KEY EVENTS TO WATCH FOR:
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/ex?changes/?c=indexes
The Dow closed higher on Wednesday as it extends the rally off March's low. The high-range close that 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 the Dow extends the rally off March's low, the 75% retracement level of the February-March-decline crossing at 26,700.47 is the next upside target. Closes below the 20-day moving average crossing at 24,170.34 would signal that a short-term top has been posted. First resistance is today's high crossing at 25,356.29. Second resistance is the 75% retracement level of the February-March-decline crossing at 26,700.47. First support is the 20-day moving average crossing at 24,170.34. Second support is the 50-day moving average crossing at 23,058.35.
The June NASDAQ 100 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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 9148.29 would confirm that a short-term top has been posted. If June extends the rally off March's low, February's high crossing at 9780.50 is the next upside target. First resistance is Tuesday's 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 9148.29. Second support is the May 15th low crossing at 8847.00. Third support is the May 4th low crossing at 8556.25.
The June S&P 500 closed higher on Wednesday as it extended the rally off March'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 March extends the rally off March's low, the 75% retracement level of the February-March-decline crossing at 3085.85 is the next upside target. Closes below the 20-day moving average crossing at 2900.09 would signal that a short-term top has been posted. First resistance is today's high crossing at 3032.40. Second resistance is the 75% retracement level of the February- March-decline crossing at 3085.85. First support is the 20-day moving average crossing at 2900.09. Second support is the May 14th low crossing at 2780.70. Third support is May's low crossing at 2775.40.
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June T-bonds closed up 1/32's at 179-00.
June T-bonds closed slightly higher on Wednesday while extending the April-May trading range.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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 14th low crossing at 177-14 would confirm a downside breakout of the aforementioned trading range. Closes above the April 22nd high crossing at 183-02 are needed to confirm an upside breakout of the aforementioned trading range. First resistance is the April 22nd high crossing at 183-02. Second resistance is the March 12th high crossing at 184-07. First support is last-Tuesday's low crossing at 177-26. Second support is the April 14th low crossing at 177-14.
June T-notes closed up 15-points at 139.000.
June T-notes closed higher on Wednesday while extending the April-May trading range. 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 signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low, March's high crossing at 140.240 is the next upside target. Closes below the 50-day moving average crossing at 138.156 are needed to confirm that a short-term top has been posted. 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 138.156. Second support is the April 7th low crossing at 137.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil closed lower on Wednesday as it consolidates below the 38% retracement level of the January-April-decline crossing at $34.74.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. 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 January-April-decline crossing at $40.12 is the next upside target. Closes below the 20-day moving average crossing at $27.88 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the January-April-decline crossing at $34.74. Second resistance is the 50% retracement level of the January-April-decline crossing at $40.12. First support is the 10-day moving average crossing at $31.58. Second support is the 20-day moving average crossing at $27.88.
July heating oil closed lower on Wednesday as it extends the trading range of the past six-days. The mid-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices is possible near-term. Closes below the 20-day moving average crossing at $94.24 would confirm that a short-term top has been posted. If July extends the rally off April's low, April's high crossing at $118.84 is the next upside target. First resistance is the 25% retracement level of the February-April-decline crossing at $107.30. Second resistance is April's high crossing at $118.84. First support is the 10-day moving average crossing at $99.70. Second support is the 20-day moving average crossing at $94.24.
July unleaded gas closed lower on Wednesday as it consolidates below the 38% retracement level of the February-April-decline crossing at 109.16. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 94.92 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-March-decline crossing at 125.43 is the next upside target. First resistance is the 38% retracement level of the January-March-decline decline crossing at 109.27. Second resistance is the 50% retracement level of the January-March-decline decline crossing at 125.43. First support is the 10-day moving average crossing at 101.71. Second support is the 20-day moving average crossing at 94.92.
July Henry natural gas 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, weekly support on the weekly continuation chart crossing at 1.515 is the next downside target. Closes above the 20-day moving average crossing at 2.013 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.013. 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 March's low crossing at 1.802.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed slightly higher on Wednesday as it extended the April-May trading range.The mid-range close sets the stage for a steady 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 Tuesday's decline, the March 27th low crossing at 98.34 is the next downside target. Closes above the 50-day moving average crossing at 100.10 would confirm that a short-term low has been posted. First resistance is the April 6th high crossing at 101.03. Second resistance is March's high crossing at 103.96. First support is today's low crossing at 98.71. Second support is the March 27thlow crossing at 98.34. Third support is the 62% retracement level of March's rally crossing at 98.14.
The June Euro closed higher on Wednesday as it renewed last-week's rally. 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 June extends the rally off May's low, the 50% retracement level of March's decline crossing at 111.08 is the next upside target. Closes below Tuesday's low crossing at 108.74 would confirm that a short-term top has been posted. First resistance is today's high crossing at 110.29. Second resistance is the 50% retracement level of March's decline crossing at 111.08. First support is Tuesday's low crossing at 108.74. Second support is May's low crossing at 107.74. Third support is April's low crossing at 107.39.
The June British Pound 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the May 8th high crossing at 1.2470 is the next upside target.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 isthe May 8th high crossing at 1.2470. Second resistance is the April 30th high crossing at 1.2647. First support is May's low crossing at 1.2079. Second support is the 50% retracement level of the March-April-rally crossing at 1.2045.
The June Swiss Franc closed lower on Wednesday as it extends the April-May trading range. The mid-range close sets the stage for a steady 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 Tuesday's rally, May's high crossing at 1.0441 is the next upside target. Closes below the April 24th low crossing at 1.0216 would confirm a downside breakout of the April-May trading range. First resistance is May's high crossing at 1.0441. Second resistance is April's high crossing at 1.0443. First support is April's low crossing at 1.0216. Second support is March's low crossing at 1.0138.
The June Canadian Dollar closed higher on Wednesday as it extended Tuesday's upside breakout of the April-May trading range.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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 62% retracement level of the January-March-decline crossing at 73.79 is the next upside target. Closes below the 50-day moving average crossing at 71.06 would confirm that a short-term top has been posted. First resistance is the 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 73.79. First support is May's low crossing at 70.55. Second support is the April 21st low crossing at 70.12. Third support is the March 31st low crossing at 69.73.
The June Japanese Yen closed slightly 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, 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 long-term resistance crossing at 0.0942. 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 ""
June gold closed higher on Wednesday due to a short covering rally after testing support marked by the 50-day moving average.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 May's low crossing at $1676.00 would open the door for additional weakness near-term. If April renews the rally off March's low, April's high crossing at $1788.80 is the next upside target. First resistance is last-Monday's high crossing at $1775.80. Second resistance is April's high crossing at $1788.80. First support is the 50-day moving average crossing at $1686.10. Second support is the April 21st low crossing at $1666.20.
July silver closed higher on Wednesday as it extends the trading range of the past six-days. 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 19.075 is the next upside target. Closes below the 20-day moving average crossing at 16.306 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 17.283. Second support is the 20-day moving average crossing at 16.306.
July copper 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 237.45 are needed to 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 254.68 is the next upside target. First resistance is last-Thursday's high crossing at 246.80. Second resistance is the 62% retracement level of the January-March-decline crossing at 254.68. First support is the 20-day moving average crossing at 237.45. Second support is the 50-day moving average crossing at 230.24.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up $0.01 1/2-cents at 3.20 1/2.
July corn closed higher on Wednesday while extending the April-May trading range. The mid-range close sets the stage for a steady to higher opening when Thursday's night sessions 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 the April 23rd high crossing at $3.31 is the next upside target. If July renews this year's decline, psychological support crossing at $3.00 is the next downside target. First resistance is the 50-day moving average crossing at $3.29 1/4. 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 closed down $0.01 3/4-cents at $5.05.
July wheat 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 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 1/2 is the next downside target. Multiple 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 high 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 1/2.
July Kansas City Wheat closed up $0.04 1/2-cents at $4.51 3/4.
July Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at $4.64 3/4 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 last-Thursday's high crossing at $4.60 3/4. Second resistance is the 20-day moving average crossing at $4.64 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 closed down $0.04 1/2-cents at $5.13 1/4.
July Minneapolis wheat 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. Closes above the 50-day moving average crossing at $5.23 would open the door for a possible test of April's high crossing at $5.48 1/4. 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 closed up $0.2 1/4-cents at $8.49 1/4.
July soybeans 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.52 1/4 are needed to confirm that a short-term low has been posted. If July resumes this year's decline, psychological support crossing at $8.00 is the next downside target. First resistance is the 50-day moving average crossing at $8.52. 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 closed down $1.90 at $282.00.
July soybean meal 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, monthly support crossing at $278.80 is the next downside target. Closes above the 20-day moving average crossing at $287.90 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $278.80. Second resistance is the reaction high crossing at $294.30. Third resistance is the 50-day moving average crossing at $297.10. First support is last-Thursday's low crossing at $282.00. Second support is monthly support crossing at $278.80.
July soybean oil closed up 29-pts. At 27.56.
July soybean oil closed higher on Thursday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 25% retracement level of the December-March-decline crossing at 27.84 is the next upside target. Closes below the 20-day moving average crossing at 26.60 would temper the near-term friendly outlook. First resistance is the 25% retracement level of the December-March-decline crossing at 27.84. Second resistance is April's high crossing at 28.14. First support is April's low crossing at 25.09. Second support is March's low crossing at 25.02.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $0.33 at $60.17.
June hogs 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 have turned 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 last-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 last-Wednesday's low crossing at $55.75. Second support is the April 29th low crossing at $54.78.
June cattle closed up $1.40 at $100.80.
June cattle 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 on Thursday. 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 $93.88 would confirm that a short-term top has been posted. First resistance is today's high crossing at $101.00. 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 $97.76. Second support is the 20-day moving average crossing at $93.88.
August Feeder cattle closed up $0.73-cents at $134.03.
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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above last-Monday's high crossing at $133.70 signals that a short-term low has been posted. Closes below the 50-day moving average crossing at 127.89 would confirm that a short-term top has been posted. 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 $127.89. Second support is May's low crossing at $125.30.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed lower on Wednesday as it extended the decline off March's high. The low-range close sets the stage for a steady to lower 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 March's high, last-October's low crossing at 10.03 is the next downside target. Closes above the 20-day moving average crossing at 10.69 would confirm that a low has been posted.
July cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 23.34 would confirm that a short-term top has been posted. Closes below the 20-day moving average crossing at 10.57 would signal 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 Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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 higher on Wednesday. The high-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. Closes below the 20-day moving average crossing at 57.02 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.
Thank you tallpine!
Still looking like a period of at least a week of very warm to hot and dry for much of the Midwest to start off June and bullish weather for grains.
The heat, initially is missing the East and South where more people live and hitting where less people live and crops are grown, so not so bullish NG today but that could change.