KEY EVENTS TO WATCH FOR:
Thursday, April 7, 2022
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 200K; previous 202K)
Jobless Claims, Net Chg (previous +14K)
Continuing Claims (previous 1307000)
Continuing Claims, Net Chg (previous -35K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 923.7K)
Soybeans (Metric Tons) (previous 1359.8K)
Wheat (Metric Tons) (previous 176.3K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1415B)
Working Gas In Storage, Net Chg (Cbf) (previous +26B)
12:00 PM ET. March Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
3:00 PM ET. February Consumer Credit
Consumer Credit Net Chg (USD) (expected +15.3B; previous +6.8B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, April 8, 2022
10:00 AM ET. February Monthly Wholesale Trade
Inventories, M/M% (expected +2.1%; previous +0.8%)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
Monday, April 11, 2022
N/A G24 Committee of the Whole meeting
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The June NASDAQ 100 was higher overnightas it consolidates some of this week's losses.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 bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 14,333.35 would signal that a short-term top has been posted. If June resumes 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. 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 20-day moving average crossing at 14,467.01. Second support is the 50-day moving average crossing at 14,333.35.
The June S&P 500 was higher overnight as it consolidates some of the decline off last-Tuesday'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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4459.44 would signal that a short-term top has been posted. If June renews the rally off February's low, the 87% retracement level of the January-February decline crossing at 4709.86 is the next upside target. 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 20-day moving average crossing at 4459.44. Second support is the 50-day moving average crossing at 4412.77.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were steady to slightly higher overnight as they consolidate some of this week's decline, which led to new contract lows. 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 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 2018-2020-rally on the weekly continuation chart crossing at 143-17 is the next downside target. Closes above the 20-day moving average crossing at 149-18 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 149-18. Second resistance is the 50-day moving average crossing at 153-07. First support is Wednesday's low crossing at 144-24. Second support is the 87% retracement level of the 2018-2020-rally on the weekly continuation chart crossing at 143-17.
June T-notes were higher overnight as they consolidate some of this week's decline. 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 October-2018 low on the weekly continuation chart crossing at 117.135 is the next downside target. Closes above the 20-day moving average crossing at 122.297 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 122.297. Second resistance the 50-day moving average crossing at 125.106. First support is Wednesday's low crossing at 120.055. Second support is the October-2018 low on the weekly continuation chart crossing at 117.135.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:May crude oil was higher overnight as it consolidates some of Wednesday's decline. Overnight trading sets the stage for a steady to higher opening when the day 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 May extends the decline off the March 24th high, the March 15th low crossing at $92.20 is the next downside target. Closes above the 20-day moving average crossing at $103.89 would signal that a short-term low has been posted. First resistance is the March 30th high crossing at $108.75. Second resistance is the March 24th high crossing at $116.64. First support is the March 15th low crossing at $92.20. Second support is the 62% retracement level of the December-March rally crossing at $86.47.
May heating oil was steady to slightly lower overnight and sets the stage for a mostly steady 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 renews the decline off the March 24th high, the 50-day moving average crossing at 3.1016 is the next downside target. If May renews the rally off last-Tuesday's low, the March 24th high crossing at $3.8570 is the next upside target. First resistance is the March 24th high crossing at $3.8570. Second resistance is March's high crossing at $4.3138. First support is last-Tuesday's low crossing at $3.2114. Second support is the 50-day moving average crossing at 3.1016.
May unleaded gas was higher overnight as it extends the trading range of the past seven-days. The mid-range trade overnight sets the stage for a steady to higher 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. Closes below the 50-day moving average crossing at $3.0304 would open the door for additional weakness and a possible test of March's low crossing at $2.8633. Closes above last-Wednesday's high crossing at $3.3076 would signal that a short-term low has been posted. First resistance is the March 24th high crossing at $3.4727. Second resistance is March's high crossing at $3.8075. First support is the 50-day moving average crossing at 3.0304. Second support is March's low crossing at $2.8633.
May Henry natural gas was higher overnight as it extends the rally off December's low. Overnight trading sets the stage for a 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 May extends the rally off February's low, the February-2014 high on the monthly continuation chart crossing at 6.493 is the next upside target. Closes below the 20-day moving average crossing at 5.407 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Wednesday's high crossing at 6.469. 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 5.802. Second support is the 20-day moving average crossing at 5.407.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was steady to slightly higher overnight as it extends the rally to a new contract high. Overnight trading 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 this week's rally, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. Closes below the 20-day moving average crossing at $98.77 would signal that a short-term top has likely been posted. First resistance is the overnight high crossing at $99.85. 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 20-day moving average crossing at $98.77. Second support is the March 17th low crossing at $97.72.
The June Euro was steady to slightly lower overnight as it extends the decline off last-Thursday's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Thursday's high, March's low crossing at $108.46 is the next downside target. Closes above the 50-day moving average crossing at $111.81 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $111.81. Second resistance is the February 22nd high crossing at $114.30. First support is the overnight low crossing at $108.91. Second support is March's low crossing at $108.46.
The June British Pound was steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly higher opening when the day 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 the March 23rd 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 Wednesday's low crossing at 1.3042. Second support is March's low crossing at 1.2994.
The June Swiss Franc 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the March 28th low crossing at 1.0694 is the next downside target. Closes above the 50-day moving average crossing at 1.0829 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 1.0829. Second resistance is last-Thursday's high crossing at 1.0908. First support is the March 28th low crossing at 1.0694. Second support is March's low crossing at 1.0609.
The June Canadian Dollar was lower overnight as it consolidates some of the rally off March's low. Overnight trading sets the stage for a 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. Closes below the 20-day moving average crossing at $79.49 would signal that a short-term top has been posted. If June renews the rally off March's low, last-October's high crossing at $81.14 is the next upside target. First resistance is Tuesday's high crossing at $80.61. Second resistance is last-October's high crossing at $81.14. First support is the 20-day moving average crossing at $79.49. Second support is the 50-day moving average crossing at $78.92.
The June Japanese Yen was steady to slightly lower overnight and sets the stage for a steady to 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 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. Closes above the 20-day moving average crossing at 0.082746 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.082746. Second resistance is the 50-day moving average crossing at 0.085266. First support is March'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 steady to slightly higher overnight as it extends the trading range of the past three-weeks. Overnight strength 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. Closes above the March 24th high crossing at $1967.20 would signal that a short-term low has been posted. Closes below the March 29th low crossing at $1888.30 would open the door for additional weakness near-term. First resistance is the March 24th high crossing at $1967.20. Second resistance is the February 24th 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 $1904.20. Second support is the 50% retracement level of the 2021-2022-rally crossing at $1879.50.
May silver was slightly higher overnight. The high-range trade sets the stage for a steady to slightly higher 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. Closes below March's low crossing at $24.045 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at $25.096 would signal that a short-term low has been posted. First resistance is the March 24th high crossing at $26.160. Second resistance is March's high crossing at $27.495. First support is March's low crossing at $24.045. Second support is the February 15th low crossing at $23.125.
May copper was lower overnight as it extended the decline off Tuesday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Monday's low crossing at 4.6420 would signal that a short-term top might be in or is near. 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. 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 last-Monday's low crossing at 4.6420. Second support is the 50-day moving average crossing at 4.6068.
GRAINS http://quotes.ino.com/ex changes/?c=grains
May corn was steady to lower overnight as it extends the March-April trading range. Overnight trading sets the stage for a steady to lower opening when the day sessions 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 last-Tuesday's low, March's high crossing at $7.82 3/4 is the next upside target. Closes below last-Tuesday's low crossing at $7.13 1/2 would confirm a downside breakout of the March-April trading range while opening the door for a possible test of the 50-day moving average crossing at $7.02 3/4. First resistance is March's 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 last-Tuesday's low crossing at $7.13 1/2. Second support is the 50-day moving average crossing at $7.02 3/4.
May wheat was steady to higher overnight. Overnight trading 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. Closes above the 20-day moving average crossing at $10.67 would signal that a short-term low has been posted. If May renews the decline off March's high, the 50-day moving average crossing at $9.67 1/2 is the next downside target. First resistance is the March 22nd 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 $9.67 1/2.
May Kansas City wheat was steady to slightly higher overnight. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $10.80 would signal that a short-term low has been posted. If May renews the decline off March's high, the 50-day moving average crossing at $9.79 1/4 is the next downside target. First resistance is the March 15th 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 higher overnight as it extends the March-April trading range. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. Closes above the March 22nd high crossing at $11.23 would mark a possible upside breakout of March's trading range and would open the door for a larger-degree rally near-term. If May renews 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. First resistance is the March 22nd high crossing at $11.23. Second resistance is March's high crossing at $12.11 3/4. First support is last-Tuesday's low crossing at $10.19 1/2. 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 steady to higher overnight and sets the stage for a 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 last-Wednesday's high crossing at $16.83 3/4 would signal that a short-term low has been posted while opening the door for additional gains near-term. If May renews the decline off March's high, the 38% retracement level of the November-February rally crossing at $15.46 3/4 is the next downside target. First resistance is the March 23rd high crossing at $17.36 1/2. Second resistance is February's high crossing at $17.59 1/4. First support is Monday's low crossing at $15.76 3/4. Second support is the 38% retracement level of the November-February rally crossing at $15.46 3/4.
May soybean meal was steady to slightly higher overnight. Overnight trading sets the stage for a steady to slightly 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 20-day moving average crossing at $473.60 would signal that a short-term low has been posted. If May resumes the decline off March's high, the 38% retracement level of the October-March rally crossing at $427.10 is the next downside target. First resistance is the 20-day moving average crossing at $473.60. Second resistance is March's high crossing at $494.70. First support is the 25% retracement level of the October-March rally crossing at $450.40. Second support is the February 16th low crossing at $435.80.
May soybean oil was higher overnight and 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. Closes above the 20-day moving average crossing at 73.19 would signal that a short-term low has likely been posted. If May renews the decline off March's high, the 38% retracement level of the December-March rally crossing at 68.10 is the next downside target. First resistance is the March 24th 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 70.60. Second support is the 38% retracement level of the December-March rally crossing at 68.10.
Thanks tallpine!