KEY EVENTS TO WATCH FOR:

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 higher on Friday as it consolidated some of Wednesday's sharp decline. The high-range close sets the stage for a steady to higher opening when Friday'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 extends today's decline, the 50-day moving average crossing at 24,895.94 is the next downside target. Closes above the June 11th gap crossing at 26,938.05 would confirm that a short-term low has been posted. First resistance is the June 11^th 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 the 50-day moving average crossing at 24,895.94. Second support is the June 15th low crossing at 24,843.18.  

The September NASDAQ 100 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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-Monday's low crossing at 9368.25 are needed to confirm that a short-term top has been posted. If June resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 10,296.25. Second resistance is unknown. First support is last-Monday's low crossing at  9368.25. Second support is the 50-day moving average crossing at 9344.99.    

The September S&P 500 closed higher on Thursday. The high-range close sets the stage for a steady to lower opening when Friday'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 September extends this week's decline, the 50-day moving average crossing at 2961.46 is the next downside target. If September renews last-week's rally, the June 8th high crossing at 3216.70 is the next upside target. First resistance is the June 8th 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 2961.46. Second support is the May 13^th low crossing at 2804.20.

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

September T-bonds closed down 3/32's at 177-28.

September T-bonds closed slightly lower on Friday but remains above the 50-day moving average crossing at 177-27 opening the door for additional gains near-term. The low-range close sets the stage for a steady to lower opening when Friday'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 below the June 16th crossing at 174-29 would signal that a short-term top has been posted. First resistance is today's high crossing at 178-20. 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 closed down 20-pts. At 138.260.

September T-notes closed lower on Thursday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Friday'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 21^st high crossing at 139.160 would mark an upside breakout of the April-June trading range. Closes below last-Tuesday's low crossing at 138.070 would signal that a short-term top has been posted. First resistance is the April 21^st high crossing at 139.160. Second resistance is March's high crossing at 139.250. First support is last-Tuesday's low crossing at 138.070. Second support is June's low crossing at 136.220.          

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

August crude oil closed higher on Wednesdayas it consolidates some of Wednesday's decline.The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. 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 January-April-decline crossing at $46.20 is the next upside target. 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 last-Monday's low crossing at $34.66. Second support is the 50-day moving average crossing at $32.14. 

August heating oil closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices is possible near-term. Closes below the 20-day moving average crossing at $115.54 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 January-April-decline crossing at $128.27. First support is the 20-day moving average crossing at $115.54. Second support is the 50-day moving average crossing at $104.21. 

August unleaded gas closed slightly higher on Thursday as it consolidates some of Wednesday's sharp decline. The high-range close sets the stage for a steady to higher opening when Friday'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 reaction 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 62% retracement level of the January-March-decline decline crossing at 141.79. First support is the 20-day moving average crossing  at 119.03. Second support is the 50-day moving average crossing at 102.12.  

August Henry natural gas plunged to a new low for the year on Thursday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday'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 extends the decline off May's high, psychological support crossing at 1.500 is the next downside target. Closes above the 20-day moving average crossing at 1.803 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.712. Second resistance is the 20-day moving average crossing at 1.803. First support is today's low crossing at 1.517. Second support is the psychological support crossing at 1.500.          

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

The September Dollar closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 50-day moving average crossing at 98.70 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 Tuesday's high crossing at 97.70. Second resistance is the 50-day moving average crossing at 98.70. 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 Thursday. The mid-range close sets the stage for a steady to lower opening when Thursday'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, June's high crossing at 113.97 is the next upside target. If September renews the decline off June's high, the 50-day moving average crossing at 110.56 is the next downside target. 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 Monday's low crossing at 111.89. Second support is the 50-day moving average crossing at 110.56.

The September British Pound closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 the 20-day moving average crossing at 1.2551 would confirm that a short-term low has been posted. If September resumes the decline off June's high the May 22nd low crossing at 1.2161 is the next downside target. 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 Monday's low crossing at 1.2340. Second support is the May 22nd low crossing at 1.2161.

The September Swiss Franc closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 the 20-day moving average crossing at 1.0525 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 June'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 1.0525. Second support is the 50-day moving average crossing at 1.0416.

The September Canadian Dollar closed slightly lower on Thursday.The mid-range close sets the stage for a steady to lower opening when Friday'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 last-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 June'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 last-Monday's low crossing at 73.08. Second support is the 50-day moving average crossing at 72.38. 

The September Japanese Yen closed slightly lower on Thursday as it consolidates some of the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday’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 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 ""

August gold closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 the June 5^th 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 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 5th low crossing at $1671.70.

July silver posted an inside day with a higher close on Thursday as it extends the May-June trading range. The high-range close sets the stage for a steady to higher opening when Friday'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 reaction high crossing at 18.405 are needed to confirm that a short-term low has been posted. If July renews the decline off June's high, the 50-day moving average crossing at 16.830 is the next downside target. First resistance is the reaction high crossing at 18.405. Second resistance is June's high crossing at 18.950. First support is last-Monday's low crossing at 17.015. Second support is the 50-day moving average crossing at 16.830.  

July copper closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 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 257.59 would signal that a short-term top has been posted. 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 257.59. Second support is the 50-day moving average crossing at 244.73. 

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

July Corn closed down $0.07 3/4-cents at 3.16 1/2. 

July corn closed sharply lower on Thursday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at $3.23 1/4 confirms that a short-term top has been posted. If July extends this week's decline, April's low crossing at $3.09 is the next downside target. Closes above the 10-day moving average crossing at $3.27 1/4 would signal that a short-term low has been posted. First resistance is the April 7^th high crossing at 3.40 1/2. Second resistance is April's high crossing at $3.47 1/2. First support is today's low crossing at $3.15. Second support is April's low crossing at $3.09.    

July wheat closed up $0.04-cents at $4.85 1/4.  

July wheat closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 $5.00 1/4 would signal that a short-term low has been  posted. First resistance is the 10-day moving average crossing at $4.89 1/4. Second resistance is the 20-day moving average crossing at $5.00 1/4. First support is last-Friday's low crossing at $4.76. Second support is the September-2019 low crossing at $4.68 1/4.      

July Kansas City Wheat closed down $0.02 1/4-cents at $4.29.

July Kansas City wheat closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday 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, 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. 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 closed down $0.05 1/4-cents at $5.11. 

July Minneapolis wheat closed lower on Thursday. The low-range close sets the stage for a steady  to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Tuesday's low crossing at $5.11 1/2 confirms that a short-term top has been posted. 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 June's high crossing at $5.29 3/4. Second resistance is April's high crossing at $5.48 1/4. First support is today's low crossing at $5.10. Second support the May 18^th 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 down $0.02 3/4-cents at $8.68.

July soybeans closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 $8.65 1/2 would signal that a short-term top has been posted. 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.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 closed down $1.60 at $285.10. 

July soybean meal closed lower on Thursday while extending the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday'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 month's decline, May's low crossing at $281.50 is the next downside target. Closes above June's high crossing at $292.80 are needed to renew the rally off May's low. First resistance is June's high crossing at $292.80. Second resistance is the reaction high crossing at $294.30. First support is today's low crossing at $283.60. Second support is May's low crossing at $281.50.      

July soybean oil closed down 14-pts. At 27.51. 

July soybean oil closed lower on Thursday. The mid-range close sets the stage for a steady to lower  opening when Friday'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 50-day moving average  crossing at 27.04 would signal that a short-term top has been posted. 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 last-Friday'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 27.04. Second support is the May 14^th low crossing at 25.70.      

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

July hogs closed up $0.98 at $46.90. 

July hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 $51.41 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at $48.73. Second resistance is the 20-day moving average crossing at $51.41. First support is Monday's low crossing at $45.75. Second support is weekly support crossing at $44.76.    

August cattle closed down $0.05 at $96.25. 

August cattle closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening on Friday. 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 up $0.15-cents at $133.02. 

August Feeder cattle closed slightly lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes 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 9.65 would confirm that a low has been posted.  

September cocoa closed sharply higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Friday. 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 slightly higher on Thursday as it extends the trading range of the past three-weeks. The high-range close set the stage for a steady to higher opening on Friday. 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 11.80 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 slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 60.71  would signal that a short-term top has been posted. 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.