as it consolidates some of the rally off March's low. The mid-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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2800.32 would confirm that a short-term top has been posted. If June renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at 3081.80 is the next upside target. First resistance is last-Wednesday's high crossing at 2957.70. 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 2800.32. Second support is the reaction low crossing at 2720.20. 

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

INTEREST RATES: June T-bonds were steady to higher in late-overnight trading as it extends April's trading range. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Multiple closes below the reaction low crossing at 177-14 would confirm that a double 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 reaction low crossing at 177-14. Second support is the 50-day moving average crossing at 177-19.  

June T-notes were higher overnight as it extends the April-May trading range. 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 signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the April 7^th low crossing at 138.160 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the April 21^st high crossing at 139.220. Second resistance is March's high crossing at 140.240. First support is the April 7^th low crossing at 138.160. Second support is the 50-day moving average crossing at 137.144.   

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

June crude oil was lower in overnight trading as it consolidates some of last-week's rally.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $21.78 would signal that a short-term low has been posted. If June renews this year's decline, downside targets are unknown. First resistance is the 20-day moving average crossing at $21.78. Second resistance is the 50-day moving average crossing at $29.45. First support is last-Tuesday's low crossing at $10.07. Second support is April's low crossing at $6.50.

June heating oil was slightly lower overnight. 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 the 20-day moving average crossing at 89.62 are needed to confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 89.62. Second resistance is the 50-day moving average crossing at 109.81. First support is last-Tuesday's low crossing at 67.24. Second support is the October-2001 low on the monthly continuation chart crossing at 49.30.   

June unleaded gas was lower overnight as it extends the March-April trading range. The low-range late-overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below March's low crossing at 51.89 would confirm a downside breakout of the aforementioned trading range. 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 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. If June renews the rally off April's low, the 50% retracement level of the 2019-2020-low crossing at 2.154 is the next upside target. If June resumes the decline off April's high, the April 16^th low crossing at 1.705 is the next downside target. 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-Monday's low crossing at 1.765. Second support is the April 16th low crossing at 1.705. Third support is April's low crossing at 1.649.    

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

CURRENCIES:The June Dollar 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 a low might be in or is near. Closes above the 20-day moving average crossing at 99.88 would confirm that a short-term low has been posted. If June extends 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 renews the rally off April's low, the April 6^th high crossing at 101.03 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 last-Friday's low crossing at 98.78. Second support is the 62% retracement level of March's rally crossing at 98.13. 

The June Euro was lower in late-overnight trading as it consolidates some of the rally off April'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 109.97 would confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 108.78 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 109.97. Second resistance is the March 27^th high crossing at 111.88. Third resistance is the March 16th high crossing at 112.78. First support is April's low crossing at 107.39. Second support is March's low crossing at 106.71.    

The June British Pound was lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 1.2252 would confirm that a double top has been posted while opening the door for a possible test of the April 7^th low crossing at 1.2174. If June extends 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 April 14^th high crossing at 1.2653. Second resistance is the 62% retracement level of the December-March-decline crossing at 1.2758. First support is the reaction low crossing at 1.2252. Second support is the April 7th low crossing at 1.2174.

The June Swiss Franc was lower in late-overnight trading. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.0405 are needed to confirm that a short-term low has been posted. If June renews the decline off April's high, March's low crossing at 1.0138 is the next downside target. First resistance is the April 14^th high crossing at 1.0443. Second resistance is the March 30^th high crossing at 1.0566. First support is April's low crossing at 1.0216. Second is March's low crossing at 1.0138.

The June Canadian Dollar was lower overnight as it extends the decline off last-Thursday's high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June renews the aforementioned decline, the March 31^st low crossing at 69.73 is the next downside target. If June renews the rally off March's low, the 50% retracement level of the January-March-decline crossing at 72.73 is the next upside target.First resistance is 50% retracement level of the January-March-decline crossing at 72.73. Second resistance is the 62% retracement level of the January-March-decline crossing at 73.80. First support is the April 21^st low crossing at 70.12. Second support is the March 31^st low crossing at 69.74. Third support is March's low crossing at 68.20.  

The June Japanese Yen was steady to 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 0.0930 would temper the near-term friendly outlook. If June extends the rally off March's low, the 25% retracement level of the 2016-2020 decline crossing at 0.0943 is the next upside target. First resistance is last-Wednesday's high crossing at 0.0941. 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. 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 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 the April 21st low crossing at $1666.20 would confirm that a short-term top has been posted while renewing the decline off April's high. First resistance is the April 14th high crossing at $1788.80. Second resistance is the October-2012 high on the monthly continuation chart crossing at $1798.10. First support is the April 21st low crossing at $1666.20. Second support is the 50-day moving average crossing at $1655.80.

July silver was slightly higher overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 21st low crossing at $14.715 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 April 21st low crossing at $14.715. Second support is April's low crossing at $13.935. 

July copper was 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. Closes below the April 21^st low crossing at 2.2170 would confirm that a short-term top has been posted. If July extends 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 last-Wednesday's high crossing at 2.3950. Second resistance is the 50% retracement level of the January-March-decline crossing at 2.4380. First support is the April 21st low crossing at 2.2170. Second support is March's low crossing at 1.9795. 

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

July corn was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day 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 $3.25 are needed to confirm that a short-term low has been posted. If July resumes the decline off December's high, psychological support crossing at $3.00 is the next downside target. First resistance is the 20-day moving average crossing at $3.25. Second resistance is the 50-day moving average crossing at $3.47 1/2. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.    

July wheat gapped down and 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, the 87% retracement level of March's rally crossing at $5.04 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.37 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.28.  Second resistance is the 20-day moving average crossing at $5.37. First support is the 87% retracement level of March's rally crossing at $5.04 1/4. Second support is March's low crossing at $4.9df4 1/4.

July Kansas City Wheat closed down $0.05-cents at $4.83.

July Kansas City wheat closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday 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 10-day moving average crossing at $4.89 are needed to temper the near-term bearish outlook. Closes below the 50-day moving average crossing at $4.75 1/4 would confirm that a short-term top has been posted. If July resumes the rally off March's low, January's high crossing at $5.19 is the next upside target.First resistance is April'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 as it extends this year's decline. 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 year's decline psychological support crossing at $5.00 is the next downside target. Closes above the 20-day moving average crossing at $5.22 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.12 1/4. Second resistance is the 20-day moving average crossing at $5.22. Third resistance is the 50-day moving average crossing at $5.29. First support is the overnight low crossing at $5.02 3/4. Second support is psychological support crossing at $5.00.  

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

July soybeans were 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 bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 50-day moving average crossing at $8.67 1/2 is the next upside target. If July renews the decline off the March 25^th high, psychological support crossing at $8.00 is the next downside target. First resistance is the 50-day moving average crossing at $8.67 1/2. Second resistance is the March 25^th high crossing at $8.98. First support is April's low crossing at $8.18 1/2. Second support is psychological support crossing at $8.00.    

July soybean meal 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $293.70 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 the 20-day moving average crossing at $293.70. Second resistance is the 50-day moving average crossing at 303.00. First support is last-Wednesday's low crossing at $285.60. Second support is monthly support crossing at $283.10.     

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 neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 26.57 would temper the near-term bearish outlook. If July renews the decline off April's high, March's low crossing at 25.02 is the next downside target. First resistance is the 25% retracement level of the January-March-decline crossing at 27.84. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.32. First support is April's low crossing at 25.09. Second support is March's low crossing at 25.02.    

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

June hogs closed up $3.75 at $62.70. 

June hogs gapped up and closed sharply higher on Friday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally the 50-day moving average crossing at $63.57 is the next upside target. Closes below the 20-day moving average crossing at $50.26 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $63.57. Second resistance is the 50% retracement level of the 2019-2020 decline crossing at  $68.55. First support is the 20-day moving average crossing at $50.26. Second support is April's low crossing at $41.50.    

June cattle closed up $1.30 at $87.25. 

June cattle closed higher on Friday marking an upside breakout of April's symmetrical Triangle. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally the 50-day moving average crossing at $91.41 is the next upside target. If June resumes this year's decline, monthly support crossing at $69.29 is the next downside target. First resistance is today's high crossing at $88.95. Second resistance is the 50-day moving average crossing at $91.41. First support is April's low crossing at $76.60. Second support is monthly support crossing at $69.29.  

August Feeder cattle closed up $1.15-cents at $127.65. 

August Feeder cattle closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's 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 $125.76 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at $129.86 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $129.86. Second resistance is the March 25^th high crossing at $139.00. First support is April's low crossing at $110.03. Second support is monthly support crossing at $95.50.       

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

July coffee closed higher on Friday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 10.31 is the next downside target. Closes above the 20-day moving average crossing at 11.42 would signal that a low has been posted. 

July cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 24.18 would open the door for a larger-degree rally into early-May. Closes below the 20-day moving average  crossing at 23.33 would temper the near-term friendly outlook.      

July sugar closed sharply higher on Friday as it extends this week's rally. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If July extends this week's rally, the 50-day moving average crossing at 11.40 is the next upside target. If July renews the decline off February's high, monthly support crossing at 8.36 is the next downside target.         

July cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are diverging and are turning neutral signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 54.35 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 57.10 would open the door for additional gains near-term.