KEY EVENTS TO WATCH FOR:
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 September NASDAQ 100 posted an inside day with a lower close on Friday as it consolidates 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. If June extends the rally off this month's low, April's high crossing at 7910.75 is the next upside target. Closes below the 20-day moving average crossing at 7433.73 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 7910.75. First support is the 20-day moving average crossing at 7433.73. Second support is June's low crossing at 6969.00.
The September S&P 500 closed slightly higher on Friday as it extends 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 September extends this month's rally, April's high crossing at 2955.00 is the next upside target. Closes below the 20-day moving average crossing at 2861.75 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2967.50. Second resistance is April's high crossing at 2955.00. First support is the 10-day moving average crossing at 2913.42. Second support is the 20-day moving average crossing at 2861.75.
The Dow closed slightly 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this month's rally, last-October's high crossing at 25,951.81 is the next upside target. Closes below the 20-day moving average crossing at 25,816.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at 26,907.37. Second resistance is last-October's high crossing at 26,951.81. First support is the 10-day moving average crossing at 26,289.27. Second support is the 20-day moving average crossing at 25,816.40.
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September T-bonds closed down 1-02/32's at 154-21.
September T-bonds closed lower on Friday as it consolidated some of the rally off March's low. 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, diverging 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 152-27 would confirm that a short-term top has been posted. If September extends this year's rally, weekly resistance crossing at 156-29 is the next upside target. First resistance is Thursday's high high crossing at 156-17. Second resistance is weekly resistance crossing at 156-29. First support is the 20-day moving average crossing at 153-23. Second support is last-Tuesday's low crossing at 153-17.
September T-notes closed down 165-pts. At 127.170.
September T-notes 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 overbought, diverging 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 126.289 would confirm that a short-term top has been posted. If September extends the rally off April's low, weekly resistance crossing at 130.010 is the next upside target. First resistance is Thursday's high crossing at 127.290. Second resistance is weekly resistance crossing at 130.010. First support is the 20-day moving average crossing at 126.289. Second support is the 50-day moving average crossing at 125.048.
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August crude oil closed higher on Friday as it extends 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. Stochastics and the RSI are 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 59.67 is the next upside target. Closes below the 10-day moving average crossing at 53.90 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 57.98. Second resistance is the 50-day moving average crossing at 59.67. First support is June's low crossing at 50.60. Second support is the 75% retracement level of the December-April-rally crossing at 49.69.
August heating oil closed higher on Friday as it extends this month's rally. 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. If August extends the rally off June's low, the 50-day moving average crossing at 198.98 is the next upside target. Closes below the 10-day moving average crossing at 183.91 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 193.69. Second resistance is the 50-day moving average crossing at 198.98. First support is the 10-day moving average crossing at 183.91. Second support is the 75% retracement level of the December-April-rally crossing at 175.75.
August unleaded gas closed higher on Friday as it extends the rally off June's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. If August extends the rally off June's low, the 50-day moving average crossing at 187.02 is the next upside target. Closes below the 10-day moving average crossing at 171.58 would confirm that a short-term top has been posted. First resistance is today's high crossing at 182.66. Second resistance is the 50-day moving average crossing at 187.02. 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.
August Henry natural gas 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 August extends this spring's decline, monthly support crossing at 2.029 is the next downside target. Closes above the 20-day moving average crossing at 2.395 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.395. 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.
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The September Dollar closed lower on Friday as it extended this week's decline. 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 September extends this week's decline, March's low crossing at 94.78 is the next downside target. Closes above the 50-day moving average crossing at 96.77 would temper the near-term bearish outlook. First resistance is June's high crossing at crossing at 97.27. Second resistance is May's high crossing at 97.72. First support is today's low crossing at 95.69. Second support is March's low crossing at 94.78.
The September Euro closed higher on Friday and 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, April's high crossing at 114.71 is the next upside target. Closes below the 20-day moving average crossing at 113.31 would temper the near-term friendly outlook. First resistance is today's high crossing at 114.47. Second resistance is April's high crossing at 114.71. First support is May's low crossing at 112.12. Second support is the January-2017 low crossing at 110.91.
The September British Pound 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the the reaction high crossing at 1.2821 are needed to confirm that a short-term low has been posted. If September resumes 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 1.2907. 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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, January's high crossing at 1.0505 is the next upside target. Closes below the 20-day moving average crossing at 1.0137 would temper the near-term friendly outlook. First resistance is today's high crossing at 1.0319. Second resistance is January's high crossing at 1.0505. First support is Tuesday's low crossing at 1.0069. Second support is the reaction low crossing at 0.9993.
The September Canadian Dollar posted an inside day with a lower close on Friday as it consolidated some of the rally off June's low. 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, 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, February's high crossing at 76.46 is the next upside target. Closes below the 50-day moving average crossing at 74.79 would temper the near-term bullish outlook. First resistance is Thursday's high crossing at 76.17. Second resistance is February's high crossing at 76.46. First support is Tuesday's low crossing at 74.57. Second support is June's low crossing at 73.94.
The September Japanese Yen closed slightly lower on Friday. The mid-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 September extends the rally off April's low, the 87% retracement level of the November-January-rally 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 November-January-rally crossing at 0.0936. Second resistance is the 87% retracement level of the November-January-rally crossing at 0.0942. First support is the 20-day moving average crossing at 0.0929. Second support is the 50-day moving average crossing at 0.0918.
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August gold 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 August extends this month's rally, 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 1334.20 would confirm that a short-term low has been posted. First resistance is today's 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 1354.30. Second support is the 20-day moving average crossing at 1334.20.
July silver closed lower on Friday. The mid-range close set 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 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 14.811 would confirm that a short-term top has been posted. First resistance is today's 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 14.811. Second support is May's low crossing at 14.265.
July copper closed lower on Friday.The mid-range close sets the stage for a steady opening when Monday's night 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 the rally off June's low, 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 temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 276.01. Second resistance is the 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.
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July Corn closed down 6 1/2-cents at 4.43 1/2.
July corn closed closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening on Monday. Closes below the 20-day moving average crossing at 4.30 1/4 would confirm that a short-term top has been posted. If July extends the recent upside breakout of the monthly trading range, monthly resistance crossing at 5.15 is the next upside target. First resistance is Monday's high crossing at 4.64 1/4. Second resistance is monthly resistance crossing at 5.15. First support is the 10-day moving average crossing at 4.40 1/2. Second support is the 20-day moving average crossing at 4.30 1/4.
July wheat closed down a 1/2-cent at 5.26.
July wheat closed lower on Friday as it consolidated some the rally off May's low. 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 a short-term top might be in or is near. 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% retracement level of the 2018-2019-decline crossing at 5.69 is the next upside target. 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 20-day moving average crossing at 5.15 1/4. Second support is the reaction low crossing at 4.87 3/4.
July Kansas City Wheat closed down 8-cents at 4.52 1/2.
July Kansas City wheat closed lower on Friday as it consolidates some of its recent gains. 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. This week's closes below the 20-day moving average crossing at 4.62 confirms that a short-term top has been posted and opens the door for a possible test of the 50-day moving average crossing at 4.33 1/4. 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 4.33 1/4.
July Minneapolis wheat closed down 2 1/4-cents at 5.36.
July Minneapolis wheat closed lower on Friday and below the 50-day moving average crossing at 5.36 3/4 as it extends the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, April's low crossing at 5.06 is the next downside target. If July renews 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 today's low crossing at 5.35 1/2. Second support is April's low crossing at 5.06.
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July soybeans closed down 12-cents at 9.03 1/2.
July soybeans 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 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 8.79 3/4 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 20-day moving average crossing at 8.79 3/4. Second support is the May 28th gap crossing at 8.31 1/2.
July soybean meal closed down $7.00 at 316.00.
July soybean meal 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 a short-term top might be in or is near. Today's close below the 20-day moving average crossing at 317.80 confirms that a short-term top has been posted. If July extends this week's decline, the 50-day moving average crossing at 307.30 is the next downside target. If July renews the rally off May's low, January's high crossing at 331.10 is the next upside target. First resistance is June's high crossing at 328.10. Second resistance is January's high crossing at 331.10. First support is the 50-day moving average crossing at 307.30. Second support is the reaction low crossing at 293.10.
July soybean oil closed down 17-pts. at 28.42.
July soybean oil closed higher 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 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 reaction low crossing at crossing at 26.93 would confirm that a short-term top has been posted. First resistance is today's high crossing at 28.72. Second resistance is the 50% retracement level of the February-May-decline crossing at 28.91. First support is the reaction low crossing at crossing at 26.93. Second support is May's low crossing at 26.74.
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July hogs closed down $3.00 at $76.25.
July hogs closed limit down 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 July extends this month's decline, February's low crossing at 78.02 is the next downside target. Closes above the 20-day moving average crossing at 84.14 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 82.13. Second resistance is the 20-day moving average crossing at 84.14. First support is today's low crossing at 76.25. Second support is February's low crossing at 75.02.
August cattle closed down $1.72 at 102.22.
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. Closes above Tuesday's high crossing at 106.48 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 107.18. Second resistance is the 50-day moving average crossing at 109.16. First support is today's low crossing at 102.05. Second support is weekly support crossing at 100.40.
August Feeder cattle closed down $1.03 at $133.67.
August Feeder cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower 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 137.65 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at crossing at 137.65. Second resistance is the reaction high crossing at 141.08. 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 bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, February's high crossing at 11.29 is the next upside target. Closes below the 50-day moving average crossing at 9.46 would open the door for additional weakness near-term.
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 bearish signaling sideways to lower prices are possible near-term. If July extends the rally off April's low, the May-2018 high crossing at 28.32 is the next upside target. Closes below the 20-day moving average crossing at 24.70 would confirm that a short-term top has been posted.
July sugar closed lower on Friday and below the 20-day moving average crossing at 12.32 would confirm that a short-term top has been posted. The low-range close set 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 renews the rally off May's low, April's high crossing at 13.05 is the next upside target.
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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this spring's decline, monthly support crossing at 59.85 is the next downside target. Closes above the 20-day moving average crossing at 66.87 would confirm that a short-term low has been posted.
Thanks tallpine!!