KEY EVENTS TO WATCH FOR:
Thursday, April 14, 2022
8:30 AM ET. March Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous +0.3%)
Sales, Ex-Auto, M/M% (previous +0.2%)
Sales, Ex-Auto & Gas, M/M% (previous -0.4%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims
Jobless Claims, Net Chg
Continuing Claims
Continuing Claims, Net Chg
8:30 AM ET. March Import & Export Price Indexes
Import Prices (previous +1.4%)
Non-Petroleum Prices (previous +0.7%)
Petroleum Prices (previous +8.1%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
10:00 AM ET. April University of Michigan Survey of Consumers - preliminary
Mid-Mo Sentiment (previous 59.7)
Mid-Mo Expectations (previous 54.4)
Mid-Mo Current Idx (previous 67.8)
10:00 AM ET. February Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +1.1%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf)
Working Gas In Storage, Net Chg (Cbf)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, April 15, 2022
8:30 AM ET. April Empire State Manufacturing Survey
Mfg Idx (previous -11.8)
Employment Idx (previous 14.5)
New Orders Idx (previous -11.2)
Prices Received (previous 56.1)
9:15 AM ET. March Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +0.5%)
Capacity Utilization % (previous 77.6%)
Capacity Utilization, Net Chg (Pts) (previous +0.3)
10:00 AM ET. March State Employment and Unemployment
4:00 PM ET. February Treasury International Capital Data
N/A U.S. stock markets closed on Good Friday
N/A Emancipation Day observed in Washington, DC
N/A Marianas: Good FridayFriday, 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)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The June NASDAQ 100 was steady to slightly lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 14,608.29 would signal that a short-term low has been posted. If June extends the decline off March's high, the 75% retracement level of March's rally crossing at 13,529.10 is the next downside 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 62% retracement level of March's rally crossing at 13,835.93. Second support is the 75% retracement level of March's rally crossing at 13,529.10.
The June S&P 500 was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4500.21 would signal that a short-term low has been posted. If June extends the decline off March's high, the 50% retracement level of the February-March rally crossing at 4362.82 is the next downside target. 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 20-day moving average crossing at 4500.21. Second resistance is March's high crossing at 4631.00. First support is the 50% retracement level of the February-March rally crossing at 4362.82. Second support is the 62% retracement level of the February-March rally crossing at 4299.33.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were steady to slightly 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 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 monthly continuation chart crossing at 136-16 is the next downside target. Closes above the 20-day moving average crossing at 147-01 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 144-27. Second resistance is the 20-day moving average crossing at 147-01. First support is Tuesday's low crossing at 141-06. Second support is the October-2018 low on the monthly continuation chart crossing at 136-16.
June T-notes were slightly higher overnight as they extend the rally off Tuesday's low. 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 121.260 would signal that a short-term low has been posted. If June renews the decline off March's high, the October-2018 low on the weekly continuation chart crossing at 117.135 is the next downside target. First resistance is the 20-day moving average crossing at 121.260. Second resistance the March 31st high crossing at 123.040. First support is Tuesday's low crossing at 119.105. 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 slightly lower overnight as it consolidates some of the rally off Monday's low. Overnight trading sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $103.96 would signal that a short-term low has been posted. If May renews the decline off the March 24th high, the 62% retracement level of the December-March rally crossing at $86.47 is the next downside target. 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 slightly lower overnight as it consolidates some of the rally off last-Thursday's low. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Thursday's low, the March 24th high crossing at $3.8570 would signal that a short-term low has been posted. If May renews the decline off the March 24th high, the 50-day moving average crossing at $3.1907 is the next downside target. First resistance is the March 24th high crossing at $3.8570. Second resistance is the 75% retracement level of the December-March rally crossing at $3.9534. First support is last-Thursday's low crossing at $3.1891. Second support is March's low crossing at $2.8635.
May unleaded gas was steady to slightly lower overnight. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the March 30th high crossing at $3.3076 would signal that a short-term low has been posted. If May resumes the decline off the March 24th high, March's low crossing at $2.8633 is the next downside target. First resistance is the March 30th high crossing at $3.3076. Second resistance is the March 24th high crossing at $3.4727. First support is March's low crossing at $2.8633. Second support is the 62% retracement level of the December-March rally crossing at $2.6898.
May Henry natural gas was higher overnight as it extends the rally off December's low. 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 May extends the rally off February's low, the 50% retracement level of the 2005-2020-decline on the monthly continuation chart crossing at 8.606 is the next upside target. Closes below the 20-day moving average crossing at 5.853 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at 7.110. Second resistance is the 2005-2020-decline on the monthly continuation chart crossing at 8.606. First support is the 10-day moving average crossing at 6.354. Second support is the 20-day moving average crossing at 5.853.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was steady to lower overnight as it consolidates some of the rally off January's low. Overnight trading 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 this year's rally, the April-2020 high on the monthly continuation chart crossing at $101.03 is the next upside target. Closes below the 20-day moving average crossing at $99.06 would signal that a short-term top has likely been posted. First resistance is the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26. Second resistance is the April-2020 high on the monthly continuation chart crossing at $101.03. First support is the 10-day moving average crossing at $99.60. Second support is the 20-day moving average crossing at $99.06.
The June Euro was steady to slightly higher overnight as it consolidates some of the decline off the March 31st low. 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 the March-2020 low on the monthly continuation chart crossing at $1.0671 is the next downside target. Closes above the 20-day moving average crossing at $1.1038 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1.1038. Second resistance is the 50-day moving average crossing at $1.1145. First support is Wednesday's low crossing at $1.08330. Second support is the March-2020 low on the monthly continuation chart crossing at $1.0671.
The June British Pound was steady to slightly higher overnight as it extends Wednesday's rally. 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 1.3117 would signal that a short-term low has been posted. If June extends the decline off the March 23rd high, the 50% retracement level of the 2020-2021-rally crossing at 1.2894 is the next downside target. First resistance is the 20-day moving average crossing at 1.3117. Second resistance is the 50-day moving average crossing at 1.3264. First support is Wednesday's low crossing at 1.2969. Second support is the 50% retracement level of the 2020-2021-rally crossing at 1.2894.
The June Swiss Franc was steady to 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, March's low crossing at 1.0609 is the next downside target. Closes above the 50-day moving average crossing at 1.0818 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 1.0818. Second resistance is the March 31st 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 higher overnight as it extends the rally off Wednesday's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $79.72 would temper the near-term bearish outlook. Closes below the 50-day moving average crossing at $79.00 would open the door for additional weakness near-term. First resistance is the 20-day moving average crossing at $79.72. Second resistance is the April 5th high crossing at $80.61. First support is the 50-day moving average crossing at $79.00. Second support is the 62% retracement level of the March-April rally crossing at $78.69.
The June Japanese Yen was higher overnight as it consolidates some of the decline off March's high. Overnight strength 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 March extends the aforementioned decline, the February-2002 low on the monthly continuation chart crossing at 0.074150 is the next downside target. Closes above the 20-day moving average crossing at 0.081549 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.080606. Second resistance is the 20-day moving average crossing at 0.081549. First support is Wednesday's low crossing at 0.079290. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Junegold was lower overnight as it consolidates some of 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. . Closes below the March 29th low crossing at $1893.20 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. First resistance is the March 24th high crossing at $1972.50. Second resistance is the 62% retracement level of March's decline crossing at $2010.70. First support is the 50-day moving average crossing at $1924.80. Second support is the 50% retracement level of the 2021-2022-rally crossing at $1887.90.
May silver was lower overnight as it consolidates some of the rally off March's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 March 24th high crossing at $26.160 is the next upside target. Closes below the 50-day moving average crossing at $24.772 would signal that a short-term top 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 the 50-day moving average crossing at $24.772. Second support is March's low crossing at $24.045.
May copper was steady to slightly lower overnight. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews 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 the 50-day moving average crossing at 4.6367 would open the door for a possible test of March's low crossing at 4.4685. 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 the 50-day moving average crossing at 4.6367. Second support is March's low crossing at 4.4685.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was steady to slightly higher overnight as it extends the rally off September's low. Overnight trading sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the March 29th low, the June-2011 high on the monthly continuation chart crossing near $7.99 3/4 is the next upside target. Closes below the 20-day moving average crossing at $7.40 3/4 would signal that a short-term top has likely been posted. First resistance is the overnight high crossing at $7.83. Second resistance is the June-2011 high on the monthly continuation chart crossing at $7.99 3/4. First support is the 10-day moving average crossing at $7.55 1/2. Second support is the 20-day moving average crossing at $7.40 3/4.
July wheat was steady to slightly lower overnight as it consolidates some of the rally off March's low. Overnight trading 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 July extends the rally off the March 29th low, psychological resistance crossing at $12.00 is the next upside target. Closes below the 20-day moving average crossing at $10.59 1/4 would signal that a short-term top has been posted. First resistance is the March 22nd high crossing at $11.39 3/4. Second resistance is psychological resistance crossing at $12.00. First support is the 20-day moving average crossing at $10.59 1/4. Second support is the 50-day moving average crossing at $9.85 3/4.
July Kansas City wheat was steady to slightly lower overnight as it consolidates some of the rally 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, March's high crossing at $12.59 is the next upside target. Closes below the 20-day moving average crossing at $10.90 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $11.90 1/2. Second resistance is March's high crossing at $12.59. First support is the 20-day moving average crossing at $10.90 3/4. Second support is the 50% retracement level of the January-March rally crossing at $10.06.
July Minneapolis wheat was steady to slightly lower overnight as it consolidates some of the rally off March's low. Overnight trading sets the stage for a steady to lower 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. If July extends the rally off March's low, March's high crossing at $11.80 3/4 is the next upside target. Closes below the 20-day moving average crossing at $10.97 3/4 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $11.69 3/4. Second resistance is March's high crossing at $11.80 3/4. First support is the 20-day moving average crossing at $10.97 3/4. Second support is the 50-day moving average crossing at $10.41 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
May soybeans were higher overnight as they are poised to extend the rally off April's low. 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. If May extends the rally off April's low, March's high crossing at $17.36 1/2 is the next upside target. Closes below the 50-day moving average crossing at $16.41 1/4 would signal that a short-term top has likely been posted. First resistance is Monday's high crossing at $16.97 1/2. Second resistance is March's high crossing at $17.36 1/2. First support is April'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 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 signaling that sideways trading is possible near-term. 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. Closes above Monday's high crossing at $471.30 would signal that a short-term low has been posted. First resistance is Monday's high crossing at $471.30. 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 steady to higher overnight as it extends the rally off April's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 71.72 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 78.98. Second resistance is unknown. First support is the 20-day moving average crossing at 73.71. Second support is the 50-day moving average crossing at 71.72.
Thanks tallpine!