KEY EVENTS TO WATCH FOR:
Monday, May 2, 2022
9:45 AM ET. April US Manufacturing PMI
PMI, Mfg (previous 58.8)
10:00 AM ET. March Construction Spending - Construction Put in Place
New Construction (previous +0.5%)
Residential Construction
10:00 AM ET. April ISM Report On Business Manufacturing PMI
Manufacturing PMI (previous 57.1)
Prices Idx (previous 87.1)
Employment Idx (previous 56.3)
Inventories (previous 55.5)
New Orders Idx (previous 53.8)
Production Idx (previous 54.5)
11:00 AM ET. April Global Manufacturing PMI
PMI, Mfg (previous 53.0)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The June NASDAQ 100 was higher in overnight trading as it extends last-week's trading range. 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 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 March 2021 low crossing at 12,727.50 is the next downside target. Closes above the 50-day moving average crossing at 14,029.17 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 13,409.35. Second resistance is the 50-day moving average crossing at 14,029.17. First support is last-Tuesday's crossing at 12,801.50. Second support is the March 2021-low crossing at 12,727.50.
The June S&P 500 was higher overnight as it consolidates some of last-Friday's decline. 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 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, February's low crossing at 4094.25 is the next downside target. Closes above the 50-day moving average crossing at 4370.63 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4277.38. Second resistance is the 50-day moving average crossing at 4370.63. First support is the overnight low crossing at 4116.75. Second support is the February low crossing at 4094.25.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were lower overnight. The high-range overnight trade sets the stage for a steady to slightly lower 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. If June resumes 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 last-Wednesday's high crossing at 143-09 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 143-09. Second resistance is the 50-day moving average crossing at 148-24. First support is April's low crossing at 138-14. 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 last-Wednesday's high. Overnight weakness 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. 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. Closes above last-Wednesday's high crossing at 120.185 would signal that a short-term low has been posted. First resistance is Wednesday's high crossing at 120.185. Second resistance the 50-day moving average crossing at 123.008. First support is April's low crossing at 118.080. 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 lower overnight following last-Friday's spike above the upper boundary of the symmetrical triangle that began forming in early-March. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $100.69 would signal that a short-term top has been posted. Closes above April's high crossing at $109.20 would confirm an upside breakout of the aforementioned triangle and could lead to a test of the March 24th high crossing at $113.51. First resistance is April's high crossing at $109.20. Second resistance is the March 24th high crossing at $113.51. First support is last-Monday's low crossing at $95.28. Second support is the April 11th low crossing at $92..60.
June heating oil was steady to lower overnight as it consolidates some of the rally off March's low. Overnight trading sets the stage for a 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 7th low, weekly resistance crossing at $5.2215 is the next upside target. Closes below the 20-day moving average crossing at $3.5669 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at $4.1771. Second resistance is weekly resistance crossing at $5.2215. First support is the 10-day moving average crossing at $3.7941. Second support is the 20-day moving average crossing at $3.5669.
June unleaded gas was lower overnight as it consolidates some of the rally off April's low. Overnight weakness 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 April's low, the 87% retracement level of March's decline crossing at $3.5887 is the next upside target. Closes below the 20-day moving average crossing at $3.2457 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 75% retracement level of March's decline crossing 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 $3.3362. Second support is the 20-day moving average crossing at $3.2457.
June Henry natural gas was slightly higher overnight as it extends the rally off last-Monday's low. Overnight trading sets the stage for a slightly 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. Closes below the 20-day moving average crossing at 6.872 would signal that a short-term top has been posted while opening the door for additional losses near-term. If June extends the rally off last-Monday's low, April's high crossing at 8.197 is the next upside target. First resistance is April's high crossing at 8.197. Second resistance is the 50% retracement level of the 2005-2020-decline on the monthly continuation chart crossing at 8.606. First support is the 20-day moving average crossing at 6.872. Second support is the 38% retracement level of the December-April rally crossing at 6.387.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was higher overnight as it consolidated some of last-Friday's decline. 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 June extends the rally off January's low, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.72 is the next upside target. Closes below the 20-day moving average crossing at $100.95 would signal that a short-term top has been posted. First resistance is the March-2020 high on the monthly continuation chart crossing at $103.96. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at 108.72. First support is the 10-day moving average crossing at $102.03. Second support is the 20-day moving average crossing at $100.95.
The June Euro was lower overnight. 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 decline off February's high, the 75% retracement level of the 2001-2008 rally on the monthly continuation chart crossing at $1.02474 is the next downside target. Closes above the 20-day moving average crossing at $1.08003 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1.06984. Second resistance is the 20-day moving average crossing at $1.08003. First support is last-Thursday's low crossing at $1.04905. Second support is the 75% retracement level of the 2001-2008 rally on the monthly continuation chart crossing at $1.02474.
The June British Pound was slightly lower overnight as it consolidates some of last-Friday's rally. Overnight trading 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 decline off the March 23rd high, the 75% retracement level of the 2020-2021 rally crossing at 1.2232 is the next downside target. Closes above the 20-day moving average crossing at 1.2898 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2738. Second resistance is the 20-day moving average crossing at 1.2898. First support is last-Thursday's low crossing at 1.2411. Second support is the 75% retracement level of the 2020-2021 rally crossing at 1.2232.
The June Swiss Franc was 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 75% retracement level of the 2016-2021 rally on the monthly continuation chart crossing at 1.01109 is the next downside target. Closes above the 10-day moving average crossing at 1.04223 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 1.04223. Second resistance is the 20-day moving average crossing at 1.05786. First support is last-Thursday's low crossing at 1.02670. Second support is the 75% retracement level of the 2016-2021 rally on the monthly continuation chart crossing at 1.01109.
The June Canadian Dollar was lower overnight following last-Friday's downside reversal. 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the decline off April's high, March's low crossing at $77.51 is the next downside target. Closes above the 20-day moving average crossing at $79.04 would signal that a low has been posted while opening the door for additional short covering gains. First resistance is the 10-day moving average crossing at $78.54. Second resistance is the 20-day moving average crossing at $79.04. First support is last-Thursday's low crossing at $77.62. Second support is March's low crossing at $77.51.
The June Japanese Yen was lower overnight. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, 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 0.079027 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.079027. Second resistance is the 50-day moving average crossing at 0.082553. First support is last-Thursday's low crossing at 0.076280. 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 and 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 decline off April's high, the 62% retracement level of the 2021-2022-rally crossing at $1841.50 is the next downside target. Closes above the 50-day moving average $1941.60 would signal that a short-term low has been posted. First resistance is the 50-day moving average $1941.60. Second is April's high crossing at $2003.00. First support is the 50% retracement level of the 2021-2022-rally crossing at $1887.60. Second support is the 62% retracement level of the 2021-2022-rally crossing at $1841.50.
July silver was lower overnight as it extends decline off April's high. The mid-range trade sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 87% retracement level of the December-March rally crossing at $22.316 is the next downside target. Closes above the 20-day moving average crossing at $24.611 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $23.965. Second resistance is the 20-day moving average crossing at $24.611. First support is the 87% retracement level of the December-March rally crossing at $22.316. Second support is last-December low crossing at $21.565.
July copper was sharply lower overnight as it extends the decline off April'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 July extends the decline off April's high, the 87% retracement level of the December-March decline crossing at 4.2276 is the next downside target. Closes above the 20-day moving average crossing at 4.6365 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.5280. Second resistance is the 20-day moving average crossing at 4.6365. First support is the 87% retracement level of the December-March decline crossing at 4.2276. Second support is last-December low crossing at 4.1105.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was lower overnight as it consolidates some of last-week's rally, which marked an upside breakout above psychological resistance crossing at $8.00. Overnight trading sets the stage for a lower opening when the day sessions begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $7.83 3/4 would signal that a short-term top has been posted. If July extends the rally off the March 29th low, the August-2012 high on the monthly continuation chart crossing at $8.43 3/4 is the next upside target. First resistance is last-Friday's high crossing at $8.24 1/2. Second resistance is the August-2012 high on the monthly continuation chart crossing at $8.43 3/4. First support is the 20-day moving average crossing at $7.83 3/4. Second support is the 50-day moving average crossing at $7.38 3/4.
July wheat was lower overnight following last-Friday's decline and 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 50-day moving average crossing at $10.52 1/4 would open the door for additional weakness near-term. Closes above last-Tuesday's high crossing at $11.07 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $11.07. Second resistance is April's high crossing at $11.43 1/2. First support is the 50% retracement level of the January-March rally crossing at $10.08 1/4. Second support is is March's low crossing at $9.67 1/4.
July Kansas City wheat was lower overnight as it extends the decline off April's high. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $11.84 1/2 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at $11.45 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $11.81 3/4. Second resistance is April's high crossing at $12.02 1/4. First support is the 50-day moving average crossing at $10.84 1/2. Second support is the April 5th gap crossing at $10.46.
July Minneapolis wheat was 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $11.52 1/2 would signal that a short-term top has been posted. If July renews the rally off the March 29th 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. First resistance is last-Thursday's high crossing at $12.06. 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 20-day moving average crossing at $11.52 1/2. Second support is the April 4th low crossing at $10.95 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans were lower overnight as it extends last-week's trading range. Overnight weakness 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 50-day moving average crossing at $16.50 3/4 would signal that a short-term top has been posted. If July renews the rally off April's low, February's high crossing at $17.41 is the next upside target. First resistance is April's high crossing at $17.34. Second resistance is February's high crossing at $17.41. First support is the 20-day moving average crossing at $16.66. Second support is the 50-day moving average crossing at $16.50 3/4.
July soybean meal was steady to lower overnight as it extends the decline off April's high. Overnight trading 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 July extends the aforementioned decline, the 38% retracement level of the October-March rally crossing at $422.70 is the next downside target. Closes above the 50-day moving average crossing at $456.60 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $456.60. Second resistance is April's high crossing at $467.80. First support is the 38% retracement level of the October-March rally crossing at $422.70. Second support is the 50% retracement level of the October-March rally crossing at $403.40.
July soybean oil was lower in late-overnight trading as it consolidates some of the rally off last-December'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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 77.63 would signal that a short-term top has been posted. If July extends the aforementioned rally into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 87.65. Second resistance is unknown. First support is the 10-day moving average crossing at 81.79. Second support is the 20-day moving average crossing at 77.63.
Thanks much tallpine!
Weather is getting top billing now for the grains!