KEY EVENTS TO WATCH FOR:

Friday, June 21, 2019   

9:45 AM ET. June US Flash Manufacturing PMI

                       PMI, Mfg (expected 50.2; previous 50.6)

9:45 AM ET. June US Flash Services PMI

                       PMI, Services (expected 50.9; previous 50.9)

10:00 AM ET. May Existing Home Sales

                       Existing Sales (expected 5.25M; previous 5.19M)

                       Existing Sales, M/M% (expected +1.2%; previous -0.4%)

                       Unsold Homes Month's Supply (previous 4.2)

                       Median Price (USD) (previous 267300)

                       Median Home Price, Y/Y% (previous +3.6%)

10:00 AM ET. May Regional & State Employment & Unemployment

4:30 PM ET. Federal Reserve Board releases latest supervisory stress test results

Monday, June 24, 2019   

8:30 AM ET. May CFNAI Chicago Fed National Activity Index

                       NAI (previous -0.45)

                       NAI, 3-mo Moving Avg (previous -0.32)

10:30 AM ET. June Texas Manufacturing Outlook Survey

                       Business Activity (previous 5.3)

                       Mfg Production Idx (previous 6.3)

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

The STOCK INDEXES:The September NASDAQ 100 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 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 7432.90 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 7821.00. Second resistance is April's high crossing at 7910.750. First support is the 20-day moving average crossing at 7432.90. Second support is June's low crossing at 6969.00.

The September S&P 500 was lower in late-overnight trading as it consolidates some of this week's gains. The mid-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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2861.38 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 2962.00. Second resistance is unknown. First support is the 10-day moving average crossing at 2912.68. Second support is the 20-day moving average crossing at 2861.38.

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

INTEREST RATES: September T-bonds were slightly higher overnight. Stochastics and the RSI 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 153-24 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 Thursday's high crossing at 156-17. Second resistance is weekly resistance crossing at 156-29. First support is the 20-day moving average crossing at 153-24. Second support is the reaction low crossing at 151-12.

September T-notes were lower overnight. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. 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 126.292 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 128.085. Second resistance is weekly resistance crossing at 130.010. First support is the 20-day moving average crossing at 126.292. 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 as it extends the rally off June'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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, the 50-day moving average crossing at 59.68 is the next upside target. Closes below the 10-day moving average crossing at 53.91 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 59.68. Second resistance is the reaction high crossing at 64.03. 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 as it extends the rally off June'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, the 50-day moving average crossing at 198.99 is the next upside target. Closes below the 10-day moving average crossing at 183.99 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 198.99. Second resistance is the reaction high crossing at 202.50. 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 as it extends the rally off June'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 50-day moving average crossing at 187.01 is the next upside target. Closes below the 10-day moving average crossing at 171.51 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 187.01. Second resistance is the reaction high crossing at 192.08. 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 lower overnight as it extended this year's decline. 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 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 2.029 is the next downside target. Closes above the 20-day moving average crossing at 2.395 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 50-day moving average crossing at 2.552. First support is Thursday's low crossing at 2.134. Second support is monthly support crossing at 2.029. 

CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"

CURRENCIES:The September Dollar was slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's 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 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 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 sideways to higher prices are possible near-term. If September extends the rally off Tuesday's low the 50-day moving average crossing at 1.2905 is the next upside target. 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 1.2905. 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 lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off April's low, January's high crossing at 1.0505 is the next upside target. Closes below the 20-day moving average crossing at 1.0134 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 1.0291. Second resistance is January's high crossing at 1.0505. First support is the 50-day moving average crossing at 1.0051. Second support is the reaction low crossing at 1.0006. 

The September Canadian Dollar was slightly higher overnight as it extends the rally off June's low. Stochastics and the RSI are diverging but remain 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 0.7479 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 lower overnight. Stochastics and the RSI are 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 0.0929 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 0.0929. 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 higher overnight as it extends 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 August extends the rally off May's low, the August-2013 high on the weekly continuation chart crossing at 1434.00 is the next upside target. Closes below the 20-day moving average crossing at 1334.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1415.40. Second resistance is the August-2013 high on the weekly continuation chart crossing at 1434.00. First support is the 10-day moving average crossing at 1353.90. Second support is the 20-day moving average crossing at 1334.00.

July silver was lower overnight as it consolidates some of 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 14.809 would confirm that a short-term top has been posted.First resistance is the overnight high crossing at 15.555. Second resistance is March's high crossing at 15.730. First support is the 20-day moving average crossing at 14.809. Second support is May's low crossing at 14.265. 

July copper 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 are turning neutral to bearish signaling that a short-term top might be in or is near. If July extends this week's rally, the 50-day moving average crossing at 276.01 is the next upside target. Closes below the 20-day moving average crossing at 266.46 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 276.01. 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 higher overnight. The low-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 4.30 3/4 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 4.30 3/4. 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 5.15 1/4 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 5.15 1/4. Second support is June's low crossing at 4.87 3/4.  

July Kansas City Wheat closed up 3-cents at 4.60 1/2.

July Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Thursday 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 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 3/4.  

July Minneapolis wheat was fractionally 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 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 20-day moving average crossing at 5.56 3/4 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 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 extends the rally off May's low, March's high crossing at 9.38 1/4 is the next upside target. Closes below the 20-day moving average crossing at 8.80 would confirm that a short-term top has been posted. 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 8.93. Second support is the 20-day moving average crossing at 8.80.

July soybean meal was lower overnight. 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 sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 318.00 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 318.00. Second support is the May 28th gap crossing at 301.40.     

July soybean oil was steady to slightly higher in late-overnight trading.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 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 27.72 would confirm that a short-term top has been posted. First resistance is the overnight 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.