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1 Friday April 27, S. Wacker Dr., Suite 2350 Chicago, IL or /26 German GfK Consumer Confiden 1:00 AM /26 UK Nationwide Housing Price 04/26 Euro-zone Monetary Policy 1:00 AM 0.2%(MoM) / 2.7%(YoY) 6:45 AM 04/26 Adv Durable Goods 7:30 AM 1.4% 04/26 Jobless Claims 04/26 EIA Gas Storage 7:30 AM 230k / 1850k(Cont) 9:30 AM 04/26 Japan Unemployment Rate 5:30 PM 2.5% 04/26 Japan Industrial Production 04/26 Japan Retail Sales 6:50 PM 0.5%(MoM) / 2.0%(YoY) 6:50 PM 0.0%(MoM) 04/26 Japan BOJ Meeting 10:00 PM 04/26 Japan BOJ Rate 04/27 Japan BOJ Report 10:00 PM 12:00 AM 04/27 Japan Construction Orders 12:00 AM 04/27 France Consumer Spending 04/27 France CPI 1:45 AM 0.5%(MoM) / 2.5%(YoY) 1:45 AM 0.1%(MoM) / 1.6%(YoY) 04/27 German Employment Situation 3:00 AM -15k / 5.3% 04/27 Euro-zone Business and Consu 4:00 AM /27 Employment Cost Index 7:30 AM 0.7% 04/27 GDP (Q1 '18) 7:30 AM 2.0%(Ann. QoQ) 04/27 UK GDP 04/30 13 and 26 Week Bill Auction 6:01 PM 0.3%(QoQ) / 1.4%(YoY) 04/30 German Retail Sales 1:00 AM 04/30 Swiss KOF Leading Indicator 04/30 Canadian Industrial Product 2:00 AM 7:30 AM 04/30 Personal Income 7:30 AM 04/30 Chicago PMI 05/01 FOMC Meeting 9:00 AM 05/01 Construction Spending 9:00 AM 05/01 ISM Manufacturing Index 05/01 API Energy Stocks 9:00 AM 3:30 PM BONDS COMMENTARY The near term bias has shifted upward more short covering ahead OVERNIGHT CHANGES THROUGH 6:05 AM (CT): BONDS +110 Clearly the recovery action in the Treasury markets continues with a three day high forged in bonds and the note market in the early going today and prices sitting near a four day high. While a return to risk on psychology in global equity markets overnight could be a limiting force for bonds and notes today, it should be noted that Asian and European data overnight was mixed to slightly soft and that should provide support to US Treasury prices even at these higher levels. Other issues providing support to bonds and notes came from the ECB with the bank remaining cautious toward the economy this week and that was joined by news that the Bank of Japan appeared to push back its timing for achieving its inflation target. Therefore the technical condition of the markets has shifted upward and in the event that US data later this morning is soft as that should result in a new high for the week! In fact the trade is anticipating the advance GDP reading this morning will be lower than the 2.6% growth rate pegged for initially the first quarter. While some economists and traders expect consumer sentiment to tick upward we think the sentiment reading will decline given rising energy and interest rate action

2 throughout this month. In conclusion we think early gains will be added to and through US scheduled data. The North American session will start out with a reading on first quarter gross domestic product that is forecast to have a moderate decline from the previous 2.6% annualized rate. A private survey of April consumer sentiment is expected to have a modest downtick from March's 97.8 reading. TODAY'S MARKET IDEAS: With the early action favoring the bull camp, the prospect of a pair of soft US data points later this morning, a decline in fears that the US will undertake something stupid regarding North Korea because of the Peace talks and with further gains in the dollar we suspect that US Bonds and Notes will continue to benefit from what is viewed as attractive yields. Critical support in June Notes is seen this morning at , with similar pivot point support in June Bonds seen at Expect more creeping gains and perhaps a return to this week's highs through scheduled US data readings. BONDS TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. BONDS (JUN) 04/27/2018: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The close below the 9-day moving average is a negative short-term indicator for trend. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next downside target is now at The next area of resistance is around and , while 1st support hits today at and below there at YR TREASURY NOTES (JUN) 04/27/2018: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. A negative signal for trend short-term was given on a close under the 9-bar moving average. Market positioning is positive with the close over the 1st swing resistance. The next downside objective is The next area of resistance is around and , while 1st support hits today at and below there at STOCKS COMMENTARY The early bias is up but the bull resolve might be limited OVERNIGHT CHANGES THROUGH 6:05 AM (CT): S&P Global equity markets were higher overnight in the face of very favorable Amazon earnings and the hope flowing from the Korean Peace talks. In addition to the wave up action in the prior two trading sessions and a return to levels that will create a positive month, the marketplace is cheered by very strong Amazon profits at a time that prices have already posted upward momentum. Furthermore Amazon shares are given added strength from a price increase for Prime membership. While we think the peace talks in Korea are highly suspect the initial images of the get together lifted global markets overnight and some of that psychology should spillover into the US Friday trade. Earnings announcements will include Exxon Mobil, Chevron, Charter Communications, Colgate-Palmolive, Phillips 66 and Dominion Energy before the Wall Street opening. S&P 500: As indicated already the recovery action of the prior two trading sessions combined with the early E- mini trade clawing within striking distance of yesterday's highs, that could easily project prices back above this

3 week's highs. In fact favorable earnings flow from the tech sector and a tempering of rate hike fears should result in an extension back toward Critical support in the June E-mini S&P is now Other US Indexes: We suspect that the Amazon results and favorable futures price action will give the Dow underlying support especially given that the early action today in international shares. However the failure to hold above 24,116 could signal a reversal of sentiment and profit-taking from this week's bounce. In the NASDAQ the Amazon news is certainly produces a bullish environment but hidden in the news is an action from the EU forcing the FANG sector to fund European content. However the June mini NASDAQ has regained the psychological level in the early going today and it could see an extension upward to when the cash markets open and the hype from the Amazon earnings broadens further. TODAY'S MARKET IDEAS: The early action in the US markets is not as definitively positive as was seen globally but that should not prevent US markets from higher action early on. However we get the sense that an early pulse up move might falter later on. STOCKS TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. S&P E-MINI (JUN) 04/27/2018: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The intermediate trend could be turning up with the close back above the 18-day moving average. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next downside objective is now at The next area of resistance is around and , while 1st support hits today at and below there at MINI-DOW (JUN) 04/27/2018: Declining momentum studies in the neutral zone will tend to reinforce lower price action. A negative signal for trend short-term was given on a close under the 9-bar moving average. A positive setup occurred with the close over the 1st swing resistance. The next downside objective is The next area of resistance is around and 24602, while 1st support hits today at and below there at E-MINI NASDAQ (JUN) 04/27/2018: Declining momentum studies in the neutral zone will tend to reinforce lower price action. The intermediate trend could be turning up with the close back above the 18-day moving average. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The next downside objective is now at The next area of resistance is around and , while 1st support hits today at and below there at MINI-RUSSELL 2000 (JUN) 04/27/2018: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market's close below the 9-day moving average is an indication the shortterm trend remains negative. The market has a slightly positive tilt with the close over the swing pivot. The next downside target is The next area of resistance is around and , while 1st support hits today at and below there at DAILY TECHNICAL STATISTICS CLOSE 4 DAY 18 DAY 45 DAY 60 DAY

4 STOCH D STOCH K FINANCIAL COMPLEX USAAM TYAAM SPAM EPM TFEM ENQM YMM DAILY SWING STATISTICS Contract Support 2 Support 1 Pivot Resist 1 Resist 2 FINANCIAL COMPLEX USAAM8 Bonds TYAAM8 10 Yr Treasury Notes SPAM8 S&P EPM8 S&P E-Mini TFEM8 Mini-Russell ENQM8 E-Mini NASDAQ YMM8 Mini-Dow CURRENCIES COMMENTARY There is no reason to call for an end to the $ rally OVERNIGHT CHANGES THROUGH 6:05 AM (CT): US DOLLAR +252, YEN +30, SWISS -16, CA DOLLAR -60 Upcoming International Reports (all times CT) 04/27 Japan BOJ Report 12:00 AM 04/27 Japan Construction Orders 12:00 AM 04/27 France Consumer Spending 1:45 AM 04/27 France Household Consumption 1:45 AM 04/27 German Employment Situation 3:00 AM 04/27 Euro-zone Business and Consu 4:00 AM 04/27 Employment Cost Index 7:30 AM 04/27 GDP (Q1 '18) 7:30 AM 04/27 UK Consumer Confidence 6:01 PM DOLLAR: Despite the tick down in US yields this morning the dollar remains pinned to the latest higher high in a fashion that continues to target the level. However we suspect the dollar will see some back and fill through US scheduled data due out at 7:30 and 9 o'clock central time. On the other hand the magnitude of the run up in the dollar this week has been very significant and the market is becoming overbought which could result in expanded volatility. In the event that any of the scheduled data today surprises on the upside, that could produce a sharp range up day similar to Thursday which in turn would put the dollar right at that psychological level. EURO: With relatively benign European news early today and the cautious tone struck by the European Central Bank president earlier this week the path of least resistance in the euro should remain down. In fact there looks to be little in the way of chart support in the June euro until and perhaps not until sometime next week. Furthermore French preliminary GDP showed growth to be minimal and French consumer spending was anemic and that leaves would be buyers with little ammunition.

5 YEN: We view Japanese economic data overnight to be bearish toward the currency and given partial risk on sentiment early today and an extension of the upward rise in the dollar, the path of least resistance is down in the June Yen. Furthermore it would appear that the Yen might be headed to next week. A logical downside target might be an old gap from January down at SWISS: On one hand the Swiss franc forged very significant fresh damage on the charts overnight but the currency has managed to reject that slide and that in turn might suggest the November 2017 consolidation low is some type of value zone. On the other hand we don't see the fundamental news to call for an end to the slide in the Swiss. POUND: A combination of forces justify the sharp range down extension in the Pound overnight with UK growth anemic and at five year low levels and especially with the Bank of England governor suggesting the bank can now "procrastinate" on rate hikes! While UK nationwide house prices matched expectations and posted gains the gains were minimal and not something one would expect to halt the slide in the Pound. Near term downside targeting is the March 1st spike low down at CANADIAN DOLLAR: All things considered the Canadian dollar has held up exceptionally well in the face of the sharp upward extension in the dollar into the early trade this morning and that suggests value on the Canadian charts around the overnight low of In fact with the TSX reaching a five-week high and investors upbeat toward the prospects of Canadian financial and technology shares we think the Canadian could see a bounce through the US scheduled data window. TODAY'S MARKET IDEAS: The path of least resistance in the dollar remains up but traders should expect a temporary back and fill through scheduled data before the currency index returns to its highs. CURRENCIES TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. US DOLLAR (JUN) 04/27/2018: Rising stochastics at overbought levels warrant some caution for bulls. The close above the 9-day moving average is a positive short-term indicator for trend. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The next upside objective is The market is becoming somewhat overbought now that the is over 70. The next area of resistance is around and 91.93, while 1st support hits today at and below there at EURO (JUN) 04/27/2018: Momentum studies are declining, but have fallen to oversold levels. The close below the 9-day moving average is a negative short-term indicator for trend. The market's close below the 1st swing support number suggests a moderately negative setup for today. The next downside target is now at Some caution in pressing the downside is warranted with the under 30. The next area of resistance is around and , while 1st support hits today at and below there at JAPANESE YEN (JUN) 04/27/2018: Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. A negative signal for trend short-term was given on a close under the 9-bar moving average. It is a slightly negative indicator that the close was lower than the pivot swing number. The next downside objective is now at The 9-day under 30 indicates the market is approaching oversold levels. The next area of resistance is around and 92.13, while 1st support hits today at and below there at

6 SWISS (JUN) 04/27/2018: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The market's short-term trend is negative as the close remains below the 9-day moving average. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside target is now at More downside action may be limited by the under 20 putting the market in extremely oversold territory. The next area of resistance is around and , while 1st support hits today at and below there at CANADIAN DOLLAR (JUN) 04/27/2018: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. Momentum studies are declining, but have fallen to oversold levels. The market's close below the 9-day moving average is an indication the short-term trend remains negative. It is a slightly negative indicator that the close was lower than the pivot swing number. The next downside objective is The next area of resistance is around and 78.18, while 1st support hits today at and below there at BRITISH POUND (JUN) 04/27/2018: Daily stochastics are trending lower but have declined into oversold territory. The close below the 9-day moving average is a negative short-term indicator for trend. The market's close below the pivot swing number is a mildly negative setup. The next downside objective is The next area of resistance is around and , while 1st support hits today at and below there at DAILY TECHNICAL STATISTICS STOCH D STOCH K 4 DAY 18 DAY 45 DAY 60 DAY CLOSE CURRENCY COMPLEX DXAM JYAM EU6M BPAM CAAM SFAM DAAM DAILY SWING STATISTICS Contract Support 2 Support 1 Pivot Resist 1 Resist 2 CURRENCY COMPLEX DXAM8 US Dollar JYAM8 Japanese Yen EU6M8 Euro BPAM8 British Pound CAAM8 Canadian Dollar SFAM8 Swiss DAAM8 Australian Dollar PRECIOUS METALS COMMENTARY Higher Dollar action leaves the bears in control

7 OVERNIGHT CHANGES THROUGH 6:05 AM (CT): GOLD +2.70, SILVER +1.30, PLATINUM OUTSIDE MARKET DEVELOPMENTS: Global equity markets were higher overnight in the face of favorable Amazon earnings and the hope flowing from the Korean Peace talks. The Asian session saw March Japanese unemployment come in flat but still near 25 year lows while March Japanese retail sales slowed slightly and April Tokyo CPI ticked downward. The Bank of Japan's latest monetary policy did not present any changes in rates or policy. The European session started out with slightly soft first quarter French GDP readings, an uptick in March French CPI and an unchanged April German unemployment reading. Also released overnight were April Euro zone sentiment readings that came in better than expected. First quarter preliminary UK GDP was expected to hold steady but instead the reading notched downward off what the Press is suggesting was the result of adverse weather. The North American session will start out with a reading on first quarter gross domestic product that is forecast to have a moderate decline from the previous 2.9% annualized rate. A private survey of April consumer sentiment is expected to have a modest uptick from March's 97.8 reading. Earnings announcements will include Exxon Mobil, Chevron, Charter Communications, Colgate-Palmolive, Phillips 66 and Dominion Energy before the Wall Street opening. GOLD / SILVER The gold market remains under pressure into the last trading session of the week, which isn't surprising considering the significant range up explosion in the Dollar and more importantly given signs of upside in the Dollar again this morning. While the Peace talks in Korea might not yield anything concrete or could take months and years to reach an actual accord, the pictures of the meeting and optimistic statements from both sides should contribute to risk-on psychology early which in turn applies some pressure to gold and silver prices. Countervailing the bearish currency influence was a dovish ECB result yesterday as that reduces the threat of quickly rising interest rates temporarily. Other supportive news that might "eventually" cushion gold and silver are signs that some investors might be pushing investment capital toward the sector. However, in the near term the damage on the charts should continue to unfold at the same time that overall sentiment toward gold deteriorates from declining safe haven sentiment and a broadening acceptance of an "uptrend" in the Dollar. In short the current environment looks to foster more long liquidation of a net spec and fund long positioning that might still be above 165,000 contracts. Near term downside targeting is seen at the 2018 consolidation low/spike low at $1, PLATINUM The palladium market managed to add to the recovery from the Wednesday low yesterday in a fashion that might facilitate a return to the vicinity of $1,000 next week. However in the early going today it would appear as if upward momentum has waned further and some sideways chop will be seen unless the modest risk-on vibe becomes a dominating risk-on vibe. In fact while the market saw a minimally supportive development from news yesterday that Impala Platinum holdings third quarter refined production of palladium fell, that news was offset by reports that Russian Norilsk saw production increase by 6%. Critical support in June Palladium moves up to $ Unfortunately for the bull camp the platinum market is diverging with the palladium market with a fresh lower low again this morning in a move that would seem to project a slide to the $900 level next week. In order to throw off the downward tide in the platinum market today probably requires a rally back above $ and or a massive puffing up of risk-on sentiment. TODAY'S MARKET IDEAS: As indicated already, the damage on the gold chart this week is definitive and there are still a number of negative outside market influences bearing down on the gold trade today. As we have also indicated a number of times this week, we see a retest of the March 1st low down at $1, ahead. Those that want to be long June gold probably have to lower their stops down to $1, given the fact that gold can sometimes bottom with aggressive washout action.

8 COPPER COMMENTARY Technical damage only partially countervailed by risk-on GENERAL: While the July copper contract waffled around both sides of unchanged yesterday, it ultimately spent the majority of the Thursday action in negative territory in a fashion that hints at a potential key trend decision in the offing. In fact, at times the copper market yesterday was 10 cents below the mid-april high and this morning it has clearly extended sharply lower down in a move and that should leave the bull camp on the run. Clearly the copper market was undermined as a result of signs of a 29% first quarter copper production increase (at a specific facility) from KAZ Minerals. However, the market should draft minimal support from news that the Escondida Mine in Chile did not manage to reach an early wage deal ahead of the July 31st contract termination as that leaves open the potential for labor induced supply disruptions. Another issue that might serve to slow the downward tide in copper today is the fact that both Shanghai and LME copper stocks finished the week with inventory declines. MARKET IDEAS: With some March and April trend line support levels violated yesterday and a failure below the key $ level this morning it would appear as if the March and April up trend pattern had been reversed. Given the coiling pattern breakdown we suspect that bargain hunting buyers and classic technical trend traders are being forced from the market and that action has to be really discouraging given a risk-on vibe and declines in global exchange stocks. We still see value around the $3.10 level but negative momentum could result in lower lows this morning before a solid low is found later today. METALS TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. COMEX GOLD (JUN) 04/27/2018: Daily stochastics are trending lower but have declined into oversold territory. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market's close below the pivot swing number is a mildly negative setup. The next downside objective is The next area of resistance is around and , while 1st support hits today at and below there at COMEX SILVER (JUL) 04/27/2018: Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. A negative signal for trend short-term was given on a close under the 9- bar moving average. It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is now at The next area of resistance is around and , while 1st support hits today at and below there at COMEX PLATINUM (JUL) 04/27/2018: Momentum studies are declining, but have fallen to oversold levels. The market's short-term trend is negative as the close remains below the 9-day moving average. The market tilt is slightly negative with the close under the pivot. The next downside target is The next area of resistance is around and , while 1st support hits today at and below there at

9 COMEX COPPER (JUL) 04/27/2018: The major trend has turned down with the cross over back below the 60-day moving average. Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. The market's short-term trend is negative as the close remains below the 9-day moving average. The market tilt is slightly negative with the close under the pivot. The next downside target is The next area of resistance is around 3.17 and 3.19, while 1st support hits today at 3.12 and below there at DAILY TECHNICAL STATISTICS STOCH D STOCH K 4 DAY 18 DAY 45 DAY 60 DAY CLOSE METALS COMPLEX GCAM SIAN PLAN CPAN DAILY SWING STATISTICS Contract Support 2 Support 1 Pivot Resist 1 Resist 2 METALS COMPLEX GCAM8 COMEX Gold SIAN8 COMEX Silver PLAN8 COMEX Platinum CPAN8 COMEX Copper ***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. Any information or recommendation contained herein: (i) is not based on, or tailored to, the commodity interest or cash market positions or other circumstances or characterizations of particular investors or traders; (ii) is not customized or personalized for any such investor or trader; and (iii) does not take into consideration, among other things, risk tolerance, net worth, or available risk capital. Any use or reliance upon the information or recommendations is at the sole discretion and election of the subscriber. The risk of loss in trading futures contracts or commodity options can be substantial, and traders should carefully consider the inherent risks of such trading in light of their financial condition. Any reproduction or retransmission of this report without the express written consent of Zaner Group, LLC. is strictly prohibited.