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 STOCK INDEXES: The June NASDAQ 100 was steady to slightly lower overnight as it consolidates some of the rally off March's low. The high-range trade sets the stage for a steady to slightly lower opening when the day 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 13,440.96 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 14,059.50. Second resistance is unknown. First support is the 10-day moving average crossing at 13,839.62. Second support is the 20-day moving average crossing at 13,440.96.  

The June S&P 500 was steady to slightly lower overnight as it consolidates some of this year's rally. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading later this morning.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 last-September's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4037.47 would signal that a short-term top has been posted. First resistance is Friday's high crossing at 4183.50. Second resistance is unknown.First support is the 10-day moving average crossing at 4122.18. Second support is the 20-day moving average crossing at 4037.46.  

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

INTEREST RATES: June T-bonds were higher overnight and challenging the 50-day moving average crossing at 158-08. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are 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 156-14 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 162-31. First support is the 20-day moving average crossing at 156-14. Second support is March's low crossing at 153-07.

June T-notes were higher overnight. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are 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 132.229 would open the door for additional short covering gains. Closes below the 20-day moving average crossing at 131.244 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 132.229. Second resistance is the March high crossing at 133.230. First support is the 20-day moving average crossing at 131.244. Second support is the April 5^th low crossing at 130.255. 

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

June crude oil was steady to slightly lower overnight. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways trading is possible near-term. If June extends this month's rally, March's high crossing at $67.29 is the next upside target. Closes below the 20-day moving average crossing at $60.63 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $63.94. Second resistance is March's high crossing at $67.29. First support is the 20-day moving average crossing at $60.63. Second support is the March 23^rd low crossing at $57.29. Second support is the 38% retracement level of the November-March-rally crossing at $55.43.      

June heating oil was steady to slightly lower overnight as it consolidates some of last-week's rally. The mid-range overnight trade sets the stage for a steady to slightly lower opening when the day 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 last-Wednesday's rally, March's high crossing at $197.78 is the next upside target. Closes below the 20-day moving average crossing at $182.03 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $191.09. Second resistance is March's high crossing at $197.78. First support is the 20-day moving average crossing at $182.03. Second support is the March 23^rd low crossing at $173.44.

June unleaded gas was steady to slightly lower overnight as it consolidates some of last-week's rally. The mid-range overnight trade sets the stage for a steady to slightly lower opening when the day 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 last-week's rally, March's high crossing at $2.1280 is the next upside target. Closes below the 50-day moving average crossing at $1.9512 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $2.0627. Second resistance is March's high crossing at $2.1280. First support is the 50-day moving average crossing at $1.9512. Second support is the March 23^rd low crossing at $1.8618.

June Henry natural gas was higher overnight as it extends the rally off April's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading.Stochastics and the RSI are 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 2.773 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 2.663 would signal that a short-term top has been posted. First resistance resistance is the 50-day moving average crossing at 2.773. Second resistance is the 62% retracement level of the February-March-decline crossing at 2.869. First support is the 20-day moving average crossing at 2.663. Second support is April's low crossing at 2.540.  

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

CURRENCIES:The June Dollar was sharply lower overnight and trading below the 50-day moving average crossing at $91.55. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $91.55 would open the door for additional weakness and a possible test of the March low crossing at $90.62. Closes above the 20-day moving average crossing at $92.34 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $92.34. Second resistance is March's high crossing at $93.47. First support is the 50-day moving average crossing at $91.55. Second support is the March low crossing at $90.62.

The June Euro was higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are 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 $119.89 would open the door for a possible test of March's high crossing at $121.40. Closes below the 20-day moving average crossing at $118.84 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $119.90. Second resistance is March's high crossing at $121.40. First support is the 20-day moving average crossing at $118.84. Second support is March's low crossing at $117.21.

The June British Pound was higher overnight as it extends the trading range above the 38% retracement level of the September-February rally crossing at 1.3672. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings 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 1.3867 would signal that a short-term low has been posted. If June resumes the decline off February's high, the 50% retracement level of the September-February rally crossing at 1.3490 is the next downside target. First resistance is the April 6^th high crossing at 1.3922. Second resistance is the reaction 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 was higher overnight as it extends the rally off April's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are 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 1.0908 would open the door for a possible test of the 50% retracement level of the January-April-decline crossing at 1.1014. Closes below the 20-day moving average crossing at 1.0769 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.0908. Second resistance is the 50% retracement level of the January-April-decline crossing at 1.1014. First support is the 20-day moving average crossing at 1.0769. Second support is April's low crossing at 1.0576.

The June Canadian Dollar was higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Tuesday's low, March's high crossing at $80.88 is the next upside target. Closes below last-Tuesday's low crossing at $79.11 would open the door for a possible test of the February 26^th low crossing at $78.42. First resistance is the overnight high crossing at $80.20. Second resistance is March's high crossing at $80.88. First support is last-Tuesday's low crossing at $79.11. Second support is the February 26^th low crossing at $78.42.  

The June Japanese Yen was sharply higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a higher opening when the day 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 50-day moving average crossing at 0.0928 is the next upside target. Closes below the 20-day moving average crossing at 0.0915 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 0.0928. Second resistance is the 38% retracement level of the January-March-decline crossing at 0.0930. First support is the 20-day moving average crossing at 0.0915. Second support is March's low crossing at 0.0902. 

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

PRECIOUS METALS: June gold was higher overnight as it extends the rally off the March 31^st low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the February 23^rd high crossing at $1817.60 is the next upside target. Closes below last-Tuesday's low crossing at $1723.20 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2020-2021-decline crossing at $1783.40. Second resistance is the February 23^rd high crossing at $1817.60. First support is last-Tuesday's low crossing at $1723.20. Second support is March's low crossing at $1676.20.

May silver was steady to slightly higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are 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 $26.144 would open the door for a possible test of the March 18^th high crossing at $26.740. Closes below last-Tuesday's low crossing at $24.680 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $26.144. Second resistance is the March 18^th high crossing at $26.740. First support is last-Tuesday's low crossing at $24.680. Second support is March's low crossing at $23.740. 

May copper was higher in overnight trading as it extends this month's rally. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, February's high crossing at 4.3755 is the next upside target. Closes below the 50-day moving average crossing at 4.0417 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at 4.2770. Second resistance is February's high crossing at 4.3755. First support is the 50-day moving average crossing at 4.0417. Second support is the 25% retracement level of the 2020-2021-rally crossing at 3.8134.  

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

May corn was higher overnight and is poised to resume the rally off March's low. The high-range close sets the stage for a steady to higher opening when the day 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. If July extends this year's rally, the 62% retracement level of the 2012-2020 decline crossing at $6.36 is the next upside target. Closes below the 50-day moving average crossing at $5.53  3/4 would signal 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 $5.78 1/2. Second support is the 20-day moving average crossing at $5.65.       

May wheat was higher overnight as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when the day 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 $6.27 1/4 would signal that a short-term top has likely been posted. First resistance is March's high crossing at $6.68 3/4. Second resistance is the February high crossing at $6.88 1/2. First support is the 20-day moving average crossing at $6.27 1/4. Second support is the 50% retracement level of the 2020-2021-rally crossing at $5.93 1/2. 

May Kansas City wheat was higher overnight as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when the day 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 rally off March's low, March high crossing at $6.39 3/4 is the next upside target. Closes below the 20-day moving average crossing at $5.79 1/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $6.18 1/2. Second resistance is the March high crossing at $6.39 3/4. First support is the 10-day moving average crossing at $5.88. Second support is the 20-day moving average crossing at $5.79 1/4.

May Minneapolis wheat was slightly higher overnight as it extends the rally off April's low. The low-range close sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, monthly resistance crossing at $6.83 1/2 is the next upside target. Closes below the 20-day moving average crossing at $6.31 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $6.70 1/2. Second resistance is monthly resistance crossing at $6.83 1/2. First support is the 10-day moving average crossing at $6.47 1/2. Second support is the 20-day moving average crossing at $6.31. 

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

May soybeans were higher overnight as it extends the rally off last-Tuesday's low.The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends last-week's rally, March's high crossing at $14.60 is the next upside target. Closes below last-Tuesday's low crossing at $13.89 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 last-Tuesday's low crossing at $13.89 1/4. Second support is the March 30^th low crossing at $13.64 1/4.

May soybean meal was steady to higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $412.80 would signal that a short-term low has been posted. Multiple closes below the 38% retracement level of the August-January rally crossing at $396.90 would open the door for additional weakness near-term. First resistance is the April 1^st high crossing at $433.20. Second resistance is the February 9^th 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 August-January rally crossing at $376.30.     

May soybean oil was steady to slightly higher overnight as it extended the rally off Monday's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 this month's rally, March's high crossing at 58.25 is the next upside target. Closes below the 50-day moving average crossing at 51.46 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 56.73. Second resistance is March's high crossing at 58.25. 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.