KEY EVENTS TO WATCH FOR:

Wednesday, May 29, 2019 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 425.6)

                       Composite Idx, W/W% (previous +2.4%)

                       Purchase Idx-SA (previous 263)

                       Purchase Idx-SA, W/W% (previous -2.0%)

                       Refinance Idx (previous 1334.9)

                       Refinance Idx, W/W% (previous +8.3%)

7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index

                       Chain Store Sales, W/W% (previous +0.1%)

                       Chain Store Sales, M/M% (previous +2.8%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                      Ret Sales Mo-to-Date, M/M% (previous +1.2%)

                       Ret Sales Mo-to-Date, Y/Y% (previous +5.3%)

                       Latest Wk, Y/Y% (previous +5.2%)

10:00 AM ET. May Richmond Fed Business Activity Survey

                       Mfg Idx (previous 3)

                       Shipments Idx (previous -2)

10:00 AM ET. April Metropolitan Area Employment & Unemployment

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +2.4M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +0.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous -0.2M)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""

The June NASDAQ 100 closed slightly lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's 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 June renews this month's decline, the 38% retracement level of the December-April-rally crossing at 7103.16 is the next downside target. Closes above the 20-day moving average crossing at 7578.54 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7578.54. Second resistance is April's high crossing at 7879.50. First support is last-Thursday's low crossing at 7604.7. Second support is the 38% retracement level of the December-April-rally crossing at 7103.16.  

The June S&P 500 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off May's high, the 38% retracement level of the December-April-rally rally crossing at 2723.23 is the next downside target. Closes above the 20-day moving average crossing at 2873.08 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2873.08. Second resistance is May's high crossing at 2957.30. First support is the 25% retracement level of the December-April-rally crossing at 2804.09. Second support is the 38% retracement level of the December-April-rally crossing at 2723.23.  

The Dow closed lower on Tuesday as trade-war fears continue. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow resumes the decline off May's high, the 38% retracement level of the December-May-rally crossing at 24,795.46 is the next downside target. Closes above the 20-day moving average crossing at 25,899.49 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 25,899.49. Second resistance is April's high crossing at 26,695.96. First support is May's low crossing at 25,222.51. Second support is the 38% retracement level of the December-May-rally crossing at 24,795.46.

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

June T-bonds closed up 1-03/32's at 152-02.

June T-bonds closed higher on Tuesday as it extends this year's rally. 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, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this year's rally, weekly resistance crossing at 154-27 is the next upside target. Closes below the 20-day moving average crossing at 149-05 would confirm that a short-term top has been posted. First resistance is today's high crossing at 152-08. Second resistance is weekly resistance crossing at 154-27. First support is the 20-day moving average crossing at 149-05. Second support is the 50-day moving average crossing at 148-08.          

June T-notes closed up 170-pts. At 125.135.

June T-notes closed higher on Tuesday as it extends this month's rally. 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 June extends the rally off April's low, weekly resistance crossing at 125.265 is the next upside target. Closes below the 20-day moving average crossing at 124.068 would confirm that a short-term top has been posted. First resistance is today's high crossing at 125.140. Second resistance is weekly resistance crossing at 125.265. First support is the 20-day moving average crossing at 124.068. Second support is the 50-day moving average crossing at 123.259.       

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

July crude oil closed higher on Tuesday as it consolidated some of last-week's decline.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. If July extends last-week's decline, the 50% retracement level of the December-April-rally crossing at 55.32 is the next downside target. Closes above the 50-day moving average crossing at 62.29 would confirm that a short-term low has been posted. First resistance is May's high crossing at 63.96. Second resistance is April's high crossing at 66.60. First support is the 38% retracement level of the December-April-rally crossing at 57.97. Second support is the 50% retracement level of the December-April-rally crossing at 55.32. 

July heating oil closed higher on Tuesday as it consolidates some of Thursday's decline. The mid-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends last-week's decline, the 50% retracement level of the December-April-rally rally crossing at 188.58 is the next downside target. Closes above the 20-day moving average crossing at 205.63 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 213.81. Second resistance is the 75% retracement level of the October-December-decline crossing at 222.16. First support is the 38% retracement level of the December-April-rally crossing at 194.63. Second support is the 50% retracement level of the December-April-rally rally crossing at 188.58. 

July unleaded gas closed higher on Tuesday as it consolidates some of last-week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 38% retracement level of the December-April-rally crossing at 182.82 is the next downside target. Closes above the 20-day moving average crossing at 197.77 would temper the near-term bearish outlook. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. First resistance is May's high crossing at 208.54. Second resistance is April's high crossing at 209.69. First support is last-Thursday's low crossing at 187.72. Second support is the 38% retracement level of the December-April-rally crossing at 182.82. 

July Henry natural gas closed lower on Tuesday ending a two-day short covering bounce.The mid-range close sets the stage for a steady opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends last-week's decline, April's low crossing at 2.551 is the next downside target. Closes above the 50-day moving average crossing at 2.707 would open the door for a possible test of the reaction high crossing at 2.824. First resistance is the 50-day moving average crossing at 2.707. Second resistance is the reaction high crossing at 2.824. First support is April's low crossing at 2.534. Second support is the February-2019 low crossing at 2.510.        

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

The June Dollar closed higher on Tuesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews this month's rally, weekly resistance crossing at 99.90 is the next upside target. Multiple closes below the 20-day moving average crossing at 97.51 would confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 98.26. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 97.51. Second support is the 50-day moving average crossing at 97.06.

The June Euro closed lower on Tuesday as it consolidated some of the gains off last-Thursday's low.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Thursday's low, the 50-day moving average crossing at 112.83 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 112.83. Second resistance is March's high crossing at 115.33. First support is last-Thursday's low crossing at 111.26. Second support is the January 2017 low crossing at 110.16.      

The June British Pound closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 June extends the decline off May's high, January's low crossing at 1.2591 is the next downside target. Closes above the 20-day moving average crossing at 1.2913 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2755. Second resistance is the 20-day moving average crossing at 1.2913. First support is last-Thursday's low crossing at 1.2618. Second support is January's low crossing at 1.2591.   

The June Swiss Franc closed lower on Tuesday as it consolidates some of the rally off May's low.The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 2017-2019 downtrend line crossing near 1.0084 is the next upside target. Closes below the 20-day moving average crossing at 0.9911 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.0013. Second resistance is the the 2017-2019 downtrend line crossing near 1.0084. First support is the 20-day moving average crossing at 0.9911. Second support is April's low crossing at 0.9814. 

The June Canadian Dollar closed lower on Tuesday while extending the trading range of the past six-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off February's high, December's low crossing at 74.48 is the next downside target. Closes above the 50-day moving average crossing at 74.70 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 74.70. Second resistance is the reaction high crossing at 76.46. First support is April's low crossing at 74.04. Second support is December's low crossing at 73.47.  

The June Japanese Yen closed slightly lower on Tuesday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off April's low, the 50% retracement level of the November-January-rally crossing at 0.0921 is the next upside target. Closes below the 50-day moving average crossing at 0.0906 would confirm that a short-term top has been posted. First resistance is May's high crossing at 0.0920. Second resistance is the 50% retracement level of the November-January-rally crossing at 0.0921. First support is the 50-day moving average crossing at 0.0906. Second support is the reaction low crossing at 0.0898.  

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

June gold closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 1291.80 would confirm that a short-term low has been posted. If June resumes the decline off February's high, the 62% retracement level of the August-February-rally crossing at 1252.70 is the next downside target. First resistance is May's high crossing at 1302.60. Second resistance is April's high crossing at 1314.70. First support is the 50% retracement level of the August-February-rally crossing at 1272.30. Second support is the 62% retracement level of the August-February-rally crossing at 1252.70.

July silver closed sharply lower on Tuesday as it extended this year's decline. The low-range close set the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off February's high, last-November's low crossing at 14.175 is the next downside target. Multiple closes above the 20-day moving average crossing at 14.676 are needed to confirm that a low has been posted.First resistance is the 20-day moving average crossing at 14.676. Second resistance is the 50-day moving average crossing at 14.995. First support is today's low crossing at 14.265. Second support is last-November's low crossing at 14.175.          

July copper closed slightly lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 275.53 are needed to confirm that a short-term low has been posted. If July renews the decline off April's high, January's low crossing at 256.10 is the next downside target. First resistance is the 10-day moving average crossing at 271.52. Second resistance is the 20-day moving average crossing at 275.53. First support is last-Thursday's low crossing at 265.45. Second support is January's low crossing at 256.10.

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

July Corn closed up 16 1/2-cents at 4.20 3/4. 

July corn gapped up and closed higher on Tuesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 87% retracement level of the 2018-2019-decline crossing at 4.31 3/4 is the next upside target. Closes below the 10-day moving average crossing at 3.73 would signal that a short-term top has been posted. First resistance is today's high crossing at 4.21. Second resistance is the 87% retracement level of the 2018-2019-decline crossing at 4.31 3/4. First support is the 10-day moving average crossing at 3.89 1/4. Second support is the 20-day moving average crossing at 3.75 3/4.   

July wheat closed up 14-cents at 5.03 1/2. 

July wheat gapped up and closed higher on Tuesday as it renewed the rally off May'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 July extends this month's rally, the 50% retracement level of the 2018-2019-decline crossing at 5.18 3/4 is the next upside target. Closes below the 20-day moving average crossing at 4.53 3/4 would confirm that a short-term top has been posted. First resistance is  Tuesday's high crossing at 5.09 1/4. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.18 3/4. First support is the 10-day moving average crossing at 4.58. Second support is the 20-day moving average crossing at 4.53 3/4.      

July Kansas City Wheat closed up 18 3/4-cents at 4.60 3/4.

July Kansas City wheat gapped up and closed higher on Tuesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening when Wednesday night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 38% retracement level of the 2018-2019-decline crossing at 4.80 1/4 is the next upside target. Closes below the 20-day moving average crossing at 4.13 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.63 1/2. Second resistance is the 38% retracement level of the 2018-2019-decline crossing at 4.80 1/4. First support is the 20-day moving average crossing at 4.13 1/2. Second support is May's low crossing at 3.82.  

July Minneapolis wheat closed up 9 1/2-cents at 5.57 1/2. 

July Minneapolis wheat closed higher on Tuesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 38% retracement level of the 2018-2019-decline crossing at 5.70 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.26 1/4 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the 2018-2019-decline crossing at 5.70 1/2. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.90 1/2. First support is the 10-day moving average crossing at 5.36 1/4. Second support is the 20-day moving average crossing at 5.26 1/4.    

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

July soybeans closed up 26 1/4-cents at 8.56.

July soybeans gapped up and closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the reaction high crossing at 8.48 1/4 renewed the rally off May's low. If July extends today's rally, the 50-day moving average crossing at 8.74 is the next upside target. If July resumes the decline off February's high, monthly support crossing at 7.75 is the next downside target. First resistance is today's high crossing at 8.58 1/4. Second resistance is the 50-day moving average crossing at 8.74. First support is last-Thursday's low crossing at 8.17. Second support is May's low crossing at 7.91.  

July soybean meal closed up $12.00 at 312.50. 

July soybean meal gapped up and closed higher on Tuesday. Today's close above the 50-day moving average crossing at 305.40 confirms that a short-term low has been posted. 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 neutral to higher signaling that sideways to higher prices are possible near-term. If July extends today's rally, March's high crossing at 319.70 is the next upside target. Closes below the reaction low crossing at 293.10 are needed to confirm that a short-term top has been posted. First resistance is April's high crossing at 315.80. Second resistance is March's high crossing at 319.70. First support is the reaction low crossing at 293.10. Second support is May's low crossing at 283.10.    

July soybean oil closed up 28-pts. at 27.29. 

July soybean oil closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If July renews this month's rally, the 50-day moving average crossing at 28.28 is the next upside target. If July extends last-week's decline, May's low crossing at crossing at 26.21 is the next downside target. First resistance is the 50-day moving average crossing at 28.28. Second resistance is April's high crossing at 29.72. First support is May's low crossing at 26.21. Second support is weekly support crossing at 25.94.    

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

June hogs closed down $2.45 at $83.97. 

June hogs closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the 75% retracement level of the February-April-rally crossing at 79.08 is the next downside target. Closes above the 20-day moving average crossing at 89.78 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 93.83. Second resistance is April's high crossing at 99.83. First support is the 62% retracement level of the February-April-rally crossing at 82.73. Second support is the 75% retracement level of the February-April-rally crossing at 79.08. 

June cattle closed up $0.38 at 111.55. 

June cattle closed higher on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above 20-day moving average crossing at 111.62 are needed to confirm that a short-term low has been posted. If June renews the decline off March's high, the 87% retracement level of the 2018-2019-rally crossing at 107.37 is the next downside target. First resistance is the 20-day moving average crossing at 111.62. Second resistance is the 50-day moving average crossing at 116.93. First support is the 75% retracement level of the 2018-2019-rally crossing at 109.79. Second support is  the 87% retracement level of the 2018-2019-rally crossing at 107.37.

August Feeder cattle closed down $1.00 at $142.23. 

August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. If August renews the decline off March's high, weekly support crossing at 132.22 is the next downside target. Closes above the 20-day moving average crossing at 144.67 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at crossing at 144.67. Second resistance is the 50-day moving average crossing at 152.08. First support is May's low crossing at 140.50. Second support is weekly support crossing at 132.22.  

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 9.36 opens the door for a possible test of April's high crossing at 9.94. If July resumes this year's decline, weekly support crossing at 8.32 is the next downside target. 

July cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off April's low, last-July's high crossing at 25.84 is the next upside target. Closes below the 20-day moving average crossing at 23.65 would confirm that a short-term top has been posted.           

July sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 11.84 would confirm that a short-term low has been posted. If July renews this spring's decline, weekly support crossing at 11.10 is the next downside target. 

July cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 70.05 would confirm that a short-term low has been posted. If July resumes this spring's decline, monthly support crossing at 59.85 is the next downside target.