KEY EVENTS TO WATCH FOR:

Monday, April 12, 2021 

2:00 PM ET. March Monthly Treasury Statement of Receipts & Outlays of the U.S.

Tuesday, April 13, 2021  

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. March Real Earnings

8:30 AM ET. March-January-rally CPI

                       CPI, M/M% (previous +0.4%)

                       Core CPI, M/M% (previous +0.1%)

                       Energy Idx, M/M% (previous +3.9%)

                       Food Idx, M/M% (previous +0.2%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -1%)

                       CPI, Y/Y% (previous +1.7%)

                       Core Annual, Y/Y% (previous +1.3%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M% (previous -17.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +9.3%)

                       Latest Wk, Y/Y% (previous +10.6%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -2.6M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +4.6M)

                       Distillate Stocks, Net Chg (Bbls) (previous +2.8M)

Wednesday, April 14, 2021 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 693.5)

                       Composite Idx, W/W% (previous -5.1%)

                       Purchase Idx-SA (previous 283.6)

                       Purchase Idx-SA, W/W% (previous -4.6%)

                       Refinance Idx (previous 3068.8)

                       Refinance Idx, W/W% (previous -5.3%)

8:30 AM ET. March-January-rally Import & Export Price Indexes

                       Import Prices (previous +1.3%)

                       Non-Petroleum Prices (previous +0.5%)

                       Petroleum Prices (previous +11.3%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 498.313M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.522M)

                       Gasoline Stocks (Bbl) (previous 234.588M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +4.044M)

                       Distillate Stocks (Bbl) (previous 145.547M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.452M)

                       Refinery Usage (previous 84.0%)

                       Total Prod Supplied (Bbl/day) (previous 19.236M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.077M)

2:00 PM ET. U.S. Federal Reserve Beige Book

Thursday, April 15, 2021 

8:30 AM ET. April Empire State Manufacturing Survey

                       Mfg Idx (previous 17.4)

                       Employment Idx (previous 9.4)

                       New Orders Idx (previous 9.1)

                       Prices Received (previous 24.2)

8:30 AM ET. April Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 51.8)

                       Prices Paid (previous 75.9)

                       Employment (previous 30.1)

                       New Orders (previous 50.9)

                       Prices Received (previous 31.8)

                       Delivery Times (previous 29.5)

                       Inventories (previous 12.1)

                       Shipments (previous 30.2)

8:30 AM ET. March Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous -3.0%)

                       Sales, Ex-Auto, M/M% (previous -2.7%)

                       Sales, Ex-Auto & Gas, M/M% (previous -3.3%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 744K)

                       Jobless Claims, Net Chg (previous +16K)

                       Continuing Claims (previous 3734000)

                       Continuing Claims, Net Chg (previous -16K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 807K)

                       Soybeans (Metric Tons) (previous 246.2K)

                       Wheat (Metric Tons) (previous 611.9K)

9:15 AM ET. March Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous -2.2%)

                       Capacity Utilization % (previous 73.8%)

                       Capacity Utilization, Net Chg (Pts) (previous -1.7)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. April NAHB Housing Market Index

                       Housing Mkt Idx (previous 82)

10:00 AM ET. February Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.3%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1784B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +20B)

4:00 PM ET. February Treasury International Capital Data

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, April 16, 2021  

8:30 AM ET. March New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.421M)

                       Housing Starts, M/M% (previous -10.3%)

                       Building Permits (previous 1.682M)

                       Building Permits, M/M% (previous -10.8%)

10:00 AM ET. March State Employment and Unemployment

10:00 AM ET. April University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 83.0)

                       Mid-Mo Expectations (previous 77.5)

                       Mid-Mo Current Idx (previous 91.5)

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

The Dow closed into record territory on Friday as it extended the rally off last-October'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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. Closes below the 20-day moving average crossing at 33,013.16 would signal that a short-term top has been posted. First resistance is today's high crossing at 33,658.75. Second resistance is unknown. First support is the 20-day moving average crossing at 33,013.16. Second support is the March 25^th low crossing at 32,071.41. Third support is the 50-day moving average crossing at 32,005.77. 

The June NASDAQ 100 closed slightly higher on Friday as it extends the rally off March'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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, February's high crossing at 13,888.00 is the next upside target. Closes below the 20-day moving average crossing at 13,153.24 would signal that a short-term top has been posted. First resistance is today's high crossing at 13,841.75. Second resistance is February's high crossing at 13,888.00.First support is the 20-day moving average crossing at 13,153.24. Second support is the March 25^th low crossing at 12,609.75. 

The June S&P 500 closed higher on Friday as it extends this year's rally into uncharted territory. 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 June extends the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3973.31 would signal that a short-term top has been posted. First resistance is today's high crossing at 4104.00. Second resistance is unknown. First support is the 10-day moving average crossing at 4024.28. Second support is the 20-day moving average crossing at 3973.31.  

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

June T-bonds closed down 5/32's at 156-20. 

June T-bonds closed lower on Friday. The mid-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 March 25^th high crossing at 157-08 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 March 25^th high crossing at 157-08. Second resistance is the 50-day moving average crossing at 159-10. First support is the March 18th 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 down 65-pts. At 131.255.

June T-notes closed lower on Friday. The mid-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 March 25^th high crossing at 132.095 are needed to confirm that a short-term low has been posted and would open the door for additional gains near-term. 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 March 25^th high crossing at 132.095. Second resistance is the 50-day moving average crossing at 133.050. First support is Monday's low crossing at 130.255. 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 slightly lower on Friday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 30^th high crossing at $62.27 are needed to confirm an upside breakout of the aforementioned trading range. If May renews the decline off March's high, the 38% retracement level of the November-February-rally crossing at $55.69 is the next downside target. First resistance is the March 30^th high crossing at $62.37. Second resistance is March's high crossing at $67.98. First support is the March 23^rd 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 Friday as it extended the trading range of the past three-weeks. 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 are possible near-term. Closes above the 20-day moving average crossing at $182.60 would signal that a short-term low has been posted. If May resumes the decline off March's high, the 38% retracement level of the November-February-rally crossing at $164.17 is the next downside target. First resistance is the 20-day moving average crossing at $182.60. Second resistance is March's high crossing at $198.68. First support is the March 23^rd low crossing at $173.15. Second support is the 38% retracement level of the November-February-rally crossing at $164.17.  

May unleaded gas closed slightly 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 neutral to bullish signaling sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $203.60 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $192.30 would open the door for additional weakness near-term. First resistance is last-Thursday's high crossing at $203.60. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $192.30. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    

May Henry natural gas closed slightly higher on Friday. The mid-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. Closes above last-Tuesday's high crossing at 2.688 would signal that a short-term low has been posted. If April extends the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.445 is the next downside target. First resistance is last-Tuesday's high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.732. First support is the 87% retracement level of the December-February rally crossing at 2.445. Second support is December's low crossing at 2.352.

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

The June Dollar closed slightly higher on Friday but remains below the 20-day moving average crossing 92.37. 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 higher prices are possible near-term. If June extends the decline off March's high, the 50-day moving average crossing 91.48 is the next downside target. Closes above the 10-day moving average crossing at 92.73 would signal that a short-term low has been posted. First resistance is the 50% retracement level of the September-January-decline crossing at 93.43. Second resistance is the 62% retracement level of the September-January-decline crossing at 94.43. First support is Thursday's low crossing at 92.01. Second support is the 50-day moving average crossing 91.48.    

The June Euro posted an inside day with a slightly lower close on Friday. The high-range close sets the stage for a steady to slightly lower 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 rally off March's low, the 50-day moving average crossing at 120.03 is the next upside ta rget. Closes below the 10-day moving average crossing at 118.31 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 119.43. Second resistance is the 50-day moving average crossing at 120.03. First support is March's low crossing at 117.21. Second support is the 50% retracement level of the 2020-2021 rally crossing at 115.98.  

The June British Pound closed lower on Friday. The mid-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 February's high,the 50% retracement level of the September-February-rally crossing at 1.3494 is the next downside target. Closes above the 50-day moving average crossing at 1.3854 would signal that a short-term low has been posted. First resistance is the April 4^th high crossing at 1.3922. Second resistance is the March 12^th high crossing at 1.4009. 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 posted an inside day with a slightly lower close on Friday as it consolidates some of 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 are becoming 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, the March 17^th high crossing at 1.0880 is the next upside target. Closes below the 10-day moving average crossing at 1.0712 would signal that a short-term top has been posted. First resistance is the March 17^th high crossing at 1.0880. Second resistance is the 50-day moving average crossing at 1.0946. First support is the 75% retracement level of the March-January-rally crossing at 1.0586. Second support is the 87% retracement level of the March-January-rally crossing at 1.0447.

The June Canadian Dollar 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. If June renews the rally off last-Wednesday's low, March's high crossing at 80.88 is the next upside target. Closes below the 50-day moving average crossing at 79.21 would open the door for a possible test of the February 26^th low crossing at 78.42. 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 79.21. Second support is the February 26^th low crossing at 78.42. 

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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the March 23^rd high crossing at 0.09232 is the next upside target. If June renews the decline off January's high, last-March's low on the monthly continuation chart crossing at 0.0900 is the next downside target. First resistance is the March 23^rd high crossing at 0.0923. Second resistance is the 50-day moving average crossing at 0.09332. First support is March's low crossing at 0.0902. Second support is last-March's low on the monthly continuation chart crossing at 0.0900.

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

June gold closed lower on Friday as it consolidated some of the rally off the March 31^st low. The mid-range close sets the stage for a steady to lower 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 June extends the rally off the March 31^st low, the 50-day moving average crossing at $1762.90 is the next upside target. Closes below the 10-day moving average crossing at $1729.40 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $1759.40. Second resistance is the 50-day moving average crossing at $1762.90. First support is March's low crossing at $1676.20. Second support is the 62% retracement level of the 2019-2020-rally crossing at $1634.70.  

May silver closed lower on Friday as it consolidated some of the rally off March's low. The mid-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 May extends the aforementioned rally, the 50-day moving average crossing at 26.299 is the next upside target. If May renews the decline off February's high, the 87% retracement level of the November-February-rally crossing at 23.102 is the next downside target. First resistance is the 50-day moving average crossing at 26.299. Second resistance is the March 18^th high crossing at 26.740. First support is the 75% retracement level of the November-February-rally crossing at 24.059. Second support is the 87% retracement level of the November-February-rally crossing at 23.102. 

May 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 50-day moving average crossing at 397.19 would confirm that a short-term top has been posted. If March extends 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 397.19. 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 $0.02 1/2-cents at $5.77 1/4. 

May corn closed lower on Friday despite today's WASDE report that lowed carryover to 1.352 billion bushels from last month. The low-range close sets the stage for a steady to lower 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 May extends the rally off last-Tuesday's low, psychological resistance crossing at $6.00 is the next upside target. Closes below last-Tuesday's low crossing at $5.33 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at $5.95. Second resistance is psychological resistance crossing at $6.00. First support is last-Tuesday's low crossing at $5.33 3/4. Second support is the March 4^th low crossing at $5.29 1/4. 

May wheat closed up $0.10-cents at $6.38 3/4.  

May wheat closed higher on Friday as it extended the rally off March's low.The mid-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. Closes above the 50-day moving average crossing at $6.43 would signal that a trend change is taking place. Closes below the 10-day moving average crossing at $6.17 3/4 would signal that a short-term top has been posted.First resistance is today's high crossing at $6.46 1/2. Second resistance is March's high crossing at $6.68 3/4. First support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2. Second support is the 62% retracement level of the June-January-rally crossing at $5.70.       

May Kansas City Wheat closed up $0.10-cents at $5.86 1/2.

May Kansas City wheat closed higher on Friday. The mid-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 May extends this week's rally,  the 50-day moving average crossing at $6.10 1/2 is the next upside target. If May extends the decline off February's high, the 62% retracement level of the August-March-rally crossing at $5.26 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $6.10 1/2. Second resistance is the March high crossing at $6.39 3/4. First support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4. Second support is the 62% retracement level of the August-March-rally crossing at $5.26 1/2.      

May Minneapolis wheat closed up $0.13 3/4-cents at $6.54. 

May Minneapolis wheat closed higher for the fifth-day in a row 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If May extends this week's rally, January's high crossing at $6.62 is the next upside target. Closes below the 10-day moving average crossing at $6.17 1/4 would confirm that a short-term top has been posted. First resistance is the February 24^th high crossing at $6.58 3/4. Second resistance is January's high crossing at $6.62. First support is the 50-day moving average crossing at $6.33. Second support is the 20-day moving average crossing at $6.23 1/2.   

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

May soybeans closed down $0.12 1/4-cents at $14.03.

May soybeans closed lower on Friday following today's neutral WASDE report that left carryout unchanged at 120 mmt. 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 above March's high crossing at $14.60 are needed to confirm an upside breakout of this year's trading range and renew the long-term uptrend. Closes below last-Tuesday's low crossing at $13.64 1/4 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 February 11^th low crossing at $13.36 3/4. Second support is the January 25^th low crossing at $12.97.

May soybean meal closed down $5.60 to $401.20. 

May 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. Closes below the 38% retracement level of the August-January rally crossing at $396.90 would renew the decline off January's high. If May renews the rally off March's low, February's high crossing at $442.10 is the next upside target. First resistance is February's high crossing at $442.10. Second resistance is January's high crossing at $463.60. 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 53-pts. at 52.85. 

May soybean oil closed lower on Monday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off March's high, the 50-day moving average crossing at 50.20 is the next downside target. If May renews 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 March'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 25% retracement level of the 2020-2021-rally crossing at 50.35. Second support is the 50-day moving average crossing at 50.20.      

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

June hogs closed up $0.25 at $108.95. 

June hogs closed higher on Friday as it extended the rally off last fall's low. The mid-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 June extends the rally off November's low, the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53 is the next upside target. Closes below the 20-day moving average crossing at $103.66 would signal that a short-term top has been posted. First resistance is today's high crossing at $109.55. Second resistance is the 75% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $110.53. First support is the 10-day moving average crossing at $106.52. Second support is the 20-day moving average crossing at $103.66. 

June cattle closed down $2.45 at $122.57. 

June cattle closed sharply lower on Friday as it consolidates some of the rally off last-October's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $121.93 would signal that a short-term top has been posted. If June extends the aforementioned rally, weekly resistance crossing at $127.90 is the next upside target. First resistance is Thursday's high crossing at $125.63. Second resistance is weekly resistance crossing at $127.90. First support is the 20-day moving average crossing at $121.93. Second support is the 50-day moving average crossing at $120.33. 

May Feeder cattle closed down $1.98 at $149.63. 

May Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are becoming overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below below the 20-day moving average crossing at $149.38 would signal that a short-term top has been posted. If May extends the rally off March's low, monthly resistance crossing at $159.90 is the next upside target. First resistance is last-Tuesday's high crossing at $153.48. Second resistance is monthly resistance crossing at $159.90. First support is the 20-day moving average crossing at $149.38. Second support is the March 19^th low crossing at $143.65.            

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

May coffee closed lower on Friday as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening on Monday. 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 128.93 would signal that a short-term low has been posted. If May renews the decline off February's high, the 62% retracement level of the November-February-rally crossing at 11.95 is the next downside target.          

May cocoa closed slightly lower on Friday as it extends 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 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, the 87% retracement level of last-November's rally crossing at 23.11 is the next downside target. Closes above the 20-day moving average crossing at 24.42 would signal that a short-term low has been posted.            

May sugar closed higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 15.41 would signal that a short-term low has been posted. If May extends the decline off February's high, the 50% retracement level of the 2020-2021-rally crossing at 13.96.      

May cotton closed higher on Friday closing above the upper boundary of the trading range of the past two-weeks, which crosses at $81.52. The mid-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. Closes above the 20-day moving average crossing at 82.38 would signal that a short-term low has been posted. 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.