KEY EVENTS TO WATCH FOR:

Tuesday, April 19, 2022  

8:30 AM ET. March New Residential Construction - Housing Starts and Building Permits

                       Total Starts (previous 1.769M)

                       Housing Starts, M/M% (previous +6.8%)

                       Building Permits (previous 1.859M)

                       Building Permits, M/M% (previous -1.9%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +13.4%)

                       Latest Wk, Y/Y% (previous +13.4%)

9:00 AM ET. G24 Ministers and Governors Meeting

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +7.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -5.1M)

                       Distillate Stocks, Net Chg (Bbls) (previous -5.0M

Wednesday, April 20, 2022  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 393.5)

                       Composite Idx, W/W% (previous -1.3%)

                       Purchase Idx-SA (previous 261.8)

                       Purchase Idx-SA, W/W% (previous +1.4%)

                       Refinance Idx (previous 1109)

                       Refinance Idx, W/W% (previous -4.9%)

10:00 AM ET. March Existing Home Sales

                       Existing Sales (previous 6.02M)

                       Existing Sales, M/M% (previous -7.2%)

                       Unsold Homes Month's Supply (previous 1.7)

                       Median Price (USD) (previous 357300)

                       Median Home Price, Y/Y% (previous +15.0%)

10:00 AM ET. G20 Finance Ministers and Central Bank Governors Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 421.753M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +9.382M)

                       Gasoline Stocks (Bbl) (previous 233.139M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -3.648M)

                       Distillate Stocks (Bbl) (previous 111.399M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.902M)

                       Refinery Usage (previous 90.0%)

                       Total Prod Supplied (Bbl/day) (previous 18.771M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.044M)

2:00 PM ET. U.S. Federal Reserve Beige Book

Thursday, April 21, 2022   

8:30 AM ET. April Philadelphia Fed Business Outlook Survey

                       Business Activity (previous 27.4)

                       Prices Paid (previous 81.0)

                       Employment (previous 38.9)

                       New Orders (previous 25.8)

                       Prices Received (previous 54.4)

                       Delivery Times (previous 39.7)

                       Inventories (previous 0.5)

                       Shipments (previous 30.2)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 185K)

                       Jobless Claims, Net Chg (previous +18K)

                       Continuing Claims (previous 1475000)

                       Continuing Claims, Net Chg (previous -48K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 1736K)

                       Soybeans (Metric Tons) (previous 1006.9K)

                       Wheat (Metric Tons) (previous 321.3K)

10:00 AM ET. March Leading Indicators

                       Leading Index, M/M% (previous +0.3%)

                       Leading Index (previous 119.9)

                       Coincident Index, M/M% (previous +0.4%)

                       Lagging Index, M/M% (previous +0%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1397B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +15B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, April 22, 2022   

9:45 AM ET. April US Flash Manufacturing PMI

                       PMI, Mfg (previous 58.5)

9:45 AM ET. April US Flash Services PMI

                       PMI, Services (previous 58.9)

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

The STOCK INDEXES: The June NASDAQ 100 was 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 14,542.56 would signal that a short-term low 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 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 as it extends the decline off March's high. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 62% retracement level of the February-March rally crossing at 4362.82 is the next downside target. Closes above the 20-day moving average crossing at 4298.43 would signal that a short-term low 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 20-day moving average crossing at 4490.74. 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 lower overnight as it extends the decline off March's high. 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 145-27 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 142-25. Second resistance is the 20-day moving average crossing at 145-27. First support is the overnight low crossing at 139-13. Second support is the October-2018 low on the monthly continuation chart crossing at 136-16.

June T-notes were lower overnight as it extends the decline off December's high. 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 121.105 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121.105. Second resistance the March 31^st high crossing at 123.040. First support is the overnight low crossing at 119.090. 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:June crude oil was slightly lower overnight as it consolidates some of the rally off last-Monday'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 the rally off last-Monday's low, the March  24^th high crossing at $113.51 is the next upside target. Closes below the 50-day moving average crossing at $97.99 would signal that a short-term top has likely been posted. First resistance is the March 24^th high crossing at $113.51. Second resistance is March's high crossing at $121.17. First support is the April 11^th low crossing at $92..60. Second support is the March 15^th low crossing at $90.37.

June heating oil was slightly lower overnight as it consolidates some of the rally off the April 7^th low. Overnight weakness 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 rally off the April 7^th low, the 87% retracement level of March's decline crossing at $3.8622 is the next upside target. Closes below the 20-day moving average crossing at $3.3648 would temper the near-term friendly outlook.First resistance is the 75% retracement level of the December-March rally crossing at $3.7170. Second resistance is the 87% retracement level of the December-March rally crossing at $3.8622. First support is the 20-day moving average crossing at $3.3648. Second support is the 50-day moving average crossing at $3.1096.

June unleaded gas 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 75% retracement level of March's decline crossing at $3.4806 is the next upside target. Closes below the 10-day moving average crossing at $3.1705 would signal that a short-term top has likely been posted. First resistance is the 75% retracement level of March's declinecrossing at $3.4806. Second resistance is the 87% retracement level of March's decline crossing at $3.5887. First support is the 10-day moving average crossing at $3.1704. Second support is the 50-day moving average crossing at $3.0535.    

June Henry natural gas was lower due to profit taking overnight as it consolidates some of the rally off December's low. Overnight trading sets the stage for a 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 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 6.214 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 8.197. 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 6.866. Second support is the 20-day moving average crossing at 6.214.   

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

CURRENCIES:The June Dollar was higher overnight as it extends the rally off January'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 June extends the rally off January's low, the March-2020 high on the monthly continuation chart crossing at $103.96 is the next upside target. Closes below the 20-day moving average crossing at $99.34 would signal that a short-term top has likely been posted. First resistance is the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $102.04. Second resistance is the March-2020 high on the monthly continuation chart crossing at $103.96. First support is the 20-day moving average crossing at $99.34. Second support is the 50-day moving average crossing at $98.08.  

The June Euro was steady to slightly higher overnight.The mid-range overnight trade 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-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 $1.09743 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1.09743. Second resistance is the 50-day moving average crossing at $1.11164. First support is last-Thursday's low crossing at $1.07810. 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. Overnight trading sets the stage for a steady to slightly 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. If June extends the decline off the March 23^rd high, the 50% retracement level of the 2020-2021-rally crossing at 1.2894 is the next downside target. Closes above the 20-day moving average crossing at 1.3098 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3098. Second resistance is the 50-day moving average crossing at 1.3242. First support is last-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 lower overnight as it extends the decline off January's high. The low-range overnight trade sets the stage for a 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 aforementioned decline, the 87% retracement level of the 2020-2021 rally crossing at 1.0564 is the next downside target. Closes above the 20-day moving average crossing at 1.0755 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.0755. Second resistance is the 50-day moving average crossing at 1.0805. First support is the 87% retracement level of the 2020-2021 rally crossing at 1.0564. Second support is the March 2020 low crossing at 1.0415.  

The June Canadian Dollar was slightly higher overnight. The low-range overnight trade 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 hinting that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $79.68 would temper the near-term bearish outlook. Closes below the 50-day moving average crossing at $79.02 would open the door for additional weakness near-term. First resistance is the 20-day moving average crossing at $79.68. Second resistance is the April 5^th high crossing at $80.61. First support is the 50-day moving average crossing at $79.02. Second support is the 62% retracement level of the March-April rally crossing at $78.69.  

The June Japanese Yen was sharply lower overnight as it extends the decline off March's high. Overnight weakness sets the stage for a 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 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 0.080974 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.079924. Second resistance is the 20-day moving average crossing at 0.080974. First support is the overnight low crossing at 0.077955. 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 slightly lower overnight as it consolidates some of the rally off March's low. Overnight weakness sets the stage for a lower opening when the day 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 50-day moving average crossing at $1931.70 would signal that a short-term top has likely been posted. If June extends the rally off March's low, the 62% retracement level of March's decline crossing at $2010.70 is the next upside target. First resistance is Monday's high crossing at $2003.00. 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 $1931.70. Second support is March's low crossing at $1893.20.

May silver was slightly lower overnight as it consolidates some of the rally off March's low. The high-range trade sets the stage for a steady to slightly 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, March's high crossing at $27.495 is the next upside target. Closes below the 50-day moving average crossing at $24.915 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $26.495. Second resistance is March's high crossing at $27.495. First support is the 50-day moving average crossing at $24.915. Second support is March's low crossing at $24.045. 

May copper was lower overnight as it consolidates some of the rally off last-Monday's low. The low-range overnight trade sets the stage for a steady to lower opening is possible 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 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 4.6488 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 4.6488. Second support is March's low crossing at 4.4685.

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

July corn was steady to 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 29^th low, the August-2012 high on the monthly continuation chart crossing at $8.43 3/4 is the next upside target. Closes below the 20-day moving average crossing at $7.49 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $8.14. Second resistance is the August-2012 high on the monthly continuation chart crossing at $8.43 3/4. First support is the 10-day moving average crossing at $7.71 1/4. Second support is the 20-day moving average crossing at $7.49 3/4.  

July wheat was steady to 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 29^th low, the 62% retracement level of March's decline crossing at $11.59 1/4 is the next upside target. Closes below the 20-day moving average crossing at $10.64 1/2 would signal that a short-term top has been posted. First resistance is the March 22^nd high crossing at $11.39 3/4. Second resistance is the 62% retracement level of March's decline crossing at $11.59 1/4. First support is the 20-day moving average crossing at $10.64 1/2. Second support is the 50-day moving average crossing at $10.00. 

July Kansas City wheat was higher overnight as it extends the rally off March's low. 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 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 $11.00 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $12.02 1/4. Second resistance is March's high crossing at $12.59. First support is the 20-day moving average crossing at $11.00 3/4. Second support is the 50-day moving average crossing at $10.26.

July Minneapolis wheat was higher overnight as it extends the rally off March'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 bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the March 29^th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2 is the next upside target. Closes below the 20-day moving average crossing at $11.08 1/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $11.88 3/4. Second resistance is the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2. First support is the 10-day moving average crossing at $11.40 1/2. Second support is the 20-day moving average crossing at $11.08 1/4. 

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

July soybeans were higher overnight as they 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July 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 $16.30 3/4 would signal that a short-term top has likely been posted. First resistance is the overnight high crossing at $17.05 3/4. Second resistance is March's high crossing at $17.31. First support is the 50-day moving average crossing at $16.30 3/4. Second support is April's low crossing at $15.60 1/2.

July soybean meal was steady to 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. If July resumes the decline off March's high, the 38% retracement level of the October-March rally crossing at $422.70 is the next downside target. Closes above last-Monday's high crossing at $465.70 would signal that a short-term low has been posted. First resistance is last-Monday's high crossing at $465.70. Second resistance is March's high crossing at $484.60. First support is the 25% retracement level of the October-March rally crossing at $444.30. Second support is the February 16^th low crossing at $435.50. 

July soybean oil was slightly lower overnight as it consolidates some of the rally off April'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 July extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 72.58 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 78.50. Second resistance is unknown. First support is the 20-day moving average crossing at 72.58. Second support is the 50-day moving average crossing at 70.44.  

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

June hogs closed up $4.00 at $122.48. 

June hogs closed limit up on Monday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the March 5^th low, March's high crossing at $127.32 is the next upside target. Closes below the 10-day moving average crossing at $116.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $122.50. Second resistance is March's high crossing at $127.32. First support is the 38% retracement level of the September-March rally crossing at $111.94. Second support is the March 7^th low crossing at $109.15.  

June cattle closed down $0.55 at $136.35 

June cattle posted a key reversal down as it closed lower on Monday as it consolidated some of the rally off April's slow. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 $137.32 would open the door for a possible test of the March 29^th high crossing at $138.53. Closes below the 10-day moving average crossing at $135.07 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $137.32. Second resistance is the March 29^th high crossing at $138.53. First support is the April 6^th low crossing at $132.48. Second support is March's low crossing at $130.97.  

May Feeder cattle closed down $2.68 at $159.10. 

May Feeder cattle gapped down and closed lower on Monday, The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off the 87% retracement level of the 2021-2022 rally crossing at $156.27 is the next downside target. Closes above the 20-day moving average crossing at $163.44 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $163.44. Second resistance is the 50-day moving average crossing at $167.56. First support is last-Monday's low crossing at $156.85. Second support is the 87% retracement level of the 2021-2022 rally crossing at $156.27.   

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

July coffee closed slightly higher on Monday as it extended last-Thursday's breakout below the 20-day moving average crossing at 22.58. The mid-range close sets the stage for a steady to slightly higher opening on Tuesday. 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-Tuesday's high, the March 28^th low crossing at 21.27 is the next downside target. Closes above the 50-day moving average crossing at 23.13 would signal that a short-term low has been posted.              

July cocoa closed sharply lower on Monday as it extended the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday's high, March's low crossing at 24.87 is the next downside target. Closes above the 50-day moving average crossing at 26.52 would signal that a short-term low has been posted.          

July sugar closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought and remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off February's low, weekly resistance crossing at 20.69 is the next upside target. Closes below the 20-day moving average crossing at 19.57 would signal that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 18.74.               

May cotton closed higher on Monday as it extended the rally off December's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are 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 20-day moving average crossing at 133.29 would confirm that a top has been posted.