KEY EVENTS TO WATCH FOR:

Thursday, June 7, 2018  

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 909.3K)

                       Soybeans (Metric Tons) (previous 1491.2K)

                       Wheat (Metric Tons) (previous 309.2K)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 220K; previous 221K)

                       Jobless Claims, Net Chg (previous -13K)

                       Continuing Claims (previous 1726000)

                       Continuing Claims, Net Chg (previous -16K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. 1^st Quarter Quarterly Services

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1725B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +96B)

12:00 PM ET. May Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. SEC Closed Meeting

3:00 PM ET. April Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +14.0B; previous +11.62B)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

Friday, June 8, 2018  

10:00 AM ET. April Monthly Wholesale Trade

                       Inventories, M/M% (expected +0.0%; previous +0.3%)

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

The June NASDAQ 100 closed higher on Wednesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought remain 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 6980.54 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7203.25. Second resistance is March's high crossing at 7214.50. First support is the 10-day moving average crossing at 7040.88. Second support is the 20-day moving average crossing at 6980.54. 

The June S&P 500 closed higher on Wednesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Thursday'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, March's high crossing at 2806.00 is the next upside target. Closes below the 50-day moving average crossing at 2680.29 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2768.00. Second resistance is March's high crossing at 2806.00. First support is the 20-day moving average crossing at 2724.74. Second support is the 50-day moving average crossing at 2680.29. 

The Dow closed sharply higher on Wednesday and trading above May's high crossing at 25,086.49. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off May's low, March's high crossing at 25,449.15 is the next upside target. Closes below last 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 last-Tuesday's low crossing at 24,247.84. Second support is May's low crossing at 23,531.31.      

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

June T-bonds closed down 1-01/32's at 143-09.

June T-bonds closed lower on Wednesday as it extends the decline off May's high.The low-range close sets the stage for a steady to lower opening when Thursday'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 143-00 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 May'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 143-00. Second support is May's low crossing at 140-05.      

June T-notes closed down 130-points at 119-200.

June T-notes closed lower on Wednesday as it extends the decline off May's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 119.158 are needed to 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 May's high crossing at 121.125. Second resistance is February's high crossing at 122.020. First support is the 20-day moving average crossing at 119.158. Second support is May's low crossing at 118.105.    

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

July crude oil closed lower on Wednesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. 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 May's high, April's low crossing at 61.73 is the next downside target. Closes above the 20-day moving average crossing at 69.40 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 67.32. Second resistance is the 20-day moving average crossing at 69.40.First support is Tuesday's low crossing at 64.22. Second support is April's low crossing at 61.73. 

July heating oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 May's high, the 50% retracement level of the February-May-rally crossing at 205.38 is the next downside target. Closes above the 20-day moving average crossing at 222.15 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 222.15. Second resistance is May's high crossing at 229.87. First support is the 38% of the February-May-rally crossing at 211.14. Second support is the 50% retracement level of the February-May-rally crossing at 205.38. 

July unleaded gas closed lower on Wednesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 62% retracement level of the February-May-rally crossing at 200.25 is the next downside target. Closes above the 20-day moving average crossing at 218.64 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 218.64. Second resistance is May's high crossing at 226.25. First support is the 50% retracement level of the February-May-rally crossing at 205.59. Second support is the 62% retracement level of the February-May-rally crossing at 200.25.

July Henry natural gas closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 2.891 would confirm that a short-term top has been posted. If July renews the rally off May's low, January's high crossing at 3.010, is the next upside target. First resistance is May'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 2.891. Second support is the 50-day moving average crossing at 2.837.  

CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""

The June Dollar closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 93.61 would confirm that a short-term top has been posted. If June renews 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 93.61. Second support is the reaction low crossing at 92.11.  

The June Euro closed higher on Wednesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher prices are possible when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 117.82 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 20-day moving average crossing at 117.81. 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 closed higher on Wednesday as it extends the rally off May's low. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.3430 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 1.3430. Second resistance is the reaction high crossing at 1.3638. First support is May's low crossing at 1.3215. Second support is last November's low crossing at 1.3148. 

The June Swiss Franc closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 1.0227 is the next upside target. Closes below the 20-day moving average crossing at 1.0075 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 1.0189. Second resistance is the 50-day moving average crossing at 1.0227. First support is May's low crossing at 0.9972. Second support is weekly support crossing at 0.9833.

The June Canadian Dollar closed slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 78.09 is 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 76.54. Second support is March's low crossing at 76.33.  

The June Japanese Yen closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’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 extends the decline off May's high, May's low crossing at 0.8992 is the next downside target. Closes above the 10-day moving average crossing at 0.9122 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9234. 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.   

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

June gold closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1307.20 are needed to confirm that a short-term low has been posted. 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. First resistance is the reaction high crossing at 1307.20. 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 higher on Wednesday while extending May's trading range. The high-range close set the stage for a steady to higher opening when Thursday's night session begins trading. 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 16.865 is the next upside target. If July renews the decline off April's high, December's low crossing at 15.705 is the next downside 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.      

July copper closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, February's high crossing at 330.40 is the next upside target. Closes below the 20-day moving average crossing at 310.13 would confirm that a short-term top has been posted. First resistance is today's high crossing at 327.40. Second resistance is February's high crossing at 330.40. First support is the 20-day moving average crossing at 310.13. Second support is May's low crossing at 301.00.   

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

July Corn closed down 4 3/4-cents at 3.79. 

July corn closed lower on Wednesday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off May's high, March's low crossing at 3.77 1/2 is the next downside target. Closes above the 20-day moving average crossing at 3.97 are needed to confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 3.90 3/4. Second resistance is the 20-day moving average crossing at 3.97. First support is today's low crossing at 3.78 3/4. Second support is April's low crossing at 3.77 1/2.  

July wheat closed up 12-cents at 5.22. 

July wheat closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 the decline off May's high, the 50-day moving average crossing at 5.01 3/4 is the next downside target. If July renews the  rally off March's low, 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 50-day moving average crossing at 5.01 3/4. Second support is May's low crossing at 4.86 1/4.       

July Kansas City Wheat closed up 10 3/4-cents at 5.39 3/4. 

July Kansas City wheat closed higher on Wednesday as it consolidates some of the decline off May's high. The mid-range close sets the stage for a steady to higher opening on Thursday. 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, May's low crossing at 5.02 1/2. 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 May's low crossing at 5.02 1/2. Second support is the reaction low crossing at 4.94 3/4. 

July Minneapolis wheat closed up 1 1/4-cents at 5.98 1/4. 

July Minneapolis wheat closed higher on Wednesday as it consolidated some of the decline off May's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the aforementioned decline, April's low crossing at 5.81 is the next downside target. Closes above the 10-day moving average crossing at 6.16 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.16 1/2. Second resistance is May's high crossing at 6.51. First support is Monday's low crossing at 5.91 3/4. Second support is April's low crossing at 5.81.  

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

July soybeans closed down 6 1/2-cents at 9.94 3/4. 

July soybeans closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off May's high, May's low crossing at 9.92 1/2 is the next downside target. Closes above the 50-day moving average crossing at 10.33 1/2 would confirm that a low has been posted. 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 May's low crossing at 9.92 1/2. Second support is January's low crossing at 9.93 3/4.

July soybean meal closed down $2.30 at 365.00. 

July soybean meal closed lower on Wednesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 the decline off May's high, March's low crossing at 360.90 is the next downside target. Closes above the 20-day moving average crossing at 377.40 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 387.60. Second resistance is May's high crossing at 406.50. First support is today's low crossing at 364.80. Second support is March's low crossing at 360.90.  

July soybean oil closed down 14 pts. At 30.65. 

July soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 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 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 up $2.93 at $79.95. 

July hogs closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, April's high crossing at 79.10 is the next upside target. If July renews the decline off April's high, April's low crossing at 72.52 is the next downside 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 up $1.10 at 108.30. 

June cattle closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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, the reaction high crossing at 114.80 is the next upside target. Closes below the 50-day moving average crossing at 104.51 would confirm that a short-term top has been posted. First resistance is today's high crossing at 109.35. 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 up $0.63 at $146.75. 

August Feeder cattle closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are turning 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 143.01 would confirm that a short-term top has been posted. First resistance is May'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 143.01. Second support is May's low crossing at 136.25.    

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

July coffee closed lower on Wednesday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening on Thursday. 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 crossing at 11.63 is the next downside target. Closes above the 10-day moving average crossing at 12.07 would confirm that a short-term top has been posted. 

July cocoa closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 75% retracement level of the December-April-rally crossing at 21.02 is the next downside target. Closes above the 20-day moving average crossing at 25.82 would confirm that a low has been posted.  

July sugar closed higher on Wednesday as it consolidated some of the decline off last Friday's high. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 11.97 are needed to confirm that a top has been posted. If July extends the rally off April's low, the 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. 

July cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 88.14 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.