KEY EVENTS TO WATCH FOR:
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 Tuesday as investors trained their attention on the prospect of fuller business activity in the wake of the coronavirus epidemic, rather than the fresh round of civil unrest in major U.S. cities.The mid-range close sets the stage for a steady to higher opening when Wednesday'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 24,451.31 would signal that a short-term top has been posted. First resistance is last-Thursday'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 24,451.31. Second support is the 50-day moving average crossing at 23,492.10.
The June NASDAQ 100 closed higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 9287.69 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9670.00. Second resistance is February's high crossing at 9780.50. First support is the 20-day moving average crossing at 9287.69. 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 Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 2937.46 would signal that a short-term top has been posted. First resistance is today's high crossing at 3068.00. 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 2937.46. 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 15/32's at 178-29.
June T-bonds closed lower on Tuesday while extending the April-June trading range.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral 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 the May 19th low crossing at 177-26. Second support is the April 14th low crossing at 177-14.
June T-notes closed down 45-points at 139.060.
June T-notes closed lower on Tuesday while extending the April-May trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 138.249 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 138.249. Second support is the May 6th low crossing at 138.085.
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July crude oil closed higher on Tuesday as it extends the rally off April's low.The high-range close sets the stage for a steady to higher opening when Wednesday'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 $30.57 would confirm that a short-term top has been posted. First resistance is today's high crossing at $36.89. 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 $30.57. Second support is the 50-day moving average crossing at $28.33.
July heating oil closed higher on Tuesday and above the 25% retracement level of the February-April-decline crossing at $107.30. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices is possible near-term. If July extends the rally off April's low, April's high crossing at $118.84 is the next upside target. Closes below the 20-day moving average crossing at $97.57 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 $97.57. Second support is the May 13th low crossing at $84.87.
July unleaded gas closed higher on Tuesday and above the 38% retracement level of the February-April-decline crossing at 109.16 as it renews the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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, 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 100.15 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 100.15. Second support is the 50-day moving average crossing at 85.62.
July Henry natural gas closed slightly lower on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 1.943 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.943. Second resistance is the May 19th high crossing at 2.027. First support is Monday's low crossing at 1.742. Second support is the weekly continuation chart crossing at 1.519.
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The June Dollar closed lower on Tuesday as it extends the decline off May's high.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 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 99.72 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 98.85. Second resistance is the 20-day moving average crossing at 99.44. First support is today's low crossing at 97.42. Second support is the 75% retracement level of March's rally crossing at 96.88.
The June Euro closed higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 the 50-day moving average crossing at 109.22 would confirm that a short-term top has been posted. First resistance is today's high crossing at 111.99. 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 110.27. Second support is the 50-day moving average crossing at 109.22.
The June British Pound closed higher on Tuesday as it extends the rally off May's low. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at 1.2305 would signal that a short-term top has been posted.First resistance is today's high crossing at 1.2577. 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 Tuesday as it extends the April-May trading range. The low-range close sets the stage for a steady to lower opening when Wednesday'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 1.0326 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0449. Second resistance is the March 30th high crossing at 1.0566. First support is the 20-day moving average crossing at 1.0326. Second support is May's low crossing at 1.0230.
The June Canadian Dollar closed higher on Tuesday as it extends the rally off March's high.The mid-range close sets the stage for a steady to higher opening when Wednesday'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 71.87 would confirm that a short-term top has been posted. First resistance is today's high crossing at 74.17. Second resistance is the 75% retracement level of the January-March-decline crossing at 74.99. First support is the 10-day moving average crossing at 72.50. Second support is the 20-day moving average crossing at 71.87.
The June Japanese Yen closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’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 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 today's low crossing at 0.0919. 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 ""
August gold closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off last-Wednesday's low, April's high crossing at $1789.00 is the next upside target. Closes below last-Wednesday's low crossing at $1701.60 would open the door for additional weakness near-term. First resistance is the May 18th high crossing at $1787.50. Second resistance is April's high crossing at $1789.00. First support is last-Wednesday's low crossing at $1701.60. Second support is the April 21st low crossing at $1668.40.
July silver closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 16.956 would confirm that a short-term top has been posted. First resistance is Monday'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 17.996. Second support is the 20-day moving average crossing at 16.956.
July copper closed higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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, 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 239.70 would signal that a short-term top has been posted. First resistance is today's high crossing at 249.75. 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 239.70. Second support is the 50-day moving average crossing at 232.28.
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July Corn closed up $0.01-cent at 3.24.
July corn posted an inside day with a higher close on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 $3.20 would temper the neutral to friendly outlook while opening the door for a test of April's low crossing at $3.09. Closes above the April 23rd high crossing at $3.31 would signal that low has been posted. First resistance is the 50-day moving average crossing at $3.27 1/2. 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 $0.06 1/4-cents at $5.09.
July wheat closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday'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 the decline off March's high, last-September's low crossing at $4.81 1/2 is the next downside target. 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. First resistance is the May 21st high crossing at $5.24. Second resistance is the 50-day high crossing at $5.30 1/2. 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 down $0.11 1/2-cents at $4.51.
July Kansas City wheat closed lower on Tuesday and below the 10-day moving average crossing at $4.54 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday 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 today's decline, May's low crossing at $4.38 3/4 is the next downside target. If July renews the rally off May's low, the 50-day moving average crossing at $4.77 1/2 is the next upside target. First resistance is the 50-day moving average crossing at $4.77 1/2. 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 $0.04 3/4-cents at $5.16 1/2.
July Minneapolis wheat posted an inside day with a lower close on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 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.
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July soybeans closed up $0.11 1/2-cents at $8.52.
July soybeans closed higher on Tuesday as it extends the April-June trading range.The high-range close sets the stage for a steady to higher opening when Wednesday'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 May's high crossing at $8.61 1/4 are needed to confirm an upside breakout of the aforementioned trading range. If July resumes this year's decline, April's low crossing at $8.18 1/2 is the next downside target. First resistance is May's high crossing at $8.61 1/4. 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 $0.80 at $283.90.
July soybean meal closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 $286.40 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $286.40. Second resistance is the reaction high crossing at $294.30. Third resistance is the 50-day moving average crossing at $295.30. 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 38-pts. At 27.98.
July soybean oil closed higher on Tuesday and above the 25% retracement level of the December-March-decline crossing at 27.84 as it renewed the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 26.85 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.
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June hogs closed down $0.50 at $54.65.
June hogs closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 75% retracement level of the April-May rally crossing at 53.34 is the next downside target. Closes above the 50-day moving average crossing at $58.93 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $61.17. Second resistance is May's high crossing at $66.70. First support is the 75% retracement level of the April-May rally crossing at $53.34. Second support is the 87% retracement level of the April-May rally crossing at 51.19.
August cattle closed down $2.12 at $96.85.
August cattle closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below today's low crossing at $96.00 would confirm a downside breakout of the aforementioned trading range. If August renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at $103.35 is the next upside target. First resistance is the May 8th high crossing at $101.90. Second resistance is the 62% retracement level of the January-April-decline crossing at $103.35. First support is today's low crossing at $96.00. Second support is the 50-day moving average crossing at $93.82.
August Feeder cattle closed down $2.33-cents at $133.80.
August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 50-day moving average crossing at 129.12 would confirm that a short-term top has been posted. If August extends last-week's rally, May's high crossing at $138.80 is the next upside target. 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 $129.12. Second support is May's low crossing at $125.30.
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July coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 10.52 would confirm that a low has been posted.
July cocoa closed lower on Tuesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 23.49 would confirm that a short-term top has been posted. If July extends the rally off March's low, the 50% retracement level of the February-March decline crossing at 25.69 is the next upside target.
July sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned 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 Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, the 62% retracement level of the January-April-decline crossing at 64.11. Closes below the 20-day moving average crossing at 57.57 would confirm that a short-term top has been posted.