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. 1^st Quarter Preliminary Corporate Profits

8:30 AM ET. 1^st 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 lower in late-overnight trading as it extends the trading range of the past six-days. The mid-range trade sets the stage for a steady to lower opening when the day 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 9164.69 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  9164.69. Second support is the May 14th low crossing at 8847.00.

The June S&P 500 was steady to slightly higher in late-overnight trading as it extends the rally off March's low. The mid-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 20-day moving average crossing at 2905.02 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3048.80. Second resistance is the 75% retracement level of the February-March-decline crossing at 3081.80. First support is the 20-day moving average crossing at 2905.02. Second support is May 14th low crossing at 2780.70. 

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

INTEREST RATES: June T-bonds were steady to slightly lower in late-overnight 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 last-Friday's high, April's low crossing at 177-14 is the next downside target. Closes above the May 15^th high crossing at 182-15 would confirm that a short-term low has been posted. 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 15^th high crossing at 182-15. Second resistance is the March 12th high crossing at 184-07. Third 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 higher overnight while extending the April-May trading range. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the April 7^th 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 last-Monday's low, March's high crossing at 140.240 is the next upside target. First resistance is the April 21^st 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 138.180. Second support is the April 7^th low crossing at 137.160.    

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

July crude oil was steady to slightly higher in overnight trading as it extends a six-day trading range below the 38% retracement level of the February-April-decline crossing at $34.74.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 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 $28.52 would signal that a short-term top has been posted. 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. 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 20-day moving average crossing at $28.52. Second support is the 50-day moving average crossing at $27.76.  

July heating oil 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. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $94.93 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. Third 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 $94.93. Second support is the May 13^th low crossing at $84.87. Third support is April's low crossing at $74.39.    

July unleaded gas was steady to slightly higher overnight while extending the trading range of the past seven-days. 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $96.03 would confirm that a short-term top has been posted. If July renews 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 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 20-day moving average crossing at $96.03. Second support is the 50-day moving average crossing at $83.45.  

July Henry natural gas 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes 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 2.002 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.002. Second resistance is the April 13^th 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 steady in late-overnight trading as it nears the lower boundary of the March-May trading range crossing at $98.34. 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 June extends the decline off May's high, the March 27th low crossing at $98.34 is the next downside target. Closes above the 50-day moving average crossing at $100.06 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 May's low crossing at $98.76. Second support is the March 27^th low crossing at $98.34. Third support is the 62% retracement level of March's rally crossing at $98.13. 

The June Euro was slightly lower in late-overnight trading as it consolidates some of the rally off May's low. 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 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% retracement level of March's decline crossing at $111.08 is the next upside target. Closes below the 50-day moving average crossing at $109.01 would temper the near-term friendly outlook. First resistance is the overnight high crossing at $110.39. Second resistance is the 50% retracement level of March's decline crossing at $111.08. First support is the 50-day moving average crossing at $109.01. Second support is May's low crossing at $107.74. 

The June British Pound was steady to slightly lower overnight.The low-range overnight trade sets the stage for a steady to lower 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 Tuesday's high crossing at 1.2364 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 Tuesday's high crossing at 1.2364. Second resistance is the April 14^th high crossing at 1.2653. First support is the 50% retracement level of the March-April rally crossing at 1.2043. Second support is the 62% retracement level of the March-April rally crossing at 1.1899.

The June Swiss Franc was lower in late-overnight trading while extending the April-May trading range. 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 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. 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 14^th high crossing at 1.0443. Second resistance is the March 30^th 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 steady to slightly lower overnight as it consolidates some of this week's gains. The mid-range trade sets the stage for a steady to lower 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 June extends the upside breakout of the aforementioned trading range, the 62% retracement level of the January-March-decline crossing at 73.80 is the next upside target. Closes below the 20-day moving average crossing at 71.54 would signal that a short-term top has been posted. 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 the 20-day moving average crossing at 71.54. Second support is May's low crossing at 70.56. Third support is the April 21^st low crossing at 70.12.

The June Japanese Yen was steady to lower 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. Closes above the 20-day moving average crossing at 0.0934 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 0.0934. Second resistance is the 25% retracement level of the 2016-2020-decline crossing at 0.0943. 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 higher in late-overnight trading as it extends Wednesday's upside reversal off support marked by the 50-day moving average. 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 50-day moving average crossing at $1689.90 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at $1732.20 would signal that a short-term low has been posted. First resistance is the May 18th high crossing at $1775.80. Second resistance is the April 14th high crossing at $1788.80. First support is the 50-day moving average crossing at $1689.90. Second support is the May 1^st low crossing at $1676.00. Third support is the April 21st low crossing at $1666.20.

July silver was steady to slightly higher overnight as it extends the trading range of the past eight-days. 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 $16.422 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 $17.492. Second support is the 20-day moving average crossing at $16.422. 

July copper was steady to slightly higher in late-overnight trading. The mid-range overnight trade sets the stage for a steady 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 14^th 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 steady to fractionally 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 50-day moving average crossing at $3.28 3/4 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 $3.28 3/4. Second resistance is the April 23^rd 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 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 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 $5.31. First support is the May 18^th low crossing at $4.93 3/4. Second support is last-September's low crossing at $4.81.

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 was 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 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 lower overnight as it extends the April-May trading range. The low-range trade sets the stage for a steady to lower 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 July renews 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 $8.52 1/2 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.52 1/2. Second resistance is the April 13^th 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 steady to slightly higher overnight. The low-range 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 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 $287.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $287.60. Second resistance is May's high crossing at $295.80. Third resistance is the 50-day moving average crossing at 296.70. First support is Wednesday's low crossing at $281.80. Second support is monthly support crossing at $278.80.     

July soybean oil was lower overnight while extending the March-May trading range. The low-range trade sets the stage for a steady to lower 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. Closes above April's high crossing at 28.14 would mark an upside breakout of the aforementioned trading range. Closes below the 20-day moving average crossing at 26.66 would temper the near-term friendly outlook. 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 $0.33 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 29^th 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.