Summary
The Dow Future is declining 27 points to 26401. The US Dollar Index moved higher by 0.265 points to 97.282. Gold has advanced 3.530 dollars to 1275.750. Silver has advanced 0.0245 dollars to 14.9760. The Dow Industrials retreated 3.12 points, at 26449.54, while the S&P 500 trended lower by 6.61 points, last seen at 2900.45. The Nasdaq Composite declined 4.15 points to 7996.08. Streaming charts of these markets are available at MarketClub
Key Events for Thursday
Check out INO's Market Forum for price charts with commentary 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%)
The June Dollar was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, March's high crossing at 97.16 is the next upside target. Closes below the 50-day moving average crossing at 96.30 are needed to confirm that a double top has been posted. 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 96.30. Second support is March's low crossing at 95.17. The June Euro was lower overnight. The low-range trade overnight sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off March's high, the January-2017 low crossing at 110.16 is the next downside target. If June extends the rally off April's low, the 50-day moving average crossing at 113.85 is the next upside target. First resistance is the 50-day moving average crossing at 113.85. 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 lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are 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 50-day moving average crossing at 1.0073 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.0073. Second resistance is March's high crossing at 1.0191. First support is the overnight low crossing at 0.9939. Second support is weekly support crossing at 0.9930. The June Canadian Dollar was lower overnight as it extends the March-April trading range. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes above the reaction high crossing at 75.64 are needed to confirm an upside breakout of the aforementioned trading range. Closes below March's low crossing at 73.43 are needed to confirm a downside breakout of the aforementioned trading range. First resistance is the reaction high crossing at 75.64. Second resistance is the reaction high crossing at 76.46. 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 higher 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 Wednesday's low crossing at 0.0896. Second support is December's low crossing at 0.0894.
May crude oil was steady to slightly lower overnight as it extends a two-week old trading range above the 62% retracement level of the October-December-decline crossing at 63.39. The mid-range overnight trade sets the stage for a steady 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 62.27 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 62.27. Second support is the 50-day moving average crossing at 59.05. 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 200.05 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 202.80. Second support is the 50-day moving average crossing at 200.05. May unleaded gas was steady to slightly 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 196.25 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 202.37. Second support is the 20-day moving average crossing at 196.25. May Henry natural gas was steady to slightly lower overnight as it extends this week's sharp decline. 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 May extends the decline off March's high, last-April's low crossing at 2.489 is the next downside target. Closes above the 20-day moving average crossing at 2.671 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.671. Second resistance is the 50-day moving average crossing at 2.738. First support is the overnight low crossing at 2.501. Second support is last-April's low crossing at 2.489.
SOFTS: July sugar closed down 16 points at 12.53 cents today. Prices closed near the session low today and closed at a four-week low close. The bulls and bears are back on a level overall near-term technical playing field amid sideways and choppy trading. July coffee closed down 330 points at 89.65 cents today. Prices closed near the session low and hit another contract low today. 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 up $47 at $2,393 a ton today. Prices closed nearer the session high today. The cocoa bulls have the overall near-term technical advantage and regained some momentum today. July cotton closed up 43 points at 78.99 cents today. Prices closed nearer the session high. The cotton bulls have the overall near-term technical advantage and are working to restart a near-term price uptrend. July orange juice closed up 280 points at $1.1180 today. Prices closed near the session high. Bears still have the solid overall near-term technical advantage. May lumber futures closed up $3.10 at $338.90 today. Prices closed nearer the session high on short covering after hitting a more-than-three-month low early on today. The bears still have the solid overall near-term technical advantage.
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 3.64 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 3.64 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 lower overnight and is poised to extend Tuesday's sharp decline. 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 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 4.69 1/4 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 up 3 1/2-cents at 4.20 1/2. May Kansas City wheat closed higher due to short covering on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday night 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 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 4.34 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.34 1/4. Second resistance is the 50-day moving average crossing at 4.49. 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 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 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 5.41 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 5.41 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 this week'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 oversold but remain 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 September-December 2018 rally crossing at 8.65 3/4 is the next downside target. Closes above the 20-day moving average crossing at 8.95 1/2 would temper the bearish outlook. First resistance is the 20-day moving average crossing at 8.95 1/2. Second resistance is the 50-day moving average crossing at 9.06. First support is the 75% retracement level of the September-December 2018 rally crossing at 8.78. Second support is the 87% retracement level of the September-December 2018 rally crossing at 8.65 3/4. 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 oversold but remain 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. Closes above the 20-day moving average crossing at 308.90 would temper the near-term bearish outlook. First resistance is April's high crossing at 312.30. Second resistance is March's high crossing at 316.50. First support is the Wednesday's low crossing at 303.50. Second support is March's low crossing at 300.30. May soybean oil was 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 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. Closes above the 10-day moving average crossing at 28.85 would temper the near-term bearish outlook. First resistance is April's high crossing at 29.40. Second resistance is the 50-day moving average crossing at 29.58. 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.
The June NASDAQ 100 was steady to slightly 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 7540.18 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 7733.50. Second resistance is the October 3rd 2018 high crossing at 7767.00. First support is the 20-day moving average crossing at 7540.18. Second support is the 50-day moving average low crossing at 7312.56. The June S&P 500 gapped down and was lower overnight as it consolidates some of 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2870.55 would confirm that a short-term top has been posted. If June extends the rally off December's low, last-September high crossing at 2957.90 is the next upside target. First resistance is Wednesday's high crossing at 2922.50. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving average crossing at 2870.55. Second support is the 50-day moving average crossing at 2820.40.
June T-bonds were higher overnight due to short covering. 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 148-01 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 148-01. 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 higher due to short covering 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, 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 123.218 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 123.218. 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: June live cattle closed down $0.22 at $122.47 today. Prices closed nearer the session high today. The bulls still 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 $0.17 at $151.02 today. Prices closed near mid-range today. The feeder cattle market bulls have the overall near-term technical advantage. June lean hogs closed down $0.18 at $96.375 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.
June gold was slightly higher 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, 62% retracement level of the September-February-rally crossing at 1252.70 is the next downside target. Closes above the 20-day moving average crossing at 1299.40 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1293.10. Second resistance is the 20-day moving average crossing at 1299.40. First support is the 50% retracement level of the September-February-rally crossing at 1272.30. Second support is the 50% retracement level of the September-February-rally crossing at 1252.70. May silver was steady to slightly lower overnight. Stochastics and the RSI are turning 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 November-January-rally crossing at 14.644 is the next downside target. Closes above the 20-day moving average crossing at 15.122 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 15.122. Second resistance is the 50-day moving average crossing at 15.392. 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 sharply lower overnight while extending the February-April trading range. The low-range trade 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 290.03 would open the door for additional weakness 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. 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 290.03. Second support is March's low crossing at 283.45.
| | | Top Stocks | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | QCOM | QUALCOMM, Inc | 79.23 | +8.78 | +16.89% | 148,255,870 | +100 |    | Entry Signal | | 2. | BAC | Bank of America Corp | 30.07 | +0.19 | +0.65% | 89,606,355 | +100 | | Entry Signal | | 3. | QD | Qudian, Inc ADS | 6.10 | +0.36 | +7.14% | 21,407,431 | +90 | | Entry Signal | | 4. | APC | Anadarko Petroleum Corp | 63.99 | +0.39 | +0.86% | 19,265,217 | +100 | | Entry Signal | | 5. | T | AT&T, Inc | 31.95 | -0.30 | -0.98% | 19,222,089 | +90 | | Entry Signal | | 6. | C | Citigroup, Inc | 70.37 | +1.06 | +1.65% | 19,182,181 | +100 | | Entry Signal | | 7. | MS | Morgan Stanley | 48.305 | +1.285 | +3.06% | 17,120,597 | +100 | | Entry Signal | | 8. | SFS | Smart & Final Stores, Inc | 6.4885 | +1.0985 | +16.67% | 16,336,959 | +90 | | Entry Signal | | 9. | JPM | JP Morgan Chase & Co. | 114.30 | +3.20 | +3.03% | 16,300,173 | +100 | | Entry Signal | | 10. | DIS | Walt Disney Co | 131.77 | +1.87 | +1.66% | 13,290,022 | +90 | | Entry Signal | |
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