Friday, June 1, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1127.7K)
Soybeans (Metric Tons) (previous -132.5K)
Wheat (Metric Tons) (previous 452.3K)
8:30 AM ET. May U.S. Employment Report
Non-Farm Payrolls (expected +190K; previous +164K)
Unemployment Rate (expected 3.9%; previous 3.9%)
Avg Hourly Earnings (USD) (previous 26.84)
Avg Hourly Earnings-Net Chg (USD) (previous +0.04)
Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.15%)
Avg Hourly Earnings, Y/Y% (previous +2.6%)
Overall Workweek (previous 34.5)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous -4K)
Private Payroll (previous +168K)
Participation Rate (previous 62.8%)
Non-Farm Payrolls Bench Net Chg
9:45 AM ET. May US Manufacturing PMI
PMI, Mfg (expected 56.8; previous 56.5)
10:00 AM ET. April Construction Spending - Construction Put in Place
New Construction (expected +0.8%; previous -1.7%)
Residential Construction
10:00 AM ET. May ISM Manufacturing Report on Business
Manufacturing PMI (expected 58.1; previous 57.3)
Prices Idx (previous 79.3)
Employment Idx (previous 54.2)
Inventories (previous 52.9)
New Orders Idx (previous 61.2)
Production Idx (previous 57.2)
11:00 AM ET. May Global Manufacturing PMI
PMI, Mfg (previous 53.5)
4:00 PM ET. May Domestic Auto Industry Sales
Auto Sales Annualized (expected 16.8M; previous 17.15M)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was higher overnight as it extends this month's trading range. U.S. stock futures were higher overnight and point to a stronger open when the day session begins later this morning, as trade-war fears ease. Investors are shifting their focus on the monthly jobs report due out later today. Receding fears about political upheaval in Italy also helped boost sentiment, with shares in Europe rallying in the morning hours. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June resumes the rally off the late-April low, the 87% retracement level of the March-April-decline crossing at 7098.50 is the next upside target. Closes below the reaction low crossing at 6829.75 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the March-April-decline crossing at 6987.87. Second resistance is the 87% retracement level of the March-April-decline crossing at 7098.50. First support is the reaction low crossing at 6829.75. Second support is May's low crossing at 6538.00.
The June S&P 500 was slightly higher overnight as it extends May's trading range. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 2672.69 are needed to confirm that a short-term top has been posted. If June resumes the rally off May's low, March's high crossing at 2806.00 is the next upside target. First resistance is May's high crossing at 2741.00. Second resistance is March's high crossing at 2806.00. First support is the 50-day moving average crossing at 2672.69. Second support is May's low crossing at 2592.50.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were lower overnight as they consolidate some of Tuesday's rally. Stochastics and the RSI are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 142-31 are needed to confirm that a short-term top has been posted. If June extends the rally off May's low, April's high crossing at 147-03 is the next upside target. First resistance is April's high crossing at 147-03. Second resistance is the reaction high crossing at 148-18. First support is the 20-day moving average crossing at 142-31. Second resistance is May's low crossing at 140-05.
June T-notes were lower overnight due to profit taking after testing resistance marked by April's high crossing at 121.120. Stochastics and the RSI are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 119.153 would confirm that a short-term top has been posted. If June renews the rally off May's low, February's high crossing at 122.020 is the next upside target. First resistance is April's high crossing at 121.120. Second resistance is February's high crossing at 122.020. First support is the 20-day moving average crossing at 119.153. Second support is May's low crossing at 118.105.
ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"
ENERGY MARKETS: JulyNymex crude oil was slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible near-term. If July extends the decline off May's high, the reaction low crossing at 65.38 is the next downside target. Closes above the 20-day moving average crossing at 70.15 would confirm that a short-term low has been posted. First resistance is May's high crossing at 72.90. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.19. First support is the reaction low crossing at 65.38. Second support is April's low crossing at 61.73.
July heating oil was slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50-day moving average crossing at 212.52 is the next downside target. Closes above the 10-day moving average crossing at 223.77 would confirm that a short-term low has been posted. First resistance is May's high crossing at 229.87. Second resistance is the the contract high crossing at 235.75. First support is Tuesday's low crossing at 216.47. Second support is the 50-day moving average crossing at 212.52.
July unleaded gas was slightly higher overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, the 50-day moving average crossing at 210.46 is the next downside target. Closes above the 10-day moving average crossing at 220.39 would confirm that a short-term low has been posted. First resistance is May's high crossing at 228.04. Second support is monthly resistance crossing at 248.43. First support is Tuesday's low crossing at 212.33. Second support is the 50-day moving average crossing at 210.46.
July Henry natural gas was slightly higher overnight.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, last-October's high crossing at 3.430 is the next upside target. Closes below the 20-day moving average crossing at 2.868 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 3.000. Second resistance is last-October's high crossing at 3.430. First support is the 20-day moving average crossing at 2.868. Second support is the 50-day moving average crossing at 2.828.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was slightly lower overnight as it consolidates some of this year's rally. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 93.45 are needed to confirm that a short-term top has been posted. If June extends the rally off April's low, the 87% retracement level of the June-2017/February-2018 decline crossing at 95.51 is the next upside target. First resistance is Tuesday's high crossing at 94.98. Second resistance is the 87% retracement level of the June-2017/February-2018-decline crossing at 95.51. First support is the 20-day moving average crossing at 93.45. Second support is the reaction low crossing at 92.12.
The June Euro was steady to slightly higher overnight as it consolidates some of this year's decline. 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 118.15 are needed to confirm that a short-term low has been posted. If June extends the decline off April's high, the 62% retracement level of the 2016-2018 rally crossing at 114.66 is the next downside target. First resistance is the 20-day moving average crossing at 118.15. Second resistance is the reaction high crossing at 120.25. First support is the 62% retracement level of the 2016-2018 rally crossing at 114.66. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.10.
The June British Pound was higher overnight as it consolidates some of the decline off April's high.Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3457 are needed to confirm that a short-term low has been posted. If June renews the decline off April's high, last-November's low crossing at 1.3148 is the next downside target. First resistance is the 20-day moving average crossing at 1.3457. Second resistance is the reaction high crossing at 1.3638. First support is Tuesday's low crossing at 1.3215. Second support is last October's low crossing at 1.3148.
The June Swiss Franc was slightly lower overnight as it consolidates some of the rally off May's low. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 50-day moving average crossing at 1.0256 is the next upside target. Closes below the 20-day moving average crossing at 1.0056 is the next downside target. First resistance is the 50-day moving average crossing at 1.0256. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0357. First support is May's low crossing at 0.9972. Second support is monthly support crossing at 0.9833.
The June Canadian Dollar was steady to slightly higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving averagecrossing at 78.12 are needed to confirm that a short-term low has been posted. If June renews the decline off April's high, March's low crossing at 76.33 is the next downside target.First resistance is May's high crossing at 78.62. Second resistance is April's high crossing at 79.92. First support is Tuesday's low crossing at 76.67. Second support is March's low crossing at 76.33.
The June Japanese Yen was lower overnight as it consolidates some of the rally off May's low. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 0.9127 would confirm that a short-term top has been posted. If June extends the aforementioned rally, the 50-day moving average crossing at 0.9262 is the next upside target. First resistance is the 50-day moving average crossing at 0.9262. Second resistance is the reaction high crossing at 0.9393. First support is the 10-day moving average crossing at 0.9127. Second support is the 87% retracement level of the November-March-rally crossing at 0.8956.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: June gold was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off April's high, the 75% retracement level of the December-January-rally crossing at 1279.80 is the next downside target. Closes above the 20-day moving average crossing at 1302.30 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1302.30. Second resistance is the 50-day moving average crossing at 1322.30. First support is the 75% retracement level of the December-January-rally crossing at 1279.20. Second support is the 87% retracement level of the December-January-rally crossing at 1263.70.
July silver was lower overnight as it extends May's trading range. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above May's high crossing at 16.865 or below the reaction low crossing at 16.190 are needed to confirm a breakout of the aforementioned trading range and point the direction of the next trending moving. First resistance is May's high crossing at 16.865. Second resistance is April's high crossing at 17.425. First support is the reaction low crossing at 16.190. Second support is May's low crossing at 16.070.
June copper was steady to slightly higher overnight while extending May's trading range. 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the decline off April's high, March's low crossing at 295.95 is the next downside target. Closes above May's high crossing at 313.65 would confirm an upside breakout of the aforementioned trading range. First resistance is May's high crossing at 313.65. Second resistance is April's high crossing at 320.00. First support is Wednesday's low crossing at 300.00. Second support is March's low crossing at 295.95.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was higher overnight as it consolidates some of the decline off May's high. The high-range trade overnight 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 late-April low crossing at 3.85 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.00 1/2 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 4.12 1/4. Second resistance is the 75% retracement level of the July-January-decline crossing at 4.16 1/4. First support is the late-April low crossing at 3.85 1/4. Second support is April's low crossing at 3.80 1/4.
July wheat was lower overnight as it extends this week's decline. 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 would confirm that a short-term top has been posted while opening the door for additional weakness and a possible test of the 50-day moving average crossing at 4.99 1/4. If July renews the rally off May's low, the 75% retracement level of the July-December-decline crossing at 5.66 1/4 is the next upside target. First resistance is Tuesday's high crossing at 5.54. Second resistance is the 75% retracement level of the July-December-decline crossing at 5.66 1/2. First support is the 20-day moving average crossing at 5.15. Second support is the 50-day moving average crossing at 4.99 1/4.
July Kansas City Wheat closed up 1 3/4-cents at 5.42 1/2.
July Kansas City wheat closed higher on Thursday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 5.22 would confirm that a short-term top has been posted. If July renews the rally off May's low, the 75% retracement level of the July-December-decline decline crossing at 5.77 is the next upside target. First resistance is Tuesday's high crossing at 5.74 3/4. Second resistance is the 75% retracement level of the July-December-decline crossing at 5.77. First support is the 50-day moving average crossing at 5.22. Second support is May's low crossing at 5.02 1/2.
July Minneapolis wheat was lower overnight as it extends the decline off May's high. 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 higher prices are possible near-term. If July extends this week's decline, May's low crossing at 5.99 1/2 is the next downside target. Closes above the 10-day moving average crossing at 6.26 1/2 would confirm that a short-term low has been posted. First resistance is May's high crossing at 6.51. Second resistance is last-November's high crossing at 6.69 3/4. First support is May's low crossing at 5.99 1/2. Second support is the late-April low crossing at 5.91 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans was higher overnight as it consolidates some of this week's decline. 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. If July extends this week's decline, May's low low crossing at 9.92 1/2 is the next downside target. Closes above the 50-day moving average crossing at 10.35 3/4 would confirm that a short-term low has been posted. First resistance is May's high crossing at 10.50 3/4. Second resistance is the late-April high crossing at 10.67 1/2. First support is the May 21st gap crossing at 10.07 3/4. Second support is May's low crossing at 9.92 1/2.
July soybean meal was steady 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 oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, April's low crossing at 367.00 is the next downside target. Closes above Tuesday's high crossing at 387.60 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 387.60. Second resistance is May's high crossing at 406.50. First support is Wednesday's low crossing at 373.00. Second support is April's low crossing at 367.00.
July soybean 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 31.17 would confirm that a short-term top has been posted. If July renews the rally off May's low, the reaction high crossing at 32.19 is the next upside target. First resistance is the reaction high crossing at 32.19. Second resistance is the reaction high crossing at 33.00. First support is the reaction low crossing at 30.55. Second support is May's low crossing at 30.15.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
July hogs closed down $2.08 at $78.05.
July hogs closed sharply 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 bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off April's high, April's low crossing at 72.52 is the next downside target. If July extends the rally off the late-April low, April's high crossing at 79.10 is the next upside target. First resistance is May's high crossing at 80.25. Second resistance is April's high crossing at 81.32. First support is May's low crossing at 74.97. Second support is April's low crossing at 72.52.
June cattle closed down $1.08 at 105.05.
June cattle closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, May's high crossing at 108.10 is the next upside target. If June resumes the decline off May's high, April's low crossing at 97.07 is the next downside target. First resistance is May's high crossing at 108.10. Second resistance is the reaction high crossing at 114.80. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.
August Feeder cattle closed down $1.15 at $147.40.
August Feeder cattle closed lower on Thursday as it consolidates some of the rally off May's low. The mid-range close sets the stage for a steady opening when Friday's 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 May's low, March's high crossing at 153.88 is the next upside target. Closes below the 20-day moving average crossing at 142.82 would confirm that a short-term top has been posted. First resistance is today's high crossing at 149.50. Second resistance is March's high crossing at 153.88. First support is the 20-day moving average crossing at 142.82. Second support is May's low crossing at 136.25.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July 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 July extends the rally off May's low, May's high crossing at 12.60 is the next upside target. Closes below the 20-day moving average crossing at 11.99 would confirm that a short-term top has been posted.
July cocoa closed lower on Thursday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 50% retracement level of the December-April-rally crossing at 23.84 is the next downside target. Closes above the 20-day moving average crossing at 26.75 would confirm that a low has been posted.
July sugar closed higher on Thursday as it extends the rally off April's low. The high-range close set the stage for a steady to higher opening on Friday. 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 aforementioned rally, the 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. Closes below the 20-day moving average crossing at 11.84 are needed to confirm that a top has been posted.
July cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 86.97 would confirm that a short-term top has been posted. If July extends this year's rally, weekly resistance crossing at 97.35 is the next upside target.