KEY EVENTS TO WATCH FOR:
Monday, June 15, 2020
8:30 AM ET. June Empire State Manufacturing Survey
Mfg Idx (previous -48.5)
Employment Idx (previous -6.1)
New Orders Idx (previous -42.4)
Prices Received (previous -7.4)
4:00 PM ET. April Treasury International Capital Data
Tuesday, June 16, 2020
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +4.4%)
Chain Store Sales, M/M% (previous -12.6%)
8:30 AM ET. May Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous -16.4%)
Sales, Ex-Auto, M/M% (previous -17.2%)
Sales, Ex-Auto & Gas, M/M% (previous -16.2%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -3.2%)
Ret Sales Mo-to-Date, Y/Y% (previous -9.7%)
Latest Wk, Y/Y% (previous -9.7%)
9:15 AM ET. May Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous -11.2%)
Capacity Utilization % (previous 64.9%)
Capacity Utilization, Net Chg (Pts) (previous -8.3)
10:00 AM ET. April Manufacturing & Trade: Inventories & Sales
Total Inventories (previous -0.2%)
10:00 AM ET. June NAHB Housing Market Index
Housing Mkt Idx (previous 37)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +8.4M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.9M)
Distillate Stocks, Net Chg (Bbls) (previous +4.3M)
Wednesday, June 17, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 784.5)
Composite Idx, W/W% (previous +9.3%)
Purchase Idx-SA (previous 311.7)
Purchase Idx-SA, W/W% (previous +5.3%)
Refinance Idx (previous 3529.0)
Refinance Idx, W/W% (previous +11.4%)
8:30 AM ET. May New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 0.891M)
Housing Starts, M/M% (previous -30.2%)
Building Permits (previous 1.074M)
Building Permits, M/M% (previous -20.8%)
10:30 AM ET. Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 538.065M)
Crude Oil Stocks, Net Chg (Bbl) (previous +5.72M)
Gasoline Stocks (Bbl) (previous 258.661M)
Gasoline Stocks, Net Chg (Bbl) (previous +0.866M)
Distillate Stocks (Bbl) (previous 175.829M)
Distillate Stocks, Net Chg (Bbl) (previous +1.568M)
Refinery Usage (previous 73.1%)
Total Prod Supplied (Bbl/day) (previous 17.573M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +2.507M)
Thursday, June 18, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
8:30 AM ET. June Philadelphia Fed Business Outlook Survey
Business Activity (previous -43.1)
Prices Paid (previous 3.2)
Employment (previous -15.3)
New Orders (previous -25.7)
Prices Received (previous -3.1)
Delivery Times (previous -6.7)
Inventories (previous 11.7)
Shipments (previous -30.3)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims
Jobless Claims, Net Chg
Continuing Claims
Continuing Claims, Net Chg
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. May Leading Indicators
Leading Index, M/M% (previous -4.4%)
Leading Index (previous 98.8)
Coincident Index, M/M% (previous -8.9%)
Lagging Index, M/M% (previous +4.1%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf)
Working Gas In Storage, Net Chg (Cbf)
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 19, 2020
8:30 AM ET. 1st Quarter International Transactions
Current Account (USD) (previous -109.82B)
10:00 AM ET. May Regional & State Employment & Unemployment
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Friday as it consolidates some of this week's sharp decline. 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 bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this week's decline, the 50-day moving average crossing at 24,336.66 is the next downside target. Closes above Thursday's gap crossing at 26,938.05 would temper the near-term bearish outlook. First resistance is Thursday's gap crossing at 26,938.05. Second resistance is the 87% retracement level of the February-March-decline crossing at 28,090.29. Third resistance is January's high crossing at 29,568.57. First support is today's low crossing at 25,078.41. Second support is the 50-day moving average crossing at 24,336.66.
The June NASDAQ 100 closed lower on Friday as it extends Thursday's huge sell off. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 9571.10 are needed to confirm that a short-term top has been posted. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 10,145.50. Second resistance is unknown. First support is the 20-day moving average crossing at 9571.10. Second support is the May 27th low crossing at 9172.50.
The September S&P 500 closed higher on Friday as it consolidates some of this week's sharp decline. 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. If March extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 3237.65 is the next upside target. First resistance is Monday's high crossing at 3216.70. Second resistance is the 87% retracement level of the February-March-decline crossing at 3237.65. First support is Thursday's low crossing at 2999.40. Second support is the 50-day moving average crossing at 2888.81.
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June T-bonds closed down 1-09/32's at 178-22.
June T-bonds closed lower on Friday as it consolidated some of the rally off last-Friday's low. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 179-16 would confirm that a low has been posted. If June renews the decline off May's high, the 62% retracement level of the December-March rally crossing at 168-25 is the next downside target. First resistance is the 50-day moving average crossing at 179-16. Second resistance is May's high crossing at 182-15. First support is the 50% retracement level of the December-March rally crossing at 173-05. Second support is the 62% retracement level of the December-March rally crossing at 168-25.
June T-notes closed down 100-points at 139.035.
June T-notes closed lower on Friday as it consolidates some of this week's rally. The mid-range close sets the stage for a steady to lower opening when Monday'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. Closes above the April 21st high crossing at 139.220 would mark an upside breakout of the April-June trading range. Closes below the 10-day moving average crossing at 138.204 would signal 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 10-day moving average crossing at 138.204. Second support is last-Friday's low crossing at 137.040. Third support is the March 24th low crossing at 136.295.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil closed lower on Friday ending a six-week rally off April's low.The mid-range close sets the stage for a steady to lower opening when Monday's night session begins. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $35.20 would confirm that a short-term top has been posted. If July resumes the rally off April's low, the 62% retracement level of the January-April-decline crossing at $45.51 is the next upside target. First resistance is the 50% retracement level of the January-April-decline crossing at $40.12. Second resistance is the 62% retracement level of the January-April-decline crossing at $45.51. First support is the 20-day moving average crossing at $35.20. Second support is the 50-day moving average crossing at $29.88.
July heating oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices is possible near-term. Closes below the 20-day moving average crossing at $105.82 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 Monday's high crossing at $118.24. Second resistance is April's high crossing at $118.84. First support is the 20-day moving average crossing at $105.82. Second support is the May 29th low crossing at $95.62.
July unleaded gas closed higher on Friday as it consolidates some of Thursday's decline. 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 the 20-day moving average crossing at 109.63 would confirm that a short-term top has been posted. If July extends the rally off April's low, the 62% retracement level of the January-March-decline crossing at 141.41 is the next upside target. First resistance is the 50% retracement level of the January-March-decline decline crossing at 125.29. Second resistance is 62% retracement level of the January-March-decline decline crossing at 141.41. First support is the 20-day moving average crossing at 109.63. Second support is the 50-day moving average crossing at 93.26.
July Henry natural gas was lower on Friday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.838 are needed to confirm that a short-term low has been posted. If July extends the decline off May's high, long-term support crossing at 1.519 on the weekly continuation chart is the next downside target. First resistance is the 20-day moving average crossing at 1.838. Second resistance is the 50-day moving average crossing at 1.985. First support is Wednesday's low crossing at 1.674. Second support is the weekly continuation chart crossing at 1.519.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed higher due to short covering on Friday as it consolidates some of the decline off May's high.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's decline, March's low crossing at 94.53 is the next downside target. Closes above the 20-day moving average crossing at 98.08 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 98.08. Second resistance is the 50-day moving average crossing at 99.23. First support is the 87% retracement level of March's rally crossing at 95.74. Second support is March's low crossing at 94.53.
The June Euro closed lower on Friday 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 Monday's night session begins trading. Stochastics and the RSI are overbought, diverging 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 111.22 would confirm that a short-term top has been posted. If June resumes the rally off May's low, the 87% retracement level of March's decline crossing at 113.28 is the next upside target. First resistance is Wednesday's high crossing at 113.97. Second resistance is the 87% retracement level of March's decline crossing at 114.34. First support is the 20-day moving average crossing at 111.22. Second support is the 50-day moving average crossing at 109.72.
The June British Pound closed lower on Friday as it extends this week's setback. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2431 would signal that a short-term top has been posted.If June renews the rally off May's low, the 75% retracement level of the December-March-decline crossing at 1.3044 is the next upside target.First resistance is Wednesday's high crossing at 1.2804. Second resistance is the 75% retracement level of the December-March-decline crossing at 1.3044. First support is the 20-day moving average crossing at 1.2431. Second support is May's low crossing at 1.2079.
The June Swiss Franc closed sharply lower on Friday as it consolidated some of this week's sharp decline and has fallen back into the April-May trading range. 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 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 1.0404 would confirm that a short-term top has been posted. If June extends May's rally, the March 16th high crossing at 1.0698 is the next upside target. First resistance is Thursday's high crossing at 1.0666. Second resistance is the March 16th high crossing at 1.0698. First support is the 10-day moving average crossing at 1.0470. Second support is the 20-day moving average crossing at 1.0404.
The June Canadian Dollar closed higher on Friday as it consolidates some of Thursday's sharp decline.The mid-range close sets the stage for a steady to higher opening when Monday's night 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 73.05 would confirm that a short-term top has been posted. If June renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at 76.08 is the next upside target.First resistance is Wednesday's high crossing at 75.11. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.08. First support is the 20-day moving average crossing at 73.05. Second support is the 50-day moving average crossing at 71.95.
The June Japanese Yen closed closed lower on Friday ending a four-day rally off last-Friday's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, May's high crossing at 0.0944 is the next upside target. Closes below the 10-day moving average crossing at 0.0925 would temper the near-term friendly outlook. First resistance is today's high crossing at 0.0938. Second resistance is May's high crossing at 0.0944. First support is last-Friday's low crossing at 0.0910. Second support is March's low crossing at 0.0900.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold closed higher on Friday. The mid-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the June 1st high crossing at $1761.00 would confirm that a short-term low has been posted. If August resumes the decline off May's high, the 38% retracement level of the March-April-rally crossing at $1661.00 is the next upside target. First resistance is last-Monday's high crossing at $1761.00. Second resistance is April's high crossing at $1789.00. First support is the June 1st low crossing at $1671.70. Second support is the 38% retracement level of the March-April-rally crossing at $1661.00.
July silver closed lower on Friday and below the 20-day moving average crossing at 17.865. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 17.865 confirms that a short-term top has been posted. If July resumes the rally off March's low, February's high crossing at 19.075 is the next upside target. First resistance is June's high crossing at 18.950. Second resistance is February's high crossing at 19.075. First support is the 20-day moving average crossing at 17.865. Second support is the 50-day moving average crossing at 16.420.
July copper closed higher on Friday as it consolidates some of Thursday's decline. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at 277.93 is the next upside target. Closes below the 20-day moving average crossing at 248.00 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 270.00. Second resistance is the 87% retracement level of the January-March-decline crossing at 277.93. First support is the 10-day moving average crossing at 255.15. Second support is the 20-day moving average crossing at 248.00.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up a $0.00 1/4-cent at 3.30.
July corn closed fractionally higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off April's low, the April 7th high crossing at $3.40 1/2 is the next upside target. Closes below the 20-day moving average crossing at $3.24 1/2 would temper the neutral to friendly outlook. First resistance is the April 7th high crossing at 3.40 1/2. Second resistance is April's high crossing at $3.47 1/2. First support is the 20-day moving average crossing at $3.24 1/2. Second support is April's low crossing at $3.09.
July wheat closed up $0.02-cents at $5.01 1/4.
July wheat closed higher on Friday as it consolidates some of the decline off last-Thursday's high.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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, May's low crossing at $4.93 3/4 is the next downside target. Closes above the 10-day moving average crossing at $5.10 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $5.22 3/4. Second resistance is the 50% retracement level of the March-May-decline crossing at $5.32 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 up $0.01 1/2-cents at $4.48 1/2.
July Kansas City wheat closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, May's low crossing at $4.88 1/4 is the next downside target. Closes above the 50-day moving average crossing at $4.71 3/4 would open the door for a test of May's high crossing at $4.88 1/4. First resistance is the 50-day moving average crossing at $4.71 3/4. 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 unchanged at $5.13 1/4.
July Minneapolis wheat closed unchanged on Friday as it consolidates below the 20-day moving average crossing at $5.17 signaling that a short-term top has been posted. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the May 18th low crossing at $5.04 1/4 is the next downside target. If July renews the rally off May's low, April's high crossing at $5.48 1/4 is the next upside target. First resistance is last-Thursday's high crossing at $5.29 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 up $0.06-cents at $8.72.
July soybeans closed higher on Friday and near the top end of this week's trading range. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 38% retracement level of the October-April-decline crossing at $8.82 is the next upside target. Closes below the 20-day moving average crossing at $8.52 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $8.73 1/2. Second resistance is the 38% retracement level of the October-April-decline crossing at $8.82. First support is the 20-day moving average crossing at $8.52. Second support is June's low crossing at $8.34. Third support is April's low crossing at $8.18 1/2.
July soybean meal closed down $0.60 at $289.10.
July soybean meal closed lower on Friday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $290.40 are needed to confirm that a short-term low has been posted. Closes below the 20-day moving average crossing at $285.90 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $290.40. Second resistance is the reaction high crossing at $294.30. First support is the 20-day moving average crossing at $285.90. Second support is May's low crossing at $281.50.
July soybean oil closed up 4-pts. At 27.54.
July soybean oil closed higher on Friday as it consolidates some of this week's decline. The mid-range close sets the stage for a steady 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 the 20-day moving average crossing at 27.53 would temper the near-term friendly outlook. If July extends the rally off April's low, the 38% retracement level of the December-March-decline crossing at 29.32 is the next upside target. First resistance is Wednesday's high crossing at 28.47. Second resistance is the 38% retracement level of the December-March-decline crossing at 29.32. First support is the 20-day moving average crossing at 27.53. Second support is the 50-day moving average crossing at 26.90.
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July hogs closed down $0.50 at $51.62.
July hogs closed lower on Friday extends the decline off May's high. 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 July extends the decline off May's high, the 87% retracement level of the April-May rally crossing at $51.19 is the next downside target. Closes above the 50-day moving average crossing at $56.49 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $53.55. Second resistance is the 20-day moving average crossing at $55.39. First support is today's low crossing at $51.55. Second support is the 87% retracement level of the April-May rally crossing at $51.19.
August cattle closed down $1.28 at $95.18.
August cattle closed lower on Friday filling the May 7th gap crossing at $95.45. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below Tuesday's low crossing at $95.60 marks a downside breakout of the May-June 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 the May 7th gap crossing at $95.45. Second support is the 50-day moving average crossing at $94.37.
August Feeder cattle closed down $0.15-cents at $135.35.
August Feeder cattle closed lower on Friday. 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. Closes below the 50-day moving average crossing at $128.63 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 $128.63. 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. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews 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 10.08 would confirm that a low has been posted.
July cocoa closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends Thursday's decline, May's low crossing at 23.18 is the next downside target. If July renews 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 lower on Friday as it extends this week's trading range. The mid-range close set 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 July extends the rally off April's low, the 62% retracement level of the January-April-decline crossing at 12.84 is the next upside target. Closes below the 20-day moving average crossing at 11.31 would confirm that a short-term top has been posted.
July cotton closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 59.26 would confirm that a short-term top has been posted. If July renews the rally off April's low, the 62% retracement level of the January-April-decline crossing at 64.11 is the next upside target.
Thanks tallpine!
Heat moving east this week.
Rains increase mid/late week in the Central Cornbelt. You might get a good one in your neck of the woods(IA) tallpine!