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 STOCK INDEXES: The June NASDAQ 100 was steady to lower overnight as it consolidates some of the rally off March'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 are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off March's low, the 75% retracement level of the November-March decline crossing at 15,763.56 is the next upside target. Closes below the 20-day moving average crossing at 14,119.59 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the November-March decline crossing at 15,266.64. 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 14,688.98. Second resistance is the 20-day moving average crossing at 14,119.59.

The June S&P 500 was steady to slightly lower overnight as it consolidates some of the rally off February'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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the 87% retracement level of the January-February decline crossing at 4709.86 is the next upside target. Closes below the 20-day moving average crossing at 4380.36 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the January-February decline crossing at 4624.48. Second resistance is the 87% retracement level of the January-February decline crossing at 4709.86. First support is the 10-day moving average crossing at 4511.18. Second support is the 20-day moving average crossing at 4380.36.  

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 oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 152-12 would signal that a short-term low has been posted. If June extends the decline off March's high, the 87% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 143-17 is the next downside target. First resistance is the 10-day moving average crossing at 149-09. Second resistance is the 20-day moving average crossing at 152-12. First support is Monday's low crossing at 146-10. Second support is the 87% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 143-17.

June T-notes was steady to slightly lower overnight. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 124.197 would signal that a short-term low has been posted. If June extends the decline off March's high, the 87% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 120.147 is the next downside target. First resistance is the 10-day moving average crossing at 122.283. Second resistance the 20-day moving average crossing at 124.197. First support is Monday's low crossing at 120.305. Second support is the 87% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 120.147.  

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

ENERGIES:May crude oil was higher overnight as it consolidates some of Monday's sharp decline. Overnight trading sets the stage for a 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 May extends Monday's decline, the 50-day moving average crossing at $95.72 is the next downside target. If May renews the rally off the March 15^th low, March's high crossing at $126.42 is the next upside target. First resistance is last-Thursday's high crossing at $116.64. Second resistance is March's high crossing at $126.42. First support is the 50-day moving average crossing at $95.72. Second support is the March 15^th low crossing at $92.20.

May heating oil was higher overnight as it consolidates some of Monday's decline. Overnight trading 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 May extends the decline off last-Thursday's high, the 50-day moving average crossing at 2.9952 is the next downside target. If May renews the rally off March's low, March's high crossing at $4.3138 is the next upside target. First resistance is last-Thursday's high crossing at $3.8570. Second resistance is March's high crossing at $4.3138. First support is Tuesday's low crossing at $3.2114. Second support is the 50-day moving average crossing at 2.9952. 

May unleaded gas was higher overnight as it consolidates some of Monday's sharp decline. The high-range trade overnight sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If May extends the rally off the March 15^th low, March's high crossing at $3.8075 is the next upside target. If May renews the decline off last-Thursday's high, the 50-day moving average crossing at $2.9607 is the next downside target. First resistance is last-Thursday's high crossing at $3.4727. Second resistance is March's high crossing at $3.8075. First support is Monday's low crossing at $3.1157. Second support is the 50-day moving average crossing at 2.9607.    

May Henry natural gas was steady to slightly higher overnight. Overnight strength sets the stage for a steady to higher 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 4.997 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May extends the rally off February's low, last-November's high on the weekly continuation chart crossing at 5.876 is the next upside target. First resistance is Monday's high crossing at 5.707. Second resistance is last-November's high on the weekly continuation chart crossing at 5.876. First support is the 10-day moving average crossing at 5.264. Second support is the 50-day moving average crossing at 4.997.   

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

CURRENCIES:The June Dollar was lower overnight as it extends this month's trading range. Overnight weakness sets the stage for a 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 March 17^th low crossing at $97.72 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If June renews the rally off February's low, 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 the March 8^th high crossing at $99.47. 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 $97.12.

The June Euro was higher overnight. The mid-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. Closes above the March 17^th high crossing at $111.73 would signal that a short-term low has been posted. If June renews the decline off February's high, March's low crossing at $108.45 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 $112.24. 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 was steady to higher overnight. Overnight strength 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 the decline off last-Wednesday's high, March's low crossing at 1.2994 is the next downside target. If June renews the rally off March's low, the 50% retracement level of the January-March decline crossing at 1.3365 is the next upside target.First resistance is the38% 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 Tuesday's low crossing at 1.3047. Second support is March's low crossing at 1.2994.

The June Swiss Franc was higher overnight as it extends the rally off March's low. The high-range overnight trade sets the stage for a 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. Closes above the 50-day moving average crossing at 1.0847 would open the door for additional gains and a possible test of February's high crossing at 1.0972. Closes below Monday's low crossing at 1.0694 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.0847. Second resistance is February's high crossing at 1.0972. First support is Monday's low crossing at 1.0694. Second support is March's low crossing at 1.0609.    

The June Canadian Dollar was higher overnight and remains poised to extend the rally off March's low. Overnight strength 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 November 10^th high crossing at $80.55 is the next upside target. Closes below the 20-day moving average crossing at $78.43 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 $79.68. Second support is the 20-day moving average crossing at $78.43.  

The June Japanese Yen was steady to higher overnight as it consolidated some of this month's decline. Overnight trading 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 sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.084346 would signal that a short-term low has been posted. If March renews the decline off January's high, the June-2015 low on the monthly continuation chart crossing at 0.079450 is the next downside target. First resistance is the 10-day moving average crossing at 0.082696. Second resistance is the 20-day moving average crossing at 0.084346. First support is Monday's low crossing at 0.080085. Second support is the June-2015 low on the monthly continuation chart crossing at 0.079450.  

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

PRECIOUS METALS: Aprilgold was higher overnight as it extends the trading range of the past two-weeks. Overnight strength sets the stage for a steady to 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 $1893.70 would open the door for additional weakness near-term. Closes above last-Thursday's high crossing at $1967.20 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $1967.20. Second resistance is the February 24^th high crossing at $1976.50. Third resistance is March's high crossing at $2082.00. First support is the 50-day moving average crossing at $1893.70. Second support is the 62% retracement level of the 2021-2022-rally crossing at $1832.80.

May silver was higher overnight as it consolidates some of the decline off last-Thursday's high. The mid-range trade sets the stage for a 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 50-day moving average crossing at $24.415 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at $25.477 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 $24.415. Second support is the February 15^th low crossing at $23.125.    

May copper was steady to higher overnight. Overnight strength sets the stage for a steady to higher 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. 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 temper the near-term friendly outlook. 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 March's low crossing at 4.4685. 

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

May corn was higher overnight as it extends this month's trading range. Overnight trading sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple 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 September's low, the June-2011 high on the monthly continuation chart crossing at $7.99 3/4 is the next upside target. First resistance is the March 4^th high crossing at $7.82 3/4. Second resistance is the June-2011 high on the monthly continuation chart crossing at $7.99 3/4. First support is the 25% retracement level of the September-March rally crossing at $7.15. Second support is the 50-day moving average crossing at $6.86 1/2.

May wheat was lower overnight as it extends the decline off March's high. Overnight trading sets the stage for a steady to lower opening when the day 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 decline off March's high, the 50-day moving average crossing at $9.40 3/4 is the next downside target. Closes above the 20-day moving average crossing at $11.20 1/2 would signal that a short-term low has been posted. First resistance is the March 22^nd 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 $9.40 3/4.

May Kansas City wheat was lower overnight as it extends the decline off March's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off last-Monday's high, the 62% retracement level of the January-March rally crossing at $9.57 3/4 is the next downside target. Closes above the 20-day moving average crossing at $11.11 3/4 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 was lower overnight. Overnight trading sets the stage for a steady to lower 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. If May extends the decline off March's high, the 62% retracement level of the January-March rally crossing at $10.01 1/4 is the next downside target. Closes above the 20-day moving average crossing at $10.90 1/4 would signal that a short-term low has been posted while opening the door for a larger-degree rally near-term. First resistance is last-Tuesday's high crossing at $11.23. Second resistance is March's high crossing at $12.11 3/4. 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 were higher overnight as it consolidates some of this week's sharp decline while extending the trading range of the past four-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 neutral to bearish signaling that lower prices are possible near-term. Closes below trading range support crossing at $16.34 1/2 would open the door for additional weakness near-term and possible test of the 50-day moving average crossing at $16.00 1/4. If May renews the rally off November's low, the September-2012 high on the monthly continuation chart crossing at $17.89 is the next upside target. First resistance is last-Wednesday's high crossing at $17.36 1/2. Second resistance is February's high crossing at $17.59 1/4. Third resistance is the September-2012 high on the monthly continuation chart crossing at $17.89. First support is trading range support crossing at $16.34 1/2. Second support is the 50-day moving average crossing at $16.00 1/4.

May soybean meal was higher overnight as it consolidates some of Tuesday's decline. Overnight trading 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 May extends Tuesday's decline, the 50-day moving average crossing at $450.30 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 $450.30. Second support is the February 25^th low crossing at $441.70. 

May soybean oil was higher overnight as it consolidated some of the decline off last-Thursday's high. Overnight strength 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 May extends the decline off March's high, the 50-day moving average crossing at 69.50 is the next downside target. Closes above the 20-day moving average crossing at 73.99 would signal that a short-term low has likely been posted. First resistance is last-Thursday's high crossing at 76.63. Second resistance is March's high crossing at 78.58. First support is the 50-day moving average crossing at 69.49. Second support is the 38% retracement level of the December-March rally crossing at 68.10.       

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.