KEY EVENTS TO WATCH FOR:

Friday, June 28, 2019  

8:30 AM ET. May Personal Income & Outlays

                       Personal Income, M/M% (expected +0.3%; previous +0.5%)

                       Consumer Spending, M/M% (expected +0.5%; previous +0.3%)

                       PCE Price Idx, M/M% (previous +0.2%)

                       PCE Price Idx, Y/Y% (previous +1.6%)

                       PCE Core Price Idx, M/M% (expected +0.2%; previous +0.3%)

                       PCE Core Price Idx, Y/Y% (expected +1.6%; previous +1.5%)

9:45 AM ET. June ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 52.3; previous 54.2)

10:00 AM ET. June University of Michigan Survey of Consumers – final

                       End-Mo Sentiment Idx (expected 97.9; previous 100.0)

                       End-Mo Expectations Idx (previous 93.5)

                       12-Month Inflation Forecast (previous 2.9%)

                       5-Year Inflation Forecast (previous 2.6%)

                       End-Mo Current Idx (previous 110.0)

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 mid-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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7537.54 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 7537.54. Second support is June's low crossing at 6969.00.

The September S&P 500 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 later this morning.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 2895.24 are needed to confirm that a short-term top has been posted. If September resumes 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 20-day moving average crossing at 2895.24. Second support is the June 12^th low crossing at 2885.00.

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

INTEREST RATES: September T-bonds were lower overnight. 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 154-18 are needed to confirm that a short-term top has been posted. If September resumes the rally off April's low, weekly resistance crossing at 156-29 is the next upside target. 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 154-18. Second support is the reaction low crossing at 151-12.

September T-notes were lower overnight. 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 127.126 would confirm that a short-term top has been posted. If June extends this year's rally, weekly resistance crossing at 130.010 is the next upside target.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 127.126. Second support is the reaction low crossing at 126.155. 

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

August crude oil was steady to slightly 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, the May 20^th high crossing at 64.03 is the next upside target. Closes below the 20-day moving average crossing at 54.95 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 59.16. Second resistance is the May 20th high crossing at 64.03. First support is the 10-day moving average crossing at 57.01. Second support is the 20-day moving average crossing at 54.95.    

August heating oil was steady to slightly 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, the May 28^th high crossing at 202.50 is the next upside target. Closes below the 20-day moving average crossing at 185.96 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 197.64. Second resistance is the May 28th high crossing at 202.50. First support is the 10-day moving average crossing at 190.69. Second support is the 20-day moving average crossing at 185.95.

August unleaded gas was lower overnight as it consolidates some of the rally off June'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 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 175.17 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 175.17. Second support is the 62% retracement level of the December-April-rally crossing at 166.30.

August Henry natural gas was 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.324 are needed to confirm that a short-term low has been posted. If August resumes the decline off May's high, monthly support crossing at 2.029 is the next downside target. First resistance is the 20-day moving average crossing at 2.324. Second resistance is the 50-day moving average crossing at 2.508. 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 slightly lower in late-overnight trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes this month's decline, March's low crossing at 97.78 is the next downside target. Closes above the 20-day moving average crossing at 96.29 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 96.29. Second resistance is the 50-day moving average crossing at 96.72. First support is Tuesday's low crossing at 95.36. Second support is March's low crossing at 94.78.

The September Euro was steady to slightly higher overnight as it extends this week's trading range. 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 May's low, March's high crossing at 116.21 is the next upside target. Closes below the 20-day moving average crossing at 113.79 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 higher in late-overnight trading. 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 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 June's low, the 50-day moving average crossing at 1.2865 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 1.2865. 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 higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes 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 1.0207 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 1.0253. Second support is the 20-day moving average crossing at 1.0207. 

The September Canadian Dollar was steady to slightly 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 75.43 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 76.54. Second resistance is February's high crossing at 76.85. First support is the 10-day moving average crossing at 75.80. Second support is the 20-day moving average crossing at 75.43.  

The September Japanese Yen was steady to slightly higher overnight. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 0.0932 would confirm that a short-term top has been posted. If September resumes 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 0.0932. 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 higher overnight. 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 1365.80 are needed to confirm that a short-term top has been posted. 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. 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 1394.50. Second support is the 20-day moving average crossing at 1365.80.

September silver was steady to slightly lower overnight as it consolidates some of the rally off May's low. 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 15.091 would confirm that a short-term top has been posted.If September resumes the rally off May's low, March's high crossing at 15.835 is the next upside target. First resistance is last-Friday's high crossing at 15.625. Second resistance is March's high crossing at 15.835. First support is the 20-day moving average crossing at 15.091. Second support is the reaction low crossing at 14.700. 

September copper was 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 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 267.73 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 274.12 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 274.12. Second resistance is the May 6 reaction high crossing at 285.35. First support is the 20-day moving average crossing at 267.73. Second support is June's low crossing at 259.95.   

GRAINS http://quotes.ino.com/ex changes/?c=grains

December corn was steady fractionally 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 to bearish signaling that sideways to lower prices possible near-term. If December 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 4.50 1/4 would signal that a short-term top has been posted. First resistance is June's high crossing at 4.73. Second resistance is weekly resistance crossing at 5.15. First support is the 20-day moving average crossing at 4.50 1/4. Second support is June's low crossing at 4.25.    

December wheat was 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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off May's low, the 75% of the 2018-2019-decline crossing at 5.86 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.40 3/4 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the August-May decline crossing at 5.60 3/4. Second resistance is the 75% retracement level of the August-May decline crossing at 5.86 1/2. First support is the 20-day moving average crossing at 5.40 3/4. Second support is June 20th low crossing at 5.29 1/2.  

December Kansas City Wheat closed down a 1/2-cent at 5.03 1/4.

December Kansas City wheat closed fractionally lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December 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 December resumes the decline off last week's high, the 50-day moving average crossing at 4.68 3/4 is the next downside target. First resistance is June's high crossing at 5.27 1/4. Second resistance is the 50% retracement level of the 2018-2019-decline crossing at 5.36. First support is the reaction low crossing at 4.76. Second support is the 50-day moving average crossing at 4.68 3/4.  

December 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 are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.76 are needed to confirm that a short-term low has been posted. If December resumes the decline, the May 23^rd low crossing at 5.52 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.76. Second resistance is June's high crossing at 5.93. First support is Monday's low crossing at 5.55 1/2. Second support is the decline, the May 23^rd low crossing at 5.52 3/4.

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

November soybeans were 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 bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 9.13 3/4 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If November renews the rally off May's low, March's high crossing at 9.57 1/2 is the next upside target. First resistance is June's high crossing at 9.48. Second resistance is March's high crossing at 9.57 1/2. First support is the 20-day moving average crossing at 9.13 3/4. Second support is the 50-day moving average crossing at 8.87 1/4.

December soybean meal was 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. If December extends the decline off June's high, the 50-day moving average crossing at 315.30 is the next downside target. If December resumes the rally off May's low, the June 2018 high crossing at 346.10 is the next upside target. First resistance is June's high crossing at 336.00. Second resistance is the June-2018 high crossing at 346.10. First support is the June-10th low crossing at 317.20. Second support is the 50-day moving average crossing at 315.30.     

December 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 28.32 would confirm that a short-term top has been posted. If December 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 29.50. First support is the reaction low crossing at 27.60. Second support is May's low crossing at 26.96.

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

August hogs closed up $1.70 at $77.18. 

August hogs closed higher on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 81.68 are needed to confirm that a low has been posted. If August extends this month's decline, the July-2018 low crossing at 69.90 is the next downside target. First resistance is the 10-day moving average crossing at 78.94. Second resistance is the 20-day moving average crossing at 81.68. First support is Monday's low crossing at 73.95. Second support is the July-2018 low crossing at 69.90. 

August cattle closed down $0.03 at 105.35. 

August cattle closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 107.18 are needed to confirm that a short-term low has been posted. If August resumes the decline off March's high, weekly support crossing at 100.40 is the next downside target. First resistance is the reaction high crossing at 107.18. Second resistance is the 50-day moving average crossing at 108.02. First support is Monday's low crossing at 101.97. Second support is weekly support crossing at 100.40.

August Feeder cattle closed down $0.03 at $135.80. 

August Feeder cattle closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 136.07 are needed to confirm that a low has been posted. If August extends the decline off March's high, weekly support crossing at 128.57 is the next downside target. First resistance is the 20-day moving average crossing at crossing at 136.07. 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 

September coffee closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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, February's high crossing at 11.56 is the next upside target. Closes below the 50-day moving average crossing at 9.77 would confirm that a short-term top has been posted. 

September cocoa closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 24.67 confirms that a short-term top has been posted. If September resumes the rally off April's low, the July-2018 high crossing at 25.81 is the next upside target.              

October sugar closed higher on Thursday and above the 20-day moving average crossing at 12.67 signaling that a short-term low has been posted. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends today's rally, April's high crossing at 13.33 is the next upside target. If October resumes the decline off June's high, the reaction low crossing at 12.04 is the next downside target. 

December cotton posted an inside day with a lower close on Thursday as it extends the May-June trading range. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 68.60 would confirm an upside breakout of the aforementioned trading range. Closes below the reaction low crossing at 64.70 would confirm a downside breakout of the aforementioned trading range.