KEY EVENTS TO WATCH FOR:

Wednesday, June 26, 2019   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 511.8)

                       Composite Idx, W/W% (previous -3.4%)

                       Purchase Idx-SA (previous 268.6)

                       Purchase Idx-SA, W/W% (previous -3.5%)

                       Refinance Idx (previous 1888.8)

                       Refinance Idx, W/W% (previous -3.5%)

8:30 AM ET. May Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (expected -0.3%; previous -2.1%)

                       Dur Goods, Ex-Defense, M/M% (previous -2.5%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.0%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.9%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.0%)

8:30 AM ET. May Advance Economic Indicators Report

8:30 AM ET. Annual   U.S. International Investment Position

10:00 AM ET. SEC Closed Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 482.364M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.106M)

                       Gasoline Stocks (Bbl) (previous 233.221M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.692M)

                       Distillate Stocks (Bbl) (previous 127.821M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.551M)

                       Refinery Usage (previous 93.9%)

                       Total Prod Supplied (Bbl/day) (previous 20.807M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.316M)

1:30 PM ET. ABA Economic Advisory Committee economic forecast

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

The STOCK INDEXES:The September NASDAQ 100 was higher in late-overnight trading as it consolidates some of Tuesday's sharp decline. 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7492.38 would confirm that a short-term top has been posted. If September extends the rally off June's low, April's high crossing at 7910.75 is the next upside target. First resistance is last-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 7492.38. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2880.33 are needed to confirm that a short-term top has been posted. If September extends the rally off June's low into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 2962.00. Second resistance is unknown. First support is the 10-day moving average crossing at 2926.68. Second support is the 20-day moving average crossing at 2880.33.

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

INTEREST RATES: September T-bonds were lower overnight. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends 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 154-12 are needed to confirm that a short-term top has been posted. First resistance is last-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 154-12. Second support is the reaction low crossing at 151-12.

September T-notes were lower overnight. 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 127.086 would confirm that a short-term top has been posted. First resistance is last-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 127.086. Second support is the reaction low crossing at 126.155. 

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

August crude oil was slightly higher overnight as it extends the rally off June'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 August extends the aforementioned rally, the 50-day moving average crossing at 59.35 is the next upside target. Closes below the 20-day moving average crossing at 54.50 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 59.35. Second resistance is the reaction high crossing at 64.03. First support is the 20-day moving average crossing at 54.50. Second support is the 75% retracement level of the December-April-rally crossing at 49.83.    

August heating oil was 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, the 50-day moving average crossing at 198.12 is the next upside target. Closes below the 20-day moving average crossing at 185.05 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 198.12. Second resistance is the reaction high crossing at 202.50. First support is the 20-day moving average crossing at 185.05. Second support is the 75% retracement level of the December-April-rally crossing at 176.92. 

August unleaded gas was higher overnight as it extends the rally off June'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 August extends the rally off June's low, the May 17^th high crossing at 200.99 is the next upside target. Closes below the 20-day moving average crossing at 173.68 are needed to confirm that a short-term low has been posted. First resistance is the May 17^th high crossing at 200.99. Second resistance is April's high crossing at 203.25. First support is the 20-day moving average crossing at 173.68. Second support is the 62% retracement level of the December-April-rally crossing at 166.30. 

August Henry natural gas was steady to slightly higher 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.344 are needed to confirm that a short-term low has been posted. If August extends the decline off May's high, monthly support crossing at 2.029 is the next downside target. First resistance is the 10-day moving average crossing at 2.284. Second resistance is the 20-day moving average crossing at 2.344. First support is last-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 higher in late-overnight trading as it consolidates some of the decline off June's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, March's low crossing at 97.78 is the next downside target. Closes above the 50-day moving average crossing at 96.75 would confirm that a short-term low has been posted. First resistance is June's high crossing at 97.26. Second resistance is May's high crossing at 97.92. First support is Tuesday's low crossing at 95.36. Second support is March's low crossing at 94.78.

The September Euro was lower overnight as it consolidates some of the rally off May's low. 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 aforementioned rally, March's high crossing at 116.21 is the next upside target. Closes below the 50-day moving average crossing at 113.34 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 114.86. Second resistance is March's high crossing at 116.21. First support is last-Tuesday's low crossing at 112.62. Second support is May's low crossing at 112.12.    

The September British Pound was slightly lower in late-overnight trading.The mid-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 September renews the decline off May's high, the October-2016 low crossing at 1.2439 is the next downside target. If September extends the rally off Tuesday's low the 50-day moving average crossing at 1.2882 is the next upside target. First resistance is the reaction high crossing at 1.2821. Second resistance is the 50-day moving average crossing at 1.2882. First support is June'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 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 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 1.0182 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.0392. Second resistance is January's high crossing at 1.0505. First support is the 10-day moving average crossing at 1.0214. Second support is the 20-day moving average crossing at 1.0182. 

The September Canadian Dollar was higher overnight as it extends 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. If September extends the rally off June's low, the December-2018 high crossing at 76.47 is the next upside target. Closes below the 20-day moving average crossing at 75.19 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 the 10-day moving average crossing at 75.47. Second support is the 20-day moving average crossing at 75.19.  

The September Japanese Yen was sharply lower overnight. Stochastics and the RSI 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 0.0931 would confirm that a short-term top has been posted. If September extends the rally off April's low, the January-2018-high crossing at 0.0948 is the next upside target. First resistance is the 87% retracement level of the January-April-decline crossing at 0.0942. Second resistance is January's high crossing at 0.0948. First support is the 20-day moving average crossing at 0.0931. Second support is the reaction low crossing at 0.926.

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS: August gold was sharply lower overnight due to profit taking as it consolidates some of 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 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50 is the next upside target. Closes below the 20-day moving average crossing at 1354.20 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 1442.90. Second resistance is the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50. First support is the 10-day moving average crossing at 1380.10. Second support is the 20-day moving average crossing at 1354.20.

July silver was lower overnight as it consolidates some of the rally off May's low. Stochastics and the RSI 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 14.950 would confirm that a short-term top has been posted.If July extends the rally off May's low, March's high crossing at 15.730 is the next upside target. First resistance is last-Friday'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 14.950. Second support is the reaction low crossing at 14.625. 

July copper was steady to slightly 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 274.77 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 267.00 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 274.77. 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 as it extends the trading range of the past two-weeks. 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 signaling that sideways trading is possible near-term. If July renews the rally off May's low, monthly resistance crossing at 5.15 is the next upside target. Closes below the 20-day moving average crossing at 4.35 1/4 would signal that a short-term top has been posted. First resistance is June'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 4.35 1/4. Second support is the May 28th gap crossing at 4.04 3/4.    

July wheat 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 bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off May's low, the 75% of the 2018-2019-decline crossing at 5.69 is the next upside target. Closes below the 20-day moving average crossing at 5.21 1/2 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 5.21 1/2. Second support is June's low crossing at 4.87 3/4.  

July Kansas City Wheat closed down a 1/4-cent at 4.65 1/4.

July Kansas City wheat closed fractionally lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night 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. If July resumes the decline off last week's high, the 50-day moving average crossing at 4.34 1/4 is the next downside 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 the reaction low crossing at 4.39. Second support is the 50-day moving average crossing at 4.34 1/4.  

July Minneapolis wheat 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 have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.56 are needed to confirm that a short-term low has been posted. If July extends the decline, the 62% retracement level of the April-June-rally crossing at 5.31 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.56. Second resistance is June's high crossing at 5.73 1/2. First support is the decline, the 62% retracement level of the April-June-rally crossing at 5.31 3/4. Second support is the decline, the 75% retracement level of the April-June-rally crossing at 5.22 3/4.

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

July soybeans was lower overnight as it extends the trading range of the past seven trading sessions. 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 bearish signaling that sideways to lower prices are possible near-term. If July renews 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 8.87 1/2 would confirm that a short-term top has been posted. First resistance is last-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 8.87 1/2. Second support is the 50-day moving average crossing at 8.63.

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. If July extends the decline off June's high, the 50-day moving average crossing at 307.50 is the next downside target. 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 overnight low crossing at 313.90. Second support is the 50-day moving average crossing at 307.50.     

July soybean oil was slightly 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 27.82 would confirm that a short-term top has been posted. If July resumes the rally off May's low, the 50% retracement level of the February-May-decline crossing at 28.91 is the next upside target. First resistance is last-Friday'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. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

July hogs closed up $1.55 at $74.40. 

July hogs posted an inside day with a higher close on Tuesday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 July-2018 low crossing at 69.80 is the next downside target. Closes above the 20-day moving average crossing at 82.82 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 79.80. Second resistance is the 20-day moving average crossing at 82.82. First support is Monday's low crossing at 72.60. Second support is the July-2018 low crossing at 69.80. 

August cattle closed up $0.83 at 103.25. 

August cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 March's high, weekly support crossing at 100.40 is the next downside target. Closes above last-Tuesday's high crossing at 106.48 are needed to confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 106.48. Second resistance is the 50-day moving average crossing at 108.56. First support is Monday's low crossing at 101.97. Second support is weekly support crossing at 100.40.

August Feeder cattle closed down $0.45 at $131.33. 

August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 March's high, weekly support crossing at 128.57 is the next downside target. Closes above the 20-day moving average crossing at 136.53 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at crossing at 136.53. Second resistance is the reaction high crossing at 141.08. First support is Monday's low crossing at 130.95. Second support is weekly support crossing at 128.57.  

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee gapped up and closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 9.51 would confirm that a short-term top has been posted. 

July cocoa closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 24.75 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 slightly higher on Tuesday but remains below the 20-day moving average crossing at 12.38 confirming that a short-term top has been posted. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off June's high, the reaction low crossing at 11.60 is the next downside target. Closes above the 10-day moving average crossing at 12.51 would temper the near-term bearish outlook.

July cotton posted an inside day with a lower close on Wednesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 66.20 would confirm that a short-term low has been posted.