KEY EVENTS TO WATCH FOR:

Wednesday, May 12, 2021 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 700.4)

                       Composite Idx, W/W% (previous -0.9%)

                       Purchase Idx-SA (previous 274.5)

                       Purchase Idx-SA, W/W% (previous -2.5%)

                       Refinance Idx (previous 3188.7)

                       Refinance Idx, W/W% (previous +0.1%)

8:30 AM ET. April Real Earnings

8:30 AM ET. April CPI

                       CPI, M/M% (previous +0.6%)

                       Core CPI, M/M% (previous +0.3%)

                       Energy Idx, M/M% (previous +5.0%)

                       Food Idx, M/M% (previous +0.1%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

                       CPI, Y/Y% (previous +2.6%)

                       Core Annual, Y/Y% (previous +1.6%)

10:00 AM ET. Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 485.117M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -7.99M)

                       Gasoline Stocks (Bbl) (previous 235.811M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.737M)

                       Distillate Stocks (Bbl) (previous 136.153M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.896M)

                       Refinery Usage (previous 86.5%)

                       Total Prod Supplied (Bbl/day) (previous 19.691M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.704M)

11:00 AM ET. Federal Reserve Bank of New York's Q1 Household Debt and Credit Report

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

2:00 PM ET. April Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

Thursday, May 13, 2021 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 498K)

                       Jobless Claims, Net Chg (previous -92K)

                       Continuing Claims (previous 3690000)

                       Continuing Claims, Net Chg (previous +37K)

8:30 AM ET. April PPI

                       PPI, M/M% (previous +1.0%)

                       Ex-Food & Energy PPI, M/M% (previous +0.7%)

                       Personal Consumption (previous +0.7%)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 243.6K)

                       Soybeans (Metric Tons) (previous 358.2K)

                       Wheat (Metric Tons) (previous 304.1K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1958B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +60B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, May 14, 2021 

8:30 AM ET. April Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +9.8%)

                       Sales, Ex-Auto, M/M% (previous +8.4%)

                       Sales, Ex-Auto & Gas, M/M% (previous +8.2%)

8:30 AM ET. April Import & Export Price Indexes

                       Import Prices (previous +1.2%)

                       Non-Petroleum Prices (previous +0.9%)

                       Petroleum Prices (previous +6.7%)

9:15 AM ET. April Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous +1.4%)

                       Capacity Utilization % (previous 74.4%)

                       Capacity Utilization, Net Chg (Pts) (previous +1)

10:00 AM ET. March Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.5%)

10:00 AM ET. May University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 86.5)

                       Mid-Mo Expectations (previous 79.7)

                       Mid-Mo Current Idx (previous 97.2)

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

The Dow gapped down and closed sharply lower on Tuesday as a selloff for mega-cap, tech-related stocks were in part blamed on inflation fears spilled over into other sectors. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April-20^th low crossing at 33,687.01 would signal that a short-term top has been posted. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. First resistance is Monday's high crossing at 35,091.56. Second resistance is unknown. First support is the April-20^th low crossing at 33,687.01. Second support is the 50-day moving average crossing at 33,274.00. 

The June NASDAQ 100 closed lower on Tuesday and below the 50-day moving average crossing at 13,363.17 has opened the door for a larger-degree decline near-term. A short covering rally tempered early-session losses and the high-range close sets the stage for a steady to slightly 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 June extends this week's decline, the March 25^th low crossing at 12,609.75 is the next downside target. Closes above the 20-day moving average crossing at 13,779.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,779.60. Second resistance is the April 16^thhigh crossing at 14,059.50. First support is today's low crossing at 13,065.25. Second support is the March 25^th low crossing at 12,609.75. 

The June S&P 500 closed lower on Tuesday due to profit taking as it consolidated some of this year's rally. The mid-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. Closes below last-Tuesday's low crossing at 4120.50 would signal that a short-term top has been posted.  If June resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 4238.25. Second resistance is unknown. First support is last-Tuesday's low crossing at 4120.50. Second support is the 50-day moving average crossing at 4036.66.  

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

June T-bonds closed down 17/32's at 157-00. 

June T-bonds closed lower on Tuesday as it extended the decline off last-Friday'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. Closes below the 50-day moving average crossing at 156-27 would confirm that a short-term top has been posted. If June renews the rally off March's low, the 38% retracement level of the 2020-2021-decline crossing at 162-31 is the next upside target. First resistance is last-Friday's high crossing at 160-15. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the April-29^th low crossing at 156-06. Second support is the March 18th low crossing at 153-07. 

June T-notes closed down 40-points at 132.155.

June T-notes 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 132.015 would signal that a short-term top has been posted. If June extends the rally off April's low, the 38% retracement level of the 2020-2021-decline crossing at 134.054 is the next upside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. Second resistance is March's high crossing at 133.230. First support is the April 29th low crossing at 131.185. Second support is April's low crossing at 130.255. 

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

June crude oil closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at $67.99. Closes below the 50-day moving average crossing at $62.42 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $66.76. Second resistance is March's high crossing at $67.98. First support is the 50-day moving average crossing at $62.42. Second support is the March 23^rd low crossing at $57.25. 

June heating oil closed higher on Tuesday. 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 overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 87% retracement level of the 2018-2020-decline crossing at $213.75 is the next upside target. Closes below the 50-day moving average crossing at $187.99 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $207.76. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.75. First support is the 10-day moving average crossing at $198.38. Second support is the 20-day moving average crossing at $193.43. 

June unleaded gas closed slightly 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $202.01 would signal that a short-term top has likely been posted. If June extends the rally off March's low, the May-2018 high on the monthly continuation chart crossing at $228.55 is the next upside target. First resistance is Monday's high crossing at $221.70. Second resistance is the May-2018 high on the monthly continuation chart crossing at $228.55. First support is the 20-day moving average crossing at $206.85. Second support is the 50-day moving average crossing at $202.01.   

June Henry natural gas closed higher on Tuesday as it extended the trading range of the past two-week's. 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 overbought 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 2.874 would signal that a short-term top has been posted. If June extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 3.011. First resistance is last-Tuesday's high crossing at 3.001. Second resistance is the 87% retracement level of the February-March-decline crossing at 3.011. First support is the 20-day moving average crossing at 2.874. Second support is the 50-day moving average crossing at 2.760. 

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

The June Dollar closed lower on Tuesday as it extended the decline off March's high. The mid-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 June extends the decline off March's high, the 87% retracement level of the February-March-rally crossing 89.71 is the next downside target. Closes above the 20-day moving average crossing at 90.97 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 90.97. Second resistance is the 50-day moving average crossing at 91.68. First support is today's low crossing 89.96. Second support is the 87% retracement level of the February-March-rally crossing 89.71.   

The June Euro closed slightly higher on Tuesday. The mid-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. If June extends the rally off March's low, the 75% retracement level of the January-March-decline crossing at 122.27 is the next upside target. Closes below the 50-day moving average crossing at 119.74 would signal that a short-term top has been posted. First resistance is today's high crossing at 121.90. Second resistance is the 75% retracement level of the January-March-decline crossing at 122.27. First support is the 20-day moving average crossing at 120.70. Second support is the 50-day moving average crossing at 119.74. 

The June British Pound closed higher on Tuesday as it extended the rally off April's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, February's high crossing at 1.4245 is the next upside target. Closes below the 50-day moving average crossing at 1.3872 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.4167. Second resistance is February's high crossing at 1.4245. First support is the 10-day moving average crossing at 1.3960. Second support is the 20-day moving average crossing at 1.3919.

The June Swiss Franc closed lower on Tuesday as it consolidated some of the rally off April'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at 1.1233 is the next upside target. Closes below the 20-day moving average crossing at 1.0969 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-April-decline crossing at 1.1117. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1233. First support is the 20-day moving average crossing at 1.0969. Second support is the 50-day moving average crossing at 1.0853.

The June Canadian Dollar closed higher on Tuesday as it extended the rally off April's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the September-2017 high crossing at 82.91 on the monthly continuation chart is the next upside target. Closes below the 20-day moving average crossing at 80.91 would signal that a short-term top has been posted. First resistance is today's high crossing at 82.80. Second resistance is the September-2017 high crossing at 82.91. First support is the 10-day moving average crossing at 81.81. Second support is the 20-day moving average crossing at 80.91. 

The June Japanese Yen closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday’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 June renews the rally off March's low, the 50% retracement level of the January-March-decline crossing at 0.0939 is the next upside target. If June extends the decline off April's high, the April-9^th low crossing at 0.0910 is the next downside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.0930. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.0939. First support is the April-9^th low crossing at 0.0910. Second support is March's low crossing at 0.0918.

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

June gold closed slightly lower on Tuesday as it consolidated some of the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the 50% retracement level of the August-March decline crossing at $1894.10 is the next upside target. Closes below the 20-day moving average crossing at $1786.30 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-March-decline crossing at $1842.70. Second resistance is the 50% retracement level of the August-March decline crossing at $1894.10. First support is the 20-day moving average crossing at $1786.30. Second support is the 50-day moving average crossing at $1750.80.  

July silver closed higher on Tuesday as it extends the rally off March's low. 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 75% retracement level of the February-March-decline crossing at 28.451 is the next upside target. Closes below the 20-day moving average crossing at 26.467 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the February-March-decline crossing at 27.628. Second resistance is the 75% retracement level of the February-March-decline crossing at 28.451. First support is the 20-day moving average crossing at 26.467. Second support is the April-29^th low crossing at 24.745. 

July copper closed higher on Tuesday as it posted a new high close as it extends the rally off last-September's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the March 19^th, 2020 low, upside targets will be hard to project. Closes below the 20-day moving average crossing at 443.60 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 488.80. Second resistance is unknown. First support is the 10-day moving average crossing at 458.83. Second support is the 20-day moving average crossing at 443.60. 

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

July Corn closed up $0.10 1/2-cents at $7.22 1/4. 

July corn posted an inside day with a higher close on Tuesday as it consolidates above broken monthly resistance crossing at $7.07 3/4. Wednesday’s WASDE report holds the keys to near-term direction of the market. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions 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 aforementioned rally, the 87% retracement level of the 2012-2020-decline crossing at $7.73 is the next upside target. Closes below the 20-day moving average crossing at $6.51 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $7.35 1/4. Second resistance is the 87% retracement level of the 2012-2020-decline crossing at $7.73. First support is the 10-day moving average crossing at $6.93 1/2. Second support is the 20-day moving average crossing at $6.51. 

July wheat closed up $0.11 1/4-cents at $7.41 3/4.  

July wheat closed higher on Tuesday as it extends the trading range of the past three-weeks. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $7.10 1/2 would signal that a short-term top has been posted. If July renews this year's rally, psychological resistance crossing at $8.00 is the next upside target. First resistance is April's high crossing at $7.15 1/4. Second resistance is psychological resistance crossing at $8.00. First support is the 20-day moving averagecrossing at $7.10 1/2. Second support is the 50-day moving average crossing at $6.60 3/4.

July Kansas City Wheat closed up $0.07-cents at $7.10 1/2.

July Kansas City wheat 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.79 would signal that a short-term top has been posted. If July resumes the rally off March's low, the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4 is the next upside target. First resistance is last-Friday's high crossing at $7.41 1/2. Second resistance is the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4. First support is the April-30^th low crossing at $6.82 3/4. Second support is the 20-day moving average crossing at $6.79.

July Minneapolis wheat closed up $0.17 1/4-cents at $7.70 1/2. 

July Minneapolis wheat 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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $7.32 would signal that a short-term top has been posted. If July extends the rally off April's low, the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2 is the next upside target. First resistance is last-Friday's high crossing at $8.07 1/4. Second resistance is the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2. First support is the 20-day moving average crossing at $7.32. Second support is the 50-day moving average crossing at $6.75 1/2.   

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

July soybeans closed down $0.27 1/4-cents at $16.14 3/4.

July soybeans closed higher and posted a new contract high on Tuesday as it resumed the rally off March's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last-April's low, the 87% retracement level of the 2012-2019-decline crossing at $16.59 1/4 is the next upside target. Closes below the 20-day moving average crossing at $15.10 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $16.25 1/2. Second resistance is the 87% retracement level of the 2012-2019-decline crossing at $16.59 1/4. First support is the 10-day moving average crossing at $15.51 3/4. Second support is the 20-day moving average crossing at $15.10 3/4.

July soybean meal closed up $4.70 to $447.00. 

July soybean meal closed higher on Tuesday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, January's high crossing at $458.20 is the next upside target. Closes below the 50-day moving average crossing at $413.70 would signal that a short-term top has been posted. First resistance is today's high crossing at $452.20. Second resistance is January's high crossing at $458.20. First support is the 10-day moving average crossing at $429.00. Second support is the 20-day moving average crossing at $422.90.       

July soybean oil closed up 96-pts. at 64.80. 

July soybean oil closed higher on Tuesday and posted a new high close for the year. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. Closes below the 10-day moving average crossing at 63.11 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 66.28. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 10-day moving average crossing at 63.11. Second support is the 20-day moving average crossing at 59.79.      

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

June hogs closed down $0.93 at $111.18. 

June hogs closed lower on Monday as it consolidated some of the rally off April's low. The mid-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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at $108.46 would signal that a short-term top has likely been posted. If June extends the rally off November's low, the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70 is the next upside target. First resistance is last-Thursday's high crossing at $115.00. Second resistance is the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70. First support is the 20-day moving average crossing at $108.46. Second support is the 50-day moving average crossing at $104.45. 

June cattle closed up $0.40 at $118.63. 

June cattle closed higher on Tuesday as it extended the rally off last-Tuesday's low. The high-range close sets 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 June extends the aforementioned rally, the 50-day moving average crossing at $119.32 is the next upside target. Closes below the 10-day moving average crossing at $115.93 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $119.32. Second resistance is the April 20^th high crossing at $119.83. First support is the 10-day moving average crossing at $115.93. Second support is May's low crossing at $112.57.

August Feeder cattle closed up $0.15 at $148.85. 

August Feeder cattle closed higher on Tuesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 20-day moving average crossing at $149.54 would signal that a short-term low has been posted. If August extends the decline off April's high, the 87% retracement level of the October-April-rally crossing at $138.45 is the next downside target. First resistance is the 20-day moving average crossing at $149.54. Second resistance is the 50-day moving average crossing at $154.07. First support is the 75% retracement level of the October-April-rally crossing at $141.77. Second support is the 87% retracement level of the October-April-rally crossing at $138.45.           

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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.15 would signal that a short-term top has been posted. If July extends the rally off March's low, the November-2016 high crossing at 17.60 is the next upside target.            

July cocoa closed lower on Tuesday as it consolidated some of this month's rally. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the March 11^th high crossing at 26.21 is the next upside target. If July renews the decline off April's high, November's low crossing at 22.51 is the next downside target.               

July sugar closed sharply higher on Tuesday as it extended this year's rally to a new contract high. The high-range close sets 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 March's low, long-term resistance on the monthly continuation chart crossing at 18.42 is the next upside target. Closes below the 20-day moving average crossing at 17.01 would signal that a short-term top has been posted.         

July cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 87.75 would signal that a short-term top has been posted. If July renews the rally off March's low, February's high crossing at 96.22 is the next upside target.