KEY EVENTS TO WATCH FOR:
Wednesday, June 27, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 384.1)
Composite Idx, W/W% (previous +5.1%)
Purchase Idx-SA (previous 259.6)
Purchase Idx-SA, W/W% (previous +4.3%)
Refinance Idx (previous 1052.3)
Refinance Idx, W/W% (previous +6.1%)
8:30 AM ET. May Advance Economic Indicators Report
8:30 AM ET. May Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected -1.0%; previous -1.7%)
Dur Goods, Ex-Defense, M/M% (previous -1.9%)
Dur Goods, Ex-Transport, M/M% (previous +0.9%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.0%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.8%)
8:30 AM ET. Annual U.S. International Investment Position
8:30 AM ET. 1st Quarter U.S. International Investment Position
10:00 AM ET. May Metropolitan Area Employment & Unemployment
10:00 AM ET. May Pending Home Sales Index
Pending Home Sales (previous 106.4)
Pending Home Sales Idx, M/M% (expected +0.5%; previous -1.3%)
Pending Home Sales Idx , Y/Y% (previous -2.1%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 426.527M)
Crude Oil Stocks, Net Chg (Bbl) (previous -5.914M)
Gasoline Stocks (Bbl) (previous 240.04M)
Gasoline Stocks, Net Chg (Bbl) (previous +3.277M)
Distillate Stocks (Bbl) (previous 117.408M)
Distillate Stocks, Net Chg (Bbl) (previous +2.715M)
Refinery Usage (previous 96.7%)
Total Prod Supplied (Bbl/day) (previous 20.228M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -1.573M)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The September NASDAQ 100 closed higher on Tuesday as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 last-Thursday's high, the 50-day moving average crossing at 6978.99 is the next downside target. Closes above the 10-day moving average crossing at 7228.10 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7228.10. Second resistance is last-Thursday's high crossing at 7358.50. First support is the 50-day moving average crossing at 6978.95. Second support is the reaction low crossing at 6855.50.
The September S&P 500 closed higher on Tuesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 2721.36 would open the door for additional weakness near-term. Closes below the 10-day moving average crossing at 2763.07 would confirm that a short-term low has been posted. First resistance is June's high crossing at 2795.50. Second resistance is March's high crossing at 2796.30. First support is Monday's low crossing at 2701.00. Second support is the reaction low crossing at 2681.00.
The Dow closed higher on Tuesday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 the Dow extends the decline off June's high, May's low crossing at 23,531.31 is the next downside target. Closes above the 20-day moving average crossing at 24,856.08 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,856.08. Second resistance is June's high crossing at 25,402.83. First support is Tuesday's low crossing at 24,084.39. Second support is May's low crossing at 23,531.31.
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September T-bonds closed down 2/32's at 144-09.
September T-bonds closed slightly lower on Tuesday while extending this month's trading range.The mid-range close sets the stage for a steady opening when Wednesday'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 resumes the rally off May's low, May's high crossing at 145-28 is the next upside target. Closes below the reaction low crossing at 142-01 would confirm that a short-term top has been posted. First resistance is May's high crossing at 145-28. Second resistance is April's high crossing at 146-06. First support is the reaction low crossing at 142-01. Second support is May's low crossing at 139-11.
September T-notes closed down 15-points at 119-315.
September T-notes closed slightly lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 last Tuesday's high crossing at 120.060 would confirm that a short-term low has been posted. If September renews the decline off May's high, May's low crossing at 117.300 is the next downside target. First resistance is last-Tuesday's high crossing at 120.060. Second resistance is May's high crossing at 121.030. First support is June'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 ""
August crude oil closed sharply higher on Tuesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. 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 aforementioned rally, May's high crossing at 72.70 is the next upside target. Closes below the 20-day moving average crossing at 66.33 would confirm that a short-term top has been posted. First resistance is today's high crossing at 70.64. Second resistance is May's high crossing at 72.70.First support is the 20-day moving average crossing at 66.33. Second support is June's low crossing at 63.40.
August heating oil closed higher on Tuesday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the decline off May's high, the 50% retracement level of the February-May-rally crossing at 205.35 is the next downside target. Closes above the 50-day moving average crossing at 216.43 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 216.43. Second resistance is the reaction high crossing at 219.13. First support is last Monday's low crossing at 206.89. Second support is the 50% retracement level of the February-May-rally crossing at 205.35.
August unleaded gas closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 207.50 are needed to confirm that a short-term low has been posted. If August renews the decline off May's high, the 75% retracement level of the February-May-rally crossing at 192.52 is the next downside target. First resistance is the 20-day moving average crossing at 207.50. Second resistance is the 50-day moving average crossing at 211.42. First support is the 62% retracement level of the February-May-rally crossing at 198.78. Second support is the 75% retracement level of the February-May-rally crossing at 192.52.
August Henry natural gas closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 2.887 are needed to confirm that a short-term top has been posted. If August resumes the rally off May's low, monthly resistance crossing at 3.111, is the next upside target. First resistance is June's high crossing at 3.043. Second resistance is monthly resistance crossing at 3.111. First support is the 50-day moving average crossing at 2.887. Second support is the reaction low crossing at 2.8214.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed higher on Tuesday ending a three-day decline off last Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 93.83 would confirm that a short-term top has been posted. If September renews the rally off February's low, weekly resistance crossing at 97.70 is the next upside target. First resistance is last-Thursday's high crossing at 95.22. Second resistance is weekly resistance crossing at 97.70. First support is the 20-day moving average crossing at 93.83. Second support is the reaction low crossing at 92.82.
The September Euro closed lower on Tuesday as it consolidates some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 119.40 are needed to confirm that a low has been posted. If September resumes the decline off April's high, the 62% retracement level of the 2016-2018 rally crossing at 115.36 is the next downside target. First resistance is the reaction high crossing at 119.40. Second resistance is the 50-day moving average crossing at 119.60. 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 112.78.
The September British Pound closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 reaction high crossing at 1.3533 are needed to confirm that a short-term low has been posted. If September extends the decline off April's high, weekly support crossing at 1.3048 is the next downside target. First resistance is the reaction high crossing at 1.3533. Second resistance is the 50-day moving average crossing at 1.3588. First support is last Thursday's low crossing at 1.3152. Second support is weekly support crossing at 1.3048.
The September Swiss Franc closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above June's high crossing at 1.0302 would renew the rally off May's low while opening the door for additional gains near-term. If September resumes this month's decline, May's low crossing at 1.0057 is the next downside target. First resistance is June's high crossing at 1.0302. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431 is the next upside target. First support is last-Thursday's low crossing at 1.0086. Second support is May's low crossing at 1.0057.
The September Canadian Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 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 average crossing at 76.55 is needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 75.73. Second resistance is the 20-day moving average crossing at 76.55. First support is last-Friday's low crossing at 74.82. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.
The September Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 0.9201 would confirm that a short-term low has been posted. If September renews the decline off May's high, May's low crossing at 0.8992 is the next downside target. First resistance is the 50-day moving average crossing at 0.9201. Second resistance is May's high crossing at 0.9320. First support is May's low crossing at 0.9051. Second support is the 87% retracement level of the October-March-rally crossing at 0.9006.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
August gold closed lower on Tuesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 April's high, last-December's low crossing at 1251.90 is the next downside target. Closes above the 20-day moving average crossing at 1289.90 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1278.60. Second resistance is the 20-day moving average crossing at 1289.90. First support is today's low crossing at 1256.40. Second support is last-December's low crossing at 1251.90.
July silver closed lower on Tuesday as it extends the decline off June's high. The mid-range close set the stage for a steady to lower opening when Wednesday'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, May's low crossing at 16.070 is the next downside target. Closes above the 50-day moving average crossing at 16.590 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 16.590. Second resistance is June's high crossing at 17.350. First support is today's low crossing at 16.140. Second support is May's low crossing at 16.070.
July copper closed higher on Tuesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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, March's low crossing at 295.85 is the next downside target. Closes above the 20-day moving average crossing at 313.68 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 311.32. Second resistance is the 20-day moving average crossing at 313.68. First support is Monday's low crossing at 296.80. Second support is March's low crossing at 295.85.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up 1 1/2-cents at 3.52.
July corn closed higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday'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 above the 10-day moving average crossing at 3.58 are needed to temper the near-term bearish outlook. If July renews the decline off May's high, monthly support crossing at 3.35 1/2 is the next downside target. First resistance is the 10-day moving average crossing at 3.58. Second resistance is the 20-day moving average crossing at 3.70. First support is last Tuesday's low crossing at 3.38 3/4 Second support is monthly support crossing at 3.35 1/2.
July wheat closed down 5 3/4-cents at 4.71.
July wheat closed lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the aforementioned decline, March's low crossing at 4.59 is the next downside target. Closes above the 20-day moving average crossing at 5.06 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 4.91 1/4. Second resistance is the 20-day moving average crossing at 5.06. First support is today's low crossing near 4.66 3/4. Second support is March's low crossing at 4.59.
July Kansas City Wheat closed down 11 3/4-cents at 4.58.
July Kansas City wheat closed lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If July extends the decline off May's high, January's low crossing at 4.50 1/4. Closes above the 20-day moving average crossing at 5.17 1/4 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 4.96 1/4. Second resistance is the 20-day moving average crossing at 5.17 1/4. First support is today's low crossing at 4.54. Second support is January's low crossing at 4.50 1/4.
July Minneapolis wheat closed down 7-cents at 5.32 1/2.
July Minneapolis wheat closed lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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, monthly support crossing at 5.15 1/4 is the next downside target. Closes above the 10-day moving average crossing at 5.57 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.57 1/4. Second resistance is the 20-day moving average crossing at 5.78. First support is today's low crossing at 5.31 3/4. Second support is monthly support crossing at 5.15 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed down 7 1/2-cents at 8.67.
July soybeans closed lower on Tuesday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the decline off May's high, the March-2009 low crossing at 8.38 1/4 is the next downside target. Closes above the 10-day moving average crossing at 8.96 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.96 3/4. Second resistance is the 20-day moving average crossing at 9.44. First support is last-Tuesday's low crossing at 8.41 1/2. Second support is the March-2009 low crossing at 8.38 1/4.
July soybean meal closed up $0.20 at 333.10.
July soybean meal closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 351.00 are needed to confirm that a short-term low has been posted. If July extends the decline off May's high, January's low crossing at 317.00 is the next downside target. First resistance is the 10-day moving average crossing at 337.20. Second resistance is the 20-day moving average crossing at 351.00. First support is last-Tuesday's low crossing at 320.30. Second support is January's low crossing at 317.00.
July soybean oil closed down 3-points. At 28.91.
July soybean oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 30.08 are needed to confirm that a short-term low has been posted. If July renews the decline off May's high, the November-2015 low crossing at 26.99 is the next downside target. First resistance is the 10-day moving average crossing at 29.37. Second resistance is the 20-day moving average crossing at 30.08. First support is last-Tuesday's low crossing at 27.79. Second support is the November-2015 crossing at 26.99.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
July hogs closed up $1.05 at $79.13.
July hogs closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's 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 June's high, June's low crossing at 75.20 is the next downside target. Closes above the 10-day moving average crossing at 80.93 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 80.93. Second resistance is June's high crossing at 83.83. First support is Monday's low crossing at 77.98. Second support is June's low crossing at 75.20.
October cattle closed down $0.52 at 105.90.
October cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, June's low crossing at 103.55 is the next downside target. Closes above April's high crossing at 110.05 would mark an upside breakout of the April-June trading range. First resistance is last-Wednesday's high crossing at 109.80. Second resistance is April's high crossing at 110.05. First support is June's low crossing at 103.50. Second support is May's low crossing at 101.50.
August Feeder cattle closed up $0.33 at $146.10.
August Feeder cattle closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below June's low crossing at 142.17 would confirm that a short-term top has been posted. If August extends the rally off May's low, March's high crossing at 153.88 is the next upside target. First resistance is last-Wednesday's high crossing at 150.75. Second resistance is March's high crossing at 153.88. First support is June'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 higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 11.86 would confirm that a short-term low has been posted. If July renews this month's decline, monthly support crossing at 11.10 is the next downside target.
July cocoa closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower 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. If July extends the rally off June's low, the 50-day moving average crossing at 26.21 is the next upside target.
July sugar closed higher on Tuesday. The mid-range close set the stage for a steady to higher opening on Wednesday. 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 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. If July renews the decline off June's high, May's low crossing at 11.12 is the next downside target.
July cotton closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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, the late-April low crossing at 81.36 is the next downside target. Closes above the 20-day moving average crossing at 90.09 would confirm that a low has been posted.
Thanks tallpine!