KEY EVENTS TO WATCH FOR:

Wednesday, May 5, 2021  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 706.6)

                       Composite Idx, W/W% (previous -2.5%)

                       Purchase Idx-SA (previous 281.4)

                       Purchase Idx-SA, W/W% (previous -4.8%)

                       Refinance Idx (previous 3185.3)

                       Refinance Idx, W/W% (previous -1.1%)

8:15 AM ET. April ADP National Employment Report

                       Private Sector Jobs, Net Chg (previous +517000)

9:45 AM ET. April US Services PMI

                       PMI, Services (previous 60.4)

10:00 AM ET. April ISM Report On Business Services PMI

                       Non-Mfg Composite Idx (previous 63.7)

                       Non-Mfg Business Idx (previous 69.4)

                       Prices Idx (previous 74.0)

                       Employment Idx (previous 57.2)

                       New Orders Idx (previous 67.2)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 493.107M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +0.09M)

                       Gasoline Stocks (Bbl) (previous 235.074M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.092M)

                       Distillate Stocks (Bbl) (previous 139.049M)

                       Distillate Stocks, Net Chg (Bbl) (previous -3.342M)

                       Refinery Usage (previous 85.4%)

                       Total Prod Supplied (Bbl/day) (previous 20.395M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.633M)

11:00 AM ET. April Global Services PMI

                       PMI, Services (previous 54.7)

Thursday, May 6, 2021  

7:30 AM ET. April Challenger Job-Cut Report

                       Job Cuts, M/M% (previous -11.38%)

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

                       Corn (Metric Tons) (previous 1074.7K)

                       Soybeans (Metric Tons) (previous 731.5K)

                       Wheat (Metric Tons) (previous 461.3K)

8:30 AM ET. 1^st Quarter Preliminary Productivity & Costs

                       Non-Farm Productivity, Q/Q% (previous -4.8%)

                       Unit Labor Costs (previous +6.8%)

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

                       Jobless Claims (previous 553K)

                       Jobless Claims, Net Chg (previous -13K)

                       Continuing Claims (previous 3660000)

                       Continuing Claims, Net Chg (previous +9K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 1898B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +15B)

12:00 PM ET. April Monthly U.S. Retail Chain Store Sales Index

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, May 7, 2021  

8:30 AM ET. April U.S. Employment Report

                       Non-Farm Payrolls (previous +916K)

                       Unemployment Rate (previous 6%)

                       Avg Hourly Earnings (USD) (previous 29.96)

                       Avg Hourly Earnings-Net Chg (USD) (previous -0.04)

                       Avg Hourly Earnings, M/M% (previous -0.13%)

                       Avg Hourly Earnings, Y/Y% (previous +4.24%)

                       Overall Workweek (previous 34.9)

                       Overall Workweek Net Chg (previous +0.3)

                       Government Payrolls (previous +136K)

                       Private Payroll (previous +780K)

                       Participation Rate (previous 61.5%)

                       Non-Farm Payrolls Bench Net Chg

10:00 AM ET. March Monthly Wholesale Trade

                       Inventories, M/M% (previous +0.6%)

3:00 PM ET. March Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +27.6B)

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

The STOCK INDEXES: The June NASDAQ 100 was higher overnight as it consolidates some of Tuesday's sharp decline that marked a downside breakout of the trading range of the past three-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. If June extends Tuesday's decline, the 50-day moving average crossing at 13,331.57 is the next downside target. Closes above the 20-day moving average crossing at 13,854.58 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,854.58. Second resistance is the April 16^th high crossing at 14,059.50. First support is the 50-day moving average crossing at 13,331.57. Second support is the March 25^th low crossing at 12,609.75.  

The June S&P 500 was higher overnight as it consolidates some of Tuesday's decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4154.74 would signal that a short-term top has been posted. If June extends the rally off last-September's low into uncharted territory, upside targets will be hard to project. First resistance is last-Thursday's high crossing at 4211.00. Second resistance is unknown.First support is the 20-day moving average crossing at 4154.74. Second support is the 50-day moving average crossing at 4010.47.  

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

INTEREST RATES: June T-bonds were lower overnight. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews 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 last-Thursday's low crossing at 156-06 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 last-Thursday's low crossing at 156-06. Second support is March's low crossing at 153-07.

June T-notes were steady to lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with 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 resumes the rally off March's low, the 25% retracement level of the 2020-2021-decline crossing at 133.001 is the next upside target. If June renews the decline off March's high, the April 13^th low crossing at 131.120 is the next downside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. Second resistance is March's high crossing at 133.230. First support is the April 13^th low crossing at 131.120. 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 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at $67.29 is the next upside target. Closes below the 50-day moving average crossing at $62.15 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $66.67. Second resistance is March's high crossing at $67.29. First support is the 50-day moving average crossing at $62.15. Second support is the March 23^rd low crossing at $57.29.

June heating oil was higher overnight as it has renewed the rally off last-November'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. If June extends the rally of last-November's low, the 87% retracement level of the 2018-2020-decline crossing at $2.1375 is the next upside target. Closes below the 50-day moving average crossing at $1.8669 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.0272. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $2.1375. First support is the 10-day moving average crossing at $1.9320. Second support is the 50-day moving average crossing at $1.8669.

June unleaded gas was higher overnight as it extends the rally off last-November'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. If June extends the rally off March's low, the October-2018 high crossing at 2.2133 is the next upside target. Closes below the 50-day moving average crossing at $2.0052 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.1792. Second resistance is the October-2018 high crossing at 2.2133. First support is the 10-day moving average crossing at $2.0688. Second support is the 50-day moving average crossing at $2.0052.

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. If June extends the rally off April's low, the 87% retracement level of the February-March-decline crossing at 3.011 is the next upside target. Closes below the 10-day moving average crossing at 2.919 would signal that a short-term top has been posted. First resistance resistance is Tuesday's high crossing at 3.001. Second resistance is the 87% retracement level of the February-March-decline crossing at 3.011. First support is the 10-day moving average crossing at 2.919. Second support is the 20-day moving average crossing at 2.816.  

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

CURRENCIES:The June Dollar was lower overnight as it consolidates some of the rally off April's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $91.69 would confirm that a short-term low has been posted. If June resumes the decline off March's high, the 75% retracement level of the January-March-rally crossing at $90.23 is the next downside target. First resistance is the 20-day moving average crossing at $91.31. Second resistance is the 50-day moving average crossing at $91.69. First support is the 75% retracement level of the January-March-rally crossing at $90.23. Second support is February's low crossing at $89.66.

The June Euro was slightly higher in late-overnight trading as it consolidated some of the decline off last-Thursday's high.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $119.74 would signal that a short-term top has been posted. If June renews the rally off March's low, the 75% retracement level of the January-March-decline crossing at $122.27 is the next upside target. First resistance is the 62% retracement level of the January-March-decline crossing at $121.37. Second resistance is the 75% retracement level of the January-March-decline crossing at $122.27. First support is the 50-day moving average crossing at $119.74. Second support is the April 4^th low crossing at $118.76.

The June British Pound was higher overnight as it extends the March-May trading range. 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 signaling that sideways trading is possible near-term. Closes above March's high crossing at 1.4020 or below April's low crossing at 1.3672 would mark a breakout of the aforementioned trading range and open the door for a trending moving in the direction of that breakout. First resistance is March's high crossing at 1.4020. Second resistance is February's high crossing at 1.4245. First support is April's low crossing at 1.3672. Second support is the 50% retracement level of the September-February rally crossing at 1.3490.

The June Swiss Franc was 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0924 would signal that a short-term top has been posted. If June renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at 1.1117 is the next upside target. First resistance is the 50% retracement level of the January-April-decline crossing at 1.1117. Second resistance is the 62% retracement level of the January-April-decline crossing at 1.1117. First support is the 20-day moving average crossing at 1.0924. Second support is the 50-day moving average crossing at 1.0849.

The June Canadian Dollar was higher overnight as it extends the trading range of the past four-days. The high-range 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 resumes the rally off April's low, the February-2018 high crossing at $82.27 is the next upside target. Closes below the 20-day moving average crossing at $80.37 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $81.53. Second resistance is the February-2018 high crossing at $82.27. First support is the 10-day moving average crossing at $80.98. Second support is the 20-day moving average crossing at $80.37.  

The June Japanese Yen was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the April-9^th low crossing at 0.090990 is the next downside target. Closes above the 50-day moving average crossing at 0.092058 would signal that a short-term low has been posted. First resistance is the 38% retracement level of the January-March-decline crossing at 0.092994. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.093874. First support is the April-9^th low crossing at 0.090990. Second support is March's low crossing at 0.090180.  

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

PRECIOUS METALS: June gold was steady to slightly higher in overnight trading. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $1744.90 would signal that a short-term top has been posted. If June renews the rally off March's low, the February 23^rd high crossing at $1817.60 is the next upside target. First resistance is the February 23^rd high crossing at $1817.60. Second resistance is the 38% retracement level of August-April-decline crossing at $1841.30. First support is the 20-day moving average crossing at $1769.10. Second support is the 50-day moving average crossing at $1744.90.

July silver was lower overnight as it consolidated some of Monday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $25.896 would signal that a short-term top has been posted. If July extends the rally off March's low, the 62% retracement level of the January-March-decline crossing at $27.628 is the next upside target. First resistance is the 50% retracement level of the January-March-decline crossing at $26.902. Second resistance is the 62% retracement level of the January-March-decline crossing at $27.628. First support is the 50-day moving average crossing at $25.896. Second support is the April 13^th low crossing at $24.725. 

July copper was steady to slightly higher overnight as it renews the rally off April's low. The low-range overnight trade sets the stage for a steady to slightly 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 July extends the rally off last-September's low, the February-2011 high on the monthly continuation chart crossing at 4.6495 is the next upside target. Closes below the 20-day moving average crossing at 4.3045 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.5725. Second resistance is the February-2011 high on the monthly continuation chart crossing at 4.6495. First support is the 10-day moving average crossing at 4.4596. Second support is the 20-day moving average crossing at 4.3045.  

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

July corn was higher overnight as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends this year's rally, the 75% retracement level of the 2012-2020-decline crossing at $7.07 3/4 is the next upside target. Closes below the 20-day moving average crossing at $6.18 1/2 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $7.00. Second resistance is the 75% retracement level of the 2012-2020-decline crossing at $7.07 3/4. First support is the 10-day moving average crossing at $6.61 3/4. Second support is the 20-day moving average crossing at $6.18 1/2.        

July wheat was higher overnight as it continues to form an ascending triangle (bullish formation), which suggest that the market is poised to renew the rally off March's low in the near-future. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $7.11 1/2 would open the door for additional weakness near-term. If July renews this year's rally, psychological resistance crossing at $8.00 is the next upside target. First resistance is last-Tuesday's high crossing at $7.69 1/2. Second resistance is psychological resistance crossing at $8.00. First support is last-Wednesday's low crossing at $7.11 1/2. Second support is the 20-day moving average crossing at $6.87. 

July Kansas City wheat was higher overnight as it appears to be forming an ascending triangle that suggest the market is just catching its breath before renewing 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $6.82 3/4 would open the door for additional weakness near-term. If July resumes the rally off March's low, the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4 is the next upside target. First resistance is last-Tuesday's high crossing at $7.41 1/4. Second resistance is the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4. First support is last-Friday's low crossing at $6.82 3/4. Second support is the 20-day moving average crossing at $6.52 1/4.

July Minneapolis wheat was higher overnight as it extends the rally off April'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 July extends this month's rally, the 87% retracement level of the 2017-2019-decline on the monthly continuation chart crossing at $8.18 1/2 is the next upside target. Closes below the 10-day moving average crossing at $7.47 3/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $7.83 3/4. Second resistance is the 87% retracement level of the 2017-2019-decline crossing at $8.18 1/2. First support is the 10-day moving average crossing at $7.47 3/4. Second support is the 20-day moving average crossing at $7.06 3/4. 

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

July soybeans were higher overnight as it has spent the past seven-days trying to sustain an upside breakout of the 75% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $15.39 1/2. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews this year's rally, psychological resistance crossing at $16.00 is the next upside target. Closes below the 20-day moving average crossing at $14.71 1/2 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $15.74 3/4. Second resistance is psychological resistance crossing at $16.00. First support is last-Wednesday's low crossing at $14.90 1/2. Second support is the 20-day moving average crossing at $14.71 1/2.  

July soybean meal were higher in late-overnight trading. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $412.10 would signal that a short-term top has been posted. If July renews the rally off April's low, January's high crossing at $458.20 is the next upside target. First resistance is last-Monday's high crossing at $439.10. Second resistance is January's high crossing at $458.20. First support is the 20-day moving average crossing at $416.10. Second support is the 50-day moving average crossing at $412.10.     

July soybean oil was higher overnight as it extends this year'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 July extends this year's rally, weekly resistance crossing at 65.20 is the next upside target. Closes below the 20-day moving average crossing at 57.09 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 65.00. Second resistance is weekly resistance crossing at 65.20. First support is the 10-day moving average crossing at 61.35. Second support is the 20-day moving average crossing at 57.09.