KEY EVENTS TO WATCH FOR:
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 STOCK INDEXES:The June NASDAQ 100 was higher overnight as it extends the rally off Monday's low. The low-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off June's low, the 50-day moving average crossing at 7542.61 is the next upside target. Closes below the 10-day moving average crossing at 7246.77 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 7542.61. Second resistance is the reaction high crossing at 7641.00. First support is the 50% retracement level of the December-April-rally crossing at 6863.36. Second support is the 62% retracement level of the December-April-rally crossing at 6623.56.
The June S&P 500 was higher overnight as it extends the rally off Monday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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, May's high crossing at 2957.30 is the next upside target. Closes below the 10-day moving average crossing at 2810.72 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2895.20. Second resistance is May's high crossing at 2957.30. First support isthe 10-day moving average crossing at 2810.72. Second support is the 38% retracement level of the December-April-rally crossing at 2723.23.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were lower overnight as it extends last-week's trading range. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 151-29 are needed to confirm that a short-term top has been posted. If June resumes the rally off April's low, weekly resistance crossing at 156-29 is the next upside target. First resistance is last-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 153-30. Second support is the 20-day moving average crossing at 151-29.
June T-notes were lower overnight while extending last-week's trading range. 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 the rally off March's low, weekly resistance crossing at 127.260 is the next upside targets.Closes below the 20-day moving average crossing at 125.134 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 127.080. Second resistance is weekly resistance crossing at 127.260. First support is the 10-day moving average crossing at 126.094. Second support is the 20-day moving average crossing at 125.134.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil was steady to slightly higher overnight as it consolidates some of the decline off April's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 58.13 are needed to confirm that a low has been posted. If July extends the aforementioned decline, the 75% retracement level of the December-April-rally crossing at 49.69 is the next downside target. First resistance is the 10-day moving average crossing at 54.68. Second resistance is the 20-day moving average crossing at 58.13. First support is the 75% retracement level of the December-April-rally crossing at 49.69. Second support is the 87% retracement level of the December-April-rally crossing at 47.00.
July heating oil was steady to slightly higher overnight as it consolidates some of the decline off May's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 195.57 would confirm that a short-term low has been posted. If July resumes the decline off May's high, the 87% retracement level of the December-April-rally crossing at 169.59 is the next downside target. First resistance is the 10-day moving average crossing at 185.60. Second resistance is the 20-day moving average crossing at 195.56. 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 crossing at 169.59.
July unleaded gas was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 187.35 are needed to confirm that a short-term low has been posted. If July resumes the decline off May's high, the 75% retracement level of the December-April-rally crossing at 159.94 is the next downside target. First resistance is the 10-day moving average crossing at 178.01. Second support is the 20-day moving average crossing at 187.35. 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 was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, monthly support crossing at 2.168 is the next downside target. Closes above the 20-day moving average crossing at 2.542 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.443. Second resistance is the 20-day moving average crossing at 2.542. First support is last-Thursday's low crossing at 2.305. Second support is monthly support crossing at 2.168.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was higher overnight. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the 38% retracement level of the 2018-2019 rally crossing at 96.00 is the next downside target. Closes above the 20-day moving average crossing at 97.51 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 97.51. Second resistance is May's high crossing at 98.26. First support is April's low crossing at 96.36. Second support is the 38% retracement level of the 2018-2019 rally crossing at 96.00.
The June Euro was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, April's high crossing at 113.86 is the next upside target. Closes below the 20-day moving average crossing at 112.21 are needed to confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 113.86. Second resistance is March's high crossing at 115.35. First support is the 20-day moving average crossing at 112.21. Second support is May's low crossing at 111.26.
The June British Pound was lower overnight. The low-range late-overnight trade sets the stage for a steady to lower opening when the day session beings 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 1.2730 are needed to confirm that a short-term low has been posted. If June resumes the decline off May's high, the October-2019 low crossing at 1.2412 is the next downside target. First resistance is the 20-day moving average crossing at 1.2730. Second resistance is the 50-day moving average crossing at 1.2937. First support is May's low crossing at 1.2568. Second support is the October-2016 low crossing at 1.2412.
The June Swiss Franc was lower overnight as it extends last-week's trading range. 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, March's high crossing at 1.0191 is the next upside target. Closes below the 20-day moving average crossing at 0.9993 would temper the near-term friendly outlook. First resistance is last-Wednesday'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 0.9993. Second support is April's low crossing at 0.9814.
The June Canadian Dollar was steady to slightly lower overnight. 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 May's low, March's high crossing at 75.64 is a potential upside target. Closes below the 20-day moving average crossing at 74.48 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 75.50. Second resistance is March's high crossing at 75.64. First support is the 20-day moving average crossing at 74.48. Second support is May's low crossing at 73.74.
The June Japanese Yen was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 0.0917 would confirm that a short-term top has been posted. If June renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at 0.0936 is the next upside target. First resistance is the 62% retracement level of the January-April-decline crossing at 0.0929. Second resistance is the 75% retracement level of the January-April-decline crossing at 0.0936. First support is the 20-day moving average crossing at 0.0917. Second support is the reaction low crossing at 0.905.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS:August gold was sharply lower overnight as encouraging global trade headlines drove investors away from the metal and into perceived riskier assets such as stocks, while the dollar gained. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1304.50 are needed to confirm that a short-term low has been posted. If August extends the rally off May's low, February's high crossing at 1361.50 is the next upside target. First resistance is last-Friday's high crossing at 1352.70. Second resistance is February's high crossing at 1361.50. First support is the 10-day moving average crossing at 1318.10. Second support is the 20-day moving average crossing at 1304.50.
July silver was sharply lower overnight as it consolidates some of the rally off May's low. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 14.625 would confirm that a short-term top has been posted.If July extends the rally off May's low, April's high crossing at 15.400 is the next upside target. First resistance is last-Friday's high crossing at 15.150. Second resistance is April's high crossing at 15.400. First support is the 20-day moving average crossing at 14.625. Second support is May's low crossing at 14.265.
July copper was higher overnight as it consolidates above the 87% retracement level of the January-April-rally crossing at 261.76. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral 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 268.35 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 268.35. Second resistance is the May 16th reaction high crossing at 277.75. 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 gapped down and was lower overnight. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 28th gap crossing at 4.04 3/4 would signal that a short-term top has been posted. If July renews the rally off May's low, last-May's high crossing at 4.45 is the next upside target. Closes above this resistance level would mark an upside breakout of a 5-year trading range on the monthly charts.First resistance is May's high crossing at 4.38. Second resistance is last-May's high crossing at 4.45. First support is the May 28th gap crossing at 4.04 3/4. Second support is the 20-day moving average crossing at 4.02.
July wheat was lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4.84 3/4 would confirm that a short-term top has been posted. If July resumes the rally off May's low, the 62% of the 2018-2019-decline crossing at 5.42 1/2 is the next upside target. First resistance is the 50% retracement level of the August-May decline crossing at 5.18 3/4. Second resistance is the 62% retracement level of the August-May decline crossing at 5.42 1/2. First support is the 20-day moving average crossing at 4.84 3/4. Second support is the 50-day moving average crossing at 4.64 1/4.
July Kansas City Wheat closed down 6 1/4-cents at 4.49.
July Kansas City wheat closed lower on Friday confirming yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening when Monday 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 20-day moving average crossing at 4.38 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 Thursday's low crossing at 4.40 3/4. Second support is the 20-day moving average crossing at 4.38 1/2.
July Minneapolis wheat was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off April's low, the 50% retracement level of the 2018-2019-decline crossing at 5.90 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.45 3/4 are needed to 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 20-day moving average crossing at 5.45 3/4. Second support is the 50-day moving average crossing at 5.34 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans was lower overnight as it extends the decline off last-Tuesday's high.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Last-Friday's close below the gap crossing at 8.58 1/4 confirms that a short-term top has been posted. If July resumes the rally off May's low, April's high crossing at 9.20 1/4 is the next upside target. First resistance is last-Tuesday's high crossing at 8.94 1/2. Second resistance is April's high crossing at 9.20 1/4. First support is the May 29th gap crossing at 8.58 1/4. Second support is the May 28th gap crossing at 8.20.
July soybean meal was lower overnight as it extends last week's decline. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Last-Friday's close below the May 29th gap crossing at 314.00 confirms that a short-term top has been posted. If July resumes the rally off May's low, January's high crossing at 331.10 is the next upside target. First resistance is May's high crossing at 328.10. Second resistance is January's high crossing at 331.10. First support is the 20-day moving average crossing at 307.10. Second support is the May 28th gap crossing at 301.40.
July soybean oil was slightly lower in late-overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 27.96 would open the door for a larger-degree rally near-term. Closes below the reaction low crossing at 26.74 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 27.96. Second resistance is the April 30th reaction high crossing at 28.32. First support is the reaction low 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 $0.73 at $78.65.
June hogs closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 87% retracement level of the February-April-rally crossing at 75.75 is the next downside target. Closes above the 20-day moving average crossing at 86.22 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 82.15. Second resistance is the 20-day moving average crossing at 86.22. First support is today's low crossing at 78.27. Second support is the 87% retracement level of the February-April-rally crossing at 75.75.
June cattle closed down $0.68 at 106.50.
June cattle closed lower on Friday. 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 114.73. First support is today's low crossing at 106.50. Second support is the April-2018 low crossing at 104.78.
August Feeder cattle closed down $2.03 at $137.25.
August Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 141.17 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 141.17. 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 lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 9.59 would confirm that a short-term top has been posted. If July renews the rally off May's low, February's high crossing at 11.29 is the next upside target.
July cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If July renews the rally off April's low, last-July's high crossing at 25.84 is the next upside target.Closes below the 50-day moving average crossing at 23.65 would confirm that a short-term top has been posted.
July sugar closed slightly lower on Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 11.91 would confirm that a short-term top has been posted.
July cotton closed limit down on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes this spring's decline, monthly support crossing at 59.85 is the next downside target. If July renews the rally off May's low, the 50-day moving average crossing at 73.33 is the next upside target.
Thanks tallpine!