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 STOCK INDEXES: The June NASDAQ 100 was lower overnight as it extends Tuesday's breakout below the 50-day moving average crossing at 13,368.44. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the 62% retracement level of the March-April-rally crossing at 12,912.45 is the next downside target. Closes above the 20-day moving average crossing at 13,755.75 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,755.75. Second resistance is the April 16^th high crossing at 14,059.50. First support is the 50% retracement level of the March-April-rally crossing at 13,132.36. Second support is the 62% retracement level of the March-April-rally crossing at 12,912.45.  

The June S&P 500 was slightly lower in overnight trading as it extends the decline off Monday's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning.Stochastics and the RSI are 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 while opening the door for a possible test of the 50-day moving average crossing at 4042.42. If June resumes the rally off last-September'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 4042.42.  

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

INTEREST RATES: June T-bonds were steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April-29th low crossing at 156-06 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 the 25% retracement level of the 2020-2021-decline crossing at 159-19. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 162-31. First support is the April-29th low crossing at 156-06. Second support is March's low crossing at 153-07.

June T-notes were steady to slightly higher overnight as it consolidates some of the decline off last-Friday's high. The high-range overnight trade sets the stage for a steady to higher opening with the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 132.011 would signal that a short-term top has been posted. If June resumes the rally off March'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 the 38% retracement level of the 2020-2021-decline crossing at 134.054. First support is the 50-day moving average crossing at 132.011. Second support is the April 29^th low crossing at 131.185. Third support is the April 5^th low crossing at 130.255. 

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

June crude oil was steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, March's high crossing at $67.29 is the next upside target. Closes below the 50-day moving average crossing at $62.55 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $66.67. Second resistance is March's high crossing at $67.29. First support is the 50-day moving average crossing at $62.55. Second support is the March 23^rd low crossing at $57.29.

June heating oil was steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 of last-November's low, the 87% retracement level of the 2018-2020-decline crossing at $2.1375 is the next upside target. Closes below the 20-day moving average crossing at $1.9423 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $2.0776. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $2.1375. First support is the 10-day moving average crossing at $1.9949. Second support is the 20-day moving average crossing at $1.9423. 

June unleaded gas was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to slightly higher opening when the day 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 May-2018 high on the monthly continuation chart crossing at 2.2855 is the next upside target. Closes below the 50-day moving average crossing at $2.0249 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $2.2170. Second resistance is the May-2018 high on the monthly continuation chart crossing at 2.2855. First support is the 20-day moving average crossing at $2.0739. Second support is the 50-day moving average crossing at $2.0249. 

June Henry natural gas was lower overnight as it extends the trading range of the past two-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading.Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April-29^th low crossing at 2.883 would signal that a short-term top has been posted. If June renews the rally off April's low, the 87% retracement level of the February-March-decline crossing at 3.011 is the next upside target. First resistance 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 April-29^th low crossing at 2.883. Second support is the 50-day moving average crossing at 2.760.  

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

CURRENCIES:The June Dollar was higher overnight as it consolidates some of the decline off March's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 $90.91 would signal that a short-term low has been posted. If June extends the decline off March's high, the 87% retracement level of the January-March-rally crossing at $89.71 is the next downside target. First resistance is the 10-day moving average crossing at $90.71. Second resistance is the 20-day moving average crossing at $90.91. First support is Tuesday's low crossing at $89.96. Second support is the 87% retracement level of the January-March-rally crossing at $89.71.

The June Euro was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $119.74 would signal that a short-term top has been posted. 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. First resistance is the 75% retracement level of the January-March-decline crossing at $122.27. Second resistance is the 87% retracement level of the January-March-decline crossing at $123.08. First support is the 20-day moving average crossing at $120.77. Second support is the 50-day moving average crossing at $119.74.

The June British Pound was steady to slightly lower overnight as it consolidates some of this week's rally. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session beings 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 May's low, February's high crossing at 1.4245 is the next upside target. Closes below the 50-day moving average crossing at 1.3876 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.4167. Second resistance is February's high crossing at 1.4245. First support is May's low crossing at 1.3801. Second support is the 38% retracement level of the September-February rally crossing at 1.3669.

The June Swiss Franc was steady to slightly lower overnight as it consolidates some of the rally off April's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are 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 1.0980 would signal that a short-term top has been posted. 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. 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 1.0980. Second support is the 50-day moving average crossing at 1.0855.

The June Canadian Dollar was steady to slightly higher overnight. The high-range trade sets the stage  for a steady to slightly higher opening when the day 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 September-2017 high on the monthly continuation chart crossing at $82.91 is the next upside target. Closes below the 20-day moving average crossing at $81.06 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $82.80. Second resistance is the September-2017 high on the monthly continuation chart crossing at $82.91. First support is the 10-day moving average crossing at $81.96. Second support is the 20-day moving average crossing at $81.06.  

The June Japanese Yen was steady to slightly lower overnight. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 0.092325 would signal that a short-term low has been posted. If June renews the decline off April's high, the April-9^th low crossing at 0.090990 is the next downside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.092994. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.093874. First support is the April-9^th low crossing at 0.090990. Second support is March's low crossing at 0.090180.  

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

PRECIOUS METALS: June gold was slightly lower overnight as it consolidates some of the rally off March's low. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day 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 March's low, the 50% retracement level of August-April-decline crossing at $1894.10 is the next upside target. Closes below the 20-day moving average crossing at $1791.20 would signal that a short-term top has been posted. First resistance is 38% retracement level of August-April-decline crossing at $1841.30. Second resistance is 50% retracement level of August-April-decline crossing at $1894.10. First support is the 20-day moving average crossing at $1791.20. Second support is the 50-day moving average crossing at $1752.70.

July silver was lower overnight as it is working on a possible inside day. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 March's low, the 75% retracement level of the January-March-decline crossing at $28.451 is the next upside target. Closes below the 20-day moving average crossing at $26.561 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the January-March-decline crossing at $27.628. Second resistance is the 75% retracement level of the January-March-decline crossing at $28.451. First support is the 20-day moving average crossing at $26.561. Second support is the 50-day moving average crossing at $25.935. 

July copper was slightly higher overnight as it extends this year's rally. The low-range overnight trade sets the stage for a steady to higher opening when the day 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4.4673 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 4.8880. Second resistance is unknown. First support is the 10-day moving average crossing at 4.6146. Second support is the 20-day moving average crossing at 4.4673.  

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

July corn was slightly higher overnight as it consolidated some of Monday's decline. July corn remains above broken resistance marked by the 75% retracement level of the 2012-2020-decline on the monthly continuation chart crossing at $7.07 3/4. The low-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If July extends this year's rally, psychological resistance crossing at $7.50 is the next upside target. Closes below the 20-day moving average crossing at $6.58 would signal that a short-term top has been posted. First resistance is psychological resistance crossing at $7.50. 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 $7.01 1/2. Second support is the 20-day moving average crossing at $6.58.        

July wheat was lower overnight while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when the day 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 28^th low crossing at $7.11 1/2 would signal a downside breakout of the aforementioned trading range. 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 $7.69 1/2. Second resistance is psychological resistance crossing at $8.00. First support is the April 28th low crossing at $7.11 1/2. Second support is the 50% retracement level of April's rally crossing at $6.80 3/4. 

July Kansas City wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day 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-30th low crossing at $6.82 3/4 would signal a downside breakout of the trading range of the past three-weeks. Closes below the April-30^th low crossing at $6.82 3/4. July extends 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 38% retracement level of April's rally crossing at $6.71 3/4.

July Minneapolis wheat was steady to fractionally lower overnight. The low-range close sets the stage for a steady to fractionally lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends Monday's decline, the 20-day moving average crossing at $7.37 is the next downside target. If July renews this month's rally, the 87% retracement level of the 2017-2019-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 2017-2019-decline crossing at $8.18 1/2. First support is the 20-day moving average crossing at $7.37. Second support is the April 28^th low crossing at $7.23 3/4. 

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

July soybeans were higher overnight as it extends the rally off last-April's low.The high-range close sets the stage for a steady to higher opening when the day 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 aforementioned rally, 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 $15.22 1/2 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $16.53 1/4. Second resistance is the 87% retracement level of the 2012-2019 decline crossing at $16.59 1/4. First support is the 20-day moving average crossing at $15.22 1/2. Second support is the 50-day moving average crossing at $14.50.  

July soybean meal were higher overnight as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off April's low, January's high crossing at $458.20 is the next upside target. Closes below the 20-day moving average crossing at $425.30 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $453.50. Second resistance is January's high crossing at $458.20. First support is the 10-day moving average crossing at $432.00. Second support is the 20-day moving average crossing at $425.30.      

July soybean oil was higher overnight as it extends this year's rally. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 20-day moving average crossing at 60.45 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 66.24. 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 63.52. Second support is the 20-day moving average crossing at 60.45.   

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.