Sector Analysis and Key Events for Wednesday

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Summary
The Dow Future has gained 93 points to 32425. The US Dollar Index trended higher 0.133 points to 92.469. Gold is down 2.37 dollars to 1729.50. Silver is trending higher 0.0445 dollars to 25.2455. The Dow Industrials eased 308.05 points, at 32423.15, while the S&P 500 softened 30.07 points, last seen at 3910.52. The Nasdaq Composite moved lower 149.84 points to 13227.70. Streaming charts of these markets are available at MarketClub

Blog Postings and Videos
Did The Fed Just Send A Message?
Tuesday Mar 23rd

Gold & Silver: Dollar Is Going Down
Monday Mar 22nd

The State Of The Macro
Sunday Mar 21st

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Composite Idx

Composite Idx, W/W%

Purchase Idx-SA

Purchase Idx-SA, W/W%

Refinance Idx

Refinance Idx, W/W%

8:30 AM ET. 4th Quarter State Quarterly Personal Income

8:30 AM ET. February Advance Report on Durable Goods

Durable Goods-SA, M/M% (previous +3.4%)

Dur Goods, Ex-Defense, M/M% (previous +2.3%)

Dur Goods, Ex-Transport, M/M% (previous +1.4%)

Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.5%)

Shipments: Cap Goods, Non-Def, Ex-Air, M/M% (previous +2.1%)

9:45 AM ET. March US Flash Manufacturing PMI

PMI, Mfg (previous 58.5)

9:45 AM ET. March US Flash Services PMI

PMI, Services (previous 58.9)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (Bbl)

Crude Oil Stocks, Net Chg (Bbl)

Gasoline Stocks (Bbl)

Gasoline Stocks, Net Chg (Bbl)

Distillate Stocks (Bbl)

Distillate Stocks, Net Chg (Bbl)

Refinery Usage

Total Prod Supplied (Bbl/day)

Total Prod Supplied, Net Chg

8:30 AM ET. 4th Quarter 3rd estimate GDP

Annual Rate, Q/Q% (previous +4.1%)

Chain-Weighted Price Idx, Q/Q% (previous +2.1%)

Corporate Profits, Q/Q%

PCE Price Idx, Q/Q% (previous +1.6%)

Purchase Price Idx, Q/Q% (previous +1.8%)

Real Final Sales, Q/Q% (previous +3%)

Core PCE Price Idx, Ex-Food/Energy, Q/Q% (previous +1.4%)

Personal Consumption, Q/Q% (previous +2.4%)

8:30 AM ET. 4th Quarter Corporate Profits

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

Jobless Claims (previous 770K)

Jobless Claims, Net Chg (previous +45K)

Continuing Claims (previous 4124000)

Continuing Claims, Net Chg (previous -18K)

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

Corn (Metric Tons) (previous 1226.8K)

Soybeans (Metric Tons) (previous 202.4K)

Wheat (Metric Tons) (previous 529.1K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

Working Gas In Storage (Cbf) (previous 1782B)

Working Gas In Storage, Net Chg (Cbf) (previous -11B)

11:00 AM ET. March Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

Mfg Activity Idx (previous 26)

6-Mo Exp Prod Idx (previous 44)

Mfg Composite Idx (previous 24)

6-Mo Exp Composite Idx (previous 34)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank

8:30 AM ET. February Personal Income & Outlays

Personal Income, M/M% (previous +10%)

Consumer Spending, M/M% (previous +2.4%)

PCE Price Idx, M/M% (previous +0.3%)

PCE Price Idx, Y/Y% (previous +1.5%)

PCE Core Price Idx, M/M% (previous +0.3%)

PCE Core Price Idx, Y/Y% (previous +1.5%)

8:30 AM ET. February Advance Economic Indicators Report

10:00 AM ET. 4th Quarter GDP by State

10:00 AM ET. February State Employment and Unemployment

10:00 AM ET. March-January University of Michigan Survey of Consumers - final

End-Mo Sentiment Idx (previous 76.8)

End-Mo Expectations Idx (previous 70.7)

12-Month Inflation Forecast (previous 3.3%)

5-Year Inflation Forecast (previous 2.7%)

End-Mo Current Idx (previous 86.2)



 
Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 92.469 +0.133 +0.14%
Invesco DB US Dollar Index 24.88 +0.15 +0.60%
US Dollar/Canadian Dollar 1.257785 -0.001565 -0.12%
Euro/US Dollar 1.183060 -0.001845 -0.16%
JAPANESE YEN Apr 2021 0.009210 -0.000002 -0.02%
SWISS FRANC Jun 2021 1.0720 -0.0012 -0.11%
US Dollar/Hong Kong Dollar 7.76890 +0.00065 +0.01%
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies"

The June Dollar was higher overnight and above the March 9th high crossing at 92.53 thereby signaling a resumption of the rally off February'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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off February's low, the 50% retracement level of the September-January-decline crossing at $93.43 is the next upside target. Closes below the 20-day moving average crossing at $91.60 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2020-2021-decline crossing at $92.42. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at $93.43. First support is the 20-day moving average crossing at $91.60. Second support is the 50-day moving average crossing at $90.96.

The June Euro was lower overnight as it renewed the decline off January's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming 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 38% retracement level of the 2020-2021-rally crossing at $117.85 is the next downside target. Closes above the 20-day moving average crossing at $119.85 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $119.85. Second resistance is the 50-day moving average crossing at $120.80. First support is the overnight low crossing at $118.33. Second support is the 38% retracement level of the November-January-rally crossing at $117.85.

The June British Pound was lower overnight as it extends the decline off February's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the 50% retracement level of the September-February rally crossing at 1.3494 is the next downside target. Closes above the 20-day moving average crossing at 1.3904 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.4006. Second resistance is February's high crossing at 1.4245. First support is the 38% retracement level of the September-February rally crossing at 1.3672. Second support is the 50% retracement level of the September-February rally crossing at 1.3494.

The June Swiss Franc was lower overnight as it extends 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off January's high, the 75% retracement level of the 2020-2021-rally crossing at 1.0586 is the next downside target. Closes above the 20-day moving average crossing at 1.0842 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.0842. Second resistance is the 50-day moving average crossing at 1.1078. First support is March's low crossing at 1.0695. Second support is the 75% retracement level of the 2020-2021-rally crossing at 1.0586.

The June Canadian Dollar was slightly lower overnight as it extended the decline off last-Thursday's high. The high-range trade sets the stage for a steady to 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. Closes below the 20-day moving average crossing at $79.56 would signal that a short-term top has been posted. If June renews the rally off February's low, the February-2018 high crossing at $82.27 is the next upside target. First resistance is last-Thursday's high crossing at $80.88. Second resistance is the February-2018 high crossing at $82.27. First support is the 50-day moving average crossing at $79.04. Second support is the February 26th low crossing at $78.42.

The June Japanese Yen was lower overnight as it extends the trading range of the past three-weeks around the 87% retracement level of the 2020-2021-decline crossing at 0.0920. The low-range overnight trade sets the stage for a steady to lower 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 average crossing at 0.0925 would signal that a short-term low has been posted. If June extends the decline off January's high, the March-2020 low crossing at 0.0911 is the next downside target. First resistance is the 20-day moving average crossing at 0.0925. Second resistance is the 25% retracement level of the January-March-decline crossing at 0.0930. First support is last-Monday's low crossing at 0.0915. Second support is the March-2020 low crossing at 0.0911.



 
Energy Snapshot
Symbol Last Change %
CRUDE OIL May 2021 59.15 +1.75 +3.05%
NY HARBOR ULSD HEATING OIL Apr 2021 1.7750 +0.0424 +2.45%
NATURAL GAS Apr 2021 2.517 +0.004 +0.16%
RBOB GASOLINE Apr 2021 1.9164 +0.0399 +2.13%
Invesco DWA Energy Momentum ETF 23.9300 -1.5052 -6.29%
United States Gasoline 30.1450 -1.1850 -3.93%

ENERGIES

May crude oil was higher overnight as it consolidates some of the decline off March's high. 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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Tuesday's close below the 50-day moving average crossing at $58.59 opens the door for a possible test of the 38% retracement level of the November-March-rally crossing at $55.69. Closes above the 20-day moving average crossing at $62.74 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $62.74. Second resistance is March's high crossing at $67.79. First support is Tuesday's low crossing at $57.25. Second support is the 38% retracement level of the November-March-rally crossing at $55.69.

May heating oil was higher overnight as it consolidates some of the decline off March's high. 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 becoming 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, the 38% retracement level of the November-March-rally crossing at $164.17 is the next downside target. Closes above the 20-day moving average crossing at $187.03 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $187.03. Second resistance is March's high crossing at $198.30. First support is Tuesday's low crossing at $173.15. Second support is the 38% retracement level of the November-March-rally crossing at $164.17.

May unleaded gas was higher overnight as it consolidates some of this month'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 becoming 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, the 50-day moving average crossing at $185.27 is the next downside target. Closes above the 10-day moving average crossing at $201.62 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $201.62. Second resistance is March's high crossing at $215.48. First support is the 50-day moving average crossing at $185.27. Second support is the 38% retracement of the November-March-rally crossing at $177.06.

May Henry natural gas was steady to slightly higher overnight as it consolidates some of the rally off Monday's rally. The mid-range overnight trade sets the stage for a steady to 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 March 16th gap crossing at 2.619 would signal that a short-term low has been posted. If April extends the decline off February's high, the 87% retracement level of the December-February-rally crossing at 2.445 is the next downside target. First resistance resistance is the March 16th gap crossing at 2.619. Second resistance is the 20-day moving average crossing at 2.682. First support is the 87% retracement level of the December-February-rally crossing at 2.445. Second support is December's low crossing at 2.353.



 
Food Snapshot
Symbol Last Change %
COFFEE MAY 2021 128.50 +0.90 +0.71%
SUGAR #11 WORLD MAY 2021 15.40 -0.03 -0.19%
SUGAR #16 MAY 2021 31.0 +0.1 +0.32%
ORANGE JUICE - A MAY 2021 111.60 -3.20 -2.79%
IPATH SER B BLOOMBERG SUGAR SUBINDEX TOTAL RETURN 48.06 -0.54 -1.12%
IPATH SER B BLOOMBERG SOFTS SUBINDEX TOTAL RETURN 44.5200 -0.3696 -0.84%

FOOD & FIBER

May coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 12.93 has opened the door for a possible test of February's low crossing at 12.21. Closes above the 20-day moving average crossing at 132.54 would signal that a short-term low has been posted.

May cocoa closed sharply lower on Tuesday as it extended the decline off March's high. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, February's low crossing at 23.69 is the next downside target. Closes above the 20-day moving average crossing at 25.63 would signal that a short-term low has been posted.

May sugar closed lower on Tuesday as it extends the decline off February's high. The high-range close set the stage for a steady to lower opening on Wednesday. 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 February's high, the 38% retracement level of the 2020-2021-rally crossing at 14.80. Closes above the 20-day moving average crossing at 16.17 would signal that a short-term low has been posted.

May cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 82.87 would open the door for a possible test of February's low crossing at 81.06. Closes above the 20-day moving average crossing at 87.52 would signal that a short-term low has been posted.



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Grains Snapshot
Symbol Last Change %
CORN May 2021 551.00 -0.75 -0.14%
OATS May 2021 378.75 +1.50 +0.40%
WHEAT May 2021 630.50 -4.50 -0.71%
Teucrium Corn Fund ETV 16.8800 0.0000 0.00%
IPATH SER B BLOOMBERG GRAINS SUBINDEX TOTAL RETURN 59.3500 +0.5173 +0.88%
ELEMENTS Linked to the ICE BofAML Commodity Index eXtra Grains Total Return 3.9499 +0.0649 +1.68%
SOYBEANS May 2021 1428.00 +6.25 +0.44%
SOYBEAN (MINI) May 2021 1428.125 +4.500 +0.32%
SOYBEAN MEAL May 2021 401.7 +3.7 +0.93%
Teucrium Soybean Fund ETV 21.02 +0.10 +0.48%

GRAINS

May corn was steady to fractionally higher overnight as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to fractionally higher opening when the day sessions begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at $5.72 is the next upside target. Closes below the 50-day moving average crossing at $5.41 3/4 would open the door for a test of the February 11th low crossing at $5.23 1/4. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline on the monthly continuation chart crossing at $6.36. First support is the February 11th low crossing at $5.23 1/4. Second support is the the 25% retracement level of the August-February-rally crossing at $5.14.

May wheat was lower overnight as it consolidated some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at $6.53 would confirm that a short-term low has been posted. If May extends the decline off February's high, the 38% retracement level of the 2020-2021-rally crossing at $6.17 is the next downside target. First resistance is the 50-day moving average crossing at $6.53. Second resistance is February's high crossing at $6.88 1/2. First support is Tuesday's low crossing at $6.21. Second support is the 38% retracement level of the 2020-2021-rally crossing at $6.17.

May Kansas City wheat was lower overnight. The low-range close 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 February's high, the 50% retracement level of the August-March-rally crossing at $5.52 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.10 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $5.93 1/4. Second resistance is the 20-day moving average crossing at $6.10 3/4. First support is Tuesday's low crossing at $5.66 1/2. Second support is the 50% retracement level of the August-March-rally crossing at $5.52 3/4.

May Minneapolis wheat was lower overnight as it consolidates some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are poised to turn neutral to bullish with additional strength. Closes above the 50-day moving average crossing at $6.38 1/4 would temper the near-term bearish out. If May extends the decline off February's high, the the 38% retracement level of the December-January-rally crossing at $6.19 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $6.38 1/4. Second resistance is March's high crossing at $6.52 1/4. First support is last-Friday's low crossing at $6.21. Second support is the 38% retracement level of the December-January-rally crossing at $6.19 3/4.

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

May soybeans was steady to higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last-Thursday's low, March's high crossing at $14.60 is the next upside target. Closes below the 50-day moving average crossing at $13.92 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is March's high crossing at $14.60. Second resistance is psychological resistance crossing at $15.00. First support is the 50-day moving average crossing at $13.92 3/4. Second support is the February 11th low crossing at $13.36 3/4.

May soybean meal was steady to higher overnight as it extends the trading range of the past two-weeks above the 38% retracement level of the August-January rally crossing at $396.90. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain oversold and neutral to bearish signaling sideways to lower prices are possible near-term. If May resumes the decline off January's high, the 50% retracement level of August-January rally crossing at $376.30 is the next downside target. Closes above the 20-day moving average crossing at $410.20 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $410.20. Second resistance is the 50-day moving average crossing at $424.10. First support is the 38% retracement level of the August-January rally crossing at $396.90. Second support is the 50% retracement level of August-January rally crossing at $376.30.

May soybean oil was lower overnight as it consolidates some of this week's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the 75% retracement level of the 2008-2020 decline on the monthly continuation chart crossing at 59.60 is the next upside target. Closes below the 20-day moving average crossing at 53.12 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 58.25. Second resistance is the 75% retracement level of the 2008-2020 decline on the monthly continuation chart crossing at 59.60. First support is the 20-day moving average crossing at 53.12. Second support is March's low crossing at 48.62.



 
Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average 32423.15 -308.05 -0.95%
NASDAQ Composite 13227.70 -149.84 -1.13%
S&P 500 3910.52 -30.07 -0.77%
SPDR S&P 500 389.53 -3.06 -0.79%
iShares Russell 2000 ETF 217.21 -8.02 -3.69%

U.S. STOCK INDEXES

The June NASDAQ 100 was higher overnight. The mid-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 June resumes the rally off March's low, February's high crossing at 13,888.00 is the next upside target. Closes below last-Friday's low crossing at 12,681.75 would signal that a short-term top has been posted. First resistance is the February 25th high crossing at 13,337.50. Second resistance is February's high crossing at 13,888.00. First support is March's low crossing at 12,200.00. Second support is the 25% retracement level of the March-February-rally crossing at 12,146.81.

The June S&P 500 was higher overnight. 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 50-day moving average crossing at 3854.61 would confirm that a short-term top has been posted. If June resumes the rally off last-September's low into uncharted territory, upside targets will be hard to project. First resistance is last-Thursday's high crossing at 3978.50. Second resistance is unknown. First support is the 50-day moving average crossing at 3854.61. Second support is March's low crossing at 3710.50.



 
Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2021 156.40625 -0.06250 -0.04%
iShares Floating Rate Bond ETF 50.745 -0.003 -0.01%
5 YEAR T-NOTES Mar 2021 124.390625 +0.062500 +0.05%
ULTRA T-BONDS Jun 2021 184.59375 +0.12500 +0.07%
Invesco Senior Loan Portf 22.1018 -0.0382 -0.17%

INTEREST RATES

June T-bonds were higher due to short covering overnight as they consolidate some of this month's decline. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 156-29 would signal that a short-term low has been posted. If June resumes the decline off last-September's high, the June-2019 low on monthly support crossing at 152-27 is the next downside target. First resistance is the 20-day moving average crossing at 156-29. Second resistance is the February 26th high crossing at 161-02. First support is last-Thursday's low crossing at 153-07. Second support is the June-2019 low on the monthly continuation chart crossing at 152-27.

June T-notes were steady to slightly higher overnight as it consolidates some of this year's decline. The low-range overnight trade sets the stage for a steady to slightly higher opening with 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 average crossing at 132.078 are needed to confirm that a short-term low has been posted. If June extends this year's decline the February-2020 low on the weekly continuation chart crossing at 130.070 is the next downside target. First resistance is the 20-day moving average crossing at 132.078. Second resistance is the March 2nd high crossing at 133.230. First support is last-Thursday's low crossing at 131.000. Second support is the February-2020 low on the weekly continuation chart crossing at 130.070.



 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Mar 2021 135.450 +0.425 +0.31%
LEAN HOGS Apr 2021 96.475 +1.525 +1.58%
LIVE CATTLE Apr 2021 119.125 +0.400 +0.34%
IPATH SER B BLOOMBERG LIVESTOCK SUBINDEX TOTAL RETURN 37.3236 +0.3586 +0.96%

LIVESTOCK

April hogs closed up $1.43 at $96.48.

April hogs closed higher on Tuesday as it extends the rally off November's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 April extends the rally off November's low, the April-2019 high on the weekly continuation chart crossing at $99.83 is the next upside target. Closes below the 20-day moving average crossing at $90.32 would signal that a short-term top has been posted. First resistance is today's high crossing at $96.63. Second resistance is the April-2019 high on the weekly continuation chart crossing at $99.83. First support is the 10-day moving average crossing at $92.89. Second support is the 20-day moving average crossing at $90.32.

April cattle closed up $0.35 at $119.13.

April cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned neutral to bullish hinting that low might be in or is near. Closes above the 50-day moving average crossing at $120.85 would signal that a short-term low has been posted. If April renews the decline off February's high, the 50% retracement level of the October-February-rally crossing at $117.72 is the next downside target. First resistance is the 50-day moving average crossing at $120.85. Second resistance is February's high crossing at $126.70. First support is last-Friday's low crossing at $118.00. Second support is the 50% retracement level of the October-February-rally crossing at $117.72.

April Feeder cattle closed up $0.33 at $139.75.

April Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends last-week's decline, March's low crossing at $137.22 is the next downside target. Closes above the 10-day moving average crossing at $141.86 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at 145.83. Second resistance is January's high crossing at $147.00. First support is last-Friday's low crossing at 138.43. Second support is March's low crossing at $137.22.



 
Metals Snapshot
Symbol Last Change %
GOLD Mar 2021 1727.5 +2.8 +0.16%
SPDR Gold Trust 161.820 -1.180 -0.73%
SILVER Mar 2021 25.330 +0.230 +0.92%
PALLADIUM Mar 2021 2612.6 +30.6 +1.17%
Direxion Daily Gold Miners Index Bear 2X Shares 22.255 +1.145 +5.15%
Invesco DB Precious Metals Fund 48.0800 -0.5492 -1.14%

PRECIOUS METALS

June gold was steady to 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Thursday's low crossing at $1719.10 would signal that a short-term top has been posted. Closes above last-Thursday's high crossing at $1756.00 would open the door for additional short covering gains near-term. First resistance is last-Thursday's high crossing at $1756.00. Second resistance is 50-day moving average crossing at $1791.10. First support is March's low crossing at $1676.20. Second support is the 50% retracement level of the 2015-2020-rally crossing at $1617.40.

May silver was higher overnight. 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, the 75% retracement level of the November-February-rally crossing at $24.059 is the next downside target. Closes above last-Thursday's high crossing at $26.740 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at $26.740. Second resistance is the February 23rd high crossing at $28.470. First support is the 62% retracement level of the November-February-rally crossing at $25.111. Second support is the 75% retracement level of the November-February-rally crossing at $24.059.

May copper was higher in overnight trading as it extended the trading range of the past three-weeks. 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 bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at 4.3755 is the next upside target. Closes below the 50-day moving average crossing at 3.8806 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is February's high crossing at 4.3755. Second resistance is the August-2011 high on the monthly continuation chart crossing at 4.5400. First support is the 50-day moving average crossing at 3.8806. Second support is the 25% retracement level of the 2020-2021-rally crossing at 3.8134.



 
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