KEY EVENTS TO WATCH FOR:
Monday, July 2, 2018
9:45 AM ET. June US Manufacturing PMI
PMI, Mfg (previous 56.4)
10:00 AM ET. May Construction Spending - Construction Put in Place
New Construction (previous +1.8%)
Residential Construction
10:00 AM ET. June Online Help Wanted Index
10:00 AM ET. June ISM Manufacturing Report on Business
Manufacturing PMI (previous 58.7)
Prices Idx (previous 79.5)
Employment Idx (previous 56.3)
Inventories (previous 50.2)
New Orders Idx (previous 63.7)
Production Idx (previous 61.5)
11:00 AM ET. June Global Manufacturing PMI
PMI, Mfg (previous 56.4)
N/A Trump meets Dutch PM at the White House
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The September NASDAQ 100 closed higher on Friday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady opening when Monday'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 20-day moving average crossing at 7192.16 are needed to confirm that a short-term low has been posted. If September extends the decline off June's high, the reaction low crossing at 6855.50 is the next downside target. First resistance is the 20-day moving average crossing at 7192.16. Second resistance is June's high crossing at 7358.50. First support is the 50-day moving average crossing at 6772.40. Second support is the reaction low crossing at 6855.50.
The September S&P 500 closed higher on Friday as it consolidate some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes below the 20-day moving average crossing at 2760.52 would confirm that a short-term low has been posted. If September extends the decline off June's high, the reaction low crossing at 2681.00 is the next downside target. First resistance is June's high crossing at 2795.50. Second resistance is March's high crossing at 2796.30. First support is Thursday's low crossing at 2694.50. Second support is the reaction low crossing at 2681.00.
The Dow gapped up and closed higher on Friday as it consolidates some of the decline off June's high. 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 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 24,806.40 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,806.40. Second resistance is June's high crossing at 25,402.83. First support is Thursday's low crossing at 23,997.21. Second support is May's low crossing at 23,531.31.
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September T-bonds closed down 4/32's at 144-27.
September T-bonds closed lower on Friday.The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 145-28 is the next upside target. Closes below June's 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 June's low crossing at 142-01. Second support is May's low crossing at 139-11.
September T-notes closed down 15-points at 120-045.
September T-notes closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 121.020 is the next upside target. Closes below the 50-day moving average crossing at 119.111 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 120.145. 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.
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August crude oil closed higher on Friday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, the 75% retracement level of the 2014-2016-decline crossing at 77.08 is the next upside target. Closes below the 20-day moving average crossing at 67.28 would confirm that a short-term top has been posted. First resistance is today's high crossing at 74.46. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.08.First support is the 50-day moving average crossing at 68.39. Second support is the 20-day moving average crossing at 67.28.
August heating oil closed higher on Friday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. 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 219.13 would open the door for a possible test of May's high crossing at 229.60. Closes below the 10-day moving average crossing at 213.58 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 219.13. Second resistance is May's high crossing at 229.60. First support is June'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 Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at 211.80 opens the door for a test of the reaction high crossing at 219.04. Closes below the 10-day moving average crossing at 205.71 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 219.04. Second resistance is May's high crossing at 226.86. 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 lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2.896 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 2.896. Second support is the reaction low crossing at 2.8214.
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The September Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 94.01 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 Thursday's high crossing at 95.26. Second resistance is weekly resistance crossing at 97.70. First support is the 20-day moving average crossing at 94.01. Second support is the reaction low crossing at 92.82.
The September Euro closed higher on Friday and the high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Tuesday's high crossing at 117.95 are needed to confirm that a low has been posted. If September extends 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 117.95. Second resistance is the 50-day moving average crossing at 119.10. 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 higher due to short covering on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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, weekly support crossing at 1.3048 is the next downside target. Closes above the reaction high crossing at 1.3366 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.3366. Second resistance is the 50-day moving average crossing at 1.3521. First support is Thursday's low crossing at 1.3095. Second support is weekly support crossing at 1.3048.
The September Swiss Franc closed higher on Friday while extending the trading range of the past two-months. 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 diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above June's high crossing at 1.0302 are needed to confirm an upside breakout of the aforementioned trading range 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 Thursday's low crossing at 1.0075. Second support is May's low crossing at 1.0057.
The September Canadian Dollar closed higher on Friday as it consolidates some of this year's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 76.26 is needed to confirm that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 76.26. Second resistance is the 50-day moving average crossing at 77.29. First support is Wednesday's low crossing at 74.80. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.
The September Japanese Yen closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, May's low crossing at 0.8992 is the next downside target. Closes above the 50-day moving average crossing at 0.9182 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9182. 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.
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August gold closed higher on Friday as it consolidated some of the decline off April's high. 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 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, the 62% retracement level of the 2016-2018 rally crossing at 1242.20 is the next downside target. Closes above the 20-day moving average crossing at 1282.50 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1265.30. Second resistance is the 20-day moving average crossing at 1282.50. First support is today's low crossing at 1246.90. Second support is the 62% retracement level of the 2016-2018 rally crossing at 1242.20.
July silver closed higher on Friday as it consolidates some of the decline off June's high. The high-range close set the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the July-2017 low crossing at 15.767 is the next downside target. Closes above the 50-day moving average crossing at 16.523 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 16.523. Second resistance is June's high crossing at 17.350. First support is Thursday's low crossing at 15.945. Second support is the July-2017 low crossing at 15.767.
July copper closed slightly higher on Friday as it consolidates some of this month's decline. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 38% retracement level of the 2016-2018 rally crossing at 282.37 is the next downside target. Closes above the 20-day moving average crossing at 311.92 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 301.12. Second resistance is the 20-day moving average crossing at 311.92. First support is Thursday's low crossing at 293.00. Second support is the 38% retracement level of the 2016-2018 rally crossing at 282.37.
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July Corn closed up 5-cents at 3.50.
July corn closed higher on Friday. The USDA estimated that corn acres are 89.128 million acres in 2018. That number is still higher than USDA’s March estimates of 88.03 million acres. The average trade guess also lower, at 88.46 million acres.The acreage number puts even more emphasis on yields and growing season weather for the rest of the summer. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible. Closes above last Friday's high crossing at 3.59 3/4 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 last Friday's high crossing at 3.59 3/4. Second resistance is the 20-day moving average crossing at 3.63 1/4. First support is June's low crossing at 3.38 3/4 Second support is monthly support crossing at 3.35 1/2.
July wheat closed up 17 1/2-cents at 4.97.
July wheat closed higher on Friday as it consolidates some of the decline off May's high. All wheat acres are up 4% from a year ago at 47.821 million acres according to the USDA. That was higher than the average pre-report trade guess of 47.15 million acres. Spring wheat acres accounted for much of this boost, coming in at 13.202 million acres – significantly higher than USDA’s March estimates of 12.63 million acres, as well as the average trade guess of 12.45 million acres. USDA’s grain stocks report showed wheat stocks rose from 5.229 billion bushels last June to 5.306 billion bushels. The trade was anticipating a more modest boost, to around 5.276 billion bushels.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 oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 5.00 1/4 are needed to confirm that a low has been posted. If July extends the aforementioned decline, March's low crossing at 4.59 is the next downside target. First resistance is the 20-day moving average crossing at 5.00 1/4. Second resistance is the 50-day moving average crossing at 5.06 3/4. First support is Tuesday's low crossing near 4.66 3/4. Second support is March's low crossing at 4.59.
July Kansas City Wheat closed up 17 1/2-cents at 4.70 3/4.
July Kansas City wheat closed higher on Friday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 5.05 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.76 1/2. Second resistance is the 20-day moving average crossing at 5.05 1/4. First support is today's low crossing at 4.53. Second support is January's low crossing at 4.50 1/4.
July Minneapolis wheat closed unchanged at 5.21 1/2.
July Minneapolis wheat closed unchanged on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, monthly support crossing at 5.15 1/4 is the next downside target. Closes above the 10-day moving average crossing at 5.41 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.41. Second resistance is the 20-day moving average crossing at 5.65. First support is Thursday's low crossing at 5.19 3/4. Second support is monthly support crossing at 5.15 1/2.
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July soybeans closed down 3 1/2-cent at 8.57 3/4.
July soybeans closed lower on Friday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. 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 8.78 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.78 3/4. Second resistance is the 20-day moving average crossing at 9.20 1/4. 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 $0.80 at 332.20.
July soybean meal closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 344.70 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 reaction high crossing at 339.90. Second resistance is the 20-day moving average crossing at 344.70. 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 up 7-points. At 29.08.
July soybean oil closed higher on Friday. The mid-range close sets the stage for a steady opening when Friday'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 29.74 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 29.11. Second resistance is the 20-day moving average crossing at 29.74. First support is last-Tuesday's low crossing at 27.79. Second support is the November-2015 crossing at 26.99.
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July hogs closed up $1.75 at $82.88.
July hogs closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, June's high crossing at 83.83 is the next upside target. Closes below the 50-day moving average crossing at 78.65 would confirm that a short-term top has been posted. First resistance is June's high crossing at 83.83. Second resistance is February's high crossing at 84.68. First support is Monday's low crossing at 77.98. Second support is June's low crossing at 75.20.
October cattle closed up $3.00 at 110.03.
October cattle closed limit up on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May's low, the 62% retracement level of the February-May-decline crossing at 111.23 is the next upside target. Closes below Wednesday's low crossing at 105.13 would confirm that a short-term top has been posted. First resistance is April's high crossing at 110.05. Second resistance is the 62% retracement level of the February-May-decline crossing at 111.23. 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 $4.50 at $151.33.
August Feeder cattle closed limit up on Friday as it renewed the rally off May's low. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, the 87% retracement level of the February-April-decline crossing at 153.26 is the next upside target. Closes below the 50-day moving average crossing at 145.18 would confirm that a short-term top has been posted. First resistance is today's high crossing at 151.33. Second resistance is the 87% retracement level of the February-April-decline crossing at 153.26. First support is the 50-day moving average crossing at 145.18. Second support is June's low crossing at 142.18.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September 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 12.08 would confirm that a short-term low has been posted.
September cocoa closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 26.18 is the next upside target. If September renews the decline off April's high, the 62% retracement level of the December-April-rally crossing at 22.64 is the next downside target.
October sugar closed unchanged 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 October renews the decline off June's high, May's low crossing at 11.51 is the next downside target. If October renews the rally off April's low, the 25% retracement level of the 2016-2018-decline crossing at 13.17 is the next upside target.
October cotton closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October 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 89.20 would confirm that a low has been posted.