KEY EVENTS TO WATCH FOR:

Friday, May 12, 2023  

8:30 AM ET. April Import & Export Price Indexes

                       Import Prices (previous -0.6%)

                       Non-Petroleum Prices (previous -0.6%)

                       Petroleum Prices (previous -1.2%)

10:00 AM ET. May University of Michigan Survey of Consumers - preliminary

                       Mid-Mo Sentiment (previous 63.5)

                       Mid-Mo Expectations (previous 60.3)

                       Mid-Mo Current Idx (previous 68.6)

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 higher overnight as it extends this year's rally. Overnight trading set 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 this year's rally, the 62% retracement level of 2022's decline crossing at 13,634.26 is the next upside target. Closes below the 20-day moving average crossing at 13,196.73 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 13,494.25. Second resistance is the 62% retracement level of 2022's decline crossing at 13,634.26. First support is the 20-day moving average crossing at 13,196.73. Second support is last-Thursday's low crossing at 13,001.75.  

The June S&P 500 was steady to higher overnight as it extends the April-May trading range. Overnight strength sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the May 1^st high crossing at 4206.25 or below the May 4^th low crossing at 4062.25 are needed to mark a breakout of the aforementioned trading range. First resistance is the May 1^st high crossing at 4206.25. Second resistance February's high crossing at 4244.00. First support is the May 4^th low crossing at 4062.25. Second support is the 38% retracement level of the 2022-2023 rally crossing at 3984.29.

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: June T-bonds were lower overnight as it extends the March-May trading range. Overnight weakness sets the stage for a 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 last-Thursday's high crossing at 133-00 would open the door for a possible test of April's high crossing at 134-14. Closes below the May 1^st low crossing at 129-02 would mark a downside breakout of the March-May trading range thereby opening the door for additional weakness near-term. First resistance is last-Thursday's high crossing at 133-00. Second resistance is April's high crossing at 134-14. First support is the May 1^st low crossing at 129-02. Second support is the 38% retracement level of the October-January rally crossing at 128-08.  

June T-notes were steady to slightly lower overnight. 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. If June resumes the rally off April's low, March's high crossing at 117.015 is the next upside target. Closes below the 20-day moving average crossing at 115.077 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at 117.000. Second resistance is March's high crossing at 117.015. First support is the 20-day moving average crossing at 115.077. Second support is the 50-day moving average crossing at 114.249.

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

ENERGIES:Junecrude oil was slightly higher overnight. Overnight trading sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, last-Thursday's low crossing at $63.64 is the next downside target. Closes above the 50-day moving average crossing at $75.24 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $75.24. Second resistance is the April 24^th high crossing at $79.18. First support is last-Thursday's low crossing at $63.64. Second support is the 62% retracement level of the 2020-2022 rally crossing at $61.25.  

June heating oil was lower overnight and sets the stage for a 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 renews the decline off January's high, the 62% retracement level of the 2020-2022 rally crossing at 2.1217 is the next downside target. Closes above the 20-day moving average crossing at 2.4021 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.4021. Second resistance is the 50-day moving average crossing at $2.5171. First support is the 62% retracement level of the 2020-2022 rally crossing at 2.1217. Second support is the the November-29, 2021 low crossing at 1.9476.

June unleaded gas was slightly lower in late-overnight trading as it consolidates some of the rally off last-Thursday'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 $2.5125 would temper the near-term bearish outlook. Closes below the 10-day moving average crossing at $2.4360 would signal that a short-term top has been posted. First resistance is the 20-day moving averagecrossing at $2.5125. Second resistance is the 50-day moving average crossing at $2.5738. First support is the 10-day moving average crossing at $2.4360. Second support is last-December's low crossing at $2.2483.      

June natural gas was slightly lower overnight and sets the stage for a slightly 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 September-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target. Closes above the 20-day moving average crossing at 2.308 would signal that a short-term low has been posted while opening the door for additional short-covering gains. First resistance is the 20-day moving average crossing at 3.308. Second resistance is the 50-day moving average crossing at 2.483. First support is last-Friday's low crossing at 2.031. Second support is the September-2020 low on the monthly continuation chart crossing at 1.795.

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

CURRENCIES:The June Dollar was steady to slightly higher overnight as it extends the April-May trading range. Overnight trading and sets the stage for a slightly 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. Closes above the 50-day moving average crossing at 102.228 would signal that a short-term low has been posted while opening the door for additional gains near-term. If June resumes the decline off March's high, February's low crossing at 100.389 is the next downside target. First resistance is the 50-day moving average crossing at $102.228. Second resistance is the 25% retracement level of the 2022-2023 decline crossing at 103.594. First support is the April 14^thlow crossing at 100.420. Second support is February's low crossing at 100.345.

The June Euro was steady to slightly lower overnight and sets the stage for a 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. Closes below the 50-day moving average crossing at 1.09188 would open the door for a larger-degree decline near-term. Closes above the 20-day moving average crossing at $1.10180 would temper the near-term bearish outlook. First resistance is April's high crossing at $1.11290. Second resistance is the 38% retracement level of the 2018-2022 decline crossing at $1.12051. First support is the 50-day moving average crossing at $1.09188. Second support is April's low crossing at 1.09640.  

The June British Pound was steady to slightly higher overnight and 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 near-term. Closes below the 20-day moving average crossing at 1.2522 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June extends the rally off the March 8^th low, the 62% retracement level of the 2021-2022 decline crossing at 1.2784 is the next upside target. First resistance is Wednesday's high crossing at 1.2692. Second resistance is the 62% retracement level of the 2021-2022 decline crossing at 1.2784. First support is the 20-day moving average crossing at 1.2522. Second support is the 50-day moving average crossing at 1.2379.    

The June Swiss Franc was steady to slightly higher overnight and sets the stage for a slightly higher 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. Closes below the May 2^nd low crossing at 1.11770 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June resumes the rally off the March low, the May-2021 high crossing at 1.14120 is the next upside target. First resistance the May-2021 high crossing at 1.14120. Second resistance is the 87% retracement level of the 2021-2022 decline crossing at 1.15040. First support is the May 2^nd low crossing at 1.11770. Second support is the 50-day moving average crossing at 1.11177. 

The June Canadian Dollar was lower overnight it extends this week's decline. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $74.14 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June renews the rally off April's low, April's high crossing at $74.68 is the next upside target. First resistance is April's high crossing at $74.68. Second resistance is February's high crossing at $75.49. First support is the 20-day moving average crossing at $74.14. Second support is the 50-day moving average crossing at $73.81.  

The June Japanese Yen was steady to slightly lower overnight and sets the stage for a 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 50-day moving average crossing at 0.075579 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If June resumes the decline off the March's high, the 62% retracement level of the October-January rally crossing at 0.072908 is the next downside target. First resistance is the 50-day moving average crossing at 0.075579. Second resistance is the April 13^th high crossing at 0.076475. First support is the May 2^nd low crossing at 0.073055. Second support is the 62% retracement level of the October-January rally crossing at 0.072908.

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

Junegold was slightly lower overnight and sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $2007.00 would temper the near-term friendly outlook. If June renews the rally off February's low, the March-2022 high crossing at $2097.20 is the next upside target. First resistance is the May 4^th high crossing at $2085.40. Second resistance is the March-2022 high crossing at $2097.20. First support is the 50-day moving average crossing at $1986.00. Second support is the March 22^nd low crossing at $1953.70.  

July silver was lower overnight as it extends Thursday's sharp decline, which marked a downside breakout of the April-May trading range. Overnight weakness sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $24.117 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at $25.451 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $25.451. Second resistance is the May 5^th high crossing at $26.435. First support is the 50-day moving average crossing at $24.117. Second support is the March 28^th low crossing at $23.145.  

July copper was slightly higher overnight as it consolidates some of Thursday's sharp decline. Overnight trading sets the stage for a slightly higher 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 July extends the decline off April's high, the 62% retracement level of the 2022-2023 rally crossing at 3.6247 is the next downside target. Closes above the 20-day moving average crossing at 3.9112 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.9112. Second resistance is the 50-day moving average crossing at 3.9838. First support is the overnight low crossing at 3.6770. Second support is the 62% retracement level of the 2022-2023 rally crossing at 3.6247.  

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

July corn was steady to slightly higher overnight and sets the stage for a slightly higher 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 July renews the rally off last-Wednesday's low, the 20-day moving average crossing at $6.01 1/4 is the next upside target. If July renews the decline off April's high, the December-2021 low crossing at $5.48 3/4 is the next downside target.First resistance is the 20-day moving average crossing at $6.01 1/4. Second resistance is the 50-day moving average crossing at $6.13 1/4. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.71 3/4. Second support is the December-2021 low crossing at $5.48 3/4.

July wheat was higher overnight and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $6.69 would confirm that a short-term low has been posted while opening the door for additional short-covering gains. If July resumes the decline off March's high the March-2021 low crossing at $5.71 is the next downside target. First resistance is Monday's high crossing at $6.69. Second resistance is the 50-day moving average crossing at $6.80. First support is the 87% retracement level of the 2020-2022 rally crossing at $6.17. Second support is the March-2021 low crossing at $5.71.

July Kansas City wheat was higher overnight as it extends this week's trading range. Overnight trading sets the stage for a 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 the May 2^nd low, April's high crossing at $8.86 is the next upside target. Closes below the 10-day moving average crossing at $8.17 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $8.63 3/4. Second resistance is April's high crossing at $8.86. First support is the 50-day moving average crossing at $8.22 3/4. Second support isthe 10-day moving average crossing at $8.17.

July Minneapolis wheat was sharply higher overnight as it extends this week's trading range. Overnight trading sets the stage for a sharply 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 above the 50-day moving average crossing at $8.49 would open the door for a possible test of the April 18^th high crossing at $8.95 1/4. Closes below the 10-day moving average crossing at $8.24 1/2 would signal that the rally off the May 3^rd low has ended. First resistance is the 50-day moving average crossing at $8.49. Second resistance is the April 18^th high crossing at $8.95 1/4. First support is the 10-day moving average crossing at $8.24 1/2. Second support is the May 3^rd low crossing at $7.69.     

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

July soybeans were higher overnight and sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the decline off April's high, March's low crossing at $13.83 3/4 is the next downside target. Closes above the 20-day moving average crossing at $14.32 1/4 would signal that a short-term low has been posted while opening the door for additional short-covering gains. First resistance is the 20-day moving average crossing at $14.32 1/4. Second resistance is Monday's high crossing at $14.44 3/4. First support is March's low crossing at $13.83 3/4. Second support is the 75% retracement level of the 2022-2023 rally crossing at $13.60 3/4.

July soybean meal was higher overnight as it extends Thursday's sharp rally. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving averagecrossing at $434.70 would signal that a short-term low has been posted. If July extends the decline off March's high, the 38% retracement level of the 2020-2023 rally crossing at $411.90 is the next downside target. First resistance is the 20-day moving average crossing at $434.70. Second resistance is the 50-day moving average crossing at $449.70. First support is Wednesday's low crossing at $416.10. Second support is the 38% retracement level of the 2020-2023 rally crossing at $411.90.

July soybean oil was slightly higher overnight and sets the stage for a slightly 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. If July extends this week's decline, April's low crossing at 50.57 is the next downside target. Closes above the 50-day moving average crossing at 54.78 would confirm that a low has been posted while opening the door for a possible test of April's high crossing at 57.51. First resistance is the 50-day moving average crossing at 54.78. Second resistance is the April 18^th high crossing at 56.21. First support is the May 3^rd low crossing at 50.93. Second support is April's low crossing at 50.57.