KEY EVENTS TO WATCH FOR:
Wednesday, July 4, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 365.3)
Composite Idx, W/W% (previous -4.9%)
Purchase Idx-SA (previous 244.3)
Purchase Idx-SA, W/W% (previous -5.9%)
Refinance Idx (previous 1015.9)
Refinance Idx, W/W% (previous -3.5%)
N/A U.S. Independence Day. Financial markets closed
N/A Marianas: U.S. Independence Day
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The September NASDAQ 100 closed lower on Tuesday reversing earlier gains as losses in the technology and financial sectors outweighed advances in energy, telecoms and real-estate shares.Trading volumes were lower than normal because of the Fourth of July holiday on Wednesday. Markets closed at 1p.m. Eastern, three hours earlier than normal, and they will be closed all day on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 7178.51 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 7178.51. Second resistance is June's high crossing at 7358.50. First support is the 50-day moving average crossing at 7005.66. Second support is the reaction low crossing at 6855.50.
The September S&P 500 closed lower on Tuesday while extending the trading range of the past two-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the reaction low crossing at 2681.00 is the next downside target. Closes above the 20-day moving average crossing at 2756.57 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 last-Thursday's low crossing at 2694.50. Second support is the reaction low crossing at 2681.00.
The Dow closed lower on Tuesday while extending the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If 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 24,741.27 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 24,741.27. Second resistance is June's high crossing at 25,402.83. First support is last-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 up 22/32's at 145-14.
September T-bonds closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Thursday'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 the 20-day moving average crossing at 143-28 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 up 90-points at 120-115.
September T-notes closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 20-day moving average crossing at 119.248 would confirm that a short-term top has been posted. If September extends the rally off June's low, May's high crossing at 121.020 is the next upside target. First resistance is last-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.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed slightly higher on Tuesday as it extends the rally off June's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 68.19 would confirm that a short-term top has been posted. First resistance is last Friday'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 10-day moving average crossing at 70.74. Second support is the 20-day moving average crossing at 68.19.
August heating oil closed higher on Tuesday. The mid-range close sets the stage for a steady opening when Thursday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 214.35 would temper the near-term friendly outlook. 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. 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 Tuesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 207.15 would confirm that a short-term top has been posted. If August extends the rally off June's low the reaction high crossing at 219.04 is the next upside target. 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 slightly higher on Tuesday as it consolidates some of the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the reaction low crossing at 2.821 is the next downside target. Closes above the 20-day moving average crossing at 2.939 would confirm that a short-term low has been posted. First resistance is June's high crossing at 3.043. Second resistance is monthly resistance crossing at 3.111. First support is the reaction low crossing at 2.821. Second support is May's low crossing at 2.727.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 94.11 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 95.26. Second resistance is weekly resistance crossing at 97.70. First support is the 20-day moving average crossing at 94.11. Second support is the reaction low crossing at 92.76.
The September Euro closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Thursday'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 last-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 last-Tuesday's high crossing at 117.95. Second resistance is the 50-day moving average crossing at 118.83. 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 on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing at 1.3366 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 1.3366. Second resistance is the 50-day moving average crossing at 1.3487. First support is last-Thursday's low crossing at 1.3095. Second support is weekly support crossing at 1.3048.
The September Swiss Franc closed higher on Tuesday while extending the trading range of the past two-months. The high-range close sets the stage for a steady to higher opening when Thursday'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 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 the decline off June's high, 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 1.0075. Second support is May's low crossing at 1.0057.
The September Canadian Dollar closed higher on Tuesday and above the 20-day moving average crossing at 76.13 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher 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 the rally off June's low, the 50-day moving average crossing at 77.20 is the next upside target. If September renews 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 50-day moving average crossing at 77.20. Second resistance is June's high crossing at 77.94. First support is June'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 higher due to short covering on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the 87% retracement level of the October-March-rally crossing at 0.9006 is the next downside target. Closes above the 50-day moving average crossing at 0.9172 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9172. Second resistance is May's high crossing at 0.9320. First support is today's low crossing at 0.9044. 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 posted a key reversal up with today's higher close as it rebounded off the 62% retracement level of the 2016-2018 rally crossing at 1242.20. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off April's high, the 75% retracement level of the 2016-2018 rally crossing at 1213.00 is the next downside target. Closes above the 20-day moving average crossing at 1277.60 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1259.30. Second resistance is the 20-day moving average crossing at 1277.60. First support is the 62% retracement level of the 2016-2018 rally crossing at 1242.20. Second support is the 75% retracement level of the 2016-2018 rally crossing at 1213.00.
September silver closed higher due to short covering on Tuesday as it consolidated some of the decline off June's high. The high-range close set the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the July-2017 low crossing at 15.625 is the next downside target. Closes above the 50-day moving average crossing at 16.566 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 16.229. Second resistance is the 50-day moving average crossing at 16.566. First support is Monday's low crossing at 15.800. Second support is the July-2017 low crossing at 15.625.
August copper closed lower on Tuesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 38% retracement level of the 2016-2018 rally crossing at 286.34 is the next downside target. Closes above the 50-day moving average crossing at 310.37 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 298.88. Second resistance is the 50-day moving average crossing at 310.37. First support is today's low crossing at 290.30. Second support is the 38% retracement level of the 2016-2018 rally crossing at 286.34.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
December Corn closed up 6-cents at 3.65.
December corn 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 Thursday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are. If December extends the decline off May's high, psychological support crossing at 3.50 is the next downside target. Closes above the 20-day moving average crossing at 3.80 1/4 are needed to temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 3.80 1/4. Second resistance is the reaction high crossing at 4.00 1/2. First support is Monday's low crossing at 3.58 1/2. Second support is psychological support crossing at 3.50.
December wheat closed up 9 3/4-cents at 5.06 1/2.
December wheat posted an inside day with a higher close on Tuesday's as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, January's low crossing at 4.73 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.28 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.28 1/2. Second resistance is the 50-day moving average crossing at 5.42. First support is Monday's low crossing at 4.96. Second support is January's low crossing at 4.73 3/4.
December Kansas City Wheat closed up 12 1/2-cents at 5.06 1/4.
December Kansas City wheat closed higher due to short covering 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 on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If December extends the decline off May's high, January's low crossing at 4.87 3/4. Closes above the 20-day moving average crossing at 5.39 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 5.25 1/4. Second resistance is the 20-day moving average crossing at 5.39. First support is Monday's low crossing at 4.93 3/4. Second support is January's low crossing at 4.87 3/4.
December Minneapolis wheat closed up 8 1/4-cents at 5.52 3/4.
December Minneapolis wheat 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 Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's, monthly support crossing at 5.15 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.84 1/4 would confirm that a short-term low has been posted. First resistance is Monday's high crossing at 5.76. Second resistance is the 20-day moving average crossing at 5.84 1/4. First support is Monday's low crossing at 5.43. Second support is monthly support crossing at 5.15 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans closed down 5 1/4-cents at 8.64 1/4.
November 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 Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off May's high, the August-2015 low crossing at 8.62 3/4 is the next downside target. Closes above the 20-day moving average crossing at 9.26 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 8.89 1/2. Second resistance is the 20-day moving average crossing at 9.26. First support is today's low crossing at 8.66 1/4. Second support is the August-2015 low crossing at 8.62 3/4.
December soybean meal closed down $2.00 at 325.60.
December soybean meal closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May's high, January's low crossing at 318.40 is the next downside target. Closes above the 20-day moving average crossing at 342.80 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 342.80. Second resistance is the 50-day moving average crossing at 362.80. First support is today's low crossing at 325.10. Second support is January's low crossing at 318.40.
December soybean oil closed down 11-points. At 29.28.
December soybean oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 30.23 are needed to confirm that a short-term low has been posted. If December extends the decline off May's high, June's low crossing at 28.50 is the next downside target. First resistance is the 20-day moving average crossing at 30.23. Second resistance is the 50-day moving average crossing at 31.18. First support is June's low crossing at 28.50. Second support is the August-2015 crossing at 28.17.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed up $1.63 at $76.00.
August hogs closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 76.67 would confirm that a short-term low has been posted. If August extends Monday's decline, April's low crossing at 72.45 is the next downside target. First resistance is June's high crossing at 80.00. Second resistance is April's high crossing at 80.55. First support is June's low crossing at 73.28. Second support is April's low crossing at 72.45.
October cattle closed up $0.25 at 110.10.
October cattle closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May's low, the 75% retracement level of the February-May-decline crossing at 113.33 is the next upside target. Closes below last Wednesday's low crossing at 105.13 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the February-May-decline crossing at 111.23. Second resistance is the 75% retracement level of the February-May-decline crossing at 113.33. First support is last-Wednesday's low crossing at 105.13. Second support is June's low crossing at 103.50.
August Feeder cattle closed up $0.88 at $152.80.
August Feeder cattle closed higher on Tuesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 August extends the rally off May's low, is February's high crossing at 155.98 is the next upside target. Closes below the 50-day moving average crossing at 145.44 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-April-decline crossing at 153.26. Second resistance is February's high crossing at 155.98. First support is the 10-day moving average crossing at 148.76. Second support is the reaction low crossing at 144.90.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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, monthly support crossing at 11.10 is the next downside target. Closes above the 20-day moving average crossing at 11.70 would confirm that a short-term low has been posted.
September cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are diverging but remain 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 26.07 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 lower on Tuesday as it extends the decline off June's high. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, April's low crossing at 11.23 is the next downside target. Closes above the 20-day moving average crossing at 12.27 would confirm that a short-term low has been posted.
October cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June's high, May's low crossing at 80.88 is the next downside target. Closes above the 20-day moving average crossing at 88.49 would confirm that a low has been posted.