INO Evening Market Comments
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Started by tallpine - June 4, 2019, 6:35 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, June 5, 2019 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 411.5)



                       Composite Idx, W/W% (previous -3.3%)



                       Purchase Idx-SA (previous 259.4)



                       Purchase Idx-SA, W/W% (previous -1.4%)



                       Refinance Idx (previous 1255.4)



                       Refinance Idx, W/W% (previous -6.0%)



8:15 AM ET. May ADP National Employment Report



                       Private Sector Jobs, Net Chg (expected +170000; previous +275000)



9:45 AM ET. May US Services PMI



                       PMI, Services (previous 53.0)



10:00 AM ET. May ISM Non-Manufacturing Report on Business



                       Non-Mfg Composite Idx (expected 55.0; previous 55.5)



                       Non-Mfg Business Idx (previous 59.5)



                       Prices Idx (previous 55.7)



                       Employment Idx (previous 53.7)



                       New Orders Idx (previous 58.1)



10:00 AM ET. May Online Help Wanted Index



10:00 AM ET. 1st Quarter Quarterly Financial Report – Industry



10:00 AM ET. 1st Quarter Quarterly Financial Report - Retail Trade



10:00 AM ET. SEC Open Meeting



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 476.493M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.282M)



                       Gasoline Stocks (Bbl) (previous 230.944M)



                       Gasoline Stocks, Net Chg (Bbl) (previous 2.204M)



                       Distillate Stocks (Bbl) (previous 124.8M)



                       Distillate Stocks, Net Chg (Bbl) (previous -1.615M)



                       Refinery Usage (previous 91.2%)



                       Total Prod Supplied (Bbl/day) (previous 21.458M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous +1.797M

                       

11:00 AM ET. May Global Services PMI



                       PMI, Services (previous 52.7)



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


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



The June NASDAQ 100 closed sharply higher on Tuesday as it consolidated some of the decline off April's high.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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 7395.82 are needed to confirm that a short-term low has been posted. If June extends this month's decline, the 50% retracement level of the December-April-rally crossing at 6863.36 is the next downside target. First resistance is the 20-day moving average crossing at 7395.82. Second resistance is April's high crossing at 7879.50. First support is Monday's low crossing at 6941.25. Second support is the 50% retracement level of the December-April-rally crossing at 6863.36.  



The June S&P 500 closed sharply higher on Tuesday as it consolidated some of the decline off April's high. 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2833.94 are needed to confirm that a short-term low has been posted. If June extends 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. First resistance is the 20-day moving average crossing at 2833.94. Second resistance is May's high crossing at 2957.30. First support is the 38% retracement level of the December-April-rally crossing at 2723.23. Second support is the 50% retracement level of the December-April-rally crossing at 2650.94.  



The Dow closed sharply higher on Tuesday as it posted its best performance since January, after remarks by Federal Reserve Chairman Jerome Powell were seen by some investors as opening the door to a possible rate cut. Additional support came from renewed hopes that tensions between the U.S. and its major trading partners would die down. Today's rally filled the May 29th gap crossing at 25,342.28. 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 oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 25,542.80 are needed to confirm that a short-term low has been posted. If the Dow extends the decline off May's high, the 50% retracement level of the December-May-rally crossing at 24,204.24 is the next downside target. First resistance is the 20-day moving average crossing at 25,542.80. Second resistance is April's high crossing at 26,695.96. First support is the 38% retracement level of the December-May-rally crossing at 24,795.46. Second support is the 50% retracement level of the December-May-rally crossing at 24,204.24.



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



June T-bonds closed down 1-02/32's at 154-06.



June T-bonds closed sharply lower on Tuesday due to profit taking as it consolidated some of this year's rally. 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 overbought 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 156-29 is the next upside target. Closes below the 20-day moving average crossing at 150-23 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 155-22. Second resistance is weekly resistance crossing at 156-29. First support is the 10-day moving average crossing at 152-10. Second support is the 20-day moving average crossing at 150-23.          



June T-notes closed down 135-pts. At 126.150.



June T-notes closed sharply lower on Tuesday as it consolidates some of this spring's rally. 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 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 127.260 is the next upside target. Closes below the 20-day moving average crossing at 124.279 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 127.025. Second resistance is weekly resistance crossing at 127.260. First support is the 20-day moving average crossing at 124.279. Second support is the 50-day moving average crossing at 124.032.       



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



July crude oil closed slightly lower on Tuesday as it extends the decline off April's high.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to higher prices are possible near-term. If July extends this month's decline, the 75% retracement level of the December-April-rally crossing at 49.69 is the next downside target. Closes above the 20-day moving average crossing at 59.84 are needed to 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 62% retracement level of the December-April-rally crossing at 52.66. Second support is the 75% retracement level of the December-April-rally crossing at 49.69. 



July heating oil closed slightly higher on Tuesday. 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 the aforementioned decline, the 75% retracement level of the December-April-rally rally crossing at 175.75 is the next downside target. Closes above the 20-day moving average crossing at 200.36 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 200.36. Second resistance is May's high crossing at 213.81. First support is the 75% retracement level of the December-April-rally crossing at 175.75. Second support is the 87% retracement level of the December-April-rally rally crossing at 169.59. 



July unleaded gas closed sharply lower on Tuesday as it extends the decline off May's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. If July extends the decline off April's high, the 62% retracement level of the December-April-rally crossing at 168.15 is the next downside target. Closes above the 20-day moving average crossing at 191.69 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 191.69. Second resistance is May's high crossing at 208.54. First support is the 62% retracement level of the December-April-rally crossing at 168.15. Second support is the 75% retracement level of the December-April-rally crossing at 159.94.



July Henry natural gas 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this spring's decline, weekly support crossing at 2.168 is the next downside target. Closes above the 20-day moving average crossing at 2.599 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.599. Second resistance is the 50-day moving average crossing at 2.664. First support is today's low crossing at 2.381. Second support is monthly support crossing at 2.168.        



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



The June Dollar 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 extends this week's decline, May's low crossing at 96.81 is the next downside target. Closes above the 10-day moving average crossing at 97.66 would confirm that a short-term low has been posted. First resistance is May's high crossing at 98.26. Second resistance is weekly resistance crossing at 99.90. First support is May's low crossing at 96.81. Second support is April's low crossing at 96.36.



The June Euro closed higher on Tuesday.The mid-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. Today's close above the 50-day moving average crossing at 112.58 confirms that a low has been posted and opens the door for additional gains near-term. 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 May's high crossing at 113.11. Second resistance is April's high crossing at 113.86. First support is May's low crossing at 111.26. Second support is the January-2017 low crossing at 110.16.      



The June British Pound 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 a low might be in or is near. Closes above the 20-day moving average crossing at 1.2799 are needed to confirm that a short-term low has been posted. If June renews the decline off May's high, the October-2016 low crossing at 1.2412 is the next downside target. First resistance is the 20-day moving average crossing at 1.2799. Second resistance is the 50-day moving average crossing at 1.2977. First support is last-Friday's low crossing at 1.2568. Second support is the October-2016 low crossing at 1.2412.   



The June Swiss Franc closed unchanged on Tuesday.The mid-range close sets the stage for a steady 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, March's high crossing at 1.0191 is the next upside target. Closes below the 20-day moving average crossing at 0.9948 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0111. Second resistance is March's high crossing at 1.0191. First support is the 20-day moving average crossing at 0.9948. Second support is April's low crossing at 0.9814. 



The June Canadian 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 74.62 confirms that a short-term low has been posted. If June renews the decline off February's high, December's low crossing at 74.48 is the next downside target. First resistance is the reaction high crossing at 74.93. Second resistance is the reaction high crossing at 75.45. First support is last-Friday's low crossing at 73.74. Second support is December's low crossing at 73.47.  



The June Japanese Yen closed lower on Tuesday. The mid-range close sets the stage for a steady to lower 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, the 75% retracement level of the November-January-rally crossing at 0.0936 is the next upside target. Closes below the 20-day moving average crossing at 0.0915 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the November-January-rally crossing at 0.0929. Second resistance is the 75% retracement level of the November-January-rally crossing at 0.0936. First support is the 20-day moving average crossing at 0.0915. Second support is the 50-day moving average crossing at 0.0907.  



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



June gold 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, April's high crossing at 1314.70 is the next upside target. Closes below the 20-day moving average crossing at 1289.60 would confirm that a short-term low has been posted. First resistance is March's high crossing at 1330.80. Second resistance is February's high crossing at 1356.00. 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 higher on Tuesday. The high-range close set the stage for a steady to higher opening when Tuesday'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. Multiple closes above the 50-day moving average crossing at 14.888 would open the door for additional gains near-term. If July renews the decline off February's high, last-November's low crossing at 14.175 is the next downside target. First resistance is the 50-day moving average crossing at 14.888. Second resistance is the reaction high crossing at 15.120. First support is last-Tuesday's low crossing at 14.265. Second support is last-November's low crossing at 14.175.          



July copper 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. Closes above the 20-day moving average crossing at 270.60 are needed to confirm that a short-term low has been posted. If July extends the decline off April's high, the 87% retracement level of the January-April-rally crossing at 261.76 is the next downside target. First resistance is the 10-day moving average crossing at 266.90. Second resistance is the 20-day moving average crossing at 270.60. First support is the 87% retracement level of the January-April-rally crossing at 261.76. Second support is January's low crossing at 256.10.



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



July Corn closed up 1-cent at 4.25. 



July corn closed closed higher on Tuesday but well off session highs due to profit taking. The low-range close sets the stage for a steady to lower 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, last-May's high crossing at 4.45 is the next upside target. Closes below last-Tuesday's gap crossing at 4.04 3/4 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 4.38. Second resistance is last-May's high crossing at 4.45. First support is the 10-day moving average crossing at 4.13 1/4. Second support is the 20-day moving average crossing at 3.90 1/2.   



July wheat closed down 14-cents at 5.05 3/4. 



July wheat closed lower on Tuesday due to profit taking. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 62% retracement level of the 2018-2019-decline crossing at 5.42 1/2 is the next upside target. Closes below last-Thursday's low crossing at 4.66 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 5.29. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 5.42 1/2. First support is the 10-day moving average crossing at 4.94 1/4. Second support is the 20-day moving average crossing at 4.71.      



July Kansas City Wheat closed down 18 1/4-cents at 4.68 1/2.

 

July Kansas City wheat posted a key reversal down and closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50% retracement level of the 2018-2019-decline crossing at 5.41 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.31 1/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.97. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.41 1/2. First support is the 10-day moving average crossing at 4.55 1/2. Second support is the 20-day moving average crossing at 4.31 1/4.  



July Minneapolis wheat closed down 3-cents at 5.60 1/2. 



July Minneapolis wheat 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 overbought but remain 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 5.37 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 5.51 1/2. Second support is the 20-day moving average crossing at 5.37 1/4.    



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



July soybeans closed up 1-cent at 8.80.



July soybeans closed higher on Tuesday but near session lows due to profit taking. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, April's high crossing at 9.20 1/2 is the next upside target. Closes below last-Wednesday's gap crossing at 8.58 1/4 would signal that a short-term top has likely been posted. First resistance is today's high crossing at 8.94 1/2. Second resistance is April's high crossing at 9.20 1/4. First support is last-Wednesday's gap crossing at 8.58 1/4. Second support is last-Thursday's low crossing at 8.17.  



July soybean meal closed down $0.40 at 320.10. 



July soybean meal 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 overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below last-Wednesday's gap crossing at 314.00 are needed to confirm that a short-term top has been posted. If July extends the rally off May's low, January's high crossing at 331.10 is the next upside target. First resistance is last-Thursday's high crossing at 328.10. Second resistance is January's high crossing at 331.10. First support is last-Wednesday's gap crossing at 314.00. Second support is last-Tuesday's gap crossing at 301.40.    



July soybean oil closed up 11-pts. at 27.45. 



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 to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at crossing at 26.74 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 28.09 would open the door for a larger-degree rally into June. First resistance is the 50-day moving average crossing at 28.09. Second resistance is April's high crossing at 29.72. First support is the reaction low crossing at crossing at 26.74. Second support is May's low crossing at 26.21.     

 

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



June hogs closed down $0.45 at $81.12. 



June hogs 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 this month'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 87.71 are needed to confirm that a low has been posted. First resistance is May's high crossing at 93.83. Second resistance is April's high crossing at 99.83. First support is today's low crossing at 80.85. Second support is the 75% retracement level of the February-April-rally crossing at 79.08. 



June cattle closed up $0.78 at 107.55. 



June cattle closed higher on Tuesday 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 April-2018 low crossing at 104.78 is the next downside target. Closes above last-Friday's high crossing at 113.03 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 114.88. Second resistance is the 50-day moving average crossing at 115.51. First support is the 87% retracement level of the 2018-2019-rally crossing at 107.37. Second support is the April-2018 low crossing at 104.78.

 

August Feeder cattle closed up $3.95 at $137.45. 



August Feeder cattle closed sharply higher due to short covering on Tuesday as it consolidates some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Wednesday's 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 August extends the decline off March's high, weekly support crossing at 128.57 is the next downside target. Closes above the 20-day moving average crossing at 142.07 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at crossing at 142.07. Second resistance is the reaction high crossing at 148.10. First support is last-Friday's low crossing at 132.15. Second support is weekly support crossing at 128.57.  



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



July coffee 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 on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, February's high crossing at 11.29 is the next upside target. Closes below the 20-day moving average crossing at 9.42 would confirm that a short-term top has been posted. 



July cocoa closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 23.53 would confirm that a short-term top has been posted. If July renews the rally off April's low, last-July's high crossing at 25.84 is the next upside target.            



July sugar closed higher on Tuesday and above the 50-day moving average crossing at 12.31 confirming that a low has been posted. The high-range close set 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. If July extends the rally off May's low, the reaction high crossing at 12.75 is the next upside target. Closes below the 20-day moving average crossing at 11.82 would confirm that a short-term top has been posted. 



July 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 bullish signaling that a low might be in or is near. If July extends the rally off May's low, the 50-day moving average crossing at 73.97 is the next upside target. If July resumes this spring's decline, monthly support crossing at 59.85 is the next downside target. 

Comments
By metmike - June 4, 2019, 11:41 p.m.
Like Reply

Thanks tallpine!

Weather has been turning more bearish for the grains. 

Heaviest rains in the dry areas. Lighter rains in the wet areas.