Sector Analysis and Key Events for Wednesday

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Summary
The Dow Future has advanced 39 points to 26486. The US Dollar Index eased 0.131 points to 96.920. Gold is dropping 0.515 dollars to 1276.735. Silver is up 0.0060 dollars to 15.0230. The Dow Industrials climbed 67.89 points, at 26452.66, while the S&P 500 trended higher 1.48 points, last seen at 2907.06. The Nasdaq Composite trended higher 24.22 points to 8000.23. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
U.S. Crude Production In January Displays A Seasonal Lull
Tuesday Apr 16th

Crude Oil Hits The Target Early
Monday Apr 15th

Weekly Futures Recap With Mike Seery
Sunday Apr 14th

Key Events for Wednesday

Check out INO's Market Forum for price charts with commentary

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx (previous 475.6)

Composite Idx, W/W% (previous -5.6%)

Purchase Idx-SA (previous 278.1)

Purchase Idx-SA, W/W% (previous +0.5%)

Refinance Idx (previous 1582.6)

Refinance Idx, W/W% (previous -11.4%)

8:30 AM ET. February U.S. International Trade in Goods & Services

Trade Balance (USD) (expected -53.7B; previous -51.15B)

Exports (USD) (previous 207.34B)

Exports, M/M% (previous +0.9%)

Imports (USD) (previous 258.49B)

Imports, M/M% (previous -2.6%)

10:00 AM ET. February Monthly Wholesale Trade

Inventories, M/M% (expected +0.5%; previous +1.2%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl) (previous 456.55M)

Crude Oil Stocks, Net Chg (Bbl) (previous +7.029M)

Gasoline Stocks (Bbl) (previous 229.129M)

Gasoline Stocks, Net Chg (Bbl) (previous -7.71M)

Distillate Stocks (Bbl) (previous 128.053M)

Distillate Stocks, Net Chg (Bbl) (previous -0.116M)

Refinery Usage (previous 87.5%)

Total Prod Supplied (Bbl/day) (previous 20.316M)

Total Prod Supplied, Net Chg (Bbl/day) (previous +0.318M)

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

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

Jobless Claims (expected 206K; previous 196K)

Jobless Claims, Net Chg (previous -8K)

Continuing Claims (previous 1713000)

Continuing Claims, Net Chg (previous -13K)

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

Corn (Metric Tons) (previous 548.0K)

Soybeans (Metric Tons) (previous 280.4K)

Wheat (Metric Tons) (previous 474.4K)

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

Business Activity (expected 11.0; previous 13.7)

Prices Paid (previous 19.7)

Employment (previous 9.6)

New Orders (previous 1.9)

Prices Received (previous 24.7)

Delivery Times (previous 8.8)

Inventories (previous 17.2)

Shipments (previous 20.0)

8:30 AM ET. March Advance Monthly Sales for Retail & Food Services

Overall Sales-SA, M/M% (expected +0.9%; previous -0.2%)

Sales, Ex-Auto, M/M% (expected +0.7%; previous -0.4%)

Sales, Ex-Auto & Gas, M/M% (previous -0.6%)

9:45 AM ET. April US Flash Services PMI

PMI, Services (previous 54.8)

9:45 AM ET. April US Flash Manufacturing PMI

PMI, Mfg (expected 52.8; previous 52.5)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. February Manufacturing & Trade: Inventories & Sales

Total Inventories (expected +0.4%; previous +0.8%)

10:00 AM ET. March Leading Indicators

Leading Index, M/M% (expected +0.4%; previous +0.2%)

Leading Index (previous 111.5)

Coincident Index, M/M% (previous +0.2%)

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

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

Working Gas In Storage (Cbf) (previous 1155B)

Working Gas In Storage, Net Chg (Cbf) (previous +25B)

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock

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

Total Starts (expected 1.22M; previous 1.162M)

Housing Starts, M/M% (expected +5.0%; previous -8.7%)

Building Permits (expected 1.3M; previous 1.296M)

Building Permits, M/M% (expected +0.3%; previous -1.6%)

8:30 AM ET. Annual Advance GDP by Industry

10:00 AM ET. March Regional & State Employment & Unemployment

N/A Marianas: Good Friday

N/A U.S. stock markets closed on Good

8:30 AM ET. March CFNAI Chicago Fed National Activity Index

NAI (previous -0.29)

NAI, 3-mo Moving Avg (previous -0.18)

10:00 AM ET. March Existing Home Sales

Existing Sales (previous 5.51M)

Existing Sales, M/M% (previous +11.8%)

Unsold Homes Month's Supply (previous 3.5)

Median Price (USD) (previous 249500)

Median Home Price, Y/Y% (previous +3.6%)



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 96.920 -0.131 -0.13%
Invesco DB US Dollar Index 26.01 +0.06 +0.23%
US Dollar/Canadian Dollar 1.332050 -0.002815 -0.21%
Euro/US Dollar 1.130950 +0.000765 +0.07%
JAPANESE YEN May 2019 0.008948 0.000000 0.00%
SWISS FRANC Jun 2019 0.9965 -0.0019 -0.19%
US Dollar/Hong Kong Dollar 7.84459 +0.00154 +0.02%

CURRENCIES

The June Dollar was lower overnight. 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 96.28 are needed to confirm that a double top has been posted. If June renews the rally off March's low, March's high crossing at 97.16 is the next upside target. First resistance is March's high crossing at 97.16. Second resistance is weekly resistance crossing at 97.83. First support is the 50-day moving average crossing at 96.28. Second support is March's low crossing at 95.17.

The June Euro was steady to slightly higher overnight. The mid-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 50-day moving average crossing at 113.89 is the next upside target. If June resumes the decline off March's high, the January-2017 low crossing at 110.16 is the next downside target. First resistance is the 50-day moving average crossing at 113.89. Second resistance is March's high crossing at 115.35. First support is the 87% retracement level of the 2016-2018-rally crossing at 112.62. Second support is the January-2017 low crossing at 110.16.

The June British Pound was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below March's low crossing at 1.3026 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 1.3160 would temper the near-term bearish outlook. First resistance is March's high crossing at 1.3441. Second resistance is the 50% retracement level of the 2018 decline crossing at 1.3603. First support is March's low crossing at 1.3026. Second support is February's low crossing at 1.2854.

The June Swiss Franc was lower overnight as it extends the decline off March'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, weekly support crossing at 0.9930 is the next downside target. Closes above the 20-day moving average crossing at 1.0078 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0078. Second resistance is March's high crossing at 1.0191. First support is the overnight low crossing at 0.9966. Second support is weekly support crossing at 0.9930.

The June Canadian Dollar was higher overnight as it extends the March-April symmetrical triangle. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 75.28 are needed to confirm that a short-term low has been posted. If June renews the decline off February's high, December's low crossing at 73.47 is the next likely downside target. First resistance is the 50-day moving average crossing at 75.28. Second resistance is the reaction high crossing at 75.64. First support is March's low crossing at 74.43. Second support is December's low crossing at 73.47.

The June Japanese Yen was steady to slightly lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If June extends the decline off March's high, December's low crossing at 0.0894 is the next downside target. Closes above the 50-day moving average crossing at 0.0907 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at 0.0907. Second resistance is March's high crossing at 0.0918. First support is the overnight low crossing at 0.0896. Second support is December's low crossing at 0.0894.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2019 64.43 +0.38 +0.67%
NY HARBOR ULSD HEATING OIL May 2019 2.0866 +0.0044 +0.22%
NATURAL GAS May 2019 2.577 +0.005 +0.19%
RBOB GASOLINE May 2019 2.0436 +0.0119 +0.68%
0.00%
United States Gasoline 31.740 +0.280 +1.03%

ENERGIES

May crude oil was steady to slightly higher overnight as it consolidates above the 62% retracement level of the October-December-decline crossing at 63.39. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low, the 75% retracement level of the October-December-decline crossing at 67.68 is the next upside target. Closes below the 20-day moving average crossing at 62.12 are needed to confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 64.79. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.68. First support is the 20-day moving average crossing at 62.12. Second support is the 50-day moving average crossing at 58.89.

May heating oil was slightly higher overnight. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low, the 62% retracement level of the October-December-decline crossing at 211.17 is the next upside target. Closes below the 50-day moving average crossing at 199.74 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the October-December-decline crossing at 211.17. Second resistance is the 75% retracement level of the October-December-decline crossing at 221.89. First support is the 20-day moving average crossing at 202.46. Second support is the 50-day moving average crossing at 199.74.

May unleaded gas was higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off December's low, the 75% retracement level of the October-December-decline crossing at 212.54 is the next upside target. Closes below the 20-day moving average crossing at 195.52 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 207.02. Second resistance is the 75% retracement level of the October-December-decline crossing at 212.54. First support is the 10-day moving average crossing at 201.25. Second support is the 20-day moving average crossing at 195.52.

May Henry natural gas was steady to slightly higher overnight as it consolidates some of this week's sharp 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 May extends the decline off March's high, last-September's low crossing at 2.549 is the next downside target. Closes above the 20-day moving average crossing at 2.690 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.690. Second resistance is the 50-day moving average crossing at 2.743. First support is the overnight low crossing at 2.570. Second support is last-September's low crossing at 2.549.



 
Food Snapshot
Symbol Last Change %
0.00%
0.00%
0.00%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 43.6800 -0.6598 -1.44%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 40.72 +0.09 +0.21%

FOOD & FIBER

SOFTS: July sugar closed down 10 points at 12.69 cents today. Prices closed near mid-range today. The bulls have the slight overall near-term technical advantage as prices are in a gentle five-week-old uptrend on the daily bar chart.

July coffee closed down 80 points at 93.10 cents today. Prices closed near mid-range. Coffee bears have the solid overall near-term technical advantage. There are no early chart clues to suggest a market bottom is close at hand.

July cocoa closed down $47 at $2,349 a ton today. Prices closed near mid-range today on heavy profit taking after hitting a three-month high last week. The cocoa bulls still have the overall near-term technical advantage. However, a steep three-week-old uptrend on the daily bar chart was negated today.

July cotton closed up 120 points at 78.25 cents today. Prices closed near mid-range today and made a good recovery from Monday's sharp losses. The cotton bulls have regained the slight overall near-term technical advantage.

July orange juice closed down 245 points at $1.0915 today. Prices closed nearer the session high and are right back near last week's contract low. Bears have the solid overall near-term technical advantage.

May lumber futures closed down $10.00 at $338.00 today. Prices closed near the session low and closed at more-than- three-month low close today. The bears have the solid overall near-term technical advantage.




A Proven Plan To A Million-Dollar Nest Egg

EXPOSED! Regulatory Loophole (SEC Rule 10b5-1) Allowed An Elite Group Of Insider Stock Traders To Make A Combined 917 Trades Without a Single Loss And Now YOU Can See And Piggy Back Their Every Trade Even If You Have Little To No Trading Experience!


 
Grains Snapshot
Symbol Last Change %
CORN May 2019 359.50 +0.50 +0.13%
OATS May 2019 299.00 +4.25 +1.51%
WHEAT May 2019 448.5 +3.5 +0.69%
Teucrium Corn Fund ETV 15.2601 -0.1799 -1.12%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 44.28 -0.51 -1.08%
Elements Mlcx Grains Index Trust 3.0200 -0.0350 -1.08%
SOYBEANS May 2019 889.00 +1.00 +0.11%
SOYBEAN (MINI) May 2019 888.75 +0.75 +0.08%
SOYBEAN MEAL May 2019 306.6 +0.1 +0.03%
Teucrium Soybean Fund ETV 15.8600 -0.1550 -0.94%

GRAINS

May corn was steady to fractionally higher overnight. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 3.65 1/2 would confirm that a short-term low has been posted. If May resumes this year's decline, psychological support crossing at 3.50 is the next likely downside target. First resistance is the 20-day moving average crossing at 3.65 1/2. Second resistance is March's high crossing at 3.80 3/4. First support is last-Tuesday's low crossing at 3.55 1/4. Second support is psychological support crossing at 3.50.

May wheat was higher overnight as it consolidates some of Tuesday's sharp 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends Tuesday's decline, March's low crossing at 4.27 is the next downside target. Closes above the 50-day moving average crossing at 4.70 3/4 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 4.75 1/2. Second resistance is the reaction high crossing at 4.97 1/2. First support is Tuesday's low crossing at 4.42 1/4. Second support is March's low crossing at 4.27.

May Kansas City Wheat closed down 10 1/4-cents at 4.17.

May Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night 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 December's high, weekly support crossing at 4.04 is the next downside target. Closes above the 20-day moving average crossing at 4.35 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.35 1/2. Second resistance is the 50-day moving average crossing at 4.50 3/4. First support is Tuesday's low crossing at 4.14 1/4. Second support is weekly support crossing at 4.04.

May Minneapolis wheat was 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 and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off March's high, weekly support crossing at 5.15 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.43 1/2 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 5.38 3/4. Second resistance is the 20-day moving average crossing at 5.43 1/2. First support is Tuesday's low crossing at 5.20 1/2. Second support is weekly support crossing at 5.15 1/4.

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

May soybeans were higher overnight as they consolidated some of Tuesday's loss. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 75% retracement level of the September-December 2018 rally crossing at 8.78 is the next downside target. If May renews the rally off March's low, the 50-day moving average crossing at 9.07 1/4 is the next upside target. First resistance is the 50-day moving average crossing at 9.07 1/4. Second resistance is the reaction high crossing at 9.24 3/4. First support is March's low crossing at 8.83. Second support is the 75% retracement level of the September-December 2018 rally crossing at 8.78.

May soybean meal was slightly higher overnight. The high-range trade sets the stage for a steady to 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. If May resumes the decline off March's high, March's low crossing at 300.30 is the next downside target. If May extends the rally off the late-March low, March's high crossing at 316.50 is the next upside target. First resistance is April's high crossing at 312.30. Second resistance is March's high crossing at 316.50. First support is the late-March low crossing at 303.60. Second support is March's low crossing at 300.30.

May soybean oil was higher overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off February's high, the 87% retracement level of the November-February-rally crossing at 28.17 is the next downside target. If May resumes the rally off March's low, the 50-day moving average crossing at 29.64 is the next upside target. First resistance is the 50-day moving average crossing at 29.64. Second resistance is the reaction high crossing at 30.64. First support is March's low crossing at 28.34. Second support is the 87% retracement level of the November-February-rally crossing at 28.17.



 
Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 26452.66 +67.89 +0.26%
NASDAQ Composite 8000.23 +24.22 +0.32%
S&P 500 CASH 2907.06 +1.48 +0.05%
SPDR S&P 500 290.06 +0.09 +0.03%
iShares Russell 2000 ETF 157.5100 +0.3400 +0.22%

U.S. STOCK INDEXES

The June NASDAQ 100 was higher overnight as it extends the rally off December'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off December's low, last-October's high crossing at 7767.00 is the next upside target. Closes below the 20-day moving average crossing at 7532.86 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 7704.00. Second resistance is the October 3rd 2018 high crossing at 7767.00. First support is the 20-day moving average crossing at 7532.86. Second support is the 50-day moving average low crossing at 7299.31.

The June S&P 500 was higher overnight as it extends the rally off December's low. The high-range overnight trade 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 June extends the rally off December's low, last-September high crossing at 2957.90 is the next upside target. Closes below the 20-day moving average crossing at 2869.46 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 2920.80. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving average crossing at 2869.46. Second support is the 50-day moving average crossing at 2817.44.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2019 146.09375 -0.25000 -0.17%
0.00%
5 YEAR T-NOTES Jun 2019 114.976563 -0.046875 -0.04%
ULTRA T-BONDS Jun 2019 162.50000 -0.34375 -0.21%
Invesco Senior Loan Portf 22.92 0.00 0.00%

INTEREST RATES

June T-bonds were lower overnight as they extend the decline off March'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 reaction low crossing at 145-03 is the next downside target. Closes above the 20-day moving average crossing at 148-02 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 148-02. Second resistance is March's high crossing at 150-21. First support is the reaction low crossing at 145-03. Second support is March's low crossing at 143-16.

June T-notes were lower overnight as it extends the decline off March'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 reaction low crossing at 122.120 then March's low crossing at 121.155 are the next downside targets. Closes above the 20-day moving average crossing at 123.220 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 123.220. Second resistance is March's high crossing at 124.310. First support is the reaction low crossing at 122.120. Second resistance is March's low crossing at 121.155.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Apr 2019 145.725 +0.025 +0.02%
LEAN HOGS May 2019 88.750 -1.250 -1.82%
LIVE CATTLE Apr 2019 127.200 +0.900 +0.71%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 54.22 +0.21 +0.44%

LIVESTOCK

LIVESTOCK: June live cattle closed up $0.85 at $122.32 today. Prices closed near mid-range today and hit a three- week high. The bulls have the solid overall near-term technical advantage. A five-month-old uptrend is in place on the daily bar chart.

May feeder cattle closed down $0.10 at $150.92 today. Prices closed nearer the session low and did hit a three- week high early on today. The feeder cattle market bulls have the overall near-term technical advantage.

June lean hogs closed down $1.17 at $97.12 today. Prices closed near mid-range today. The hog market bulls are keeping their overall near-term technical advantage as prices are not that far off last week's contract high. Still, the higher volatility at higher price levels seen just recently is one warning signal of a topping process.




 
Metals Snapshot
Symbol Last Change %
GOLD Apr 2019 1273.3 -13.5 -1.02%
SPDR Gold Trust 120.51 -1.09 -0.87%
SILVER May 2019 14.955 +0.040 +0.25%
PALLADIUM Jun 2019 1341.3 +12.9 +0.92%
Direxion Daily Gold Miners Index Bear 3X Shares 19.4850 +1.0950 +5.85%
Invesco DB Precious Metals Fund 35.8100 -0.2424 -0.65%

PRECIOUS METALS

June gold was slightly lower overnight. 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, 38% retracement level of the September-February-rally crossing at 1273.10 is the next downside target. Closes above the 50-day moving average crossing at 1310.90 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 1314.70. Second resistance is March's high crossing at 1330.80. First support is Tuesday's low crossing at 1275.50. Second support is the 38% retracement level of the September-February-rally crossing at 1273.10.

May silver was steady to slightly higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 15.152 are needed to confirm that a short-term low has been posted. If May resumes the decline off February's high, the 75% retracement level of the November-January-rally crossing at 14.644 is the next downside target. First resistance is the 20-day moving average crossing at 15.152. Second resistance is the 50-day moving average crossing at 15.410. First support is Monday's low crossing at 14.795. Second support is the 75% retracement level of the November-January-rally crossing at 14.644.

May copper was higher overnight while extending the February-April trading range. The high-range trade 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 renews the rally off January's low, the 62% retracement level of the April-December-2018 decline crossing at 306.69 is the next upside target. Closes below the 50-day moving average crossing at 289.86 would open the door for additional weakness near-term. First resistance the 50% retracement level of the April-December-2018 decline crossing at 296.76. Second resistance the 62% retracement level of the April-December-2018 decline crossing at 306.69. First support is the 50-day moving average crossing at 289.86. Second support is March's low crossing at 283.45.



 
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4. QBZ.N19 BRENT CRUDE OIL LAST DAY JULY 2019 71.68 +0.47 +0.66% 3,918 +100    Entry Signal
5. QHO# NEW YORK HARBOR ULSD MAY 2019 2.0853 +0.0031 +0.15% 2,589 +100    Entry Signal
6. QHO.K19 NEW YORK HARBOR ULSD MAY 2019 2.0853 +0.0031 +0.15% 2,589 +100    Entry Signal
7. HO.K19 NY HARBOR ULSD HEATING OIL May 2019 2.0866 +0.0044 +0.22% 2,560 +100    Entry Signal
8. QHO.M19 NEW YORK HARBOR ULSD JUNE 2019 2.0869 +0.0029 +0.14% 2,081 +100    Entry Signal
9. HO.M19 NY HARBOR ULSD HEATING OIL Jun 2019 2.0881 +0.0041 +0.20% 2,057 +100    Entry Signal
10. HG.U19 COPPER Sep 2019 2.9755 +0.0280 +0.99% 1,600 +100    Entry Signal

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