KEY EVENTS TO WATCH FOR:
Monday, June 1, 2020
9:30 AM ET. SEC Fixed Income Market Structure Advisory Committee Meeting, held virtually
9:45 AM ET. May US Manufacturing PMI
PMI, Mfg (previous 36.1)
10:00 AM ET. May ISM Manufacturing Report on Business
Manufacturing PMI (previous 41.5)
Prices Idx (previous 35.3)
Employment Idx (previous 27.5)
Inventories (previous 49.7)
New Orders Idx (previous 27.1)
Production Idx (previous 27.5)
10:00 AM ET. April Construction Spending - Construction Put in Place
New Construction (previous +0.9%)
Residential Construction
11:00 AM ET. May Global Manufacturing PMI
PMI, Mfg (previous 39.8)
N/A U.S: Jefferson Davis' Birthday holiday in Alabama
Tuesday, June 2, 2020
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +0.6%)
Chain Store Sales, M/M% (previous -17.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -1.5%)
Ret Sales Mo-to-Date, Y/Y% (previous -7.5%)
Latest Wk, Y/Y% (previous -5.5%)
9:45 AM ET. May ISM-NY Report on Business
Business Index (previous 4.3)
4:00 PM ET. May Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +8.7M)
Gasoline Stocks, Net Chg (Bbls) (previous +1.1M)
Distillate Stocks, Net Chg (Bbls) (previous +6.9M)
Wednesday, June 3, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 746.5)
Composite Idx, W/W% (previous +2.7%)
Purchase Idx-SA (previous 281.2)
Purchase Idx-SA, W/W% (previous +8.6%)
Refinance Idx (previous 3466.2)
Refinance Idx, W/W% (previous -0.2%)
8:15 AM ET. May ADP National Employment Report
Private Sector Jobs, Net Chg (previous -20236K)
9:45 AM ET. May US Services PMI
PMI, Services (previous 26.7)
10:00 AM ET. May ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (previous 41.8)
Non-Mfg Business Idx (previous 26.0)
Prices Idx (previous 55.1)
Employment Idx (previous 30.0)
New Orders Idx (previous 32.9)
10:00 AM ET. April Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous -10.3%)
Orders, Ex-Defense, M/M% (previous -10.7%)
Orders, Ex-Transport, M/M% (previous -3.7%)
Durable Goods, M/M% (previous -14.4%)
Durable Goods, M/M% (previous -14.7%)
10:00 AM ET. April Metropolitan Area Employment & Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 534.422M)
Crude Oil Stocks, Net Chg (Bbl) (previous +7.928M)
Gasoline Stocks (Bbl) (previous 255.0M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.724M)
Distillate Stocks (Bbl) (previous 164.327M)
Distillate Stocks, Net Chg (Bbl) (previous +5.495M)
Refinery Usage (previous 71.3%)
Total Prod Supplied (Bbl/day) (previous 15.958M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.628M)
11:00 AM ET. May Global Services PMI
PMI, Services (previous 24.0)
Thursday, June 4, 2020
7:30 AM ET. May Challenger Job-Cut Report
Job Cuts, M/M% (previous +202%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
8:30 AM ET. 1St Quarter Revised Productivity & Costs
Non-Farm Productivity (previous +1.2%)
Unit Labor Costs (previous +0.9%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 2123K)
Jobless Claims, Net Chg (previous -323K)
Continuing Claims (previous 21052000)
Continuing Claims, Net Chg (previous -3860K)
8:30 AM ET. April U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -44.42B)
Exports (USD) (previous 187.75B)
Exports, M/M% (previous -9.6%)
Imports (USD) (previous 232.16B)
Imports, M/M% (previous -6.2%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2612B)
Working Gas In Storage, Net Chg (Cbf) (previous +109B)
12:00 PM ET. May Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Money Stock Measures
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, June 5, 2020
8:30 AM ET. May U.S. Employment Report
Non-Farm Payrolls (previous -20500K)
Unemployment Rate (previous 14.7%)
Avg Hourly Earnings (USD) (previous 30.01)
Avg Hourly Earnings-Net Chg (USD)
Avg Hourly Earnings, M/M%
Avg Hourly Earnings, Y/Y%
Overall Workweek (previous 34.2)
Overall Workweek Net Chg (previous +0.1)
Government Payrolls (previous -980K)
Private Payroll (previous -19520K)
Participation Rate (previous 60.2%)
Non-Farm Payrolls Bench Net Chg
3:00 PM ET. April Consumer Credit
Consumer Credit Net Chg (USD) (previous -12.1B)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was lower in late-overnight trading on reports that China is pausing soybean purchases. 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 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 9243.52 would confirm that a short-term top has been posted. First resistance is last-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 9243.52. Second support is the May 14th low crossing at 8847.00.
The June S&P 500 was slightly 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 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 2924.34 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3057.60. 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 2924.34. 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 lower in late-overnight trading while extending the March-May trading range. Stochastics and the RSI are turning 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. Third resistance is March's high crossing at 191-22. First support is the May 19th low crossing at 177-26. Second support is April's low crossing at 177-14.
June T-notes were slightly lower overnight while extending the April-May trading range. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last-Monday's low, March's high crossing at 140.240 is the next upside target. 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. 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 138.238. Second support is the May 6th low crossing at 138.085. Third support is the April 7th low crossing at 137.160.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil was steady to slightly lower in overnight trading as it consolidates above the 38% retracement level of the February-April-decline crossing at $34.74.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 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 $29.12 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 $29.89. Second support is the 50-day moving average crossing at $28.13.
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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews 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 $96.49 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 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 $96.50. Second support is the May 13th 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 two-weeks. 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 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% 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 $98.90 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 20-day moving average crossing at $98.90. Second support is the 50-day moving average crossing at $84.83.
July Henry natural gas was lower in late-overnight trading as it extends the decline off May's high. 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 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 1.965 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.965. Second resistance is the May 19th high crossing at 2.027. First support is the overnight low crossing at 1.742. Second support is weekly support crossing at 1.515.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was lower in late-overnight trading as it extends last-Friday's breakout below the lower boundary of the March-May trading range crossing at $98.34. 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 June extends the decline off May's high, the 75% retracement level of March's rally crossing at $96.88 is the next downside target. Closes above the 50-day moving average crossing at $99.84 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $99.07. Second resistance is the 20-day moving average crossing at $99.56. First support is the overnight low crossing at $97.84. Second support is the 75% retracement level of March's rally crossing at $96.88.
The June Euro was higher in late-overnight trading as it extends 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 62% retracement level of March's decline crossing at $112.12 is the next upside target. Closes below the 50-day moving average crossing at $109.13 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $111.58. Second resistance is the 62% retracement level of March's decline crossing at $112.12. First support is the 10-day moving average crossing at $109.99. Second support is the 50-day moving average crossing at $109.13.
The June British Pound was steady to slightly higher overnight.The mid-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 last-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 the overnight high crossing at 1.2426. 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 1.2043. Second support is the 62% retracement level of the March-April rally crossing at 1.1899.
The June Swiss Franc was slightly 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the overnight rally, the April 14th high crossing at 1.0443 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 as it extends the rally off March's low. 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, 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 71.69 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 10-day moving average crossing at 72.20. Second support is the 20-day moving average crossing at 71.69.
The June Japanese Yen was steady to slightly higher 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 signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 0.0933 would temper the near-term bearish outlook. If June renews the decline off May's high, April's low crossing at 0.0916 is the next downside target. First resistance is the 20-day moving average crossing at 0.0933. Second resistance is the 25% retracement level of the 2016-2020-decline crossing at 0.0943. First support is the May 19th 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $1728.70 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $1699.70 would open the door for a larger-degree decline near-term. 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 $1699.70. Second support is the May 1st low crossing at $1676.00. Third support is the April 21st low crossing at $1666.20.
July silver was higher overnight as it extends the rally off March's low. The low-range overnight trade sets the stage for a steady to lower 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 $16.767 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $18.950. Second resistance is February's high crossing at $19.075. First support is the 10-day moving average crossing at $17.867. Second support is the 20-day moving average crossing at $16.767.
July copper was steady to slightly 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 neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the May 14th low crossing at 2.3140 would confirm that a short-term top has been posted. 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 lower overnight. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the April 23rd high crossing at $3.31 would confirm an upside breakout of the April-May trading range and open the door for additional short covering gains. 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. 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. 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 the May 21st high crossing at $5.24 would confirm that a short-term low has been posted. If July extends the decline off March's high, last-September's low crossing at $4.81 is the next downside target. First resistance is the May 21st high crossing at $5.24. Second resistance is the 50-day moving average crossing at $5.31. First support is the May 18th low crossing at $4.93 3/4. Second support is last-September's low crossing at $4.81.
July Kansas City Wheat closed up $0.06 1/2-cents at $4.70 1/2.
July Kansas City wheat closed higher on Friday as it extends this week's short covering rally. The high-range close sets the stage for a steady to higher opening when Monday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $4.63 1/4 confirms 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 50-day moving average crossing at $4.78. Second resistance is May's high crossing at $4.88 1/4. 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 lower in 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 signaling that sideways trading is possible near-term. Closes above the May 20th crossing at $5.27 3/4 would open the door for additional short-term gains. Closes below last-Tuesday's low crossing at $5.10 1/2 would temper the near-term friendly outlook. First resistance is the May 20th high crossing at $5.27 3/4. 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 bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, April's low crossing at $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 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 steady to slightly lower 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 $286.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $286.60. Second resistance is May's high crossing at $295.80. Third resistance is the 50-day moving average crossing at 295.90. First support is last-Thursday's low crossing at $281.50. Second support is monthly support crossing at $278.80.
July soybean oil was steady to slightly 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 overbought, diverging but remain 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 26.74 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 the 20-day moving average crossing at 26.74. Second support is May's low crossing at 25.70.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed down $0.07 at $56.85.
June hogs closed lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $55.75 would confirm that a short-term top has been posted. If June renews the rally, the 50% retracement level of the 2019-2020-decline crossing at $68.55 is the next upside target. 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 down $1.75 at $99.73.
June cattle closed lower on Friday as it consolidated some of the rally off April's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $95.43 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at $101.60. 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 $99.08. Second support is the 20-day moving average crossing at $95.43.
August Feeder cattle closed down $0.15-cents at $135.35.
August Feeder cattle closed higher on Thursday as it consolidated some of this week's rally. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, May's high crossing at $138.80 is the next upside target. Closes below the 50-day moving average crossing at 128.62 would confirm that a short-term top has been posted. First resistance is May's high crossing at $138.80. 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 $128.62. 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 extended the decline off March's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, weekly support crossing at 9.22 is the next downside target. Closes above the 20-day moving average crossing at 10.61 would confirm that a low has been posted.
July cocoa closed slightly higher on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at 23.40 would confirm that a short-term top has been posted.
July sugar closed slightly higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 10.49 would confirm that a short-term top has been posted. If July renews 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 slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 57.05 would confirm that a short-term top has been posted. If July resumes the rally off April's low, the 50% retracement level of the January-April-decline crossing at 61.06.
Thanks tallpine.
The weather is less threatening and less bullish vs last week for grains.......that also have more rain and natural gas.