KEY EVENTS TO WATCH FOR:

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

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The June NASDAQ 100 closed lower on Friday as it consolidated some of the rally off June's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Closes above the 50-day moving average crossing at 7543.66 would open the door for additional gains near-term. If June extends the rally off this month's low, April's high crossing at 7879.50 is the next upside target. 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 50-day moving average crossing at 7543.66. Second resistance is April's high crossing at 7879.50. First support is June'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 lower on Friday as it consolidates some of this month's gains but remain above the 50-day moving average crossing at 2875.80 confirming that a short-term low has been posted. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, May's high crossing at 2957.30 is the next upside target. 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 Tuesday's high crossing at 2911.00. 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 slightly lower on Friday as it consolidates some of the rally off June's low. The high-range close sets the stage for a steady to higher opening when Monday'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 the Dow extends this month's rally, April's high crossing at 25,695.96  is the next upside target. Closes below the 20-day moving average crossing at 25,617.62 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 26,248.67. 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 up 2/32's at 154-31.

June T-bonds closed slightly higher on Friday as it extends a two-week old trading range. The mid-range close sets the stage for a steady to higher opening when Monday'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 renews this year's rally, weekly resistance crossing at 156-29 is the next upside target. Closes below the 20-day moving average crossing at 152-28 would confirm that a short-term top has been posted. First resistance is the early-June 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 152-28.          

June T-notes closed down 20-pts. At 126.300.

June T-notes closed lower on Monday. The high-range close sets the stage for a steady to higher opening when Monday'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 125.267 would confirm that a short-term top has been posted. First resistance is today's high crossing at 127.090. Second resistance is weekly resistance crossing at 127.260. First support is the 10-day moving average crossing at 126.219. Second support is the 20-day moving average crossing at 125.267.       

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July crude oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night 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 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 56.13 are needed to confirm that a short-term low has been posted. First resistance is Monday's high crossing at 54.84. Second resistance is the 20-day moving average crossing at 56.13. First support is last-Wednesday's low crossing at 50.60. Second support isthe 75% retracement level of the December-April-rally crossing at 49.69. 

July heating oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 190.16 are needed to confirm that a short-term low has been posted. If July extends the decline off May's high, the 87% retracement level of the December-April-rally rally crossing at 169.59 is the next downside target. First resistance is today's high crossing at 183.94. Second resistance is the 20-day moving average crossing at 190.16. 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 higher on Friday. Stochastics and the RSI are oversold and 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 Monday's night session begins trading. If July resumes 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 182.31 would confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 176.46. Second resistance is the 20-day moving average crossing at 182.31. 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 Friday.The high-range close sets the stage for a steady to higher 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 July resumes this spring's decline, weekly support crossing at 2.168 is the next downside target. Closes above the 20-day moving average crossing at 2.486 would 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 2.486. First support is last-Thursday's low crossing at 2.305. Second support is monthly support crossing at 2.168.        

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The June Dollar closed sharply higher on Friday and above the 20-day moving average crossing at 97.39 confirmed that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes this month's decline, the 38% retracement level of the 2018-2019 rally crossing at 96.04 is the next downside target. First resistance is May's high crossing at 98.26. Second resistance is weekly resistance crossing at 99.90. First support is the 38% retracement level of the 2018-2019 rally crossing at 96.04. Second support is March's low crossing at 95.17.

The June Euro closed lower on Friday and below the 20-day moving average crossing at 112.31 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the rally off May's low, April's high crossing at 113.86 is the next upside target. First resistance is last-Friday's high crossing at 113.55. 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 sharply 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off May's high, the October-2016 low crossing at 1.2412 is the next downside target. Closes above the 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 1.2898. First support is June's low crossing at 1.2568. Second support is the October-2016 low crossing at 1.2412.   

The June Swiss Franc 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 1.0015 would confirm that a short-term top has been posted. 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 today's low crossing at 1.0006. Second support is the reaction low crossing at 0.9906. 

The June Canadian Dollar closed sharply lower on Friday and below the 20-day moving average crossing at 74.60 confirming that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, June's low crossing at 73.74 is the next downside target. If June extends the rally off June's low, the March-19^th high crossing at 75.64 is the next upside target. First resistance is the April-17^th high crossing at 75.45. Second resistance is March's high crossing at 75.64. First support is June's low crossing at 73.74. Second support is last-December's low crossing at 73.47.  

The June Japanese Yen 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0918 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 November-January-rally crossing at 0.0936 is the next upside target. 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 0.0918. Second support is the 50-day moving average crossing at 0.0909.  

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August gold posted a downside reversal with today's lower close. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, last-April's high crossing at 1405.90 is the next upside target. Closes below the 20-day moving average crossing at 1312.20 would confirm that a short-term low has been posted. First resistance is today's high crossing at 1362.20. Second resistance is last-April's high crossing at 1405.90. First support is today's low crossing at 1362.20. Second support is the 20-day moving average crossing at 1312.20.

July silver closed lower on Friday. The low-range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI 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 15.400 is the next upside target. Closes below the 20-day moving average crossing at 14.637 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 May's low crossing at 14.265. Second support is last-November's low crossing at 14.175.          

July copper 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 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 266.84 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 266.84. Second resistance is the 50-day moving average crossing at 278.34. 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 up 11 1/4-cents at 4.53 1/4. 

July corn closed closed higher on Friday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Monday'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. Today's close above last-May's high crossing at 4.45 marked an upside breakout of the 5-year old trading range on the monthly continuation chart. The high-range close sets the stage for a  steady to higher opening on Monday. If July extends this week's upside breakout of the monthly trading range, monthly resistance crossing at 5.15 is the next potential upside target. Closes below May's gap crossing at 4.04 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.57 1/4. Second resistance is monthly resistance crossing at 5.15. First support is the 10-day moving average crossing at 4.26 1/2. Second support is the 20-day moving average crossing at 4.16.   

July wheat closed up 4-cents at 5.39 1/2. 

July wheat closed higher on Friday as it extends the rally off May's low. The mid-range close sets the stage for a steady to higher opening when Monday'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, the 75% retracement level of the 2018-2019-decline crossing at 5.69 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 2018-2019-decline crossing at 5.42 1/2. Second resistance is the 75% retracement level of the 2018-2019-decline crossing at 5.69. First support is the 10-day moving average crossing at 5.16. Second support is the 20-day moving average crossing at 5.01.      

July Kansas City Wheat closed up 8-cents at 4.76 1/4.

July Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday night session begins trading. 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, 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 4.54 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 Monday's low crossing at 4.39. Second support is the 50-day moving average crossing at 4.30 3/4.  

July Minneapolis wheat closed down 3-cents at 5.63 1/4. 

July Minneapolis wheat closed lower on Friday as it consolidates below the 38% retracement level of the 2018-2019-decline crossing at 5.70 1/2. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.55 would confirm that a short-term top has been posted. 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. 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 reaction low crossing at 5.32.    

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July soybeans closed up 9 1/4-cents at 8.97 1/4.

July soybeans closed higher on Friday and has renewed the rally off May's low.The high-range close sets the stage for a steady to higher opening when Monday'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 the 20-day moving average crossing at 8.58 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 8.98 1/4. Second resistance is April's high crossing at 9.20 1/4. First support is the 20-day moving average crossing at 8.58 3/4. Second support is the May 28^th gap crossing at 8.31 1/2.  

July soybean meal closed up $1.40 at 323.10. 

July soybean meal closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. 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, January's high crossing at 331.10 is the next upside target. Closes below the 20-day moving average crossing at 311.80 would confirm that a short-term top has been posted. First resistance is June'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 311.80. Second support is the 50-day moving average crossing at 306.70.    

July soybean oil closed down 33-pts. at 27.69. 

July soybean oil 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above today's high crossing at 28.13 would open the door for a larger-degree rally during June. Closes below the reaction low crossing at crossing at 26.74 would confirm that a short-term top has been posted. First resistance is today's high crossing at 28.13. 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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July hogs closed down $2.03 at $81.35. 

July hogs closed lower on Friday as it extended the decline off April's high. 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 July extends this month's decline, the 87% retracement level of the February-April-rally crossing at 78.58 is the next downside target. Closes above the 20-day moving average crossing at 87.03 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 84.60. Second resistance is the 20-day moving average crossing at 87.03. First support is today's low crossing at 80.60. Second support is the 87% retracement level of the February-April-rally crossing at 78.58. 

August cattle closed down $0.45 at 104.28. 

August cattle closed lower on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August resumes the decline off March's high, weekly support crossing at 100.40 is the next downside target. If August extends this month's rally, the reaction high crossing at 109.40 is the next upside target. First resistance is the reaction high crossing at 114.88. Second resistance is the 50-day moving average crossing at 114.48. First support is June's low crossing at 102.30. Second support is weekly support crossing at 100.40.

August Feeder cattle closed down $0.70 at $135.53. 

August Feeder cattle closed lower on Friday. The mid-range close sets the stage for a steady opening when Monday's session begins trading. Stochastics and the RSI are 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 139.64 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at crossing at 139.64. Second resistance is the reaction high crossing at 148.10. First support is June'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. Today's close below the 20-day moving average crossing at 9.75 confirms that a short-term top has been posted. If July extends this week's decline, the 50-day moving average crossing at 9.45 is the next downside target. If July renews the rally off May's low, February's high crossing at 11.29 is the next upside target. 

July cocoa closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 24.44 would confirm that a short-term top has been posted. If July extends the rally off April's low, the May-2018 high crossing at 28.32 is the next upside target.             

July sugar closed unchanged 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, April's high crossing at 13.05 is the next upside target. Closes below the 20-day moving average crossing at 12.11 would confirm that a short-term top has been posted. 

July cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. If July renews the rally off May's low, the 50-day moving average crossing at 72.62 is the next upside target. If July resumes this spring's decline, monthly support crossing at 59.85 is the next downside target.