KEY EVENTS TO WATCH FOR:
Thursday, February 24, 2022
8:30 AM ET. January CFNAI Chicago Fed National Activity Index
NAI (previous -0.15)
NAI, 3-mo Moving Avg (previous 0.33)
8:30 AM ET. 4th Quarter 2nd estimate GDP
Annual Rate, Q/Q% (previous +6.9%)
Chain-Weighted Price Idx, Q/Q% (previous +6.9%)
Corporate Profits, Q/Q% (previous +1.2%)
PCE Price Idx, Q/Q% (previous +6.5%)
Purchase Price Idx, Q/Q% (previous +6.9%)
Real Final Sales, Q/Q% (previous +1.9%)
Core PCE Price Idx, Q/Q% (previous +4.9%)
Consumer Spending, Q/Q% (previous (previous +3.3%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 248K)
Jobless Claims, Net Chg (previous +23K)
Continuing Claims (previous 1593000)
Continuing Claims, Net Chg (previous -26K)
10:00 AM ET. January New Residential Sales
New Home Sales (previous 811K)
New Home Sales, M/M% (previous +11.9%)
New Home Sales Months Supply (previous 6.0)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1911B)
Working Gas In Storage, Net Chg (Cbf) (previous -190B)
11:00 AM ET. February Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 20)
6-Mo Exp Prod Idx (previous 44)
Mfg Composite Idx (previous 24)
6-Mo Exp Composite Idx (previous 37)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 411.508M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.121M)
Gasoline Stocks (Bbl) (previous 247.061M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.332M)
Distillate Stocks (Bbl) (previous 120.262M)
Distillate Stocks, Net Chg (Bbl) (previous -1.552M)
Refinery Usage (previous 85.3%)
Total Prod Supplied (Bbl/day) (previous 22.741M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.86M)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
Friday, February 25, 2022
8:30 AM ET. January Personal Income & Outlays
Personal Income, M/M% (previous +0.3%)
Consumer Spending, M/M% (previous -0.6%)
PCE Price Idx, M/M% (previous +0.4%)
PCE Price Idx, Y/Y% (previous +5.8%)
PCE Core Price Idx, M/M% (previous +0.5%)
PCE Core Price Idx, Y/Y% (previous +4.9%)
8:30 AM ET. January Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -0.9%)
Dur Goods, Ex-Defense, M/M% (previous +0.1%)
Dur Goods, Ex-Transport, M/M% (previous +0.4%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.3%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 933.5K)
Soybeans (Metric Tons) (previous 2887.8K)
Wheat (Metric Tons) (previous 128.6K)
10:00 AM ET. January Pending Home Sales Index
Pending Home Sales (previous 117.7)
Pending Home Sales Idx, M/M% (previous -3.8%)
Pending Home Sales Idx , Y/Y% (previous -6.9%)
10:00 AM ET. February University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 67.2)
End-Mo Expectations Idx (previous 64.1)
12-Month Inflation Forecast (previous 4.9%)
5-Year Inflation Forecast (previous 3.1%)
End-Mo Current Idx (previous 72.0)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower for the fifth-day in a row on Wednesday as it extends the decline off February's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the Dow extends the decline off February's high, the 25% retracement level of the 2020-2022-rally crossing at 32,264.22 is the next downside target. Closes above the 20-day moving average crossing at 34,766.61 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 34,766.61. Second resistance is the 50-day moving average crossing at 35,374.19. First support is today's low crossing at 33,084.90. Second support is the 25% retracement level of the 2020-2022-rally crossing at 32,264.22.
The March NASDAQ 100 closed sharply lower for the fourth-day in a row on Wednesday as it extends the decline off November's high. The low-range close sets the stage for a lower opening when Thursday's night session begins trading. If March extends the decline off February's high, the 75% retracement level of the 2021 rally crossing at 13,388.47 is the next downside target. Closes above the 20-day moving average crossing at 14,455.91 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 14,668.50. Second resistance is the February 9th high crossing at 15,068.00. First support is today's low crossing at 13,568.25. Second support is the 75% retracement level of the 2021 rally crossing at 13,388.47.
The March S&P 500 closed sharply lower on Wednesday as it extended the decline off February's high. The low-range close sets the stage for a lower opening when Thursday'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 March extends the decline off February's high, the January 24th low crossing at 4212.75 is the next downside target. Closes above last-Wednesday's high crossing at 4484.50 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 4484.50. Second resistance is the 50-day moving average crossing at 4563.36. First support is today's low crossing at 4231.25. Second support is the January 24th low crossing at 4212.75.
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March T-bonds closed down 24/32's at 152-07.
March T-bonds closed lower on Wednesday as it consolidates some of some of the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 153-13 would signal that a short-term low has been posted while opening the door for additional short covering gains. If March renews the decline off December's high, the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06 is the next downside target. First resistance is the 20-day moving average crossing at 153-13. Second resistance is February's high crossing at 156-17. First support is last-Wednesday's low crossing at 150-12. Second support is the 75% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 150-06.
March T-notes closed down 100-pts. at 126.50.
March T-notes closed lower on Wednesday as it consolidated some of its recent gains. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 126.277 would confirm that a short-term low has been posted. If March renews the decline off December's high, the 75% retracement level of the 2018-2020 rally on the monthly continuation chart crossing at 123.084 is the next downside target. First resistance is the 20-day moving average crossing at 126.277. Second resistance is February's high crossing at 128.115. First support is the February 10th low crossing at 125.175. Second support is the 75% retracement level of the 2018-2020 rally on the monthly continuation chart crossing at 123.084.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
April crude oil posted an inside day with a slightly lower close on Wednesday as it consolidates some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are still possible. If April extends the rally off December's low, monthly resistance crossing at $100.36 is the next upside target. Closes below last-Friday's low crossing at $87.46 are needed to signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $94.95. Second resistance is monthly resistance crossing at $100.36. First support is last-Friday's low crossing at $87.46. Second support is the January 24th low crossing at $81.06.
April heating oil posted an inside day with a slightly lower close on Wednesday as it consolidated some of Tuesday's rally. The mid-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 $267.28 would signal that a short-term top has been posted. If April extends the rally off December's low, psychological resistance crossing at $300.00 is the next upside target. First resistance is psychological resistance crossing at $300.00. Second resistance is monthly resistance crossing at $307.11. First support is last-Friday's low crossing at $267.28. Second support is the February 1st low crossing at $259.23.
April unleaded gas posted an inside day with a slightly higher close on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 April extends the rally off December's low, psychological resistance crossing at $300.00 is the next upside target. Closes below the 20-day moving average crossing at $276.52 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 293.75. Second resistance is psychological resistance crossing at 300.00. First support is the 20-day moving average crossing at $276.52. Second support is the February 1st low crossing at $261.88.
April Henry natural gas closed higher on Wednesday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends the rally, February's high crossing at 5.053 is the next upside target. Closes below the 10-day moving average crossing at 4.266 would signal that a short-term top has been posted. First resistance is February's high crossing at 5.053. Second resistance is the 50% retracement level of the 2005-2020-decline crossing at 8.606.First support is the 10-day moving average crossing at 4.266. Second support is the 50-day moving average crossing at 3.963.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The March Dollar closed higher on Wednesday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off February's high, January's high crossing at $97.44 is the next upside target. If March renews the decline off January's high, January's low crossing at $94.61 is the next downside target. First resistance is the February 14th high crossing at $96.43. Second resistance is January's high crossing at $97.44. First support is February's low crossing at $95.15. Second support is January's low crossing at $94.61.
The March Euro closed lower on Wednesday as it extends the trading range of the past six-days. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off February's high, January's low crossing at 111.31 is the next downside target. If March renews the rally off January's low, the 38% retracement level of the 2021-2022-decline crossing at 114.63 is the next upside target. First resistance is February's high crossing at 115.04. Second resistance is the 38% retracement level of the 2021-2022-decline crossing at 114.63. First support is last-Monday's low crossing at 112.87. Second support is January's low crossing at 111.31.
The March British Pound closed lower on Wednesday as it extended the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible. Closes below the 50-day moving average crossing at 1.3496 would signal that a short-term top has been posted. If March resumes the rally off January's low, the January high crossing at 1.3745 is the next upside target. If March renews the decline off January's high, the 75% retracement level of the December-January rally crossing at 1.3311 is the next downside target. First resistance is the February 10th high crossing at 1.3641. Second resistance is January's high crossing at 1.3745. First support is the 50-day moving average crossing at 1.3496. Second support is January's low crossing at 1.3354.
The March Swiss Franc posted an inside day with a higher close on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If March extends the rally off January's low, January's high crossing at 1.1015 is the next upside target. Closes below the 20-day moving average crossing at 1.0835 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.0935. Second resistance is January's high crossing at 1.1015. First support is February's low crossing at 1.0764. Second support is the January's low crossing at 1.0715.
The March Canadian Dollar closed higher on Wednesday as it extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to slightly higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, the January 6th low crossing at 78.03 is the next downside target. Closes above the reaction high crossing at 79.13 would mark an upside breakout of the aforementioned trading range and confirm that a short-term low has been posted. First resistance is the reaction high crossing at 79.13. Second resistance is January's high crossing at 80.32. First support is the January 6th low crossing at 78.03. Second support is December's low crossing at 77.13.
The March Japanese Yen closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.087156 would signal that a short-term low has been posted. If March renews the decline off January's high, the 75% retracement level of the 2015-2016 rally on the monthly continuation chart crossing at 0.084932 is the next downside target. First resistance is the 50-day moving average crossing at 0.087156. Second resistance is January's high crossing at 0.088170. First support is February's low crossing at 0.086380. Second support is the 75% retracement level of the 2015-2016 rally crossing at 0.084932.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
April gold closed slightly higher on Wednesday as it extends the rally off December's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 April extends the rally off January's low, last-May's high crossing at $1922.40 is the next upside target. Closes below the 20-day moving average crossing at $1840.70 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $1918.30. Second resistance is last-May's high crossing at $1922.40. First support is the 10-day moving average crossing at $1873.00. Second support is the 20-day moving average crossing at $1840.70.
May silver closed higher on Wednesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 February's low, January's high crossing at 24.790 is the next upside target. Closes below the 50-day moving average crossing at 23.132 would signal that a short-term top has been posted. First resistance is today's high crossing at 24.095. Second resistance is January's high crossing at 24.790. First support is the 10-day moving average crossing at 23.820. Second support is the 20-day moving average crossing at 23.311.
May copper closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at 443.60 would signal that a short-term top has been posted. If March resumes the rally off December's low, last-October's high crossing at 474.15 is the next upside target. First resistance is February's high crossing at 469.95. Second resistance is last-October's high crossing at 474.15. First support is the 50-day moving average crossing at 443.60. Second support is January's low crossing at 428.80.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
May Corn closed up $0.08 3/4-cents at $6.81 1/4.
May corn closed higher on Wednesday as it extends the rally off September's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 January's low, psychological resistance crossing at $7.00 is the next upside target. Closes below the 20-day moving average crossing at $6.40 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at $6.82 1/4. Second resistance is psychological resistance crossing at $7.00. First support is the 20-day moving average crossing at $6.40. Second support is the 50-day moving average crossing at $6.17.
May wheat closed up $0.32 1/4-cents at $8.84 3/4.
May wheat closed sharply higher on Wednesday and posted a new contract high as it renewed the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the July-2012 high on the monthly continuation chart crossing at $9.47 1/4 is the next upside target. Closes below the 50-day moving average crossing at $7.81 1/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $8.80. Second resistance is the July-2012 high on the monthly continuation chart crossing at $9.47 1/4. First support is the 10-day moving average crossing at $8.02 1/4. Second support is the 50-day moving average crossing at $7.81 1/4.
May Kansas City Wheat closed up $0.31-cents at $9.18.
May Kansas City wheat closed sharply higher for the fifth-day in a row on Wednesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 February's low, the September-2012 high on the monthly continuation chart crossing at $9.50 3/4 is the next upside target. Closes below the 50-day moving average crossing at $8.08 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $9.21 1/2. Second resistance is the September-2012 high on the monthly continuation chart crossing at $9.50 3/4. First support is the 10-day moving average crossing at $8.37. Second support is the 50-day moving average crossing at $8.08 1/2.
May Minneapolis wheat closed up $0.15-cents at $10.02 3/4.
May Minneapolis wheat closed higher on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are is possible near-term. If May extends the aforementioned rally, the December 27th high crossing at $10.29 is the next upside target. Closes below the 20-day moving average crossing at $9.36 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $10.04 1/4. Second resistance is the December 27th high crossing at $10.29. First support is the 10-day moving average crossing at $9.61 3/4. Second support is the 20-day moving average crossing at $9.36 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans closed up $0.36-cents at $16.71.
May soybeans closed sharply higher for the second day in a row on Wednesday and posted a new high close of the year as it extends the rally off November's low. Today's high-range close sets the stage for a steady to higher opening when Thursday's night 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 the rally off November's low, psychological resistance crossing at $17.00 is the next upside target. Closes below the 20-day moving average crossing at $15.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $16.75. Second resistance is psych resistance crossing at $17.00. First support is the 20-day moving average crossing at $15.60. Second support is February's low crossing at $14.90.
May soybean meal closed up $15.20 at $466.00.
May soybean meal closed sharply higher on Wednesday. The high-range close sets the stage for a higher opening when Thursday'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 May extends today's rally, February's high crossing at $474.90 is the next upside target. Closes below the February 16th low crossing at $435.80 would signal that a short-term top has been posted. First resistance is February's high crossing at $474.90. Second resistance is the June-2014 high on the month continuation chart crossing at $509.40. First support is the February 16th low crossing at $435.80. Second support is the 50-day moving average crossing at $413.60.
May soybean oil closed up 52 pts. at 70.58.
May soybean oil closed higher on Wednesday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 December's low, the June-2021 high on the weekly continuation chart crossing at 73.74 is the next upside target. Closes below the 20-day moving average crossing at 65.91 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 71.24. Second resistance is the June-2021 high on the weekly continuation chart crossing at 73.74. First support is the 20-day moving average crossing at 65.91. Second support is the February 9th low crossing at 62.81.
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April hogs closed down $4.00 at $108.08.
April hogs posted a key reversal down as it closed sharply lower on Tuesday as it consolidated some of the rally off last-October's low. The low-range close sets the stage for a steady to lower opening when Thursday's 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 April extends the rally off October's low, monthly resistance on the continuation chart crossing at $121.70 is the next upside target. Closes below the 20-day moving average crossing at $102.08 would signal that a short-term top has been posted. First resistance is today's high crossing at $112.85. Second resistance is monthly resistance on the continuation chart crossing at $121.70. First support is the 10-day moving average crossing at $105.94. Second support is the 20-day moving average crossing at $102.08.
April cattle closed down $1.28 at $144.75
April cattle closed lower on Wednesday and below the reaction low crossing at $145.27 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off February's high, the 50-day moving average crossing at $143.61 is the next downside target. Closes above Tuesday's high crossing at $146.98 would signal that a short-term low has been posted. First resistance is February's high crossing at $148.70. Second resistance is the 87% retracement level of the 2014-2020-decline on the monthly continuation chart crossing at $159.54. First support is today's low crossing at $144.55. Second support is the 50-day moving average crossing at $143.61.
April Feeder cattle closed down $0.85 at $168.27.
April feeder cattle closed lower on Wednesday as it extends the decline off February'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 neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends today's decline, January's low crossing at $163.90 is the next downside target. Closes above the 10-day moving average crossing at $171.09 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $171.09. Second resistance is February's high crossing at $173.98. First support is today's low crossing at $167.72. Second support is January's low crossing at $163.90.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
May coffee closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below the 50-day moving average crossing at 238.57 would confirm that a short-term top has been posted. If May renews the rally off January's low, monthly resistance on the continuation chart crossing at 280.94 signal is the next upside target.
May cocoa closed higher on Wednesday as it consolidated some of the decline off February's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the aforementioned decline, the 50-day moving average crossing at 26.07 is the next downside target. Closes above the 10-day moving average crossing at 27.18 would signal that a short-term low has been posted.
May sugar closed slightly lower on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 18.21 would confirm that a short-term low has been posted. If May renews the decline off January's high, January's low crossing at 17.39 is the next downside target.
May cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 121.95 would signal that a short-term low has been posted. If May extends the aforementioned decline, the January 24th low crossing at 116.72 is the next downside target.
Thanks tallpine!