KEY EVENTS TO WATCH FOR:

Monday, June 18, 2018  

10:00 AM ET. June NAHB Housing Market Index

                       Housing Mkt Idx (previous 70)

The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"  

The STOCK INDEXES:The September NASDAQ 100 was lower overnight as trade-war fears continued to weigh on global markets. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the late-April low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7120.65 are needed to confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 7321.00. Second resistance is unknown. First support is the 10-day moving average crossing at 7230.93. Second support is the 20-day moving average crossing at 7120.65.    

The September S&P 500 was lower overnight due to concerns as the trade war with China heats up. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2753.62 are needed to confirm that a short-term top has been posted. If September extends the rally off May's low, March's high crossing at 2796.30 is the next upside target. First resistance is last-Wednesday's high crossing at 2795.50. Second resistance is March's high crossing at 2796.30. First support is the 20-day moving average crossing at 2753.62. Second support is the 50-day moving average crossing at 2710.03.      

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

INTEREST RATES: September T-bonds were slightly higher overnight as they extend this month's trading range. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 142-01 are needed to renew the decline off May's high. Closes above the reaction high crossing at 144-06 would open the door for a possible test of May's high crossing at 145-28. First resistance is May's high crossing at 145-28. Second resistance is April's high crossing at 146-03. First support is the reaction low crossing at 142-01. Second resistance is May's low crossing at 139-11.  

September T-notes were slightly higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 120.005 would confirm that a short-term low has been posted. If September resumes the decline off May's high, May's low crossing at 117.300 is the next downside target. First resistance is the reaction high crossing at 120.005. Second resistance is May's high crossing at 121.030. First support is last-Wednesday's low crossing at 118.295. Second support is May's low crossing at 117.300.   

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

ENERGY MARKETS: JulyNymex crude oil was steady to slightly higher overnight. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, April's low crossing at 61.73 is the next downside target. Closes above the 50-day moving average crossing at 68.01 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 68.01. Second resistance is the reaction high crossing at 68.67. First support is the overnight low crossing at 63.59. Second support is April's low crossing at 61.73.  

July heating oil was higher in late-overnight 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 50% retracement level of the February-May-rally crossing at 205.38 is the next downside target. Closes above the 20-day moving average crossing at 218.37 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 224.01. Second resistance is May's high crossing at 229.87. First support is the 50% retracement level of the February-May-rally crossing at 205.38. Second support is the 62% retracement level of the February-May-rally crossing at 199.62.

July unleaded gas was higher overnight as it consolidates some of the decline off May's high. 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 75% retracement level of the February-May-rally crossing at 194.27 is the next downside target. Closes above the 20-day moving average crossing at 213.76 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 213.76. Second resistance is the reaction high crossing at 219.87. First support is the 62% retracement level of the February-May-rally crossing at 200.25. Second support is the 75% retracement level of the February-May-rally crossing at 194.27.

July Henry natural gas was slightly lower in late-overnight trading as it consolidates some of last Friday's rally.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 May's low, monthly resistance crossing at 3.111 is the next upside target. Closes below the 20-day moving average crossing at 2.942 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.053. Second resistance is monthly resistance crossing at 3.111. First support is the 20-day moving average crossing at 2.942. Second support is the 50-day moving average crossing at 2.862.  

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

CURRENCIES:The September Dollar was steady to slightly lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off April's low, weekly resistance crossing at 95.07 is the next upside target. Closes below last-Thursday's low crossing at 92.82 would confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 92.05. First resistance is last-Friday's high crossing at 94.82. Second resistance is weekly resistance crossing at 95.07. First support is last-Thursday's low crossing at 92.82. Second support is the 50-day moving average crossing at 92.05.

The September Euro was slightly lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last-Thursday's decline, the 62% retracement level of the 2016-2018 rally crossing at 115.36 is the next downside target. Closes above last-Thursday's high crossing at 119.40 would confirm that a low has been posted while opening the door for a possible test of the 50-day moving average crossing at 120.55. First resistance is last-Thursday's high crossing at 119.40. Second resistance is the 50-day moving average crossing at 120.55. First support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.79.

The September British Pound was lower in late-overnight 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 April's high, last-November's low crossing at 1.3194 is the next downside target. Closes above the reaction high crossing at 1.3536 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.3533. Second resistance is the reaction high crossing at 1.3695. First support is last-Friday's low crossing at 1.3266. Second support is last November's low crossing at 1.3194.  

The September Swiss Franc was slightly higher overnight as it consolidates some of the decline off June's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, May's low crossing at 1.0057 is the next downside target. Closes above the 25% retracement level of the February-May-decline crossing at 1.0300 would renew the rally off May's low. First resistance is the 25% retracement level of the February-May-decline crossing at 1.0300. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431. First support is the overnight low crossing at 1.0088. Second support is May's low crossing at 1.0057. 

The September Canadian Dollar was higher overnight as it consolidates some of the decline off April's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off April's high, the 62% retracement level of the 2016-2017-rally crossing at 74.54 is the next downside target. Closes above the 20-day moving averagecrossing at 77.31 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 77.31. Second resistance is the 50-day moving average crossing at 78.04. First support is the 50% retracement level of the 2016-2017-rally crossing at 76.06. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.  

The September Japanese Yen was steady to slightly higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, May's low crossing at 0.9051 is the next downside target. Closes above the reaction high crossing at 0.9220 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9237. Second resistance is May's high crossing at 0.9320. First support is last-Friday's low crossing at 0.9073. Second support is May's low crossing at 0.9051. 

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

PRECIOUS METALS: August gold was higher overnight as it consolidates some of last-Friday's sharp decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off April's high, the 87% retracement level of the December-January-rally crossing at 1268.40 is the next downside target. Closes above last-Thursday's high crossing at 1313.00 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 1313.00. Second resistance is the 50-day moving average crossing at 1317.70. First support is last-Friday's low crossing at 1277.90. Second support is the 87% retracement level of the December-January-rally crossing at 1268.40.

July silver was higher overnight as it consolidates some of last-Friday's huge decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends last-Friday's decline, the reaction low crossing at 16.190 is the next downside target. Closes above the 10-day moving average crossing at 16.804 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 17.350. Second resistance is April's high crossing at 17.425. First support is the reaction low crossing at 16.190. Second support is May's low crossing at 16.070. 

July copper was slightly higher overnight as it consolidates some of the decline off June's high. The mid-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 the 50-day moving average crossing at 312.44 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 322.71 are needed to confirm that a low has been posted. First resistance is June's high crossing at 331.55. Second resistance is last-December's high crossing at 334.20. First support is the 50-day moving average crossing at 312.44. Second support is May's low crossing at 301.00. 

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

July corn was lower overnight as it extends the decline off May's high to a new contract low. Bearish weather forecast along with concerns over the trade war with China continue to weight on corn prices. The low-range trade overnight sets the stage for a steady to 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 July extends the decline off May's high, long-term support crossing at 3.50 is the next downside target. Closes above the 20-day moving average crossing at 3.85 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.72. Second resistance is the 20-day moving average crossing at 3.85. First support is last-Friday's low crossing at 3.55 1/4. Second support is long-term support crossing at 3.50. 

July wheat was lower overnight as it extends the decline off May's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, May's low crossing at 4.86 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.19 3/4 are needed to confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 5.38 3/4. Second resistance is May's high crossing at 5.54. First support is May's low crossing at 4.86 1/4. Second support is the late-April low crossing at 4.67 3/4.      

July Kansas City Wheat closed down 2 1/2-cents at 5.19 3/4. 

July Kansas City wheat closed lower on Friday. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, May's low crossing at 5.02 1/2. Closes above Wednesday's high crossing at 5.88 would confirm that a short-term low has been posted.First resistance is Wednesday's high crossing at 5.88. Second resistance is May's high crossing at 5.74 3/4. First support is May's low crossing at 5.02 1/2. Second support is the reaction low crossing at 4.97 1/4. 

July Minneapolis wheat was steady to fractionally lower overnight as it extends the decline off May's high. 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 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, December-2016 low crossing at 5.57 3/4 is the next downside target. Closes above the 20-day moving average crossing at 6.04 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.87. Second resistance is the 20-day moving average crossing at 6.04 3/4. First support is last-Friday's low crossing at 5.67 1/2. Second support is the December-2016 low crossing at 5.57 3/4.   

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

July soybeans was steady to fractionally higher overnight as it consolidates some of the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the August-2015 low crossing at 8.76 3/4 is the next downside target. Closes above the 20-day moving average crossing at 9.89 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 9.51 3/4. Second resistance is the 20-day moving average crossing at 9.89 1/2. First support is the 87% retracement level of the 2015-2018-rally crossing at 9.03 3/4. Second support is the August-2015 low crossing at 8.76 3/4.

July soybean meal was steady to slightly lower overnight as it extends the decline off May's high. 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 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 January-May-rally crossing at 339.30 is the next downside target. Closes above the 20-day moving average crossing at 364.70 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 352.50. Second resistance is the 20-day moving average crossing at 364.70. First support is the 75% retracement level of the January-May-rally crossing at 339.30. Second support is the 87% retracement level of the January-May-rally crossing at 339.30.

July soybean oil was lower overnight as it extends the decline off May's high. 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 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 2015-2016-rally crossing at 29.35 is the next downside target. Closes above the 20-day moving average crossing at 30.79 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 30.22. Second resistance is the 20-day moving average crossing at 30.79. First support is the overnight low crossing at 29.43. Second support is the 87% retracement level of the 2015-2016-rally crossing at 29.35. 

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

July hogs closed up $0.10 at $81.73. 

July hogs closed higher 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 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 late-February high crossing at 84.67 is the next upside target. Closes below the 50-day moving average crossing at 78.27 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 83.30. Second resistance is the late-February high crossing at 84.67. First support is the 10-day moving average crossing at 80.21. Second support is the 50-day moving average crossing at 78.27.  

October cattle closed up $2.23 at 107.03. 

October cattle closed higher on Friday erasing Thursday's losses. 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 signaling that sideways trading is possible near-term. If October renews the rally off May's low, April's high crossing at 110.05 is the next upside target. First resistance is Monday's high crossing at 108.90. Second resistance is April's high crossing at 110.05. First support is today's low crossing at 103.50. Second support is May's low crossing at 101.50.

August Feeder cattle closed up $4.30 at $147.98. 

August Feeder cattle closed sharply higher on Friday and above the 10-day moving average crossing at 146.01 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 session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off May's low, March's high crossing at 153.88 is the next upside target. First resistance is May's high crossing at 149.50. Second resistance is March's high crossing at 153.88. First support is today's low crossing at 142.18. Second support is May's low crossing at 136.25.   

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Friday. 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, monthly support crossing at 11.10 is the next downside target. Closes above the 50-day moving average crossing at 11.94 would confirm that a short-term top has been posted. 

July cocoa closed higher on Friday and above the 20-day moving average crossing at 24.65 confirming that a low has been posted. The high-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 decline off April's high, the 75% retracement level of the December-April-rally crossing at 21.02 is the next downside target.  

July sugar closed lower on Friday. The low-range close set 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 June's high, May's low crossing at 11.12 is the next downside target. If July renews the rally off April's low, the 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. 

July cotton closed sharply lower on Friday and below the 20-day moving average crossing at 91.38 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews this year's rally, weekly resistance crossing at 97.35 is the next upside target.