INO Evening Market Comments
1 response | 0 likes
Started by tallpine - May 7, 2021, 7:43 a.m.

KEY EVENTS TO WATCH FOR:

 



 

 

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 extends Thursday's rebound off March uptrend line passing crossing near 13,493.88. The mid-range trade 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 a low might be in or is near. Closes above the 20-day moving average crossing at 13,831.41 would signal that a short-term low has been posted. If June extends this week's decline, the 50-day moving average crossing at 13,351.72 is the next downside target. First resistance is the 20-day moving average crossing at 13,831.41. Second resistance is the April 16th high crossing at 14,059.50. First support is the 50-day moving average crossing at 13,351.72. Second support is the March 25th low crossing at 12,609.75.  



The June S&P 500 was slightly higher in late-overnight trading. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off last-September's low into uncharted territory, upside targets will be hard to project. Closes below Tuesday's low crossing at 4120.50 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 4211.00. Second resistance is unknown.First support is Tuesday's low crossing at 4120.50. Second support is the 50-day moving average crossing at 4023.60.  



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 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 overbought but remain 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 13th 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 13th low crossing at 131.120. Second support is the April 5th low crossing at 130.255. 



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



June crude oil was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher 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 $62.22 would signal that a short-term top has been posted. If June extends the rally off March's low, March's high crossing at $67.29 is the next upside target. First resistance is Wednesday's 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 $62.22. Second support is the March 23rd low crossing at $57.29.



June heating oil was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to 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 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 $1.8709 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $2.0278. 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 $1.9543. Second support is the 50-day moving average crossing at $1.8709. 



June unleaded gas was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to slightly higher 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 $2.0111 would signal that a short-term top has been posted. If June extends the rally off March's low, the October-2018 high crossing at 2.2133 is the next upside target. First resistance is Wednesday's high crossing at $2.1824. Second resistance is the October-2018 high crossing at 2.2133. First support is the 10-day moving average crossing at $2.0909. Second support is the 20-day moving average crossing at $2.0519. 



June Henry natural gas was steady to higher overnight as it extends the trading range of the past two-weeks. 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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April-29th low crossing at 2.883 would signal that a short-term top has been posted. 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. 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 April-29th low crossing at 2.883. Second support is the 20-day moving average crossing at 2.846.  



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 mid-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. 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. Closes above the 50-day moving average crossing at $91.72 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $91.19. Second resistance is the 50-day moving average crossing at $91.72. 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 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at $119.69 would signal that a short-term top has been posted. 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 $119.69. Second support is the April 4th low crossing at $118.76.

 

The June British Pound was steady to slightly higher overnight as it extends the March-May trading range. The mid-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 bearish 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 steady to slightly lower in late-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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at 1.1117 is the next upside target. Closes below the 20-day moving average crossing at 1.0941 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the January-April-decline crossing at 1.1117. 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 1.0941. Second support is the 50-day moving average crossing at 1.0847.

 

The June Canadian Dollar was steady to slightly higher overnight as it spiked to a new contract high of $82.33 . The low-range 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. Closes above the February-2018 high crossing at $82.27 would open the door for a possible test of the September-2017 high on the monthly continuation chart crossing at $82.91. Closes below the 20-day moving average crossing at $80.60 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $82.33. Second resistance is the September-2017 high on the monthly continuation chart crossing at $82.91. First support is the 10-day moving average crossing at $81.37. Second support is the 20-day moving average crossing at $80.60.  



The June Japanese Yen was steady to lower overnight. The low-range overnight trade sets the stage for a steady to slightly lower 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-9th low crossing at 0.090990 is the next downside target. Closes above the 50-day moving average crossing at 0.09195 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-9th 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 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 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 August-April-decline crossing at $1841.30 is the next upside target. Closes below the 20-day moving average crossing at $1776.10 would signal that a short-term top has been posted. First resistance is 38% retracement level of August-April-decline crossing at $1841.30. Second resistance is 50% retracement level of August-April-decline crossing at $1893.00. First support is the 20-day moving average crossing at $1776.10. Second support is the 50-day moving average crossing at $1746.20.



July silver was steady to slightly lower overnight. The low-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 neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at $25.883 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-March-decline crossing at $27.628. Second resistance is the 75% retracement level of the January-March-decline crossing at $28.451. First support is the 50-day moving average crossing at $25.883. Second support is the April 13th low crossing at $24.725. 



July copper was sharply higher overnight as it posted a new all-time record 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4.3626 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4.7280. Second resistance is unknown. First support is the 10-day moving average crossing at 4.5278. Second support is the 20-day moving average crossing at 4.3624.  



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



July corn was higher overnight as it extends this year's rally above the 75% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $7.07 3/4.. 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, psychological resistance crossing at $7.50 is the next upside target. Closes below the 20-day moving average crossing at $6.35 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $7.50. Second resistance is the 87% retracement level of the 2012-2020-decline crossing at $7.73. First support is the 10-day moving average crossing at $6.80 1/2. Second support is the 20-day moving average crossing at $6.35.        



July wheat was higher overnight as it extends the upside breakout of the recent ascending triangle (bullish formation), which suggest that the market is poised to renew 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 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 $8.00 is the next upside target. Closes below the April 28th low crossing at $7.11 1/2 would signal that a short-term top has been posted. 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 the April 28th low crossing at $7.11 1/2. Second support is the 20-day moving average crossing at $7.00. 

 

July Kansas City wheat was higher overnight as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible 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. Closes below last-Friday's low crossing at $6.82 3/4 would signal that a short-term top has been posted. 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 $6.67 1/4.



July Minneapolis wheat was higher overnight as it extends this week's rally. The mid-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 $7.63 1/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $8.05 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 $7.63 1/4. Second support is the 20-day moving average crossing at $7.21 1/4. 

     

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



July soybeans were higher overnight and after the past eight-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, appears to be resuming the rally off last-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 the aforementioned rally, psychological resistance crossing at $16.00 is the next upside target. Closes below the 20-day moving average crossing at $14.88 1/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $15.88. 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 $14.88 1/4.  

 

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 are neutral to bullish signaling sideways to higher prices are possible near-term. If July renews the rally off April's low, January's high crossing at $458.20 is the next upside target. Closes below the 50-day moving average crossing at $412.40 would signal that a short-term top has been posted. First resistance is April'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 $418.20. Second support is the 50-day moving average crossing at $412.40.      


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, the March-2008 high crossing at 71.26 is the next upside target. Closes below the 20-day moving average crossing at 58.45 would signal that a short-term top has been posted. First resistance is weekly resistance crossing at 65.20. Second resistance is the March-2008 high crossing at 71.26. First support is the 10-day moving average crossing at 62.53. Second support is the 20-day moving average crossing at 58.45.       


Comments
By metmike - May 7, 2021, 1:46 p.m.
Like Reply

Thanks tallpine!


            weather 5-4-21 Cold temperatures            

                                                                  Started by metmike - May 4, 2021, 4:19 p.m.            

                                        That is the main threat now to the new crop!

https://www.marketforum.com/forum/topic/68905/



Monday USDA crop conditions.............planting way ahead of average!

https://www.marketforum.com/forum/topic/68869/


Incredible corn!

https://www.marketforum.com/forum/topic/68861/


Exports this week May 3, 2021....not so good on Thursday sales.

https://www.marketforum.com/forum/topic/68855/


Natural Gas.....EIA was a tad bullish on Thursday....CDD's about to pass up HDD's seasonally and wx usually doesnt matter in early May

https://www.marketforum.com/forum/topic/68653/


Joelund natural gas compilation for the Bakken the past year:

https://www.marketforum.com/forum/topic/68818/


Week in review compilation 2020/21

https://www.marketforum.com/forum/topic/68446/

This week

https://www.marketforum.com/forum/topic/69053/