KEY EVENTS TO WATCH FOR:

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. 1^st Quarter Revised Corporate Profits

8:30 AM ET. 1^st 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/exchanges/?c=indexes"

The STOCK INDEXES:The September NASDAQ 100 was steady to slightly higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at  9381.75 would confirm that a short-term top has been posted. If September extends the rally off March's low into uncharted  territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 10204.50. Second resistance is unknown. First support is the 20-day moving average crossing at 9849.09. Second support is the June 15th low crossing at 9368.25.

The September S&P 500 gapped down and was lower overnight.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline the 50-day moving average crossing at 2960.86 is the next downside target. Closes above last-Tuesday's high crossing at 3148.50 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 3148.50. 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 2960.86. Second support is the June 15th low crossing at 2925.70. 

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: September T-bonds were higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher is possible near-term. Closes above the 50-day moving average crossing at 177-27 are needed to confirm that a short-term low has been posted while opening the door for additional short-term gains. Closes below last-Tuesday's low crossing at 174-29 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 177-27. Second resistance is the May 15^th 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 were steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI are  overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June's low, the May 15th high crossing at 139.135 is the next upside target. Closes below last-Tuesday's low crossing at 138.070 would signal that a short-term top has been posted. First resistance is the June 1^st high crossing at 139.075. Second resistance is the May 15^th high crossing at 139.135. First support is June's low crossing at 136.220. Second support is the March 18^th low crossing at 133.225.   

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

August crude oil was lower in overnight trading as it consolidates some of the rally off April's low.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at $34.66 would confirm that a short-term top has been posted. If August extends the rally off April's low, the 62% retracement level of the February-April-decline crossing at $46.20 is the next upside target. First resistance is the 50% retracement level of the February-April-decline crossing at $41.25. Second resistance is the 62% retracement level of the February-April-decline crossing at $46.20. First support is last-Monday's low crossing at $34.66. Second support is the 50-day moving average crossing at $32.11.  

August heating oil was lower overnight as it consolidates some of the rally off April's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $115.44 would confirm that a short-term top has been posted. 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. First resistance is Tuesday's high crossing at $125.34. Second resistance is the 38% retracement level of the February-April-decline crossing at $128.27. First support is the 20-day moving average crossing at $115.44. Second support is the 50-day moving average crossing  at $104.17.   

August unleaded gas was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 12th low crossing at $109.16 would confirm that a short-term top has been posted. If August renews the rally off April's low, the 62% retracement level of the January-March-decline crossing at $141.79 is the next upside target. First resistance is Tuesday's high crossing at $132.53.. Second resistance is the 62%retracement level of the January-March-decline crossing at $141.79. First support is the June 12th low crossing at $109.16. Second support is the 50-day moving average crossing at $102.05.  

August Henry natural gas was lower overnight as it extends the decline off May's high. The low-range overnight trade sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off May's high, weekly support crossing at 1.515 is the next downside target. Closes above the 20-day moving average crossing at 1.807 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.721. Second resistance is the 20-day moving average crossing at 1.807. First support is the overnight low crossing at 1.627. Second support is weekly support crossing at 1.515.    

CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"

CURRENCIES:The September Dollar was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, the 50-day moving average crossing at $98.71 is the next upside target. If September resumes the decline off May's high, March's low crossing at $94.71 is the next downside target. First resistance is Monday's high crossing at $97.70. Second resistance is the 50-day moving average crossing at $98.71. First support is the 87% retracement level of March's rally crossing at $95.88. Second support is March's low crossing at $94.71. 

The September Euro was lower in late-overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off June's high, the 50-day moving average crossing at $110.56 is the next downside target. If June resumes the rally off May's low, the 87% retracement level of March's decline crossing at $114.58 is the next upside target. First resistance is the June 10th high crossing at $114.47. Second resistance is the 87% retracement level of  March's decline crossing at $114.58. First support is last-Friday's low crossing at $111.90. Second support is the 50-day moving average crossing at $110.56.

The September British Pound was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2552 would signal that a short-term low has been posted. If September renews the decline off June's high, the May 22^nd low crossing at 1.2170 is the next downside target. First resistance is the 20-day moving average crossing at 1.2552. Second resistance is the 75% retracement level of the December-March decline crossing at 1.2745. First support is the May 22^nd low crossing at 1.2170. Second support is May's low crossing at 1.2083.

The September Swiss Franc was steady to slightly lower in overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0524 would signal that a short-term top has been posted. If September renews the rally off April's low, the 75% retracement level of March's decline crossing at 1.0759 is the next upside target. First resistance is the 62% retracement level of March's decline crossing at 1.0659. Second resistance is the 75% retracement level of March's decline crossing at 1.0759. First support is the 20-day moving average crossing at 1.0524. Second support is the 50-day moving average crossing at 1.0416. 

The September Canadian Dollar was steady to slightly higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 73.08 are needed to confirm that a short-term top has been posted. If September resumes the rally off  March's low, the 87% retracement level of the January-March-decline crossing at 76.04 is the next upside target.First resistance is the 75% retracement level of the January-March-decline crossing at 74.99. Second resistance is the 87% retracement level of the January-March-decline crossing at 76.04. First support is last-Monday's low crossing at 73.08. Second support is the 50-day moving average crossing  at 72.38.

The September Japanese Yen was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.0931 would signal that a short-term top has been posted. If September extends the rally off June's low, May's high crossing at 0.0945 is the next upside target. First resistance is Tuesday's high crossing at 0.0944. Second resistance is May's high crossing at 0.0945. First support is the 20-day moving average crossing at 0.0931. Second support is June's low crossing at 0.0912. 

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS: August gold was steady to slightly lower in late-overnight trading. The mid-range overnight trade sets the stage for a steady opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, monthly resistance crossing at $1809.50 is the next upside target. Closes below the 50-day moving average crossing at $1733.70 would signal that a short-term top has likely been posted. First resistance is Wednesday's high crossing at $1796.10. Second resistance is monthly resistance crossing at $1809.50. First support is the 50-day moving average crossing at $1733.70. Second support is the June 15^th low crossing at $1706.20.  

July silver was steady to slightly higher overnight. The high-range overnight trade sets the stage for a  steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the rally off March's low, February's high crossing at $19.075 is the next upside target. Closes below last-Monday's low crossing at $17.015 would confirm a downside breakout of the May-June trading range. First resistance is June's high crossing at $18.950. Second resistance is February's high crossing at $19.075. First support is last-Monday's low crossing at $17.015. Second support is the 50-day moving average crossing at $16.824. 

July copper was steady to slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 2.5749 would confirm that a short-term top has been posted. If July resumes the rally off March's low, the 87% retracement level of the January-March-decline crossing at 2.7793 is the next upside target. First resistance is the June 10th high crossing at 2.7000. Second resistance is the 87% retracement level of the January-March-decline crossing at 2.7793. First support is the 20-day moving average crossing at 2.5749. Second support is the 50-day moving average crossing at 2.4469. 

GRAINS http://quotes.ino.com/ex changes/?c=grains

July corn was lower overnight. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $3.22 3/4 would signal that a short-term top has been posted. If July resumes the rally off April's low, April's high crossing at $3.47 1/2 is the next potential upside target. First resistance is the reaction high crossing at $3.34 3/4. Second resistance is April's high crossing at $3.47 1/2. First support is the 50-day moving average crossing at $3.22 3/4. Second support is April's low crossing at $3.09.     

July wheat was higher overnight. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off March's high, last-September's low crossing at $4.68 1/4 is the next downside target. Closes above the 20-day moving average crossing at $5.00 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.89. Second resistance is the 20-day moving average crossing at $5.00 1/2. First support is last-Friday's low crossing at $4.76. Second support is last-September's low crossing at $4.68 1/4.

July Kansas City wheat was steady to fractionally higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, last-September's low crossing at $4.19 is the next downside target. Closes above the 20-day moving average crossing at $4.47 1/2 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $4.35 1/4. Second resistance is the 20-day moving average crossing at $4.47 1/2. First support is Tuesday's low crossing at $4.26. Second support is last-September's low crossing at $4.19.       

July Minneapolis wheat was steady to fractionally lower in overnight trading. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Thursday's high, the reaction low crossing at $5.11 1/2 is the next downside target. Closes above the June 6^th high crossing at $5.29 3/4 are needed to renew the rally off May's low. First resistance is the June 6th high crossing at $5.29 3/4. Second resistance is April's high crossing at $5.48 1/4. First support is 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 were lower overnight. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $8.65 1/2 would confirm that a short-term top has been posted. If July extends the rally off April's low, the 38% retracement level of the October-April decline crossing at $8.82. First resistance is last-Friday'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 $8.65 1/2. Second support is the 50-day moving average crossing at $8.51 1/2.      

July soybean meal was steady to slightly lower overnight as it extends the trading range of the past three-weeks. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, May's low crossing at $281.50 is the next downside target. If July renews the rally off May's low, May's high crossing at $295.80 is the next upside target. First resistance is the June 12th high crossing at $292.80. Second resistance is May's high crossing at $295.80. First support is Tuesday's low crossing at $285.30 Second support is May's low crossing at $281.50.      

July soybean oil was lower overnight as it extends this week's decline. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the 50-day moving average crossing at 27.04 is the next downside target. If July renews the rally off  April's low, the 38% retracement level of the January-March-decline crossing at 29.32 is the next upside target. First resistance is last-Friday's high crossing at 28.68. Second resistance is the 38% retracement level of the January-March-decline crossing at 29.32. First support is the 50-day moving average crossing at 27.04. Second support is the May 22^nd low crossing at 26.58. 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

July hogs closed down $0.95 at $45.95. 

July hogs closed lower on Wednesday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Thursday'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 $44.76 is the next downside target. Closes above the 20-day moving average crossing at $51.85 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $49.26. Second resistance is the 20-day moving average crossing at $51.85. First support is Monday's low crossing at $45.75. Second support is weekly support crossing at $44.76.    

August cattle closed down $0.90 at $96.30. 

August cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends Tuesday's rally, the May 28^th high crossing at $101.30. Closes below the June 15^th low crossing at $93.58 would renew the decline off May's high. 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 June 15th low crossing at $93.58. Second support is the May 5^th low crossing at $91.20.    

August Feeder cattle closed down $0.48-cents at $132.73. 

August Feeder cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday'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 last-Monday's low, June's high crossing at $136.73 is the next upside target. Closes below last-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 last-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 slightly higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 9.67 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. 

September cocoa closed slightly higher on Wednesday as it extends the March-June trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last-Friday's low, June's high crossing at 25.08 is the next upside target. If July renews the decline off June's high, March's low crossing at 22.08 is the next downside target.               

July sugar closed lower on Wednesday as it extends the trading range of the past three-weeks. The low-range close set the stage for a steady to lower opening on Thursday. 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 11.75 are needed to 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 12.84 is the next upside target.           

July cotton closed lower on Wednesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening on Thursday. 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 64.11 is the next upside target. Closes below last-Monday's low crossing at 58.69 would signal that a short-term top has been posted.