KEY EVENTS TO WATCH FOR:
Thursday, June 20, 2019
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 262.6K)
Soybeans (Metric Tons) (previous 531.1K)
Wheat (Metric Tons) (previous 1564.3K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 220K; previous 222K)
Jobless Claims, Net Chg (previous +3K)
Continuing Claims (previous 1695000)
Continuing Claims, Net Chg (previous +2K)
8:30 AM ET. June Philadelphia Fed Business Outlook Survey
Business Activity (expected 9.3; previous 16.6)
Prices Paid (previous 23.1)
Employment (previous 18.2)
New Orders (previous 11.0)
Prices Received (previous 17.5)
Delivery Times (previous 3.4)
Inventories (previous -3.1)
Shipments (previous 27.6)
8:30 AM ET. 1st Quarter International Transactions
Current Account (USD) (expected -122.0B; previous -134.38B)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. May Leading Indicators
Leading Index, M/M% (expected +0.0%; previous +0.2%)
Leading Index (previous 112.1)
Coincident Index, M/M% (previous +0.1%)
Lagging Index, M/M% (previous -0.1%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2088B)
Working Gas In Storage, Net Chg (Cbf) (previous +102B)
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The September NASDAQ 100 was higher in late-overnight trading. 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 September extends the rally off June's low, April's high crossing at 7910.75 is the next upside target. Closes below the 20-day moving average crossing at 7414.20 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 7802.25. Second resistance is April's high crossing at 7910.750. First support is the 20-day moving average crossing at 7414.20. Second support is June's low crossing at 6969.00.
The September S&P 500 was higher in late-overnight trading. The high-range overnight trade sets the stage for a steady to higher 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, last-September's high crossing at 2961.30 is the next upside target. Closes below the 20-day moving average crossing at 2854.86 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2956.60. Second resistance is last-September's high crossing at 2961.30. First support is the 50-day moving average crossing at 2883.86. Second support is the 20-day moving average crossing at 2854.86.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were slightly higher overnight as it extends the rally off March's low. Stochastics and the RSI are diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 153-16 are needed to confirm that a short-term top has been posted. If September extends the rally off April's low, weekly resistance crossing at 156-29 is the next upside target. First resistance is the overnight high crossing at 156-17. Second resistance is weekly resistance crossing at 156-29. First support is the 20-day moving average crossing at 153-16. Second support is the reaction low crossing at 151-12.
September T-notes were higher overnight as it renews this year's rally. 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 130.010 is the next upside target.Closes below the 20-day moving average crossing at 126.257 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 128.080. Second resistance is weekly resistance crossing at 130.010. First support is the 20-day moving average crossing at 126.257. Second support is the reaction low crossing at 125.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil was higher overnight after a report that showed falling U.S. supplies and firmer date for an OPEC meeting to review its pledged production limits were also price-supportive. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 54.58 are needed to confirm that a low has been posted. If August resumes the decline off April's high, the 75% retracement level of the December-April-rally crossing at 49.83 is the next downside target. First resistance is the 20-day moving average crossing at 54.58. Second resistance is the 50-day moving average crossing at 59.79. First support is the 75% retracement level of the December-April-rally crossing at 49.83. Second support is the 87% retracement level of the December-April-rally crossing at 47.20.
August heating oil was higher overnight and above the 20-day moving average crossing at 185.95. 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. Closes above the 20-day moving average crossing at 185.95 would confirm that a short-term low has been posted. If August resumes the decline off May's high, the 87% retracement level of the December-April-rally crossing at 170.91 is the next downside target. First resistance is the 20-day moving average crossing at 185.95. Second resistance is the 50-day moving average crossing at 199.29. First support is the 75% retracement level of the December-April-rally crossing at 176.92. Second support is the 87% retracement level of the December-April-rally crossing at 170.91.
August unleaded gas 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 174.29 are needed to confirm that a short-term low has been posted. If August resumes the decline off May's high, the 75% retracement level of the December-April-rally crossing at 158.39 is the next downside target. First resistance is the 20-day moving average crossing at 174.29. Second support is the 50-day moving average crossing at 187.28. First support is the 62% retracement level of the December-April-rally crossing at 166.30. Second support is the 75% retracement level of the December-April-rally crossing at 158.39.
August Henry natural gas was steady to slightly higher overnight as it consolidates some of Wednesday's loss. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August 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 2.420 are needed to confirm that a short-term low has been posted. First resistance is Monday's high crossing at 2.413. Second resistance is the 20-day moving average crossing at 2.420. First support is Wednesday's low crossing at 2.255. Second support is monthly support crossing at 2.168.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was sharply lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the overnight decline, June's low crossing at 95.89 is the next downside target. If June renews the rally off June's low, the reaction high crossing at 97.63 is the next upside target. First resistance is the reaction high crossing at 97.63. Second resistance is May's high crossing at 97.92. First support is June's low crossing at 95.89. Second support is March's low crossing at 94.78.
The September Euro was sharply 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the overnight rally, June's high crossing at 114.38 is the next upside target. If September renews the decline off June's high, May's low crossing at 112.12 is the next downside target. First resistance is June's high crossing at 114.38. Second resistance is April's high crossing at 114.70. First support is Tuesday's low crossing at 112.62. Second support is May's low crossing at 112.12.
The September British Pound was higher overnight. The high-range late-overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1.2718 would temper the near-term bearish outlook. If September renews the decline off May's high, the October-2016 low crossing at 1.2439 is the next downside target. First resistance is the reaction high crossing at 1.2821. Second resistance is the 50-day moving average crossing at 1.2915. First support is Tuesday's low crossing at 1.2556. Second support is the October-2016 low crossing at 1.2439.
The September Swiss Franc was sharply higher overnight as it extends Wednesday's key reversal up. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off April's low, March's high crossing at 1.0275 is the next upside target. If September resumes this month's decline, the 50-day moving average crossing at 1.0048 is the next downside target. First resistance is June's high crossing at 1.0242. Second resistance is March's high crossing at 1.0275. First support is the 50-day moving average crossing at 1.0048. Second support is the reaction low crossing at 1.0006.
The September Canadian Dollar was sharply higher overnight as it renewed the rally off June's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the reaction high crossing at 76.47 is the next upside target. Closes below the 50-day moving average crossing at 0.7478 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 76.47. Second resistance is February's high crossing at 76.85. First support is Tuesday's low crossing at 74.57. Second support is May's low crossing at 73.94.
The September Japanese Yen was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off April's low, the 87% retracement level of the January-April-decline crossing at 0.0942 is the next upside target. Closes below the 20-day moving average crossing at 0.0928 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the January-April-decline crossing at 0.0936. Second resistance is the 87% retracement level of the January-April-decline crossing at 0.0942. First support is the 20-day moving average crossing at 0.0928. Second support is the reaction low crossing at 0.917.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS:August gold was sharply higher overnight to levels not seen since 2013 as investors flocked to the metal after the U.S. Federal Reserve left key interest rates unchanged but shifted away from its “patient” stance on monetary policy. Stochastics and the RSI are overbought but remain 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 the 20-day moving average crossing at 1328.20 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1397.70. Second resistance is the April-2018 high crossing at 1405.90. First support is the 10-day moving average crossing at 1347.90. Second support is the 20-day moving average crossing at 1328.20.
July silver was higher overnight as it extends the rally off May's low. 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, March's high crossing at 15.730 is the next upside target. Closes below the 20-day moving average crossing at 14.773 would confirm that a short-term top has been posted.First resistance is April's high crossing at 15.400. Second resistance is March's high crossing at 15.730. First support is the 20-day moving average crossing at 14.773. Second support is May's low crossing at 14.265.
July copper was higher overnight as it extends this week's rally. 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 this week's rally, the 50-day moving average crossing at 276.47 is the next upside target. Closes below the 20-day moving average crossing at 266.38 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 276.47. Second resistance is the May 6 reaction high crossing at 284.85. 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 lower overnight due to profit taking as it consolidates some of the rally off May's low. The mid-range trade overnight 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 or pause in this spring's rally is possible. Closes below the 20-day moving average crossing at 4.27 1/4 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 4.64 1/4. Second resistance is weekly resistance crossing at 5.15. First support is the 20-day moving average crossing at 4.27 1/4. Second support is the May 28th gap crossing at 4.04 3/4.
July wheat was lower overnight as it consolidates some of the rally off May's low.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 5.12 would confirm that a short-term top has been posted. If July extends the rally off May's low, the 75% of the 2018-2019-decline crossing at 5.69 is the next upside target. 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 5.12. Second support is June's low crossing at 4.87 3/4.
July Kansas City Wheat closed down 7 3/4-cents at 4.57 1/2.
July Kansas City wheat closed lower on Wednesday as it consolidates some of its recent gains. 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 4.59 1/4 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 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-Monday's low crossing at 4.39. Second support is the 50-day moving average crossing at 4.32 1/4.
July Minneapolis wheat was fractionally 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 this week's decline, the 50-day moving average crossing at 5.36 3/4 is the next downside target. Closes above the 10-day moving average crossing at 5.59 1/2 would confirm that a short-term low 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 50-day moving average crossing at 5.36 3/4. Second support is the reaction low crossing at 5.32.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans was lower overnight as it consolidates some of 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 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 8.75 would confirm that a short-term top has been posted. If July extends the rally off May's low, March's high crossing at 9.38 1/4 is the next upside target. First resistance is Tuesday's high crossing at 9.21 1/2. Second resistance is March's high crossing at 9.38 1/4. First support is the 10-day moving average crossing at 8.86 1/4. Second support is the 20-day moving average crossing at 8.75.
July soybean meal was steady to slightly 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 316.60 would confirm 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 316.60. Second support is the May 28th gap crossing at 301.40.
July soybean oil was 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50% retracement level of the February-May-decline crossing at 28.91 is the next upside target. Closes below the 20-day moving average crossing at 27.61 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 28.56. Second resistance is the 50% retracement level of the February-May-decline crossing at 28.91. First support is the reaction low crossing at 26.74. Second support is May's low crossing at 26.21.
Thanks tallpine!