KEY EVENTS TO WATCH FOR:

Monday, May 18, 2020  

10:00 AM ET. May NAHB Housing Market Index

                       Housing Mkt Idx (previous 30)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow closed higher on Friday despite data showed U.S. April retail sales plunged more than forecast and after reports the Trump administration will block shipments of semiconductors to China’s Huawei Technologies, stoking fears of renewed trade tensions as the global economy struggles to recover from the COVID-19 pandemic. The high-range close that sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow renews the rally off March's low, the 62% retracement level of the February-March-decline crossing at 25,199.76 is the next upside target. Closes below the 50-day moving average crossing at 22,861.19 would mark a downside breakout of the April-May trading range. First resistance is April's high crossing at 24,764.77. Second resistance is the 62% retracement level of the February-March-decline crossing at 25,199.76. First support is the 50-day moving average crossing at 22,861.19. Second support is April's low crossing at 20,735.02.  

The June NASDAQ 100 closed slightly higher on Friday as it consolidates above the 20-day moving average crossing at 8894.48. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the May 4th low crossing at 8556.25 would confirm that a short-term top has been posted. If June extends 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 Tuesday's high crossing at 9345.50. Second resistance is the 87% retracement level of the January-March-decline crossing at 9384.61. First support is the May 4th low crossing at 8556.25. Second support is the April 21^st low crossing at 8342.00.  

The June S&P 500 closed lower on Friday as it extends the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Monday'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 May 4th low crossing at 2775.40 are needed to confirm that a short-term top has been posted. If March renews the rally off March's low, the 75% retracement level of the February-March-decline crossing at 3085.85 is the next upside target. First resistance is April's high crossing at 2957.70. Second resistance is the 75% retracement level of the February-March-decline crossing at 3085.85. First support is the May 4th low crossing at 2775.40. Second support is the 50-day moving average crossing at 2699.89.

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June T-bonds closed down 23/32's at 180-29.  

June T-bonds closed lower on Friday while extending the April-May trading range.The low-range close sets the stage for a steady to lower opening when Monday'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 April 22nd high crossing at 183-02 are needed to confirm an upside breakout of the aforementioned trading range. Closes below the April 14^th low crossing at 177-14 would confirm a downside breakout of the aforementioned trading range. First resistance is the April 22nd high crossing at 183-02. Second resistance is the March 12th high crossing at 184-07. First support is last-Wednesday's low crossing at 178-01. Second support is the April 14^th low crossing at 177-14. 

June T-notes closed down 35-points at 139.100.

June T-notes closed lower on Friday while extending the April-May trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 renews the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the 50-day moving average crossing at 138.092 are needed to confirm that a short-term top has been posted. 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 50-day moving average crossing at 139.080. Second support is the April 7^th low crossing at 137.160.         

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

June crude oil closed higher on Friday and above the 38% retracement level of the January-April-decline crossing at $28.15. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 April's low, April's high crossing at $33.15 is the next upside target. Closes below the 20-day moving average crossing at $20.71 would confirm that a short-term top has been posted. First resistance is today's high crossing at $29.92. Second resistance is April's high crossing at $33.15. First support is the 20-day moving average crossing at $20.71. Second support is the April 28^th low crossing at $10.07. Third support is April's low crossing at $6.50.

June heating oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices is possible near-term. If June extends the rally off April's low, the 50-day moving average crossing at $98.11 is the next upside target. If June renews 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 today's high crossing at $93.68. Second resistance is the 50-day moving average crossing at $98.11. First support is April'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 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off April's low, the 38% retracement level of the January-March-decline crossing at 107.64. Closes below the 20-day moving average crossing at 81.32 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 98.20. Second resistance is the 38% retracement level of the January-March-decline decline crossing at 107.64. First support is the 20-day moving average crossing at 81.32. Second support is April's low crossing at 52.51.  

June Henry natural gas closed lower on Friday and poised to extend the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday'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 June extends the decline off last-Tuesday's high, weekly support on the weekly continuation chart crossing at 1.519 is the next downside target. Closes above the 20-day moving average crossing at 1.886 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.825. Second resistance is the 20-day moving average crossing at 1.886. First support is Wednesday's low crossing at 1.595. Second support is weekly support on the weekly continuation chart crossing at 1.519.         

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

The June Dollar closed higher on Friday as it extended the April-May trading range.The high-range close sets the stage for a steady to higher opening when Monday'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 May's low, the April 24^th high crossing at 100.98 is the next upside target. Closes below the 50-day moving average crossing at 99.76 would temper the near-term friendly outlook. First resistance is the April 6th high crossing at 101.03. Second resistance is March's high crossing at 103.96. First support is May's low crossing at 98.77. Second support is the March 27^thlow crossing at 98.34. Third support is the 62% retracement level of March's rally crossing at 98.14. 

The June Euro closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off the March 27^th high, April's low crossing at 107.39 is the next downside target. Closes above the 50-day moving average crossing at 109.49 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 110.29. Second resistance is the March 27^th high crossing at 111.88. First support is April's low crossing at 107.39. Second support is March's low crossing at 106.71. 

The June British Pound closed lower on Friday as it extends the decline off the April 30^th high. The low-range close sets the stage for a steady to lower opening when Monday'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. This week's closes below the April 7^th low crossing at 1.2174 confirms a downside breakout of the March-May trading range while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at 1.2370 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2370. Second resistance is the April 30^th high crossing at 1.2647. First support is today's low crossing at 1.2114. Second support is March's low crossing at 1.1438.

The June Swiss Franc closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night 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, April's low crossing at 1.0216 is the next downside target. Closes above the 50-day moving average crossing at 1.0379 would confirm that a short-term low has been posted. First resistance April's 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 support is March's low crossing at 1.0138.

The June Canadian Dollar closed lower on Friday as it extended the April-May trading range.The low-range close sets the stage for a steady to lower opening when Monday's night 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 the April 30^th high, the April 21^st low crossing at 70.12 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 the April 30^th high crossing at 72.21. Second resistance is the 50% retracement level of the January-March-decline crossing at 72.73. First support is the April 21st low crossing at 70.12. Second support is the March 31^st low crossing at 69.73. Third support is March's low crossing at 68.20. 

The June Japanese Yen closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, April's low crossing at 0.0916 is the next downside target. If June renews the rally off March's low, the September 2019 high crossing at 0.0951 is the next upside target. First resistance is long-term resistance crossing at 0.0942. Second resistance is the September 2019 high crossing at 0.0951. First support is the April 23^rd low crossing at 0.0926. Second support is April's low crossing at 0.0916. Third support is March's low crossing at 0.0900.  

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

June gold closed higher on Friday as it extends Thursday's upside breakout of this spring's symmetrical triangle.The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off May's low, April's high crossing at $1788.80 is the next upside target. Closes below May's low crossing at $1676.00 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the April 23^rd high crossing at $1764.00. Second resistance is April's high crossing at $1788.80. First support is the 50-day moving average crossing at $1669.50. Second support is the April 21st low crossing at $1666.20.

July silver closed higher on Friday as U.S. economic data underscored the damage from the COVID-19 pandemic on business activity and as concerns over U.S.-China trade tensions lifted demand for silver, which scored its highest settlement in a month. The high-range close sets the stage for a steady to higher opening when Monday'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 July resumes the rally off March's low, the 75% retracement level of the February-March-decline crossing at 17.237 is the next upside target. Closes below the 50-day moving average crossing at 15.123 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the February-March-decline crossing at 17.237. Second resistance is the 87% retracement level of the February-March-decline decline crossing at 18.134. First support is the April 21st low crossing at 14.715. Second support is the April 1^st low crossing at 13.935.  

July copper closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 May 4th low crossing at 228.40 are needed to 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 243.80 is the next upside target. First resistance is the 50% retracement level of the January-March-decline crossing at 243.80. Second resistance is the 62% retracement level of the January-March-decline crossing at 254.68. First support is the May 4th low crossing at 228.40. Second support is the April 21st low crossing at 221.70. Third support is March's low crossing at 197.95. 

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

July Corn closed up $0.02-cents at 3.19 1/2. 

July corn closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night sessions 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 April 23^rd high crossing at $3.31 is the next upside target. If July renews this year's decline, psychological support crossing at $3.00 is the next downside target. First resistance is the April 23^rd high crossing at 3.31. Second resistance is the 50-day moving average crossing at $3.36 1/2. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.    

July wheat closed down $0.02 1/2-cents at $4.99 3/4.  

July wheat closed lower on Friday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening when Monday'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 decline off March's high, March's low crossing at $4.94 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.22 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.13 1/2. Second resistance is the 20-day high crossing at $5.22 3/4. First support is Thursday's low crossing at $4.96 3/4. Second support is March's low crossing at $4.94 1/4.     

July Kansas City Wheat closed up a $0.00 1/2-cent at $4.52 1/4.

July Kansas City wheat closed fractionally higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday 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 decline off April's high, March's low crossing at $4.27 1/4 is the next downside target. Closes above the 20-day moving average crossing at $4.80 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.71. Second resistance is the 20-day moving average crossing at $4.80. First support is Thursday's low crossing at $4.47. Second support is March's low crossing at $4.27 1/4.   

July Minneapolis wheat closed down a $0.01 3/4-cents at $5.06 1/4.

July Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 this year's decline, psychological support crossing at $5.00 is the next downside target. Closes above the 50-day moving average crossing at $5.24 1/2 would open the door for a possible test of April's high crossing at $5.48 1/4. First resistance is the 50-day moving average crossing at $5.24 1/2. Second resistance is April's high crossing at 5.48 1/4. First support is May's low crossing at $5.02. Second support is psychological support crossing at $5.00.      

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

July soybeans closed up $0.00 1/4-cents at $8.37 1/4.

July soybeans closed fractionally higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 resumes this year's decline, psychological support crossing at $8.00 is the next downside target. Closes above the 50-day moving average crossing at $8.56 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.56 1/4. Second resistance is the April 13^th high crossing at $8.77 1/2. First support is April's low crossing at $8.18 1/2. Second support is psychological support crossing at $8.00.    

July soybean meal closed down $0.80 at $287.40. 

July soybean meal closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 resumes the decline off March's high, monthly support crossing at $283.10 is the next downside target. Closes above the reaction high crossing at $295.80 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at $295.80. Second is the 50-day moving average crossing at $299.80. First support is April's low crossing at $285.60. Second support is monthly support crossing at $283.10.      

July soybean oil closed up 35-pts. At 26.53. 

July soybean oil closed higher on Friday. The high-range close sets the stage for a steady to higher  opening when Monday's 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 50-day moving average crossing at 26.69 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 50-day moving average crossing at 26.62. Second resistance is the 25% retracement level of the December-March-decline crossing at 27.84. 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 down $0.88 at $57.87. 

June hogs closed lower on Friday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday'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 $51.11 would confirm that a short-term top has been posted. If June renews the rally, the 50% retracement level of the 2019-2020-decline crossing at $68.55 is the next upside target. First resistance is the 50% retracement level of the 2019-2020 decline crossing at $68.55. Second resistance is the 62% retracement level of the 2019-2020 decline crossing at  $74.93. First support is the 20-day moving average crossing at $51.11. Second support is the April 29^th low crossing at $54.78.     

June cattle closed up $2.88 at $97.00. 

June cattle closed higher on Friday as it extended the trading range of the past six-days. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If June extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at $103.37 is the next upside target. Closes below the 20-day moving average crossing at $88.62 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-April-decline crossing at $98.26. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.37. First support is the 20-day moving average crossing at $88.62. Second support is the April 14^th low crossing at $80.27. Third support is April's low crossing at $76.60.   

August Feeder cattle closed up $0.03-cents at $131.08. 

August Feeder cattle closed lower 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 neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $127.68 would confirm that a short-term top has been posted. If August renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at $144.91 is the next upside target. First resistance is the March 25^th high crossing at $139.00. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.91. First support is the 20-day moving average crossing at $130.05. Second support is the 50-day moving average crossing at $127.68.        

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

July coffee closed steady on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the decline off March's high, March's low crossing at 10.31 is the next downside target. Closes above the 50-day moving average crossing at 11.36 would confirm 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 Monday. 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 23.78 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 February-March decline crossing at 25.68 is the next upside target.       

July sugar closed lower on Friday. The low-range close set the stage for a steady to lower opening on Monday. 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 10.71 would open the door for additional gains near-term. If July renews the decline off February's high, monthly support crossing at 8.36 is the next downside target.          

July cotton closed higher on Friday. 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 July extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at 61.06. Closes below the May 6th low crossing at 53.20 would confirm that a short-term top has been posted.