KEY EVENTS TO WATCH FOR:
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/ex?changes/?c=indexes
The Dow closed higher on Monday as it retraced early session losses, following fresh data that have Wall Street hopeful of a potential economic rebound in the coming months.Investors also are monitoring American/ Chinese trade relations, violent protests throughout the country and tracking efforts in the U.S., and much of the world, to overcome the COVID-19 pandemic. The high-range close that sets the stage for a steady to higher opening when Tuesday'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 24,358.44 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 25,758.79. 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 24,358.29. Second support is the 50-day moving average crossing at 23,363.39.
The June NASDAQ 100 closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, February's high crossing at 9780.50 is the next upside target. Closes below the 20-day moving average crossing at 9247.71 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9605.75. Second resistance is February's high crossing at 9780.50. First support is the 20-day moving average crossing at 9247.71. 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 slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 2924.32 would signal 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 3085.85. First support is the 20-day moving average crossing at 2924.32. 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 down 25/32's at 179-07.
June T-bonds closed lower on Monday while extending the April-May trading range.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. 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 the May 19th low crossing at 177-26. Second support is the April 14th low crossing at 177-14.
June T-notes closed down 30-points at 139.090.
June T-notes closed lower on Monday while extending the April-May trading range. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 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 138.238 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 138.238. 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 higher on Monday and above the 38% retracement level of the January-April-decline crossing at $34.74 as it extends the rally off April's low.The high-range close sets the stage for a steady to higher opening when Tuesday'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 $29.91 would confirm that a short-term top has been posted. First resistance is today's high crossing at $35.90. Second resistance is the 50% retracement level of the January-April-decline crossing at $40.12. First support is the 20-day moving average crossing at $29.91. Second support is the 50-day moving average crossing at $28.14.
July heating oil closed higher on Monday as it extends the trading range of the past eight-days. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices is 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 $96.47 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. First support is the 20-day moving average crossing at $96.47. Second support is the May 13th low crossing at $84.87.
July unleaded gas closed higher on Tuesday as it extends a two-week trading range below the 38% retracement level of the February-April-decline crossing at 109.16. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging but 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 98.87 would confirm that a short-term top has been posted. 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 20-day moving average crossing at 98.87. Second support is the 50-day moving average crossing at 84.82.
July Henry natural gas closed lower on Monday as it extends the decline off May's high. 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 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 on the weekly continuation chart crossing at 1.519 is the next downside target. Closes above the 20-day moving average crossing at 1.966 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.966. Second resistance is the May 19th high crossing at 2.027. First support is today's low crossing at 1.742. Second support is the weekly continuation chart crossing at 1.519.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed lower on Monday as it extends last-week's downside breakout of the lower boundary of the March-May trading range crossing at 98.34.The low-range close sets the stage for a steady to lower opening when Monday'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 June extends this year's decline, 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 99.83 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 99.03. Second resistance is the 20-day moving average crossing at 99.55. First support is today's low crossing at 97.80. Second support is the 75% retracement level of March's rally crossing at 96.88.
The June Euro closed higher on Monday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 62% retracement level of March's decline crossing at 112.12 is the next upside target. Closes below last-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 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 110.02. Second support is the 50-day moving average crossing at 109.13.
The June British Pound closed sharply higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 April 30th high crossing at 1.2647 is the next upside target. Closes below the 10-day moving average crossing at 1.2423 would signal that a short-term top has been posted.First resistance is today's high crossing at 1.2500. 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 slightly lower on Monday as it extends the April-May trading range. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends May's rally, the March 30's high crossing at 1.0566 is the next upside target. Closes below the 20-day moving average crossing at 1.0495 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0445. Second resistance is the March 30th high crossing at 1.0566. First support is the 20-day moving average crossing at 1.0495. Second support is May's low crossing at 1.0230.
The June Canadian Dollar closed sharply higher on Monday as it extends the rally off March's high.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 75% retracement level of the January-March-decline crossing at 74.99 is the next upside target. Closes below the 20-day moving average crossing at 71.73 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the January-March-decline crossing at 73.79. Second resistance is the 75% retracement level of the January-March-decline crossing at 74.99. First support is the 20-day moving average crossing at 71.73. Second support is the 50-day moving average crossing at 71.28.
The June Japanese Yen closed slightly higher on Monday. The mid-range close sets the stage for a steady to higher 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 off March's low, the September 2019 high crossing at 0.0951 is the next upside target. If June extends the decline off May's high, April's low crossing at 0.0916 is the next downside 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 the reaction 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 slightly higher on Monday as it extended the rally off the 50-day moving average.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 neutral to bullish signaling that sideways to higher prices are possible near-term. If April renews the rally off March's low, April's high crossing at $1788.80 is the next upside target. Closes below last-Wednesday's low crossing at $1684.20 would open the door for additional weakness near-term. First resistance is the May 18th high crossing at $1775.80. Second resistance is April's high crossing at $1788.80. First support is last-Wednesday's low crossing at $1684.20. Second support is the April 21st low crossing at $1666.20.
July silver closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 16.781 would confirm that a short-term top has been posted. First resistance is today's 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 17.894. Second support is the 20-day moving average crossing at 16.781.
July copper closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 62% retracement level of the January-March-decline crossing at 254.68 is the next upside target. Closes below the 20-day moving average crossing at 238.89 would signal that a short-term top has been posted. First resistance is today's high crossing at 247.75. 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 238.89. Second support is the 50-day moving average crossing at 231.62.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed down $0.02 1/2-cents at 3.23 1/4.
July corn posted an inside day with a lower close on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $3.28 and then the April 23rd high crossing at $3.31 would signal that low has been posted. 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 $3.28. 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 closed down $0.05 1/4-cents at $5.15 1/2.
July wheat posted an inside day with a lower close on Monday.The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the May 21st high crossing at $5.24 are needed to confirm that a short-term low has been posted while opening the door for additional gains near-term. If July resumes the decline off March's high, last-September's low crossing at $4.81 1/2 is the next downside target. First resistance is the May 21st high crossing at $5.24. Second resistance is the 50-day high crossing at $5.31. First support is May'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 $0.06 1/2-cents at $4.70 1/2.
July Kansas City wheat closed higher on Monday as it extends this week's short covering rally. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50-day moving average crossing at $4.78 is the next upside target. Closes below the 10-day moving average crossing at $4.52 1/2 would signal that a short-term top has been posted. 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 May's low crossing at $4.38 3/4. Second support is March's lowcrossing at $4.27 1/4.
July Minneapolis wheat closed down $0.03 3/4-cents at $5.21 1/4.
July Minneapolis wheat closed lower on Monday as it consolidates some of last-Friday's rally. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below last-Tuesday's low crossing at $5.10 1/2 would signal that a short-term top has been posted. First resistance is the May 21st high crossing at $5.27 3/4. Second resistance is April's high crossing at 5.48 1/4. First support the May 18th low crossing at $5.04 1/4. Second support is May's low crossing at $5.02.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed down $0.00 1/4-cents at $8.40 1/2.
July soybeans closed fractionally lower on Monday. The mid-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 bearish signaling that sideways to lower prices are possible near-term. If July resumes this year's decline, psychological support crossing at $8.00 is the next downside target. Closes above the 50-day moving average crossing at $8.52 1/2 are needed to confirm 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 May's low crossing at $8.28 1/2. Second support is April's low crossing at $8.18 1/2.
July soybean meal closed up $0.20 at $283.40.
July soybean meal closed slightly higher on Monday. 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 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 $286.60 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $286.60. Second resistance is the reaction high crossing at $294.30. Third resistance is the 50-day moving average crossing at $298.90. First support is last-Thursday's low crossing at $281.50. Second support is monthly support crossing at $278.80.
July soybean oil closed up 27-pts. At 27.65.
July soybean oil closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, April's high crossing at 28.14 is the next upside target. Closes below the 20-day moving average crossing at 26.76 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 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 $2.25 at $54.60.
June hogs closed sharply lower on Monday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the 62% retracement level of the April-May rally crossing at 51.16 is the next downside target. Closes above the 50-day moving average crossing at $59.78 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $62.00. Second resistance is May's high crossing at $66.95. First support is the 50% retracement level of the April-May rally crossing at $54.18. Second support is the 62% retracement level of the April-May rally crossing at 51.16.
June cattle closed down $1.28 at $98.45.
June cattle closed lower on Monday as it consolidated 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 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 $96.15 would confirm that a short-term top has been posted. If June extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at $103.47 is the next upside target. First resistance is last-Thursday's high crossing at $101.60. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.47. First support is the 20-day moving average crossing at $96.15. Second support is the 50-day moving average crossing at $90.45.
August Feeder cattle closed up $0.80-cents at $136.15.
August Feeder cattle closed higher on Monday as it extended last-week's rally. The high-range close sets the stage for a steady to higher opening when Tuesday'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 last-week's rally, May's high crossing at $138.80 is the next upside target. Closes below the 50-day moving average crossing at 128.92 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 $128.92. Second support is May's low crossing at $125.30.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Monday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher 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 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 10.57 would confirm that a low has been posted.
July cocoa closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 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 23.45 would confirm that a short-term top has been posted.
July sugar closed slightly higher on Monday. The mid-range close set the stage for a steady to higher opening on Tuesday. 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 38% retracement level of the January-April-decline crossing at 11.45 is the next upside target. Closes below the 50-day moving average crossing at 10.50 would confirm that a short-term top has been posted.
July cotton closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July resumes the rally off April's low, the 50% retracement level of the January-April-decline crossing at 61.06. Closes below the 20-day moving average crossing at 57.26 would confirm that a short-term top has been posted.
Mucho Thanks tallpine!
Natural gas weather not quite as hot as the outlook last week but still very warm.
Grain weather features the addition of much more week 2 rain and more bearish(less bullish).