KEY EVENTS TO WATCH FOR:

Wednesday, March 30, 2022  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 456.2)

                       Composite Idx, W/W% (previous -8.1%)

                       Purchase Idx-SA (previous 265.4)

                       Purchase Idx-SA, W/W% (previous -1.5%)

                       Refinance Idx (previous 1522.7)

                       Refinance Idx, W/W% (previous -14.4%)

8:15 AM ET. March ADP National Employment Report

                       Private Sector Jobs, Net Chg (expected +450000; previous +475000)

8:30 AM ET. 4^th Quarter 3rd estimate GDP

                       Annual Rate, Q/Q% (expected +7.0%; previous +7%)

                       Chain-Weighted Price Idx, Q/Q% (expected +7.1%; previous +7.1%)

                       Corporate Profits, Q/Q%

                       PCE Price Idx, Q/Q% (previous +6.3%)

                       Purchase Price Idx, Q/Q% (previous +7%)

                       Real Final Sales, Q/Q% (previous +2%)

                       Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +5%)

                       Personal Consumption, Q/Q% (previous +3.1%)

8:30 AM ET. 4^th Quarter Corporate Profits

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 413.399M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -2.508M)

                       Gasoline Stocks (Bbl) (previous 238.043M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -2.948M)

                       Distillate Stocks (Bbl) (previous 112.135M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.071M)

                       Refinery Usage (previous 91.1%)

                       Total Prod Supplied (Bbl/day) (previous 21.124M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.472M)

11:30 AM ET. SEC Open Meeting

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

The Dow gapped up and closed higher on Tuesday as it extends the rally off February's low. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 the Dow extends the rally off February's low, the 75% retracement level of the January-February decline crossing at 35,783.87 is the next upside target.  Closes below the 20-day moving average crossing at 33,969.72 would signal that a short-term top has been posted. First resistance is today's high crossing at 35,372.26. Second resistance is the 75% retracement level of the January-February decline crossing at 35,783.87. First support is the 10-day moving average crossing at 34,674.65. Second support is the 20-day moving average crossing at 33,969.72. 

The June NASDAQ 100 closed sharply higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 62% retracement level of the November-March decline crossing at 15,266.64 is the next upside target. Closes below the 20-day moving average crossing at 14,072.21 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the November-March decline crossing at 15,262.64. Second resistance is the 75% retracement level of the November-March decline crossing at 15,763.56. First support is the 10-day moving average crossing at 14,565.10. Second support is the 20-day moving average crossing at 14,072.21.

The June S&P 500 closed higher on Tuesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 February's low, the 87% retracement level of the January-February decline crossing at 4709.80 is the next upside target. Closes below the 20-day moving average crossing at 4368.14 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the December-February decline crossing at 4624.48. Second resistance is the 87% retracement level of the January-February decline crossing at 4709.80. First support is the 10-day moving average crossing at 4484.38. Second support is the 20-day moving average crossing at 4368.15. 

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

June T-bonds closed up 1-08/32's at 148-29. 

June T-bonds closed higher due to short covering on Tuesday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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, the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at 143-17 is the next downside target. Closes above the 20-day moving average crossing at 152-24 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 149-19. Second resistance is the 20-day moving average crossing at 152-24. First support is Monday's low crossing at 146-10. Second support is the 87% retracement level of the 2020-2021 decline on the monthly continuation chart crossing at 143-17.

June T-notes closed up 185 pts. at 122.090.

June T-notes closed higher on Tuesday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling sideways to lower prices are possible near-term. If June extends this month's decline, the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147 is the next downside target. Closes above the 20-day moving average crossing at 124.277 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 123.023. Second resistance is the 20-day moving average crossing at 124.277. First support is Monday's low crossing at 120.305. Second support is the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147.  

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

May crude oil closed lower on Tuesday as it extends the decline off last-Thursday's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are still possible. If May extends the aforementioned decline, the 50-day moving average crossing at $95.25 is the next downside target. If May renews the rally off the March 15^th low, March's high crossing at $126.41 is the next upside target. First resistance is last-Thursday's high crossing at $116.64. Second resistance is March's high crossing at $126.41. First support is today's low crossing at $98.44. Second support is the 50-day moving average crossing at $95.25.   

May heating oil closed lower on Tuesday as it extended the decline off last-Thursday's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are turning 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 $2.9766 is the next downside target. If May renews the rally off the March 15^th low, the 75% retracement level of March's decline crossing at $3.9534 is the next upside target. First resistance is last-Thursday's high crossing at 3.8570. Second resistance is the 75% retracement level of March's decline crossing at $3.9534. First support is today's low crossing at $3.2114. Second support is the 50-day moving average crossing at $2.9766.     

May unleaded gas closed slightly lower on Tuesday as it consolidated some of the rally off the March 15^th low. The high-range close sets the stage for a steady to slightly lower opening when Wednesday'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 May extends the decline off last-Thursday's high, the 50-day moving average crossing at $2.9473 is the next downside target. If May renews the rally off the March 15^th low, March's high crossing at $3.8075 is the next upside target. First resistance is the March 4^th high crossing at $3.4817. Second resistance is March's high crossing at 3.8075. First support is today's low crossing at $3.0309. Second support is the 50-day moving average crossing at $2.9473.    

May Henry natural gas closed lower on Tuesday as it consolidated some this year's rally. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and 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 4.930 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May extends the rally off December's low, the February-2014 high on the monthly continuation chart crossing at 6.493 is the next upside target. First resistance is Monday's high crossing at 5.707. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is the 10-day moving average crossing at 5.207. Second support is the 20-day moving average crossing at 4.968.     

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

The June Dollar closed lower on Tuesday hinting that Monday's high marked a double top with the early-March high. The low-range close sets the stage for a steady to lower opening when Wednesday's nights 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 March 17^th low crossing at $97.72 would signal that a short-term top has been posted. If June renews the rally off February's high, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. First resistance is March's high crossing at $99.46. Second resistance is the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26. First support is the March 17^th low crossing at $97.72. Second support is the 50-day moving average crossing at $97.07.  

The June Euro closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 17^th high crossing at 111.73 would signal that a short-term low has been posted. If June extends the decline off February's high, March's low crossing at $108.46 is the next downside target. First resistance is the March 17^th high crossing at 111.73. Second resistance is the 50-day moving average crossing at 112.28. First support is March's low crossing at 108.46. Second support is the March-2020 low on the weekly continuation chart crossing at $106.71.

The June British Pound closed unchanged on Tuesday. The mid-range close sets the stage for a steady  opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible. If June extends the decline off last-Wednesday's high, March's low crossing at 1.2997 is the next downside target. Closes above last-Wednesday's high crossing at 1.3294 would renew the rally off March's low. First resistance is the 38% retracement level of the January-March decline crossing at 1.3277. Second resistance is the 50% retracement level of the January-March decline crossing at 1.3365. First support is today's low crossing at 1.3047. Second support is March's low crossing at 1.2997.  

The June Swiss Franc closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 last-Friday's high crossing at 1.0834 would signal that a short-term low has been posted while opening the door for additional gains near-term. If June renews the decline off January's high, the 87% retracement level of the 2020-2021-rally crossing at 1.0564 is the next downside target. First resistance is last-Friday's high crossing at 1.0834. Second resistance is the 50-day moving average crossing at 1.0850. First support is March's low crossing at 1.0609. Second support is the 87% retracement level of the 2020-2021-rally crossing at 1.0564.

The June Canadian Dollar closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 aforementioned rally, the November 10^th high crossing at 80.55 is the next upside target. Closes below the 20-day moving average crossing at 78.93 would signal that a short-term top has been posted. First resistance is January's high crossing at 80.25. Second resistance is the November 10^th high crossing at 80.55. First support is the 10-day moving average crossing at 79.53. Second support is the 20-day moving average crossing at 78.93.  

The June Japanese Yen closed higher on Tuesday as it consolidated some of the decline off December's high. The mid-range close sets the stage for a steady to higher opening when Wednesday’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 January's high, the June-2015 low on the monthly continuation chart crossing at 0.079450 is the next downside target. Closes above the 20-day moving average crossing at 0.084573 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.082921. Second resistance is the 20-day moving average crossing at 0.084573. First support is Monday's low crossing at 0.080085. Second support is the the June-2015 low on the monthly continuation chart crossing at 0.079450.  

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

April gold closed lower on Tuesday as it consolidated some of the rally off the March 16^th low. A short covering rally ahead of the close tempered early-session losses and the high-range close sets the stage for a steady to modestly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $1891.70 would open the door for a larger-degree decline near-term. If April renews the rally off the 50-day moving average, the February 24^th high crossing at $1976.50 is the next upside target. First resistance is the February 24^th high crossing at $1976.50. Second resistance is March's high crossing at $2078.80. First support is the 50-day moving average crossing at $1891.70. Second support is the February 15^th low crossing at $1845.40.  

May silver closed lower on Tuesday but well off sessions low due to a late-session short covering rally.  The high-range close sets the stage for a steady to slightly lower opening when Wednesday'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 50-day moving average crossing at 24.390 would open the door for additional weakness into the end of the month. Closes above the 20-day moving average crossing at 25.498 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 26.160. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 24.390. Second support is the February 15^th low crossing at 23.125.       

May copper closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 75% retracement level of March's decline crossing at 4.8967 is the next upside target. Closes below Monday's low crossing at 4.6420 would signal that a short-term top has been posted. First resistance is the 62% retracement level of March's decline crossing at 4.8214. Second resistance is the 75% retracement level of March's decline crossing at 4.8967. First support is Monday's low crossing at 4.6420. Second support is the 50-day moving average crossing at 4.5701.

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

May Corn closed down $0.22 1/4-cents at $7.26 1/4. 

May corn closed lower on Monday while extending the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the March 16^th low crossing at $7.26 3/4 would mark a downside breakout of this month's trading range while opening the door for additional weakness near-term. If May renews the rally off the March 16^th low, March's high crossing at $7.82 3/4. First resistance is March's high crossing at $7.82 3/4. Second resistance is psychological resistance crossing at $8.00. First support is the 25% retracement level of the September-March rally crossing at $7.15. Second support is the 38% retracement level of the September-March rally crossing at $6.79 1/4.    

May wheat closed down $0.42 3/4-cents at $10.14 1/4.  

May wheat closed sharply lower on Tuesday as it broke out to the downside of the trading range of the past three-weeks thereby renewing the decline off March's high. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are becoming oversold but remain 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 $9.36 is the next downside target. Closes above the 20-day moving average crossing at $11.22 3/4 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $11.69 1/4. Second resistance is March's high crossing at $13.63 1/2. First support is the 62% retracement level of the January-March rally crossing at $9.77 3/4. Second support is the 50-day moving average crossing at $9.36.

May Kansas City Wheat closed down $0.46-cents at $10.24 1/2.

May Kansas City wheat closed sharply lower on Tuesday as it renewed the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain 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 $9.44 3/4 is the next downside target. Closes above the 20-day moving average crossing at $11.14 1/2 would signal that a short-term low has been posted. First resistance is the March 15^th high crossing at $11.64 1/2. Second resistance is March's high crossing at $12.99 1/2. First support is the 50% retracement level of the January-March rallycrossing at $10.23. Second support is the 62% retracement level of the January-March rally crossing at $9.57 3/4.

May Minneapolis wheat closed down $0.36 1/2-cents at $10.43.

May Minneapolis wheat closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are is possible near-term. Closes below the March 17^th low crossing at $10.26 3/4 would mark a resumption of the decline off March's high. If May renews the rally off the March 17^th low, March's high crossing at $12.11 3/4 is the next upside target. First resistance is March's high crossing at $12.11 3/4. Second resistance is the 38% retracement level of the 2008-2009 decline on monthly continuation chart crossing at $12.21 1/2. First support is the March 17^th low crossing at $10.26 3/4. Second support is the 62% retracement level of the January-March rally crossing at $10.01 1/4. 

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

May soybeans closed down $0.21 1/4-cents at $16.43

May soybeans closed lower on Tuesday while extending the February-March trading range. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the March 4^th low crossing at $16.34 1/2 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If May renews the rally off November's low, the 2012 high on the monthly continuation chart crossing at $17.89 is the next upside target. First resistance is February's high crossing at $17.59 1/4. Second resistance is the 2012 high on the monthly continuation chart crossing at $17.89. First support is the March 4^th low crossing at $16.34 1/2. Second support is the February 25^th low crossing at $15.79.  

May soybean meal closed down $12.90 at $466.00. 

May soybean meal closed sharply lower on Tuesday and closed below the 20-day moving average crossing at $474.50 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last-Friday's high, the 50-day moving average crossing at $448.70 is the next downside target. If May renews the rally off last-October's low, psychological resistance crossing at $500.00 is the next upside target. First resistance is last-Friday's high crossing at $494.70. Second resistance is psychological resistance crossing at $500.00. First support is the 50-day moving average crossing at $448.70. Second support is the February 16^th low crossing at $435.80. 

May soybean oil closed down 79 pts. at 71.66. 

May soybean oil closed lower on Tuesday as it extends the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off March's high, the 50-day moving average crossing at 69.24 is the next downside target. If May resumes the rally off December's low into uncharted territory, upside targets will be hard to project. First resistance is March's high crossing at 78.58. Second resistance is unknown. First support is today's low crossing at 70.52. Second support is the 50-day moving average crossing at 69.24. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

April hogs closed down $1.58 at $106.00. 

April hogs closed lower on Tuesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 aforementioned rally, February's high crossing at 112.85 is the next upside target. Closes below the 50-day moving average crossing at $101.51 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $108.45. Second resistance is February's high crossing at $112.85. First support is the 50-day moving average crossing at $101.51. Second support is the March 7^th low crossing at $98.47.  

April cattle closed up $0.60 at $140.90 

April cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 16^th high crossing at $141.48 would confirm that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the 2020-2022-rally crossing at $132.46 is the next downside target. First resistance is the March 16^th high crossing at $141.48. Second resistance is the 50-day moving average crossing at $142.27. First support is the March 23^rd low crossing at $138.10. Second support is March's low crossing at $133.50.  

April Feeder cattle closed up $3.68 at $164.50. 

April feeder cattle gapped up and closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below last-Wednesday's low crossing at $158.85 would signal that a short-term top has been posted. Closes above the March 16^th high crossing at $164.78 would confirm that a short-term low has been posted. First resistance is the March 16^th high crossing at $164.78. Second resistance is the 50-day moving average crossing at $165.61. First support is last-Wednesday's low crossing at $158.85. Second support is March's low crossing at $154.27.   

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

May coffee closed slightly higher on Tuesday as it consolidated some of the decline off last-Wednesday's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renew the decline off February's high, the 38% retracement level of the 2020-2022-rally crossing at 20.24 is the next downside target. Closes above last-Wednesday's high crossing at 22.87 would signal that a short-term low has been posted.                

May cocoa closed higher on Tuesday and above the 50-day moving average crossing at 26.28 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at 27.10 is the next upside target. If May renews the decline off March's high, December's low crossing at 23.55 is the next downside target.       

May sugar closed lower on Tuesday as it consolidates some of the rally off the March 16^th low. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends today's decline, the 50-day moving average crossing at 18.42 is the next downside target. If May renews the rally off February's low, March's high crossing at 19.89 is the next upside target.              

May cotton posted an inside day with a lower close on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 62% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 154.43 is the next upside target. Closes below the 50-day moving average crossing at 122.29 would signal that a top has been posted.