KEY EVENTS TO WATCH FOR:
Monday, June 22, 2020
8:30 AM ET. May CFNAI Chicago Fed National Activity Index
NAI (previous -16.74)
NAI, 3-mo Moving Avg (previous -7.22)
10:00 AM ET. May Existing Home Sales
Existing Sales (previous 4.33M)
Existing Sales, M/M% (previous -17.8%)
Unsold Homes Month's Supply (previous 4.1)
Median Price (USD) (previous 286800)
Median Home Price, Y/Y% (previous +7.4%)
Tuesday, June 23, 2020
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +3.9%)
Chain Store Sales, M/M% (previous -11.5%)
8:30 AM ET. 1st Quarter State Quarterly Personal Income
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -2.4%)
Ret Sales Mo-to-Date, Y/Y% (previous -9.0%)
Latest Wk, Y/Y% (previous -8.3%)
9:45 AM ET. June US Flash Manufacturing PMI
PMI, Mfg (previous 39.8)
9:45 AM ET. June US Flash Services PMI
PMI, Services (previous 36.9)
10:00 AM ET. June Richmond Fed Business Activity Survey
Mfg Idx (previous -27)
Shipments Idx (previous -26)
10:00 AM ET. May New Residential Sales
New Home Sales (previous 623K)
New Home Sales, M/M% (previous +0.6%)
New Home Sales Months Supply (previous 6.3)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.9M)
Gasoline Stocks, Net Chg (Bbls) (previous +4.3M)
Distillate Stocks, Net Chg (Bbls) (previous +0.9M)
Wednesday, June 24, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 846.9)
Composite Idx, W/W% (previous +8.0%)
Purchase Idx-SA (previous 322.5)
Purchase Idx-SA, W/W% (previous +3.5%)
Refinance Idx (previous 3891.5)
Refinance Idx, W/W% (previous +10.3%)
9:00 AM ET. IMF World Economic Outlook Update
9:00 AM ET. April U.S. Monthly House Price Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 539.28M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.215M)
Gasoline Stocks (Bbl) (previous 256.995M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.666M)
Distillate Stocks (Bbl) (previous 174.471M)
Distillate Stocks, Net Chg (Bbl) (previous -1.358M)
Refinery Usage (previous 73.8%)
Total Prod Supplied (Bbl/day) (previous 17.29M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.283M)
Thursday, June 25, 2020
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 472.6K)
Soybeans (Metric Tons) (previous 1920.2K)
Wheat (Metric Tons) (previous 504.8K)
8:30 AM ET. May Advance Economic Indicators Report
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 1508K)
Jobless Claims, Net Chg (previous -58K)
Continuing Claims (previous 20544000)
Continuing Claims, Net Chg (previous -62K)
8:30 AM ET. 1st Quarter Revised Corporate Profits
8:30 AM ET. 1st Quarter 3rd estimate GDP
Annual Rate, Q/Q% (previous -5%)
Chain-Weighted Price Idx, Q/Q% (previous +1.4%)
Corporate Profits, Q/Q% (previous -15.9%)
PCE Price Idx, Q/Q% (previous +1.3%)
Purchase Price Idx, Q/Q% (previous +1.7%)
Real Final Sales, Q/Q% (previous -3.7%)
Core PCE Price Idx, Ex Food/Energy, Q/Q% (previous +1.6%)
Personal Consumption, Q/Q% (previous -6.8%)
8:30 AM ET. May Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous -17.2%)
Dur Goods, Ex-Defense, M/M% (previous -16.2%)
Dur Goods, Ex-Transport, M/M% (previous -7.4%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -5.8%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -5.4%)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2892B)
Working Gas In Storage, Net Chg (Cbf) (previous +85B)
11:00 AM ET. June Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous -25)
6-Mo Exp Prod Idx (previous -2)
Mfg Composite Idx (previous -19)
6-Mo Exp Composite Idx (previous -2)
4:30 PM ET. Federal Reserve Board releases latest Comprehensive Capital Analysis and Review results
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Federal Reserve Board releases latest supervisory stress test results
Friday, June 26, 2020
8:30 AM ET. May Personal Income & Outlays
Personal Income, M/M% (previous +10.5%)
Consumer Spending, M/M% (previous -13.6%)
PCE Price Idx, M/M% (previous -0.5%)
PCE Price Idx, Y/Y% (previous +0.5%)
PCE Core Price Idx, M/M% (previous -0.4%)
PCE Core Price Idx, Y/Y% (previous +1%)
10:00 AM ET. June University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (previous 72.3)
End-Mo Expectations Idx (previous 65.9)
12-Month Inflation Forecast (previous 3.2%)
5-Year Inflation Forecast (previous 2.7%)
End-Mo Current Idx (previous 82.3)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow 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 bearish signaling that sideways to lower prices are possible near-term. If the Dow resumes the decline off June's high, the 50-day moving average crossing at 24,721.44 is the next downside target. Closes above last-Thursday's gap crossing at 26,938.05 would temper the near-term bearish outlook. First resistance is last-Thursday's gap crossing at 26,938.05. Second resistance is June's high crossing at 27,580.21. Third resistance is the 87% retracement level of the February-March-decline crossing at 28,090.29. First support is Monday's low crossing at 24,843.18. Second support is the 50-day moving average crossing at 24,721.44.
The September NASDAQ 100 closed lower on Friday as it consolidates some of the rally off Monday'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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off March's low into uncharted territory, upside targets will be hard to project. Multiple closes below Monday's low crossing at 9368.25 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 10,140.00. Second resistance is unknown. First support is Monday's low crossing at 9368.25. Second support is the 50-day moving average crossing at 9216.76.
The September S&P 500 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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, last-Monday's high crossing at 3216.70 is the next upside target. If March resumes the decline off June's high, the 50-day moving average crossing at 2937.01 is the next downside target. First resistance is last-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 the 50-day moving average crossing at 2937.01. Second support is the May 13th low crossing at 2804.20.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
September T-bonds closed up 3/32's at 177-16.
September T-bonds closed higher 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 177-25 would confirm that a low has been posted. If September 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 177-25. Second resistance is the May 15th high crossing at 180-28. First support is the 50% retracement level of the December-March rally crossing at 171-27. Second support is the 62% retracement level of the December-March rally crossing at 167-18.
September T-notes closed up 35-pts. at 138.260.
September T-notes closed higher 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the April 21st high crossing at 139.160 would mark an upside breakout of the April-June trading range. Closes below Tuesday's low crossing at 138.070 would signal that a short-term top has been posted. First resistance is the April 21st high crossing at 139.160. Second resistance is March's high crossing at 139.250. First support is Tuesday's low crossing at 138.070. Second support is June's low crossing at 136.220. Third support is the March 25th low crossing at 136.200.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August resumes the rally off April's low, the 50% retracement level of the January-April-decline crossing at $41.25 is the next upside target. Closes below Monday's low crossing at $34.66 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-April-decline crossing at $41.25. Second resistance is the 62% retracement level of the January-April-decline crossing at $46.20. First support is Monday's low crossing at $34.66. Second support is the 50-day moving average crossing at $31.67.
August heating oil closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If August extends the rally off April's low, the 38% retracement level of the January-April-decline crossing at $128.27 is the next upside target. Closes below Monday's low crossing at $107.80 would confirm that a short-term top has been posted. First resistance is today's high crossing at $124.17. Second resistance is the 38% retracement level of the January-April-decline crossing at $128.27. First support is Monday's low crossing at $107.80. Second support is the 50-day moving average crossing at $103.44.
August unleaded gas closed slightly higher 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April's low, the 62% retracement level of the January-March-decline crossing at 141.79 is the next upside target. Closes below last-Friday's low crossing at 109.16 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the January-March-decline decline crossing at 126.32. Second resistance is 62% retracement level of the January-March-decline decline crossing at 141.79. First support is last-Friday's low crossing at 109.16. Second support is the 50-day moving average crossing at 99.07.
August Henry natural gas was higher on Friday as it consolidates some of the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off May's high, long-term support crossing at 1.519 on the weekly continuation chart is the next downside target. Closes above the 20-day moving average crossing at 1.864 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.804. Second resistance is the 20-day moving average crossing at 2.864. First support is Wednesday's low crossing at 1.688. Second support is the weekly continuation chart crossing at 1.519.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Friday and above the 20-day moving average crossing at 97.46 confirming that a short-term low has been posted. 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 bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, the 50-day moving average crossing at 98.89 is the next upside target. If September resumes this year's decline, March's low crossing at 94.70 is the next downside target. First resistance is today's high crossing at 97.70. Second resistance is the 50-day moving average crossing at 98.89. First support is the 87% retracement level of March's rally crossing at 95.87. Second support is March's low crossing at 94.70.
The September Euro closed lower on Friday and below the 20-day moving average crossing at 112.25 confirms 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 September extends the decline off June's high, the 50-day moving average crossing at 110.32 is the next downside target. Closes above the 10-day moving average crossing at 113.02 would signal that a short-term low has been posted. First resistance is June's high crossing at 113.97. Second resistance is the 87% retracement level of March's decline crossing at 114.58. First support is today's low crossing at 111.89. Second support is the 50-day moving average crossing at 110.32.
The September British Pound closed lower on Friday as it extends the decline off June'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 neutral to bearish signaling that sideways to lower prices are possible near-term. This week's closes below the 50-day moving average crossing at 1.2436 signals that a short-term top has been posted. Closes above the 10-day moving average crossing at 1.2623 would signal that additional weakness is possible near-term. Closes above the 10-day moving average crossing at 1.2592 would confirm that a short-term low has been posted. First resistance is June's high crossing at 1.2813. Second resistance is the 75% retracement level of the December-March-decline crossing at 1.3044. First support is today's low crossing at 1.2350. Second support is the May 22nd low crossing at 1.2161.
The September Swiss Franc closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0473 would confirm that a short-term top has been posted. If September resumes the rally off May's low, the 75% retracement level of the January-March-decline crossing at 1.0759 is the next upside target. First resistance is last-Thursday's high crossing at 1.0695. Second resistance is the 75% retracement level of the January-March-decline crossing at 1.0759. First support is the 20-day moving average crossing at 1.0473. Second support is the 50-day moving average crossing at 1.0400.
The September Canadian Dollar 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 bearish signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 73.08 would confirm that a short-term top has been posted. If September renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at76.04 is the next upside target.First resistance is last-Wednesday's high crossing at 75.10. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is Monday's low crossing at 73.08. Second support is the 50-day moving average crossing at 72.24.
The September Japanese Yen closed slightly higher 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 bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 0.0945 is the next upside target. Closes below the 20-day moving average crossing at 0.0929 would temper the near-term friendly outlook. First resistance is last-Friday's high crossing at 0.0940. Second resistance is May's high crossing at 0.0945. First support is the 20-day moving average crossing at 0.0929. Second support is June's low crossing at 0.0912.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold closed higher on Friday as it extends the rally off June'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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off the June 5th low, May's high crossing at $1787.50 is the next upside target. 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 the June 1st high crossing at $1761.00. Second resistance is April's high crossing at $1787.50. First support is the June 5th low crossing at $1671.70. Second support is the 38% retracement level of the March-April-rally crossing at $1661.00.
July silver closed higher 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 18.405 are needed to confirm that a short-term low has been posted. If July extends the decline off June's high, the 50-day moving average crossing at 16.682 is the next downside target. First resistance is last-Thursday's high crossing at 18.405. Second resistance is June's high crossing at 18.950. First support is Monday's low crossing at 17.015. Second support is the 50-day moving average crossing at 16.682.
July copper 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 252.56 would signal that a short-term top has been posted. 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. First resistance is the June 10th 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 20-day moving average crossing at 252.55. Second support is the 50-day moving average crossing at 242.07.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up $0.01 3/4-cents at 3.32 3/4.
July corn closed higher on Friday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are 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 50-day moving average crossing at $3.23 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 50-day moving average crossing at $3.23 1/2. Second support is April's low crossing at $3.09.
July wheat closed down $0.02-cents at $4.81 1/2.
July wheat closed lower on Friday as it extends this year's decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the September-2019 low crossing at $4.68 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.05 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $5.05 1/2. Second resistance is the 50-day moving average crossing at $5.17 1/4. First support is today's low crossing at $4.76. Second support is the September-2019 low crossing at $4.68 1/4.
July Kansas City Wheat closed up $0.01 1/4-cents at $4.29 3/4.
July Kansas City wheat closed higher on Friday. The mid-range close sets the stage for a steady to lower opening when Monday 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 month's decline, March's low crossing at $4.27 1/4 is the next downside target. Closes above the 20-day moving average crossing at $4.51 1/2 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $4.51 1/2. Second resistance is the 50-day moving average crossing at $4.67 1/4. First support is today's low crossing at $4.27 3/4. Second support is March's low crossing at $4.27 1/4.
July Minneapolis wheat closed down a $0.00 1/2-cent at $5.24 1/4.
July Minneapolis wheat closed fractionally lower 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. If July renews the rally off May's low, April's high crossing at $5.48 1/4 is the next upside target. Closes below Tuesday's low crossing at $5.11 1/2 would confirm that a short-term top has been posted. First resistance is June's high crossing at $5.29 3/4. Second resistance is April's high crossing at $5.48 1/4. First support is Tuesday's low crossing at $5.11 1/2. Second support the May 18th low crossing at $5.04 1/4. Third support is May's low crossing at $5.02.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed up $0.02 3/4-cents at $8.75 3/4.
July soybeans closed higher on Friday marking an upside breakout of a two-week old trading range. 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 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 $8.59 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $8.80 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 $8.59 3/4. Second support is the 50-day moving average crossing at $8.50 1/2.
July soybean meal closed down $2.00 at $286.80.
July soybean meal closed lower on Friday while extending the trading range of the past two-weeks. 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 signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at $286.50 would signal that a short-term top has been posted. Closes above last-Friday's high crossing at $292.80 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at $292.80. Second resistance is the reaction high crossing at $294.30. First support is the 20-day moving average crossing at $286.80. Second support is May's low crossing at $281.50.
July soybean oil closed up 37-pts. At 28.43.
July soybean oil closed higher on Friday as it extends the rally off Monday'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 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 December-March-decline crossing at 29.32 is the next upside target. Closes below the 50-day moving average crossing at 26.99 would signal that a short-term top has been posted. First resistance is today's high crossing at 28.68. Second resistance is the 38% retracement level of the December-March-decline crossing at 29.32. First support is the 50-day moving average crossing at 26.99. Second support is the May 14th low crossing at 25.70.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
July hogs closed down $1.48 at $48.42.
July hogs 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 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 $47.81 is the next downside target. Closes above the 50-day moving average crossing at $55.89 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $51.30. Second resistance is the 20-day moving average crossing at $53.61. First support is Wednesday's low crossing at $$48.18. Second support is weekly support crossing at $47.81.
August cattle closed down $0.88 at $95.23.
August cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 97.52 would signal that a short-term low has been posted. If August extends today's decline, the May 5th low crossing at $91.20 is the next downside 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 Monday's low crossing at $93.58. Second support is the May 5th low crossing at $91.20.
August Feeder cattle closed down $0.50-cents at $132.48.
August Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower 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 the rally off Monday's low, June's high crossing at $136.73 is the next upside target. Closes below Monday's low crossing at $128.68 would confirm that a short-term top has been posted. First resistance is June's high crossing at $136.73. Second resistance is May's high crossing at $138.80. First support is Monday's low crossing at $128.68. 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 9.78 would confirm that a low has been posted. If July resumes the decline off March's high, weekly support crossing at 9.22 is the next downside target.
July cocoa closed lower on Friday as it the March-June trading range. 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. Today's close above today's high crossing at 24.35 would signal that a short-term low has been posted. If July extends today's decline, April's low crossing at 22.15 is the next downside target.
July sugar closed higher on Friday as it extends the trading range of the past two weeks. The mid-range close set the stage for a steady to higher 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 renews 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 11.62 would confirm that a short-term top has been posted.
July cotton closed 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 April's low, the 62% retracement level of the January-April-decline crossing at 64.11 is the next upside target. Closes below Monday's low crossing at 58.69 would signal that a short-term top has been posted.
Thank you tallpine!
Week 2 heat ridge!
Bullish for natural gas even though temps in the South might only be a bit above average.
Potentially bullish for the grains...........except there still could be some decent rains with the heat. If the rains dry up........grains take off like a rocket ship!
If the heat continues during corn fill, late July thru August, yields will be crushed, even if rains continue.