KEY EVENTS TO WATCH FOR:
Thursday, June 6, 2019
7:30 AM ET. May Challenger Job-Cut Report
Job Cuts, M/M% (previous -34%)
8:30 AM ET. April U.S. International Trade in Goods & Services
Trade Balance (USD) (expected -50.8B; previous -50.00B)
Exports (USD) (previous 211.97B)
Exports, M/M% (previous +1.0%)
Imports (USD) (previous 261.97B)
Imports, M/M% (previous +1.1%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 212K; previous 215K)
Jobless Claims, Net Chg (previous +3K)
Continuing Claims (previous 1657000)
Continuing Claims, Net Chg (previous -26K)
8:30 AM ET. 1st Quarter Revised Productivity & Costs
Non-Farm Productivity (expected +3.5%; previous +1.9%)
Unit Labor Costs (expected -0.9%; previous +2.0%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 983.3K)
Soybeans (Metric Tons) (previous 477.8K)
Wheat (Metric Tons) (previous 564.8K)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. IMF press conference on the annual review of the U.S. economy
10:00 AM ET. 1st Quarter Quarterly Services
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1867B)
Working Gas In Storage, Net Chg (Cbf) (previous +114B)
12:00 PM ET. May Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
Friday, June 7, 2019
8:30 AM ET. May U.S. Employment Report
Non-Farm Payrolls (expected +180K; previous +263K)
Unemployment Rate (expected 3.6%; previous 3.6%)
Avg Hourly Earnings (USD) (previous 27.77)
Avg Hourly Earnings-Net Chg (USD) (previous +0.06)
Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.22%)
Avg Hourly Earnings, Y/Y% (expected +3.2%; previous +3.2%)
Overall Workweek (previous 34.4)
Overall Workweek Net Chg (previous -0.1)
Government Payrolls (previous +27K)
Private Payroll (previous +236K)
Participation Rate (previous 62.8%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. April Monthly Wholesale Trade
Inventories, M/M% (expected +0.7%; previous -0.1%)
3:00 PM ET. April Consumer Credit
Consumer Credit Net Chg (USD) (expected +11.0B; previous +10.28B)
Monday, June 10, 2019
10:00 AM ET. May Employment Trends Index
ETI (previous 110.79)
ETI, Y/Y% (previous +4.9%)
10:00 AM ET. April Job Openings & Labor Turnover Survey
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The June NASDAQ 100 closed higher on Wednesday as it consolidated some of the decline off April's high.The mid-range close sets the stage for a steady to higher opening when Thursday'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 7372.91 are needed to confirm that a short-term low has been posted. If June resumes the decline off April's high, 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 7372.91. 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 higher on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2830.47 are needed to confirm that a short-term low has been posted. If June resumes 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 2830.47. 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 higher on Wednesday as it extended the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 25,520.48 are needed to confirm that a short-term low has been posted. If the Dow renews 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 25,520.48. 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.
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June T-bonds closed down 8/32's at 154-03.
June T-bonds closed lower on Wednesday 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 Thursday'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 151-00 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 152-26. Second support is the 20-day moving average crossing at 151-00.
June T-notes closed up 35-pts. At 126.225.
June T-notes closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 125.002 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 125.002. Second support is the 50-day moving average crossing at 124.045.
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July crude oil closed lower on Wednesday as it extends the decline off April's high.The mid-range close sets the stage for a steady to lower opening when Thursday'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 59.37 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 56.44. Second resistance is the 20-day moving average crossing at 59.37. First support is today's low crossing at 50.60. Second support is the 75% retracement level of the December-April-rally crossing at 49.69.
July heating oil closed lower on Wednesday as it extends the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 87% retracement level of the December-April-rally rally crossing at 169.59 is the next downside target. Closes above the 20-day moving average crossing at 199.12 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 191.11. Second resistance is the 20-day moving average crossing at 199.12. 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 lower on Wednesday 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 mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. If July extends the decline off April's high, the 75% retracement level of the December-April-rally crossing at 159.94 is the next downside target. Closes above the 20-day moving average crossing at 190.52 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 183.82. Second resistance is the 20-day moving average crossing at 190.52. 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 lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday'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 2.588 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.519. Second resistance is the 20-day moving average crossing at 2.588. First support is today's low crossing at 2.372. Second support is monthly support crossing at 2.168.
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The June Dollar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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, April's low crossing at 96.36 is the next downside target. Closes above the 10-day moving average crossing at 97.59 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 April's low crossing at 96.36. Second support is March's low crossing at 95.17.
The June Euro closed lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday'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 May's low, April's high crossing at 113.86 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 today's high crossing at 113.18. 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 slightly lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at 1.2779 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 1.2779. Second resistance is the 50-day moving average crossing at 1.2966. 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 lower on Wednesday.The low-range close sets the stage for a steady to lower opening when Thursday'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 0.9959 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0159. Second resistance is March's high crossing at 1.0191. First support is the 20-day moving average crossing at 0.9959. Second support is April's low crossing at 0.9814.
The June Canadian Dollar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 last-Friday's low, the April-17th high crossing at 75.45 is the next upside target. 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 April-17th high crossing at 75.45. Second resistance is March's high crossing at 75.64. 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 posted a key reversal down with today's lower close on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’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.
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June gold closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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, February's high crossing at 1356.00 is the next upside target. Closes below the 20-day moving average crossing at 1291.70 would confirm that a short-term low has been posted. First resistance is today's high crossing at 1343.30. 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 lower on Wednesday. The low-range close set the stage for a steady to lower opening when Thursday'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 May's low crossing at 14.265. Second support is last-November's low crossing at 14.175.
July copper closed lower on Wednesday as it posted a new low close for the year.The low-range close sets the stage for a steady to lower opening when Thursday'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 July extends the decline off April's high, January's low crossing at 256.10 is the next downside target. Closes above the 20-day moving average crossing at 270.38 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 266.46. Second resistance is the 20-day moving average crossing at 270.38. 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.
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July Corn closed down 12 1/4-cents at 4.13.
July corn closed closed lower on Wednesday and below the steep uptrend line drawn off May's low. Today's close below this support level signals that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's gap crossing at 4.04 3/4 would signal that a short-term top has been posted. If July resumes the rally off May's low, last-May's high crossing at 4.45 is the next upside target. Today's sell off was triggered by a shift to a slightly dryer weather forecast for portions of the eastern corn belt and ideas that current price levels are beginning to cut demand. However, uncertainty over total planted acres and yields should help to provide some level of underlying support. However, in 1993 the market was also facing a somewhat similar situation. Traders tend to struggle in getting a handle on planted acreage and yield potential due to planting delays. Due to these uncertainties, prices tend to struggle unless new bullish information becomes available. 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 last-Tuesday's gap crossing at 4.04 3/4. Second support is the 20-day moving average crossing at 3.92 3/4.
July wheat closed down 15-cents at 4.92 1/4.
July wheat closed lower on Wednesday due to profit taking. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 4.66 1/4 would confirm that a short-term top has been posted. If July resumes the rally off May's low, the 62% retracement level of the 2018-2019-decline crossing at 5.42 1/2 is the next upside target. First resistance is Tuesday'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 last-Thursday's low crossing at 4.66 1/4. Second support is the 20-day moving average crossing at 4.73 3/4.
July Kansas City Wheat closed down 22 3/4-cents at 4.45 3/4.
July Kansas City wheat closed lower on Wednesday confirming yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening when Thursday night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.33 1/2 would confirm that a short-term top has been posted. If July renews 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. First resistance is Tuesday'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 today's low crossing at 4.45. Second support is the 20-day moving average crossing at 4.33 1/2.
July Minneapolis wheat closed down 13 1/2-cents at 5.47.
July Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.38 1/2 would confirm that a short-term top has been posted. 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. 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 20-day moving average crossing at 5.38 1/2. Second support is the reaction low crossing at 5.32.
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July soybeans closed down 12 1/4-cents at 8.69 1/2.
July soybeans closed lower on Wednesday due to profit taking. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's gap crossing at 8.58 1/4 would confirm that a short-term top has been posted. If July extends the rally off May's low, April's high crossing at 9.20 1/2 is the next upside target. First resistance is Tuesday'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 $3.20 at 317.80.
July soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI 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 down 31-pts. at 27.18.
July soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 28.05 would open the door for a larger-degree rally into June. First resistance is the 50-day moving average crossing at 28.05. 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.
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June hogs closed down $1.27 at $79.85.
June hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 87.25 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 84.26. Second resistance is the 20-day moving average crossing at 87.25. First support is today's low crossing at 79.52. Second support is the 75% retracement level of the February-April-rally crossing at 79.08.
June cattle closed up $0.30 at 107.85.
June cattle closed higher on Wednesday 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 115.25. 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 $2.00 at $139.45.
August Feeder cattle closed sharply higher due to short covering on Wednesday 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 Thursday's 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 141.76 are needed to confirm that a low has been posted. If August extends the decline off March's high, weekly support crossing at 128.57 is the next downside target. First resistance is the 20-day moving average crossing at crossing at 141.76. 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.
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July coffee closed sharply lower on Wednesday and below the 10-day moving average crossing at 9.89. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 9.47 would confirm that a short-term top has been posted. If July extends the aforementioned rally, February's high crossing at 11.29 is the next upside target.
July cocoa closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 23.57 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 lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. 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 reaction high crossing at 12.75 is the next upside target. Closes below the 20-day moving average crossing at 11.83 would confirm that a short-term top has been posted.
July cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 73.78 is the next upside target. If July resumes this spring's decline, monthly support crossing at 59.85 is the next downside target.
Thanks tallpine!!
Drier weather for the wettest places..............wetter weather for the driest places again today.
Very cool weather pressuring ng.