KEY EVENTS TO WATCH FOR:

Friday, April 23, 2021 

9:45 AM ET. April US Flash Services PMI

                       PMI, Services (expected 61.0; previous 60.0)

9:45 AM ET. April US Flash Manufacturing PMI

                       PMI, Mfg (expected 60.5; previous 59.0)

10:00 AM ET. March New Residential Sales

                       New Home Sales (expected 893K; previous 775K)

                       New Home Sales, M/M% (expected +15.2%; previous -18.2%)

                       New Home Sales Months Supply (previous 4.8)

Monday, April 26, 2021 

8:30 AM ET. March Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous -1.1%)

                       Dur Goods, Ex-Defense, M/M% (previous -0.7%)

                       Dur Goods, Ex-Transport, M/M% (previous -0.9%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.8%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -1.0%)

10:30 AM ET. April Texas Manufacturing Outlook Survey

                       Business Activity (previous 28.9)

                       Mfg Production Idx (previous 48.0)

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The Dow closed sharply lower on Thursday after a news report said President Joe Biden is weighing a proposal that would nearly double the capital-gains tax for wealthy individuals. 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 the 20-day moving average crossing at 33,551.54 would signal that a short-term top has been posted. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. First resistance is last-Friday's high crossing at 34,256.75. Second resistance is unknown. First support is the 20-day moving average crossing at 33,551.54. Second support is the 50-day moving average crossing at 32,570.43. 

The June NASDAQ 100 closed sharply lower on Thursday renewing the decline off last-Friday'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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 13,565.85 would signal that a short-term top has been posted.If June extends the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 14,059.50. Second resistance is unknown. First support is the 20-day moving average crossing at 13,565.85. Second support is the 50-day moving average crossing at 13,284.92. 

The June S&P 500 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 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 4072.26 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-Friday's high crossing at 4179.25. Second resistance is unknown. First support is the 20-day moving average crossing at 4072.26. Second support is the 50-day moving average crossing at 3959.91.  

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June T-bonds closed up 17/32's at 158-21. 

June T-bonds closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish with today's rally 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 156-21 would signal that a short-term top has been posted. First resistance is last-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 156-21. Second support is the March 18th low crossing at 153-07. 

June T-notes closed up 25-points at 132.195.

June T-notes 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 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 131.264 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 132.166. Second resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. First support is the 20-day moving average crossing at 131.264. Second support is April's low crossing at 130.255. 

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June crude oil closed slightly higher on Thursday following following a two-day decline off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 $61.31 would signal that a short-term top has been posted. If May resumes the rally off March's low, March's high crossing at $67.99. First resistance is Tuesday's high crossing at $64.38. Second resistance is March's high crossing at $67.98. First support is the 50-day moving average crossing at $61.31. Second support is the March 23^rd low crossing at $57.25. Third support is the 38% retracement level of the November-February-rallycrossing at $55.69.  

June heating oil closed higher on Thursday ending a two-day correction off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $183.00 would signal that a short-term top has been posted. If June resumes this month's rally, March's high crossing at $197.78 is the next upside target. First resistance is Tuesday's high crossing at $191.74. Second resistance is March's high crossing at $197.78. First support is the 20-day moving average crossing at $183.00. Second support is the March 23^rd low crossing at $173.44. 

June unleaded gas closed slightly lower on Thursday as it extended the decline off Tuesday's high. 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 bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $196.48 would signal that a short-term top has likely been posted. If June resumes the rally off March's low, March's high crossing at $212.80 is the next upside target. First resistance is Tuesday's high crossing at $207.42. Second resistance is March's high crossing at $212.80. First support is the 50-day moving average crossing at $196.48. Second support is the March 23^rd low crossing at $186.18.  

June Henry natural gas posted a key reversal up on Thursday as it renewed the rally off April'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 this month's rally, the 62% retracement level of the February-March-decline crossing at 2.869. Closes below the 20-day moving average crossing at 2.689 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the February-March-decline crossing at 2.869. Second resistance is the 75% retracement level of the February-March-decline crossing at 2.943. First support is the 10-day moving average crossing at 2.735. Second support is the 20-day moving average crossing at 2.689. 

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The June Dollar closed higher due to short covering on Thursday but remains below the 50-day moving average crossing 91.59 leaving the door open for a possible test of March's low crossing at 90.62. 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 the decline off March's high, March's low crossing 90.62 is the next downside target. Closes above the 20-day moving average crossing at 92.19 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 91.57. Second resistance is the 20-day moving average crossing at 92.19. First support is Tuesday's low crossing at 90.84. Second support is March's low crossing 90.62.    

The June Euro closed lower on Thursday as it consolidates some of this month's rally but remains above the 50-day moving average crossing at 119.88. 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 but 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 119.06 would signal that a short-term top has been posted. If June extends the rally off March's low, the March high crossing at 121.40 is the next upside target. First resistance is Tuesday's high crossing at 120.94. Second resistance is March's high crossing at 121.40. First support is the 10-day moving average crossing at 119.93. Second support is the 20-day moving average crossing at 119.06. 

The June British Pound closed sharply 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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.3808 would signal that a short-term top has been posted. If June resumes the rally off April's low, February's high crossing at 1.4245 is the next upside target. First resistance is Tuesday's high crossing at 1.4012. Second resistance is February's high crossing at 1.4245. First support is the 20-day moving average crossing at 1.3808. Second support is the 38% retracement level of the September-February-rally crossing at 1.3672. 

The June Swiss Franc closed lower on Thursday as it consolidates some of this month's rally but remains above the 50-day moving average crossing at 1.0891. 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 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 50% retracement level of the January-April-decline crossing at 1.1014 is the next upside target. Closes below the 20-day moving average crossing at 1.0791 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the January-April-decline crossing at 1.1014. Second resistance is the 62% retracement level of the January-April-decline crossing at 1.1117. First support is the 10-day moving average crossing at 1.0888. Second support is the 20-day moving average crossing at 1.0791.

The June Canadian Dollar posted an inside day with a lower close on Thursday leaving yesterday's key reversal up unconfirmed. If June extends Wednesday's rally, March's high crossing at 80.88 is the next upside target. 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 bullish signaling that sideways to higher prices are possible near-term. If June extends Wednesday's rally, March's high crossing at 80.88 is the next upside target. If June renews the decline off March's high the February 26^th low crossing at 78.42 is the next downside target. 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 Wednesday's low crossing at 79.02. Second support is the February 26^th low crossing at 78.42. 

The June Japanese Yen closed slightly higher on Thursday as it extends the rally off March's low. The mid-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 March's low, the 38% retracement level of the January-March-decline crossing at 0.0930 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 0.0926. Second resistance is the 38% retracement level of the January-March-decline crossing at 0.0930. First support is the 10-day moving average crossing at 0.920. Second support is the 20-day moving average crossing at 0.0915.  

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June gold closed lower on Thursday as it consolidated some of the rally off the late-March 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 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 $1745.50 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $1798.40. 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 posted an inside day with a lower close on Thursday as it consolidated some of the rally off March'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 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, the 50% retracement level of the February-March-decline crossing at 26.902 is the next upside target. Closes below the 20-day moving average crossing at 25.349 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the February-March-decline crossing at 26.902. Second resistance is the 62% retracement level of the February-March-decline crossing at 27.649. First support is the 20-day moving average crossing at 25.349. Second support is March's low crossing at 23.740. 

May copper posted an inside day with a lower close on Thursday as it consolidates some of this month's rally. 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 but remain 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 407.60 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 429.65. Second resistance is February's high crossing at 437.55. First support is the 50-day moving average crossing at 407.60. Second support is the 25% retracement level of the 2020-2021-rally crossing at 381.34.

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July Corn closed up $0.25-cents at $6.31 1/2. 

July corn closed limit up on Thursday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday's night sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, 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 $5.61 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.31 1/2. 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 $5.82 1/2. Second support is the 20-day moving average crossing at $5.61 1/4. 

July wheat closed up $0.35 1/2-cents at $7.10 1/2.  

July wheat closed sharply higher on Thursday as it extends the rally off March'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 July extends this year's rally, the 38% retracement level of the 2008-2016-decline on the monthly continuation chart crossing at $7.47 is the next upside target. Closes below the 20-day moving average crossing at $6.34 3/4 would signal that a short-term top has been posted.First resistance is today's high crossing at $7.15. Second resistance is the 38% retracement level of the 2008-2016-decline on the monthly continuation chart crossing at $7.47. First support is the 10-day moving average crossing at $6.56 1/2. Second support is the 20-day moving average crossing at $6.34 3/4.

July Kansas City Wheat closed up $0.37-cents at $6.74 3/4.

July Kansas City wheat closed sharply higher on Thursday as it extends the rally off March'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 July extends the rally off March's low, psychological resistance crossing at $7.00 is the next upside target. Closes below the 20-day moving average crossing at $5.95 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $7.00. Second resistancethe 38% retracement level of the 2008-2019-decline crossing at $7.64 1/4.First support is the 10-day moving average crossing at $6.17 1/4. Second support is the 20-day moving average crossing at $5.95.

July Minneapolis wheat closed up $0.29 1/2-cents at $7.14 3/4. 

July Minneapolis wheat closed higher on Thursday as it extended the rally off April'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. If July extends the rally off April's low, weekly resistance crossing at $7.41 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.47 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at $7.24 1/4. Second resistance is weekly resistance crossing at $7.41 1/4. First support is the 10-day moving average crossing at $6.72 1/2. Second support is the 20-day moving average crossing at $6.47 1/2.   

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July soybeans closed up $0.34 3/4-cents at $15.14 1/4.

July soybeans posted a new contract high on Wednesday as it extends the rally off last-April'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 July extends the aforementioned rally, the 75% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $15.39 1/2 is the next upside target. Closes below the 50-day moving average crossing at $14.00 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $15.24. Second resistance is the 75% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $15.39 1/2. First support is the 10-day moving average crossing at $14.28 1/2. Second support is the 20-day moving average crossing at $14.13 3/4.

July soybean meal closed up $9.20 to $425.30. 

July soybean meal closed higher on Thursday as it extends the rally off April'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, April's high crossing at $433.60 is the next upside target. Closes below the 20-day moving average crossing at $409.00 would signal that a short-term top has been posted. First resistance is April's high crossing at $433.60. Second resistance is February's high crossing at $437.00. First support is the 38% retracement level of the August-January rally crossing at $393.40. Second support is the 50% retracement level of the August-January rally crossing at $373.40.      

July soybean oil closed up 201-pts. at 58.95. 

July soybean oil closed sharply higher on Thursday as it extends this year's rally. 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 July extends this year's rally, 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 20-day moving average crossing at 52.20 would signal that a short-term top has been posted. First resistance is today's high crossing at 59.44. 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 10-day moving average crossing at 53.61. Second support is the 20-day moving average crossing at 52.20.      

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June hogs closed down $0.98 at $103.55. 

June hogs 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 sideways to lower prices are possible near-term. If June extends the decline off April's high, the 50-day moving average crossing at $99.93 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. If June extends the decline off April's high, the 50-day moving average crossing at $99.93 is the next downside target. First resistance is April'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 $99.93. Second support is the March 22^nd low crossing at $97.62. 

June cattle closed down $1.40 at $115.85. 

June cattle closed sharply lower on Thursday as it extends the decline off April's high. The mid-range close sets the stage for a steady to lower opening on Friday. 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 50% retracement level of the October-April-rally crossing at $114.37 is the next downside target. Closes above the 20-day moving average crossing at $121.41 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $120.34. Second resistance is the 20-day moving average crossing at $121.41. First support is today's low crossing at $115.30. Second support is the 50% retracement level of the October-April-rally crossing at $114.37. 

August Feeder cattle closed down $3.55 at $148.37. 

August Feeder cattle closed sharply lower on Thursday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends the aforementioned decline, January's low crossing at $144.62 is the next downside target. Closes above the 20-day moving average crossing at $157.47 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $155.28. Second resistance is the 20-day moving average crossing at $157.47. First support is today's low crossing at $147.10. Second support is January's low crossing at $144.62.            

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July coffee closed higher on Thursday as it broke out to the topside of a six-day trading range to renew 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 July extends the rally off March's low, the March 16^thhigh crossing at 13.76 is the next upside target. Closes below the 20-day moving average crossing at 13.00 would signal that a short-term top has been posted.           

July cocoa 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 bearish signaling that sideways to lower prices are possible near-term. Closes above Tuesday's crossing at 25.03 would open the door for additional gains near-term. Closes below Tuesday's low crossing at 24.14 would open the door for a possible test of April's low crossing at 23.60.              

July sugar closed slightly lower on Thursday as it consolidated some of the rally off March's low. The mid-range close sets the stage for a steady to lower 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 July extends the aforementioned rally, weekly resistance crossing at 18.42 is the next upside target. Closes below the 20-day moving average crossing at 15.54 would signal that a short-term top has been posted.       

July cotton closed lower on Thursday The low-range close sets the stage for a steady to lower opening on Friday. 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 86.47 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 82.81 would signal that a short-term top has been posted.