KEY EVENTS TO WATCH FOR:

Monday, April 19, 2021   

  N/A              Patriot's Day in Massachusetts and Maine

Tuesday, April 20, 2021 

7:45 AM ET. Weekly Chain Store Sales Index

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +13.2%)

                       Latest Wk, Y/Y% (previous +13.2%)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -3.6M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +5.6M)

                       Distillate Stocks, Net Chg (Bbls) (previous -3.0M)

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

The Dow closed higher on Friday as it extended this week'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 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 33,268.98 would signal that a short-term top has been posted. First resistance is today's high crossing at 34,256.75. Second resistance is unknown. First support is the 20-day moving average crossing at 33,268.98. Second support is the 50-day moving average crossing at 32,352.53. 

The June NASDAQ 100 closed slightly higher on Friday as it extended 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 13,382.16 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,059.50. Second resistance is unknown. First support is the 10-day moving average crossing at 13,796.00. Second support is the 20-day moving average crossing at 13,382.16. 

The June S&P 500 closed higher today as it posted a new contract high. The high-range close sets the stage for a steady to slightly 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 4024.12 would signal that a short-term top has been posted. First resistance is today's high crossing at 4179.25. Second resistance is unknown. First support is the 10-day moving average crossing at 4112.32. Second support is the 20-day moving average crossing at 4024.12.  

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June T-bonds closed down 1-09/32's at 157-23. 

June T-bonds posted an inside day with a sharply lower close 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 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, the 25% retracement level of the 2020-2021-decline crossing at 159-19 is the next upside target. Closes below the 20-day moving average crossing at 156-09 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 159-01. Second resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. First support is the 20-day moving average crossing at 156-09. Second support is the March 18th low crossing at 153-07. 

June T-notes closed down 125-pts. At 132.085.

June T-notes posted an inside day with a lower close 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 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 25% retracement level of the 2020-2021-decline crossing at 133.001 is the next upside target. Closes below the 20-day moving average crossing at 131.229 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 132.249. Second resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. First support is Tuesday's low crossing at 131.120. Second support is April's low crossing at 130.255. 

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

May crude oil closed slightly lower on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening when Wednesday'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 May extends this week's rally, March's high crossing at $67.99. Closes below April's low crossing at $57.63 would signal that a short-term top has been posted. First resistance is today's high crossing at $63.88. 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 slightly lower on Tuesday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, March's high crossing at $198.68 is the next upside target. Closes below the 20-day moving average crossing at $181.46 would signal that a short-term top has been posted. First resistance is today's high crossing at $190.93. 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 lower on Friday. The low-range close sets the stage for a steady to slightly higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If May extends this week's rally, March's high crossing at $215.48 is the next upside target. Closes below the March 23^rd low crossing at $186.97 would open the door for additional weakness near-term. First resistance is today's high crossing at $206.22. Second resistance is March's high crossing at $215.48. First support is the March 23^rd low crossing at $186.97. Second support is the 38% retracement level of the November-March-rally crossing at $177.06.    

May Henry natural 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 30^th high crossing at 2.688 would signal that a short-term low has been posted. Closes below the 10-day moving average crossing at 2.568 would signal that a short-term top has been posted. First resistance is the March 30^th high crossing at 2.688. Second resistance is the 50-day moving average crossing at 2.719. First support is the 10-day moving average crossing at 2.568. Second support is the 87% retracement level of the December-February rally crossing at 2.445. 

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

The June Dollar closed lower on Friday and just below the 50-day moving average crossing 91.55. 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 March 18^th low crossing 91.29 is the next downside target. Closes above the 20-day moving average crossing at 92.38 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 today's low crossing at 91.47. Second support is the March 18^th low crossing 91.29.    

The June Euro closed slightly higher on Friday and above the 50-day moving average crossing at 119.95. 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, the March high crossing at 121.40 is the next upside target. Closes below the 20-day moving average crossing at 118.78 would signal that a short-term top has been posted. First resistance is today's high crossing at 120.09. Second resistance is March's high crossing at 121.40. First support is the 20-day moving average crossing at 118.78. Second support is March's low crossing at 117.21. 

The June British Pound 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1.3852 would signal that a short-term low has been posted. 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. 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 closed higher on Friday as it extended 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 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 1.0922 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 1.0760 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.0922. Second resistance is the 50% retracement level of the January-April-decline crossing at 1.1014. First support is the 10-day moving average crossing at 1.0824. Second support is the 20-day moving average crossing at 1.0760.

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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the March 30^th low, March's high crossing at 80.88 is the next upside target. Closes below the 50-day moving average crossing at 79.38 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 March's high crossing at 80.88. First support is the 50-day moving average crossing at 79.38. Second support is the February 26^th low crossing at 78.42. 

The June Japanese Yen closed slightly 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 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, 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 0.0928. 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 higher on Friday as it extended the rally off the March 31^st 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 the March 31^st low, the February 23^rd high crossing at $1817.60 is the next upside target. Closes below the 20-day moving average crossing at $1736.50 would signal that a short-term top has been posted. First resistance is today's high crossing at $1784.70. Second resistance is the February 23^rd high crossing at $1817.60. First support is Tuesday's low crossing at $1723.20. Second support is March's low crossing at $1676.20.

May silver closed slightly higher on Friday as it extends the rally off March's low. The low-range close sets the stage for a steady to slightly 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. Closes above the 50-day moving average crossing at 26.143 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 25.253 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 26.143. 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 due to profit taking as it consolidated some of this week's rally. 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 March extends the rally off March's low, February's high crossing at 437.55 is the next upside target. Closes below the 50-day moving average crossing at 402.75 would confirm that a short-term top has been posted. First resistance is today's high crossing at 424.40. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 402.40. 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 $0.03 1/4-cents at $5.86 3/4. 

May corn closed lower on Friday due to technical selling. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above psychological resistance crossing at $6.00 would open the door for a possible test of the 62% retracement level of the 2012-2020-decline crossing at $6.36 is the next upside target. Closes below the 20-day moving average crossing at $5.63 1/4 would confirm that a short-term top has been posted. First resistance is psychological resistance crossing at $6.00. Second resistance is the 62% retracement level of the 2012-2020-decline crossing at $6.36. First support is the 10-day moving average crossing at $5.74 1/4. Second support is the 20-day moving average crossing at $5.63 1/4. 

May wheat closed down $0.00 3/4-cents at $6.53.  

May wheat closed fractionally lower on Friday as it consolidated the rally off March's low.The mid-range close sets the stage for a steady to fractionally 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 May extends the aforementioned rally, March's high crossing at $6.68 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.25 3/4 would signal that a short-term top has been posted.First resistance is today's high crossing at $6.59 3/4. Second resistance is March's high crossing at $6.68 3/4. First support is the 20-day moving average crossing at $6.25 3/4. Second support is the 50% retracement level of the June-January-rally crossing at $5.93 1/2.

May Kansas City Wheat closed up $0.01 1/4-cents at $6.09.

May Kansas City wheat 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at $6.39 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.77 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.16. Second resistance is the March high crossing at $6.39 3/4. First support is the 20-day moving average crossing at $5.77 1/2. Second support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4.

May Minneapolis wheat closed up $0.01-cent at $6.64 1/4. 

May Minneapolis wheat 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If May extends the rally off April's low, weekly resistance crossing at $6.77 is the next upside target. Closes below the 20-day moving average crossing at $6.29 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $6.68 1/2. Second resistance is weekly resistance crossing at $6.77. First support is the 50-day moving average crossing at $6.35 1/4. Second support is the 20-day moving average crossing at $6.29.   

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

May soybeans closed yo $0.15-cents at $14.33 1/4.

May soybeans closed higher on Friday as it extended this week's rally. 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. 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 the March 30^th 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 March 30^th low crossing at $13.64 1/4. Second support is the February 11^th low crossing at $13.36 3/4.

May soybean meal closed up $0.50 to $402.40. 

May soybean meal closed higher on Friday. The low-range close sets the stage for a steady to slightly higher 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. Closes above the 50-day moving average crossing at $413.30 would signal that a short-term low has been posted. First resistance is April's high crossing at $433.20. Second resistance is February's high crossing at $442.10. 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 up 140-pts. at 56.29. 

May soybean oil closed sharply higher on Friday as it extends the rally off Monday'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 neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes below the 50-day moving average crossing at 51.22 would signal that a short-term top has been posted. 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 March's low crossing at 48.62.      

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

June hogs closed down $3.13 at $101.57. 

June hogs closed sharply lower on Friday and below the 20-day moving average crossing at $104.91 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday'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 this week's decline, the 50-day moving average crossing at $98.73 is the next downside target. If June renews 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. First resistance is Monday's high crossing at $110.08. 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 50-day moving average crossing at $98.73. Second support is the March 22^nd low crossing at $97.62. 

June cattle closed down $0.35 at $119.30. 

June cattle closed lower on Friday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that a short-term top might be in or is near. If June extends the aforementioned decline, the March 19^th low crossing at $118.10 is the next downside target. Closes above the 10-day moving average crossing at $122.40 would signal that a short-term low has been posted. First resistance is April's high crossing at $125.63. Second resistance is weekly resistance crossing at $127.90. First support is the March 19^th low crossing at $118.10. Second support is March's low crossing at $116.42. 

May Feeder cattle closed down $1.03 at $143.40. 

May Feeder cattle closed lower on Friday as it extended the decline off April's high. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If May extends the aforementioned decline, March's low crossing at $141.65 is the next downside target. Closes above the 10-day moving average crossing at $148.78 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $148.78. Second resistance is the March 30^th high crossing at $153.48. First support is today's low crossing at $143.03. Second support is Monday's low crossing at $141.65.           

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

May coffee closed sharply lower on Friday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 127.30 would signal that a short-term top has been posted. If May extends the rally off March's low, the March 17^th high crossing at 13.57 is the next upside target.          

May cocoa closed slightly lower on Friday. The mid-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. If May extends this week's rally, the 50-day moving average crossing at 24.75 is the next upside target. If May renews the decline off March's high, the 87% retracement level of last-November's rally crossing at 23.11 is the next downside target.            

May sugar closed 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 on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, February's high crossing at 17.52. Closes below the 20-day moving average crossing at 15.37 would signal that a short-term top has been posted.       

May cotton closed lower on Friday as it consolidates some of the rally off March's low The low-range close sets the stage for a steady to lower opening on Monday. 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 85.56 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 81.47 would signal that a short-term top has been posted.