KEY EVENTS TO WATCH FOR:
Monday, June 4, 2018
9:45 AM ET. May ISM-NY Report on Business
Business Index (expected 64.3)
10:00 AM ET. April Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous +1.6%)
Orders, Ex-Defense, M/M% (previous +1.6%)
Orders, Ex-Transport, M/M% (previous +0.3%)
Durable Goods, M/M% (previous +2.6%)
Durable Goods, M/M%
10:00 AM ET. May Employment Trends Index
ETI (previous 108.08)
ETI, Y/Y% (previous +4.9%)
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The June NASDAQ 100 closed higher on Friday as it renewed the rally off April'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 diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, March's high crossing at 7214.50 is the next upside target. Closes below the 20-day moving average crossing at 6924.76 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the March-April-decline crossing at 700.43. Second resistance is March's high crossing at 7214.50. First support is the 20-day moving average crossing at 6924.75. Second support is the reaction low crossing at 6829.75.
The June S&P 500 closed higher on Friday while extending the trading range of the past three-weeks. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off May's low, March's high crossing at 2806.00 is the next upside target. Closes below the 50-day moving average crossing at 2673.04 would confirm that a short-term top has been posted. First resistance is the reaction 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 2673.04. Second support is May's low crossing at 2592.50.
The Dow closed higher on Friday following a May jobs report that came in above expectations. The U.S. labor market remains strong with 223,000 new jobs created in May, which pushed the unemployment rate down to an 18-year low of 3.8%. Wage growth was modest, with the yearly rate of pay rising to 2.7% from 2.6%. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow renews the rally off May's low, March's high crossing at 25,449.15 is the next upside target. Closes below Tuesday's low crossing at 24,247.84 would confirm that a short-term top has been posted. First resistance is May's high crossing at 25,086.49. Second resistance is March's high crossing at 25,449.15. First support is Tuesday's low crossing at 24,247.84. Second support is May's low crossing at 23,531.31.
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June T-bonds closed down 15/32's at 144-23.
June T-bonds 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 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 142-31 would 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 Wednesday's high crossing at 146-23. Second resistance is April's high crossing at 147-03. First support is the 20-day moving average crossing at 142-31. Second support is May's low crossing at 140-05.
June T-notes closed down 120-points at 120-040.
June T-notes closed lower on Friday and the low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a double top with April's high could have been posted with Wednesday's high. Closes below the 20-day moving average crossing at 119.151 would confirm that a short-term top has been posted. If June extends the rally off May's low, February's high crossing at 122.020 is the next upside target. First resistance 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 119.151. Second support is May's low crossing at 118.105.
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July crude oil closed lower on Friday as growing U.S. production and the possibility that the Organization of the Petroleum Exporting Countries and its allies will boost output prompted U.S. benchmark prices to settle at their lowest level since April. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. 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 reaction low crossing at 65.38 is the next downside target. Closes above the 20-day moving average crossing at 70.11 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 70.11. Second resistance is May's high crossing at 72.90.First support is the reaction low crossing at 65.38. Second support is the late-April low crossing at 61.73.
July heating oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI remain 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 212.45 is the next downside target. Closes above the 10-day moving average crossing at 223.46 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 229.87. Second resistance is the contract highcrossing at 235.75. First support is the 50-day moving average crossing at 212.45. Second support is May's low crossing at 208.77.
July unleaded 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50-day moving average crossing at 210.40 is the next downside target. Closes above the 10-day moving average crossing at 220.09 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 226.25. Second resistance is monthly resistance crossing at 248.43. First support is the 50-day moving average crossing at 210.40. Second support is May's low crossing at 205.47.
July Henry natural gas 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off May's low, January's high crossing at 3.010, 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 3.043. First support is the 20-day moving average crossing at 2.868. Second support is the 50-day moving average crossing at 2.828.
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The June Dollar closed higher on Friday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 93.47 would confirm that a short-term top has been posted. If June extends the rally off February's low, the 87% retracement level of the 2017-2018-decline crossing at 95.52. First resistance is the 75% retracement level of the 2017-2018-decline crossing at 94.46. Second resistance is the 87% retracement level of the 2017-2018-decline crossing at 95.52. First support is the 20-day moving average crossing at 93.47. Second support is the reaction low crossing at 92.11.
The June Euro closed lower on Friday. The mid-range close sets the stage for a steady to lower prices are possible when Friday's night 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 118.13 are needed to confirm that a short-term low has been posted. If June resumes 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 10-day moving average crossing at 117.14. Second resistance is the 20-day moving average crossing at 118.13. 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 closed higher on Friday as it consolidated some of May's decline. 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3459 would confirm that a short-term low has been posted. If June extends the aforementioned decline, last November's low crossing at 1.3148 is the next downside target. First resistance is the 20-day moving average crossing at 1.3459. Second resistance is the reaction high crossing at 1.3638. First support is Tuesday's low crossing at 1.3215. Second support is last November's low crossing at 1.3148.
The June Swiss Franc closed 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 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 1.0055 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 1.0189. Second resistance is the 50-day moving average crossing at 1.0256. First support is May's low crossing at 0.9972. Second support is weekly support crossing at 0.9833.
The June Canadian Dollar closed 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 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 76.33 is the next downside target. Closes above the 50-day moving average crossing at 78.12 is needed to confirm that a short-term low has been posted. First resistance is the reaction 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 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 with today's decline signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 0.9125 would confirm that a short-term top has been posted. If June extends the rally off May's low, the 50-day moving average crossing at 0.9261 is the next upside target. First resistance is the 50-day moving average crossing at 0.9261. Second resistance is the reaction high crossing at 0.9393. First support is May's low crossing at 0.8992. Second support is the 87% retracement level of the October-March-rally crossing at 0.8956.
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June gold 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 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 1279.20 is the next downside target. Closes above the 20-day moving average crossing at 1302.20 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1302.20. Second resistance is May's high crossing at 1326.30. 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 closed lower on Friday while extending May's trading range. The low-range close set 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 July renews the decline off April's high, December's low crossing at 15.705 is the next downside target. If July extends the rally off May's low, May's high crossing at 16.865 is the next upside target.First resistance is May's high crossing at 16.865. Second resistance is April's high crossing at 17.360. First support is the reaction low crossing at 16.335. Second support is May's low crossing at 16.070.
June copper 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the decline off April's high, April's low crossing at 298.35 is the next downside target. Closes above May's high crossing at 313.65 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 315.65. Second resistance is April's high crossing at 320.00. First support is Wednesday's low crossing at 300.00. Second support is April's low crossing at 298.35.
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July Corn closed down 3 1/4-cents at 3.90 3/4.
July corn closed lower on Friday as it extended the decline off May's high. 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 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 1/4 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 Wednesday's low crossing at 3.90 3/4. Second support is the late-April low crossing at 3.85 1/4.
July wheat closed down 3 1/4-cents at 5.23.
July wheat closed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 5.15 1/4 would confirm that a short-term top has been posted. If July renews this spring's rally, the 75% retracement level of 2017's decline crossing at 5.66 1/4 is the next upside target. First resistance is the 62% retracement level of the July-December-decline crossing at 5.43 3/4. Second resistance is the 75% retracement level of 2017's decline crossing at 5.66 1/4. First support is the 20-day moving average crossing at 5.15 1/4. Second support is May's low crossing at 4.86 1/4.
July Kansas City Wheat closed down 1 3/4-cents at 5.40 3/4.
July Kansas City wheat closed lower on Friday as it extended this week's decline. The high-range close sets the stage for a steady to higher opening on Monday. 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 5.23 1/4 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 May's high crossing at 5.74 3/4. Second resistance isthe 75% retracement level of the July-December-decline crossing at 5.77. First support is the 50-day moving average crossing at 5.23 1/4. Second support is May's low crossing at 5.02 1/2.
July Minneapolis wheat closed down 8-cents at 6.04.
July Minneapolis wheat closed lower on Friday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned 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 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.
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July soybeans closed up 5 3/4-cents at 10.24 1/4.
July soybeans 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 bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the May 21st gap crossing at 10.07 3/4 is the next downside target. If July renews the rally off May's low, the late-April high crossing at 10.67 1/2 is the next upside target. First resistance is May's high crossing at 10.50 3/4. Second resistance is the late-April's 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 closed down $0.50 at 374.80.
July soybean meal closed 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews 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 low has been posted. First resistance is May's high crossing at 406.50. Second resistance is weekly resistance crossing at 414.20. First support is today's low crossing at 372.10. Second support is April's low crossing at 367.00.
July soybean oil closed up 11 pts. At 31.23.
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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, the reaction low crossing at 30.55 is the next downside target. 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 20-day moving average crossing at 31.17. Second support is the reaction low crossing at 30.55.
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July hogs closed up $0.75 at $78.80.
July hogs closed sharply higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 $0.15 at 104.90.
June cattle 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 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 $1.08 at $146.32.
August Feeder cattle closed lower on Friday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are overbought 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 142.82 would confirm that a short-term top has been posted. If August extends the rally off May's low, March's high crossing at 153.88 is the next upside target. First resistance is Thursday'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.
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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, May's high crossing at 12.60 is the next upside target. Closes below the 20-day moving average crossing at 11.86 would confirm that a short-term top has been posted.
July cocoa closed slightly lower on Friday as it extends the decline off April's high. The high-range close sets the stage for a steady to higher 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 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 26.55 would confirm that a low has been posted.
July sugar posted a key reversal down on Friday as it consolidated some of the rally off April's low. The low-range close set the stage for a steady to lower opening on Monday. 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 11.88 are needed to confirm that a top has been posted.
July cotton closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 87.41 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.