KEY EVENTS TO WATCH FOR:

Friday, June 14, 2019  

8:30 AM ET. May Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (expected +0.6%; previous -0.2%)

                       Sales, Ex-Auto, M/M% (expected +0.3%; previous +0.1%)

                       Sales, Ex-Auto & Gas, M/M% (previous -0.2%)

9:15 AM ET. May Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (expected +0.1%; previous -0.5%)

                       Capacity Utilization % (expected 77.8%; previous 77.9%)

                       Capacity Utilization, Net Chg (Pts) (previous -0.6)

10:00 AM ET. April Manufacturing & Trade: Inventories & Sales

                       Total Inventories (expected +0.4%; previous +0.0%)

10:00 AM ET. June University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 97.3; previous 102.4)

                       Mid-Mo Expectations (previous 96.0)

                       Mid-Mo Current Idx (previous 112.4)

Monday, June 17, 2019  

8:30 AM ET. June Empire State Manufacturing Survey

                       Mfg Idx (previous 17.8)

                       Employment Idx (previous 4.7)

                       New Orders Idx (previous 9.7)

                       Prices Received (previous 12.4)

10:00 AM ET. June NAHB Housing Market Index

                       Housing Mkt Idx (previous 66)

4:00 PM ET. April Treasury International Capital Data

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

The STOCK INDEXES:The June NASDAQ 100 was 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 7543.24 would open the door for additional short-term gains. Closes below the 20-day moving average crossing at 7347.26 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 7543.24. 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 September S&P 500 was 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 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 September extends the rally off June's low, April's high crossing at 2955.00 is the next upside target. Closes below the 20-day moving average crossing at 2841.48 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 2915.00. Second resistance is April''s high crossing at 2955.00. First support is the 20-day moving average crossing at 2841.48. Second support is June's low crossing at 2737.00.

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

INTEREST RATES: June T-bonds were higher overnight as it extends a two-week trading range. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off April's low, weekly resistance crossing at 156-29 is the next upside target. Closes below the 20-day moving average crossing at 152-29 are needed to confirm that a short-term top has been posted. First resistance is June's high crossing at 155-22. Second resistance is weekly resistance crossing at 156-29. First support is Tuesday's low crossing at 153-17. Second support is the 20-day moving average crossing at 152-29.

June T-notes were higher overnight as it spiked above the upper boundary of a two-week old trading range crossing at 127.080. 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 March's low, weekly resistance crossing at 127.260 is the next upside targets.Closes below the 20-day moving average crossing at 125.281 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 127.090. Second resistance is weekly resistance crossing at 127.260. First support is Tuesday's low crossing at 126.065. Second support is the 20-day moving average crossing at 125.281. 

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

July crude oil was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady 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 April's high, 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 56.11 are needed to confirm that a low has been posted. First resistance is Monday's high crossing at 54.84. Second resistance is the 20-day moving average crossing at 56.11. 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. The mid-range overnight trade sets the stage for a steady to higher 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 190.05 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 20-day moving average crossing at 190.05. Second resistance is the 50-day moving average crossing at 200.42. 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 higher overnight. The high-range overnight trade sets the stage for a steady to higher 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 still possible near-term. 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. Closes above the 20-day moving average crossing at 182.29 are needed to confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 176.46. Second support is the 20-day moving average crossing at 182.29. 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 slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher 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 resumes 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 2.483 are needed to confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 2.406. Second resistance is the 20-day moving average crossing at 2.483. 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 as it extends the rally off last-week's low. 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 97.37 would confirm that a short-term low has been posted. If June resumes this month's decline, the 38% retracement level of the 2018-2019 rally crossing at 96.00 is the next downside target. First resistance is the 20-day moving average crossing at 97.37. 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 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. Closes below the 20-day moving average crossing at 112.34 are needed to confirm that a short-term top has been posted. If June extends the rally off May's low, April's high crossing at 113.86 is the next upside target. First resistance is April'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 112.34. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off May's high, the October-2019 low crossing at 1.2412 is the next downside target. Closes above the reaction high crossing at 1.2768 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.2768. Second resistance is the 50-day moving average crossing at 1.2899. 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 and is threatening to breakout to the downside of a two-week trading range. 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 1.0016 would temper the near-term friendly outlook. If June renews the rally off April's low, March's high crossing at 1.0191 is the next upside target. First resistance is June'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 1.0016. Second support is the reaction low crossing at 0.9906. 

The June Canadian Dollar was lower overnight. 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 74.62 would confirm that a short-term top has been posted. If June extends the rally off May's low, March's high crossing at 75.64 is a potential upside target.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 74.62. Second support is May's low crossing at 73.74.  

The June Japanese Yen was steady to slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 0.0919 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 0.0919. 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 higher overnight as it extends the rally off May's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, the April-2018 high crossing at 1405.90 is the next upside target. Closes below Tuesday's low crossing at 1323.60 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1322.20. Second resistance is the April-2018 high crossing at 1405.90. First support is Tuesday's low crossing at 1323.60. Second support is the 20-day moving average crossing at 1312.90.

July silver was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off May's low, April's high crossing at 15.400 is the next upside target. Closes below the 20-day moving average crossing at 14.648 would confirm that a short-term top has been posted.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 14.648. Second support is May's low crossing at 14.265. 

July copper was lower 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 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 266.88 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 266.88. Second resistance is the May 16^th 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 was higher overnight and posted a new contract high as it extends this week's rally. A bullish extended weather forecast for the eastern corn belt along with Tuesday's bullish WASDE report provided underlying support for the rally off Tuesday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above last-May's high crossing at 4.45 would mark an upside breakout of a 5-year trading range on the monthly charts. Closes below the May 28th gap crossing at 4.04 3/4 would signal that a short-term top has been posted. First resistance is last-May's high crossing at 4.45. Second resistance is weekly resistance crossing at 5.15. First support is the 20-day moving average crossing at 4.15 3/4. Second support is the May 28th gap crossing at 4.04 3/4.    

July wheat was higher overnight as it extends the rally off May's low.The high-range overnight trade sets the stage for a steady to higher 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 extends the rally off May's low, the 62% of the 2018-2019-decline crossing at 5.42 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.01 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the August-May decline crossing at 5.42 1/2. Second resistance is the 75% retracement level of the August-May decline crossing at 5.69. First support is the 20-day moving average crossing at 5.01. Second support is the 50-day moving average crossing at 4.69 1/4.  

July Kansas City Wheat closed up 5 1/2-cents at 4.68 1/4.

July Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 4.51 would confirm that a short-term top has been posted.First resistance is June'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 last-Thursday's low crossing at 4.40 3/4. Second support is the 50-day moving average crossing at 4.30 1/4.  

July Minneapolis wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher 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 extends 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 5.55 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 5.55. Second support is the 50-day moving average crossing at 5.35 1/2. 

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

July soybeans were higher overnight supported by bullish extended weather forecast for the eastern part of the Midwest. The high-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 July resumes the rally off May's low, April's high crossing at 9.20 1/4 is the next upside target. Closes below the 20-day moving average crossing at 8.58 1/2 would open the door for additional weakness near-term. First resistance is June's high crossing at 8.94 1/2. Second resistance is April's high crossing at 9.20 1/4. First support is the 20-day moving average crossing at 8.58 1/2. Second support is the May 28th gap crossing at 8.20.

July soybean meal was higher overnight. The high-range 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 July resumes the rally off May's low, January's high crossing at 331.10 is the next upside target. Closes below the 20-day moving average crossing at 311.90 would open the door for additional weakness near-term. 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 311.90. Second support is the May 28th gap crossing at 301.40.     

July soybean oil was slightly lower in late-overnight trading. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 27.85 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 27.85. Second resistance is the April 30^th 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.