KEY EVENTS TO WATCH FOR:

Friday, March 26, 2021 

8:30 AM ET. February Personal Income & Outlays

                       Personal Income, M/M% (previous +10%)

                       Consumer Spending, M/M% (previous +2.4%)

                       PCE Price Idx, M/M% (previous +0.3%)

                       PCE Price Idx, Y/Y% (previous +1.5%)

                       PCE Core Price Idx, M/M% (previous +0.3%)

                       PCE Core Price Idx, Y/Y% (previous +1.5%)

8:30 AM ET. February Advance Economic Indicators Report

10:00 AM ET. 4^th Quarter GDP by State

10:00 AM ET. February State Employment and Unemployment

10:00 AM ET. March-January University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (previous 76.8)

                       End-Mo Expectations Idx (previous 70.7)

                       12-Month Inflation Forecast (previous 3.3%)

                       5-Year Inflation Forecast (previous 2.7%)

                       End-Mo Current Idx (previous 86.2)

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

The Dow closed modestly higher on Thursday as investors focused onimproving economic data as the country emerges from the COVID pandemic. The high-range close sets the stage for a steady to higher opening when Friday'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 32,155.02 would signal that a short-term top has been posted. If the Dow renews the rally off January's low into uncharted territory, upside targets hard to project. First resistance is last-Thursday's high crossing at 33,227.78. Second resistance is unknown. First support is the 20-day moving average crossing at 32,155.02. Second support is the 50-day moving average crossing at 31,530.10. 

The June NASDAQ 100 closed lower on Thursday as it extended Wednesday's decline. The mid-range close sets the stage for a steady to lower opening when Friday'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 last-Friday's low crossing at 12,681.75 would confirm that a short-term top has been posted while opening the door for a possible test of March's low crossing at 12,200.00. Closes above last-Tuesday's high crossing at 13,287.25 are needed to confirm that a short-term low has been posted and would renew the rally off March's low. First resistance is last-Tuesday's high crossing at 13,287.25. Second resistance is the February 25^th high crossing at 13,337.50.First support is today's low crossing at 12,609.75. Second support is March's low crossing at 12,200.00. 

The June S&P 500 closed slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night 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 50-day moving average crossing at 3855.96 would signal that a short-term top has been posted. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 3978.50. Second resistance is unknown. First support is the 50-day moving average crossing at 3855.96. Second support is March's low crossing at 3710.50.  

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

June T-bonds closed down 4/32's at 156-20. 

June T-bonds closed lower on Thursday as it consolidates some of the rally off last-Thursday's low. The mid-range close sets the stage for a steady to lower opening when Friday'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 20-day moving average crossing at 156-27 would signal that a short-term low has been posted. If June renews the decline off November's high, the June-2019 low on the monthly continuation chart crossing at 152-27 is the next downside target.First resistance is the 20-day moving average crossing at 156-27. Second resistance is the February 26^th high crossing at 161-02. First support is last-Thursday's low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.

June T-notes closed up 15-pts. At 132.045.

June T-notes closed higher for the fourth-day in a row on Thursday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 132.072 are needed to confirm that a short-term low has been posted. If June resumes the decline off the January 27^th high, the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. First resistance is the 20-day moving average crossing at 132.072. Second resistance is the March 2^nd high crossing at 133.230. First support is last-Thursday's low crossing at 131.000. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070. 

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

May crude oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 38% retracement level of the November-February-rally crossing at $55.69 is the next downside target. Closes above the 20-day moving average crossing at $62.59 are needed to signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $62.59. Second resistance is March's high crossing at $67.98.First support is Tuesday's low crossing at $57.25. Second support is the 38% retracement level of the November-February-rallycrossing at $55.69.  

May heating oil closed lower on Thursday as it extended the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 38% retracement level of the November-February-rally crossing at $164.17 is the next downside target. Closes above the 20-day moving average crossing at $186.55 would signal that a short-term low has been posted. First resistance is March's high crossing at $198.68. Second resistance is the the 75% retracement level of  the 2018-2020-decline crossing at $199.48. First support is Tuesday's low crossing at $174.26. Second support is the 38% retracement level of the November-February-rally crossing at $164.17.  

May unleaded gas closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If May extends the decline off March's high, the 50-day moving average crossing at $185.93 is the next downside target. Closes above the 20-day moving average crossing at $200.58 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $200.58. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $185.93. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    

May Henry natural gas posted a key reversal up as it closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at 2.672 would signal that a short-term low has been posted. If April resumes the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.406 is the next upside target. First resistance is today's high crossing at 2.629. Second resistance is the 20-day moving average crossing at 2.672. First support is last-Thursday's low crossing at 2.422. Second support is the 87% retracement level of the December-February rally crossing at 2.406. 

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

The June Dollar closed higher on Thursday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Friday'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 February's low, the 50% retracement level of the September-January-decline crossing at 93.43 is the next downside target. Closes below the 20-day moving average crossing 91.74 would confirm that a short-term top has been posted. First resistance is today's high crossing at 92.94. Second resistance is the 50% retracement level of the September-January-decline crossing at 93.43. First support is the 20-day moving average crossing at 91.74. Second support is last-Thursday's low crossing 91.29.    

The June Euro closed lower on Thursday extending the decline off January's high and tested the 38% retracement level of the 2020-2021-rally crossing at 117.85. The low-range close sets the stage for a steady to lower opening when Friday'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 extend the decline off January's high, the 50% retracement level of the 2020-2021 rally crossing at 115.98 is the next downside target. Closes above the 20-day moving average crossing at 119.63 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.63. Second resistance is the 50-day moving average crossing at 120.71. First support is the 38% retracement level of the 2020-2021-rally crossing at 117.85. Second support is the 50% retracement level of the 2020-2021 rally crossing at 115.98.  

The June British Pound closed higher on Thursday as it rebounded off the 38% retracement level of the September-February-rally crossing at 1.3672. The high-range close sets the stage for a steady to higher opening when Friday'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 this week's decline, February's low crossing at 1.3586 is the next downside target. Closes above the 20-day moving average crossing at 1.3889 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.4009. Second resistance is February's high crossing at 1.4245. First support is the 38% retracement level of the September-February-rally crossing at 1.3672. Second support is the 50% retracement level of the September-February-rally crossing at 1.3494.

The June Swiss Franc closed lower on Thursday as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought, diverging and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the March-January-rally crossing at 1.0586 is the next downside target. Closes above the 20-day moving average crossing at 1.0821 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 1.0876. Second resistance is March's high crossing at 1.1050. First support is today's low crossing at 1.0662. Second support isthe 75% retracement level of the March-January-rally crossing at 1.0586.

The June Canadian Dollar closed lower on Thursday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 50-day moving average crossing at 79.05 is the next downside target. Closes above the 10-day moving average crossing at 79.97 would signal that a short-term low has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at 80.52. Second resistance is the February-2018 high crossing at 82.27. First support is the 50-day moving average crossing at 79.05. Second support is March's low crossing at 78.52. 

The June Japanese Yen closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 0.0924 would signal that a short-term low has been posted. If June resumes the decline off January's high, last-March's low crossing at 0.0911 is the next downside target. First resistance is the 20-day moving average crossing at 0.0924. Second resistance is March's high crossing at 0.0941. First support is last-Monday's low crossing at 0.0915. Second support is last-March's low crossing at 0.0911.

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

June gold closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Thursday's low crossing at $1719.10 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, the 50-day moving average crossing at $1788.70 is the next upside target. First resistance is last-Thursday's high crossing at $1754.20. Second resistance is the 50-day moving average crossing at $1788.70. First support is March's low crossing at $16.76.20. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.  

May silver closed slightly lower on Thursday. The high-range close sets the stage for a steady to slightly lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 75% retracement level of the November-February-rally crossing at 24.059 is the next downside target. Closes above the 50-day moving average crossing at 26.421 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 26.422. Second resistance is the February 23^rd high crossing at 28.470. First support is today's low crossing at 24.435. Second support is the 75% retracement level of the November-February-rally crossing at 24.059. 

May copper closed lower on Thursday as it extends this month's trading range. The mid-range close sets the stage for a steady to lower opening when Friday'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 May extends today's decline, the 50-day moving average crossing at 388.76 is the next downside target. If March resumes the rally off March's low, February's high crossing at 437.55 is the next upside target. First resistance is the reaction high crossing at 422.75. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 388.76. Second support is the 25% retracement level of the 2020-2021-rally crossing at 381.34.

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

May Corn closed down $0.06 3/4-cents at $5.46 1/2. 

May corn closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the March 4th low crossing at $5.29 1/4 would signal that a short-term top has been posted while opening the door for a possible test of the 25% retracement level of the August-January-rally crossing at $5.14. If May resumes the rally off March's low, February's high crossing at $5.72 is the next upside target. First resistance is February's high crossing at $5.72. Second resistance is psychological resistance crossing at $6.00. First support is the March 4^th low crossing at $5.29 1/4. Second support is the 25% retracement level of the August-January-rally crossing at $5.14. 

May wheat closed down $0.12 1/4-cents at $6.12 1/2.  

May wheat closed lower on Thursday and below the 38% retracement level of the June-January-rally crossing at $6.17 as it extends the decline off February's high. The low-range close sets the stage for a steady to higher opening when Friday'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 May extends the decline off February's high, the 50% retracement level of the June-January-rally crossing at $5.93 1/2 is the next downside target. Closes above the 50-day moving average crossing at $6.51 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.43. Second resistance is the 50-day moving average crossing at $6.51 3/4. First support is today's low crossing at $6.09. Second support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2.        

May Kansas City Wheat closed down $0.09 1/2-cents at $5.66 3/4.

May Kansas City wheat closed lower on Thursday as it extended the decline off February's low. The low-range close sets the stage for a steady to lower opening when Friday'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 May extends the decline off February's high, the 50% retracement level of the August-March-rally crossing at $5.52 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.06 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.89 1/4. Second resistance is the 20-day moving average crossing at $6.06 1/2. First support is today's low crossing at $5.65 1/2. Second support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4.       

May Minneapolis wheat closed down $0.10-cents at $6.17. 

May Minneapolis wheat closed lower on Thursday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If May extends the decline off February's high, the 50% retracement level of the December-January-rally crossing at $6.06 3/4 is the next downside target. Closes above the 50-day moving average crossing at $6.38 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $6.38. Second resistance is March's high crossing at $6.52 1/4. First support is today's low crossing at $6.16 1/2. Second support is the 50% retracement level of the December-January-rally crossing at $6.06 3/4.     

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

May soybeans closed down $0.18 1/2-cents at $14.14 1/4.

May soybeans closed lower on Thursday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 last-Thursday's low, March's high crossing at $14.60 is the next upside target. Closes below the 50-day moving average crossing at $13.93 would signal that a short-term top has been posted. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 50-day moving average crossing at $13.93. Second support is the February 11^th low crossing at $13.36 3/4.

May soybean meal closed up $3.60 to $404.60. 

May soybean meal closed higher on Thursday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Friday'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 May extends the decline off January's high, the 50% retracement level of the August-January rally crossing at $376.30 is the next downside target. Closes above the 20-day moving average crossing at $409.30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $409.30. Second resistance is the 50-day moving average crossing at $423.00. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of the August-January rally crossing at $376.30.       

May soybean oil closed down 250-pts. at 54.98. 

May soybean oil closed limit down on Thursday as it consolidated some of the rally off last-April's low. The limit-down close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 53.43 would confirm that a short-term top has been posted. If May extends the rally off October's low, the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60 is the next upside target. First resistance is Tuesday's high crossing at 58.25. Second resistance is the 75% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 59.60. First support is the 20-day moving average crossing at 53.43. Second support is March's low crossing at 48.62.      

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

April hogs closed up $1.90 at $99.68. 

April hogs gapped up and closed higher on Thursday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Friday'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 November's low, the April-2019 high on the weekly continuation chart crossing at $99.83 is the next upside target. Closes below the 20-day moving average crossing at $91.22 would signal that a short-term top has been posted. First resistance is today's high crossing at $99.75. Second resistance is the April-2019 high on the weekly continuation chart crossing at $99.83. First support is the 10-day moving average crossing at $94.59. Second support is the 20-day moving average crossing at $91.22. 

April cattle closed up $0.43 at $119.55. 

April cattle closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish hinting that low might be in or is near. Closes above the 50-day moving average crossing at $120.91 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. First resistance is the 50-day moving average crossing at $120.91. Second resistance is February's high crossing at $126.70. First support is last-Friday's low crossing at $118.00. Second support is the 50% retracement level of the October-February-rally crossing at $117.72. 

April Feeder cattle closed up $1.78 at $144.23. 

April Feeder cattle closed higher on Thursday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this week's rally, last-Thursday's high crossing at $145.83 is the next upside target. Closes below last-Friday's low would open the door for a test of March's low crossing at $137.22. First resistance is last-Thursday's high crossing at $145.83. Second resistance is January's high crossing at $147.00. First support is last-Friday's low crossing at $138.43. Second support is March's low crossing at $137.22.           

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

May coffee closed slightly higher on Thursday. The high-range close sets the stage for a steady to slightly higher opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50% retracement level of the November-February-rally crossing at 12.35 is the next downside target. Closes above the 20-day moving average crossing at 131.33 would signal that a short-term low has been posted.         

May cocoa closed higher on Thursday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening on Friday. 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 March's high, February's low crossing at 23.69 is the next downside target. Closes above the 20-day moving average crossing at 25.49 would signal that a short-term low has been posted.            

May sugar closed sharply lower on Thursday as it extends the decline off February's high. The low-range close set the stage for a steady to lower opening on Friday. 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, the 38% retracement level of the 2020-2021-rally crossing at 14.80. Closes above the 20-day moving average crossing at 16.01 would signal that a short-term low has been posted.      

May cotton closed limit down on Thursday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 74.20 is the next downside target. Closes above the 20-day moving average crossing at 86.39 would signal that a short-term low has been posted.