KEY EVENTS TO WATCH FOR:
Tuesday, May 26, 2020
8:30 AM ET. April CFNAI Chicago Fed National Activity Index
NAI (previous -4.19)
NAI, 3-mo Moving Avg (previous -4.19 -1.47)
9:00 AM ET. 1st Quarter U.S. Quarterly House Price Index
9:00 AM ET. March U.S. Monthly House Price Index
9:00 AM ET. March S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.4%)
10-City Idx, Y/Y% (previous +2.9%)
20-City Idx, M/M% (previous +0.5%)
20-City Idx, Y/Y% (previous +3.5%)
National Idx, M/M% (previous +0.4%)
National Idx, Y/Y% (previous +4.2%)
10:00 AM ET. May Consumer Confidence Index
Cons Conf Idx (previous 86.9)
Expectation Idx (previous 93.8)
Present Situation Idx (previous 76.4)
10:00 AM ET. April New Residential Sales
New Home Sales (previous 627K)
New Home Sales, M/M% (previous -15.4%)
New Home Sales Months Supply (previous 6.4)
10:30 AM ET. May Texas Manufacturing Outlook Survey
Business Activity (previous -73.7)
Mfg Production Idx (previous -55.3)
Wednesday, May 27, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 727.1)
Composite Idx, W/W% (previous -2.6%)
Purchase Idx-SA (previous 258.9)
Purchase Idx-SA, W/W% (previous +6.4%)
Refinance Idx (previous 3474.1)
Refinance Idx, W/W% (previous -6.3%)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +1.3%)
Chain Store Sales, M/M% (previous -16.6%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -2.6%)
Ret Sales Mo-to-Date, Y/Y% (previous -8.5%)
Latest Wk, Y/Y% (previous -9.5%)
10:00 AM ET. May Richmond Fed Business Activity Survey
Mfg Idx (previous -53)
Shipments Idx (previous -70)
12:30 AM ET. FRB St. Louis President James Bullard speaks at C.D. Howe Institute WebEx
2:00 PM ET. U.S. Federal Reserve Beige Book
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -4.8M)
Gasoline Stocks, Net Chg (Bbls) (previous -0.7M)
Distillate Stocks, Net Chg (Bbls) (previous +5.1M)
Thursday, May 28, 2020
8:30 AM ET. April Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -14.4%)
Dur Goods, Ex-Defense, M/M% (previous -15.8%)
Dur Goods, Ex-Transport, M/M% (previous -0.2%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% M/M% (previous +0.1%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.2%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 2438K)
Jobless Claims, Net Chg (previous -249K)
Continuing Claims (previous 25073000)
Continuing Claims, Net Chg (previous +2525K)
8:30 AM ET. 1st Quarter Preliminary Corporate Profits
8:30 AM ET. 1st Quarter 2nd estimate GDP
Annual Rate, Q/Q% (previous -4.8%)
Chain-Weighted Price Idx, Q/Q% (previous -4.3%)
Corporate Profits, Q/Q% (previous +3.7%)
PCE Price Idx, Q/Q% (previous +1.3%)
Purchase Price Idx, Q/Q% (previous +1.6%)
Real Final Sales, Q/Q% (previous -4.3%)
Core PCE Price Idx, Q/Q% (previous +1.8%)
Consumer Spending, Q/Q% (previous -7.6%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. April Pending Home Sales Index
Pending Home Sales (previous 88.2)
Pending Home Sales Idx, M/M% (previous -20.8%)
Pending Home Sales Idx , Y/Y% (previous -16.3%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2503B)
Working Gas In Storage, Net Chg (Cbf) (previous +81B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 526.494M)
Crude Oil Stocks, Net Chg (Bbl) (previous -4.982M)
Gasoline Stocks (Bbl) (previous 255.724M)
Gasoline Stocks, Net Chg (Bbl) (previous +2.83M)
Distillate Stocks (Bbl) (previous 158.832M)
Distillate Stocks, Net Chg (Bbl) (previous +3.831M)
Refinery Usage (previous 69.4%)
Total Prod Supplied (Bbl/day) (previous 16.586M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.228M)
11:00 AM ET. May Federal Reserve Bank of Kansas City Survey of Tenth District
Manufacturing
Mfg Activity Idx (previous -62)
6-Mo Exp Prod Idx (previous -8)
Mfg Composite Idx (previous -30)
6-Mo Exp Composite Idx (previous -6)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
Friday, May 29, 2020
8:30 AM ET. April Personal Income & Outlays
Personal Income, M/M% (previous -2%)
Consumer Spending, M/M% (previous -7.5%)
PCE Price Idx, M/M% (previous -0.3%)
PCE Price Idx, Y/Y% (previous +1.3%)
PCE Core Price Idx, M/M% (previous -0.1%)
PCE Core Price Idx, Y/Y% (previous +1.7%)
8:30 AM ET. April Advance Economic Indicators Report
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 854.9K)
Soybeans (Metric Tons) (previous 1669K)
Wheat (Metric Tons) (previous 428.2K)
9:45 AM ET. May ISM-Chicago Business Survey - Chicago PMI
PMI-Adj (previous 35.4)
10:00 AM ET. May University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 71.8)
End-Mo Expectations Idx (previous 70.1)
12-Month Inflation Forecast (previous 2.1%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 74.3)
3:00 April Agricultural Prices
Farm Prices, M/M% (previous +1.8%)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was sharply higher in late-overnight trading. U.S. stock futures indicated a powerful open for Wall Street on when the day session begins after a long holiday weekend, as fresh coronavirus vaccine news and signs that global economies are slowly starting to crawl back from the pandemic shutdown. The high-range trade sets the stage for a steady to higher opening when the day 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. If June extends the rally off March's low, February's high crossing at 9780.50 is the next upside target. Closes below the 20-day moving average crossing at 9121.20 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 9604.00. Second resistance is February's high crossing at 9780.50. First support is the 20-day moving average crossing at 9121.20. Second support is the May 14th low crossing at 8847.00.
The June S&P 500 was sharply 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 75% retracement level of the February-March-decline crossing at 3081.80 is the next upside target. Closes below the May 14th low crossing at 2780.70 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2971.50. Second resistance is the 75% retracement level of the February-March-decline crossing at 3081.80. First support is May 14th low crossing at 2780.70. Second support is the reaction low crossing at 2720.20.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were lower in late-overnight trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the May 15th high crossing at 182-15 would confirm that a short-term low has been posted. If June extends the decline off last-Friday's high, April's low crossing at 177-14 is the next downside target. Multiple closes below April's low crossing at 177-14 would mark a downside breakout of the April-May trading range. First resistance the May 15th high crossing at 182-15. Second resistance is the March 12th high crossing at 184-07. Second resistance is March's high crossing at 191-22. First support is last-Tuesday's low crossing at 177-26. Second support is April's low crossing at 177-14.
June T-notes were sharply lower overnight. The low-range overnight trade sets the stage for a steady to lower opening with the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 7th low crossing at 137.160 would mark a downside breakout of the April-May trading range while opening the door for additional weakness near-term. If June extends the rally off Monday's low, March's high crossing at 140.240 is the next upside target. First resistance is the April 21st high crossing at 139.220. Second resistance is March's high crossing at 140.240. First support is the 50-day moving average crossing at 138.148. Second support is the April 7th low crossing at 137.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil was higher in overnight trading as it extends its longest winning streak since February. 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 July extends the rally off April's low, the 50% retracement level of the February-April-decline crossing at $40.12 is the next upside target. Closes below the 20-day moving average crossing at $27.14 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the February-April-decline crossing at $34.74. Second resistance is the 50% retracement level of the February-April-decline crossing at $40.12. First support is the 10-day moving average crossing at $30.89. Second support is the 20-day moving average crossing at $27.14.
July heating oil was 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 July extends the rally off April's low, April's high crossing at $118.84 is the next upside target. Closes below the 20-day moving average crossing at $93.24 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the February-April-decline crossing at $107.30. Second resistance is the 38% retracement level of the February-April-decline crossing at $124.97. First support is the 20-day moving average crossing at $93.24. Second support is April's low crossing at $74.39.
July unleaded gas was higher overnight. The high-range late-overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 50% retracement level of the January-March-decline crossing at $125.43 is the next upside target. Closes below the 20-day moving average crossing at $93.66 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the February-April-decline crossing at $109.27. Second resistance is the 50%retracement level of the January-March-decline crossing at $125.43. First support is the 10-day moving average crossing at $100.85. Second support is the 20-day moving average crossing at $93.66.
July Henry natural gas was lower in late-overnight trading. 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 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, weekly support crossing at 1.515 is the next downside target. Closes above the 20-day moving average crossing at 2.025 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.025. Second resistance is the April 13th high crossing at 2.126. First support is the May 15th low crossing at 1.822. Second support is weekly support crossing at 1.515.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was sharply lower in late-overnight trading while extending the April-May trading range. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off May's high, May's low crossing at $98.76 is the next downside target. Closes above the 50-day moving average crossing at $100.12 would temper the near-term bearish outlook. First resistance is the April 6th high crossing at $101.03. Second resistance is March's high crossing at $103.96. First support is May's low crossing at $98.76. Second support is the 62% retracement level of March's rally crossing at $98.13.
The June Euro was higher in late-overnight trading ending a two-day setback off last-Thursday's high. 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 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 $110.29 is the next upside target. Closes below the 20-day moving average crossing at $108.86 would temper the near-term friendly outlook. First resistance is May's high crossing at $110.29. Second resistance is the March 27th high crossing at $111.88. First support is April's low crossing at $107.39. Second support is March's low crossing at $106.71.
The June British Pound was higher overnight as it renewed the rally off May's low.The high-range overnight trade sets the stage for a steady to higher opening when the day session beings 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 1.2328 would confirm that a short-term low has been posted. If June renews the decline off April's high, the 50% retracement level of the March-April rally crossing at 1.2045 is the next downside target. First resistance is the 20-day moving average crossing at 1.2328. Second resistance is the April 14th high crossing at 1.2653. First support is the 50% retracement level of the March-April rally crossing at 1.2045. Second support is the 62% retracement level of the March-April rally crossing at 1.1900.
The June Swiss Franc was higher in late-overnight trading while extending the April-May 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the overnight rally, May's high crossing at 1.0441 is the next upside target. If June renews the decline off May's high, April's low crossing at 1.0216 is the next downside target. First resistance is the April 14th high crossing at 1.0443. Second resistance is the March 30th high crossing at 1.0566. First support is April's low crossing at 1.0216. Second is March's low crossing at 1.0138.
The June Canadian Dollar was higher overnight while extending the March-May 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the April 13th high crossing at 72.25 would confirm an upside breakout of the aforementioned trading range. Closes below the April 21st low crossing at 70.12 would mark a downside breakout of the aforementioned trading range. First resistance is 50% retracement level of the January-March-decline crossing at 72.73. Second resistance is the 62% retracement level of the January-March-decline crossing at 73.80. First support is May's low crossing at 70.56. Second support is the April 21st low crossing at 70.12. Third support is the March 31st low crossing at 69.74. Fourth support is March's low crossing at 68.20.
The June Japanese Yen was steady to slightly higher in late-overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May's high, April's low crossing at 0.0916 is the next downside target. If June renews the rally off March's low, the September 2019 high crossing at 0.0951 is the next upside target. First resistance is the 25% retracement level of the 2016-2020-decline crossing at 0.0943. Second resistance is the September 2019 high crossing at 0.0951. First support is last-Tuesday's low crossing at 0.0925. Second support is April's low crossing at 0.0916. Third support is March's low crossing at 0.0900.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS:June gold was lower in late-overnight trading. 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 lower prices are possible near-term. Closes below the 20-day moving average crossing at $1722.00 would temper the friendly outlook. If June extends the rally off April's low, the April 14th high crossing at $1788.80 is the next upside target. First resistance is last-Monday's high crossing at $1775.80. Second resistance is the April 14th high crossing at $1788.80. First support is the May 1st low crossing at $1676.00. Second support is the April 21st low crossing at $1666.20.
July silver 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 later this morning. 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 $19.075 is the next upside target. Closes below the 20-day moving average crossing at $16.191 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-March-decline crossing at $18.134. Second resistance is February's high crossing at $19.075. First support is the 10-day moving average crossing at $17.082. Second support is the 20-day moving average crossing at $16.191.
July copper was higher in late-overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 14th low crossing at 2.3140 would confirm that a short-term top has been posted. If July extends the rally off March's low, the 62% retracement level of the January-March-decline crossing at 2.5468 is the next upside target. First resistance is the 50% retracement level of the January-March-decline crossing at 2.4380. Second resistance is the 62% retracement level of the January-March-decline crossing at 2.5468. First support is the May 14th low crossing at 2.3140. Second support is the April 21st low crossing at 2.2170. Third support is March's low crossing at 1.9795.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was higher overnight as it extends the April-May trading range. The high-range trade sets the stage for a steady to higher opening when the day sessions 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 April's low, the April 23rd high crossing at $3.31 is the next upside target. If July resumes the decline off December's high, psychological support crossing at $3.00 is the next downside target. First resistance is the 50-day moving average crossing at $3.30. Second resistance is the April 23rd high crossing at $3.31. First support is April's low crossing at $3.09. Second support is psychological support crossing at $3.00.
July wheat was lower overnight as it consolidates some of the rally off last-Monday's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, last-September's low crossing at $4.81 is the next downside target. Closes above last-Thursday's high crossing at $5.24 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at $5.24. Second resistance is the 50-day moving average crossing at $5.30 3/4. First support is last-Monday's low crossing at $4.93 3/4. Second support is last-September's low crossing at $4.81.
July Kansas City Wheat closed down $0.10-cents at $4.44 1/2.
July Kansas City wheat closed lower on Friday ending a two-day bounce off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Monday day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at $4.66 1/4 are needed to confirm that a short-term low has been posted. If July resumes the decline off April's high, March's low crossing at $4.27 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $4.66 1/4. Second resistance is the 50-day moving average crossing at $4.76 3/4. First support is last-Wednesday's low crossing at $4.38 3/4. Second support is March's low crossing at $4.27 1/4.
July Minneapolis wheat was steady to fractionally higher in overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $5.23 would open the door for additional short-term gains. If July renews this year's decline, psychological support crossing at $5.00 is the next downside target. First resistance is the 50-day moving average crossing at $5.23. Second resistance is April's high crossing at $5.48 1/4. First support is May's low crossing at $5.02. Second support is psychological support crossing at $5.00.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans were higher overnight as it extends the April-May trading range. The mid-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 July extends the decline off May's high, April's low crossing at $8.18 1/2 is the next downside target. Closes above the 50-day moving average crossing at $8.51 3/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.51 3/4. Second resistance is the April 13th high crossing at $8.77 1/2. First support is April's low crossing at $8.18 1/2. Second support is psychological support crossing at $8.00.
July soybean meal was higher overnight. The mid-range trade 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 year's decline, monthly support crossing at $278.80 is the next downside target. Multiple closes above the 20-day moving average crossing at $288.10 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $288.10. Second resistance is May's high crossing at $295.80. Third resistance is the 50-day moving average crossing at 297.30. First support is last-Thursday's low crossing at $282.00. Second support is monthly support crossing at $278.80.
July soybean oil was higher overnight while extending the March-May trading range. The mid-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26.50 would temper the near-term friendly outlook. Closes above April's high crossing at 28.14 would mark an upside breakout of the aforementioned trading range. First resistance is the 25% retracement level of the January-March-decline crossing at 27.84. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.32. First support is May's low crossing at 25.70. Second support is April's low crossing at 25.09. Third support is March's low crossing at 25.02.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $0.58 at $58.78.
June hogs closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday'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, the 50% retracement level of the 2019-2020-decline crossing at $68.55 is the next upside target. Closes below Wednesday's low crossing at $55.75 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2019-2020 decline crossing at $68.55. Second resistance is the 62% retracement level of the 2019-2020 decline crossing at $74.93. First support is Wednesday's low crossing at $55.75. Second support is the April 29th low crossing at $54.78.
June cattle closed down $1.10 at $97.70.
June cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 April's low, the 62% retracement level of the January-April-decline crossing at $103.37 is the next upside target. Closes below the 20-day moving average crossing at $92.31 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at $100.00. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.37. First support is the 10-day moving average crossing at $96.72. Second support is the 20-day moving average crossing at $92.31.
August Feeder cattle closed down $0.08-cents at $128.80.
August Feeder cattle closed lower on Friday as it extended the decline off May's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. If August extends the aforementioned decline, the 50-day moving average crossing at 127.31 is the next downside target. Closes above the 10-day moving average crossing at $131.48 is the next upside target. First resistance is the 62% retracement level of the January-April-decline crossing at $138.77. Second resistance is the 75% retracement level of the January-April-decline crossing at $144.91. First support is the 50-day moving average crossing at $127.31. Second support is May's low crossing at $125.30.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed lower on Friday as it extends the decline off March's high. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the decline off March's high, last-October's low crossing at 10.03 is the next downside target. Closes above the 50-day moving average crossing at 11.29 would confirm that a low has been posted.
July cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 23.34 would confirm that a short-term top has been posted. If July renews the rally off March's low, the 50% retracement level of the February-March decline crossing at 25.68 is the next upside target.
July sugar closed lower on Friday as it consolidates some of the rally off April's low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought, diverging 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 10.42 would signal that a short-term top has been posted. If July extends the rally off April's low, the 38% retracement level of the February-April-decline crossing at 11.45 is the next upside target.
July cotton closed lower on Friday as it consolidates some of the rally off April's low. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 54.93 would confirm that a short-term top has been posted. If July extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at 61.06.
Thanks tallpine!
The weather is bullish for grains after these rains move out the next couple of days. That has us higher.
Very warm to hot(WCB/N.Plains) and dry in week 2.
Also bullish NG, though the heat is farther west than ideal, where not as many people live but crops are grown, leaving out the south and east, high population centers.