KEY EVENTS TO WATCH FOR:

Friday, May 28, 2021 

8:30 AM ET. April Personal Income & Outlays

                       Personal Income, M/M% (previous +21.1%)

                       Consumer Spending, M/M% (previous +4.2%)

                       PCE Price Idx, M/M% (previous +0.5%)

                       PCE Price Idx, Y/Y% (previous +2.3%)

                       PCE Core Price Idx, M/M% (previous +0.4%)

                       PCE Core Price Idx, Y/Y% (previous +1.8%)

8:30 AM ET. April Advance Economic Indicators Report

9:45 AM ET. May Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (previous 72.1)

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

                       End-Mo Sentiment Idx (previous 88.3)

                       End-Mo Expectations Idx (previous 82.7)

                       12-Month Inflation Forecast (previous 3.4%)

                       5-Year Inflation Forecast (previous 2.7%)

                       End-Mo Current Idx (previous 97.2)

12:00 PM ET. Annual Industrial Production and Capacity Utilization annual revision

3:00 PM ET. April Agricultural Prices

                       Farm Prices, M/M% (previous +2.6%)

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

The Dow closed higher on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the May 14^th high crossing at 34,454.05 would signal that a short-term low has been posted while opening the door for a possible test of May's high crossing at 35,091.56. Closes below the 50-day moving average crossing at 33,773.75 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Tuesday's gap crossing at 34,741.57. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 33,773.75. Second support is the March 25^th low crossing at 32,071.41. 

The June NASDAQ 100 closed lower on Thursday due to profit taking as it consolidated some of the rally off the May 13^th low crossing at 12,915.00. The mid-range close sets the stage for a steady to lower opening when Friday'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 May's low, The May 7^th high crossing at 13,818.00 is the next upside target. If June renews the decline off April's high, the 75% retracement level of the March-April-rally crossing at 12,666.46 is the next downside target. First resistance is the May 7^th high crossing at 13,818.00. Second resistance is the April 29^th high crossing at 14,064.00. First support is the 62% retracement level of the March-April-rally crossing at 12,912.45. Second support is the 75% retracement level of the March-April-rally crossing at 12,666.46

The June S&P 500 closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 May's low, May's high crossing at 4238.25 is the next upside target. Closes below the May 13^th low crossing at 4029.25 would confirm that a top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 4212.75. Second resistance is May's high crossing at 4238.25. First support is the May 13^th low crossing at 4029.25. Second support is the March 25^th low crossing at 3843.25.  

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June T-bonds closed down 20/32's at 157-29. 

June T-bonds closed lower on Thursday as it consolidated some of its gains off May's low. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. If June extends the rally of May's low, the 25% retracement level of the 2020-2021-decline crossing at 159-19 is the next upside target. If June renews the decline off May's high, the May 13^th low crossing at 155-14 is the next downside 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 160-15. First support is the May 13^th low crossing at 155-14. Second support is the March 30^th low crossing at 153-29. Third support is the March 18th low crossing at 153-07. 

June T-notes closed down 55-pts. at 132.235.

June T-notes closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 April's low, May's high crossing at 133.165 is the next upside target. Closes below the 50-day moving average crossing at 132.036 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. Second resistance is May's high crossing at 133.165. First support is the April 29th low crossing at 131.185. Second support is April's low crossing at 130.255. 

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July crude oil closed higher on Thursday as it extended the rally off last-Friday's low.The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $67.02 are needed to renew the rally off March's low. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is theApril 22^nd low crossing at $60.55. Second support is April's low crossing at $57.63.

July heating oil closed higher on Thursday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. 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, the 87% retracement level of the 2018-2020-decline crossing at $213.62 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at $190.08 is the next downside target. First resistance is May's high crossing at $207.77. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.62. First support is the 50-day moving average crossing at $190.08. Second support is the April 26^th low crossing at $183.71. 

July unleaded gas closed slightly higher on Thursday as it extends the rally off last-Friday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. 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, the May-2018 high on the monthly continuation chart crossing at $228.55 is the next upside target. Closes below the 50-day moving average crossing at $203.31 would signal that a short-term top has been posted. First resistance is May'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 50-day moving average crossing at $203.31. Second support is the April-26^th low crossing at $195.28.  

July Henry natural gas closed lower on Thursday ending a three-day rally off Monday's low. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 2.903 would confirm that a short-term top has been posted while renewing the decline off May's high. Closes above Wednesday's high crossing at 3.046 would signal that a short-term low has been posted. First resistance is Wednesday's high crossing at 3.046. Second resistance is May's high crossing at 3.150. Third resistance is the March-2020 high on the monthly continuation chart crossing at 3.396. First support is Monday's low crossing at 2.903. Second support is the 50-day moving average crossing at 2.872. 

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

The June Dollar closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 90.37 would signal that a short-term low has been posted. If June extends the decline off March's high, January's low crossing 89.15 is the next downside target. First resistance is the 20-day moving average crossing at 90.37. Second resistance is May's high crossing at 91.44. First support is Tuesday's low crossing 89.51. Second support is January's low crossing at 89.15.  

The June Euro closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought and 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 121.44 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 January-March-decline crossing at 123.08 is the next upside target. First resistance is Tuesday's high crossing at 122.71. 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 121.44. Second support is the 50-day moving average crossing at 120.22. 

The June British Pound posted a key reversal up as it closed higher on Thursday. The high-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews this month's rally, the 87% retracement level of the 2018-2020-decline crossing at 1.4602 is the next upside target. Closes below the 20-day moving average crossing at 1.4067 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.4235. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 1.4602. First support is the 20-day moving average crossing at 1.4067. Second support is the 50-day moving average crossing at 1.3925.

The June Swiss Franc closed higher on Thursday.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but 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 1.1079 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 Tuesday's high crossing at 1.1203. 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 1.1079. Second support is the 50-day moving average crossing at 1.0923.

The June Canadian Dollar closed higher on Thursday as extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at 82.41 would signal that a short-term top has been posted. If June extends the rally off April's low, the May-2015 high on the monthly continuation chart crossing at 83.66 is the next upside target. First resistance is last-Tuesday's high crossing at 83.25. Second resistance is the May-2015 high on the monthly continuation chart crossing at 83.66. First support is the 20-day moving average crossing at 82.41. Second support is the 50-day moving average crossing at 80.88. 

The June Japanese Yen closed sharply lower on Thursday and broke out to the downside of May's trading range. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off April's high, March's low crossing at 0.090180 is the next downside target. If June renews the rally off March's low, April's high crossing at 0.093085 is the next upside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.093085. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.093874. First support is today's low crossing at 0.090975. Second support is March's low crossing at 0.090180.

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

June gold closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 62% retracement level of the August-March decline crossing at $1945.50 is the next upside target. Closes below the 20-day moving average crossing at $1844.10 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $1913.30. Second resistance is the 62% retracement level of the August-March decline crossing at $1945.50. First support is the 20-day moving average crossing at $1844.10. Second support is the 50-day moving average crossing at $1787.10.  

July silver closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at 27.485 would signal that a short-term top has been posted. If July extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 28.451 is the next upside target.First resistance is the 75% retracement level of the February-March-decline crossing at 28.451. Second resistance is the 87% retracement level of the February-March-decline crossing at 29.199. First support is the 20-day moving average crossing at 27.485. Second support is the 50-day moving average crossing at 26.350. 

July copper closed higher on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the May 18th high crossing at 478.20 is the next upside target. If July renews this month's decline, the 50-day moving average crossing at 434.34 is the next downside target. First resistance is the May 18^th high crossing at 478.20. Second resistance is May's high crossing at 488.80. First support is Monday's low crossing at 444.40. Second support is the 50-day moving average crossing at 434.34. 

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

July Corn closed up $0.40-cents at $6.64 1/2. 

July corn closed limit up on Thursday as it consolidated some of this month's sharp decline. The limit up-close sets the stage for a steady to higher opening when Friday's night sessions 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 $6.76 3/4 would signal that a short-term low has been posted. If July renews the decline off May's high, the 62% retracement level of this year's rally crossing at $5.76 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $6.76 3/4. Second resistance is May's high crossing at $7.35 1/4. First support is the 50% retracement level of this year's rally crossing at $6.06 3/4. Second support is the 62% retracement level of this year's rally crossing at $5.76 1/2. 

July wheat closed up $0.27 3/4-cents at $6.72 1/4.  

July wheat closed sharply higher on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.05 3/4 would signal that a short-term low has been posted. If July extends the decline off May's high, the 75% retracement level of the March-April-rally crossing at $6.36 1/2 is the next downside target. First resistance is the 10-day moving average crossing at $6.77 1/2. Second resistance is the 20-day moving average crossing at $7.05 3/4. First support is Wednesday's low crossing at $6.39 1/2. Second support is the 75% retracement level of the March-April-rally crossing at $6.36 1/2.

July Kansas City Wheat closed up $0.27 1/2-cents at $6.26 1/4.

July Kansas City wheat closed sharply higher on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.65 3/4 are needed to confirm that a short-term low has been posted. If July extends this month's decline, the 87% retracement level of the March-April-rally crossing at $5.83 is the next downside target. First resistance the 50-day moving average crossing at $6.33. Second resistance is the 20-day moving average crossing at $7.65 3/4. First support is the 87% retracement level of the March-April-rally crossing at $5.83. Second support is March's low crossing at $5.59 1/2.

July Minneapolis wheat closed up $0.36 1/2-cents at $7.17 1/4. 

July Minneapolis wheat closed sharply higher on Thursday 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 Friday'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 this month's decline, the 75% retracement level of the April-May-rally crossing at %6.55 3/4. Closes above the 20-day moving average crossing at $7.36 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.36. Second resistance is the May 12^th high crossing at $7.82 1/4. First support is Wednesday's low crossing at $6.68 3/4. Second support is the 75% retracement level of the March-April-rally rally crossing at $6.55 3/4. 

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

July soybeans closed up $0.33 1/2-cents at $15.37.

July soybeans closed sharply higher on Thursday 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $15.57 1/4 would signal that a short-term low has been posted. If July extends the decline off May's high, the 50-day moving average crossing at $14.80 1/2 is the next downside target. First resistance is May's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the April 28^th low crossing at $14.90 1/2. Second support is the 50-day moving average crossing at $14.80 1/2.

July soybean meal closed up $6.50 to $390.30. 

July soybean meal closed sharply higher due to short covering on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50% retracement level of the 2020-2021-rally crossing at $373.40 is the next downside target. Closes above the 20-day moving average crossing at $416.20 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $400.80. Second resistance is the 20-day moving average crossing at $416.20. First support is Wednesday's low crossing at $378.30. Second support is the 50% retracement level of the 2020-2021-rally crossing at $373.40.      

July soybean oil closed up 113-pts. at 66.81. 

July soybean oil closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 20-day moving average crossing at 65.47 would signal that a short-term top has been posted. If July renews this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. First resistance is last-Tuesday's high crossing at 70.49. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 20-day moving average crossing at 65.47. Second support is the 50-day moving average crossing at 58.39.      

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

July hogs closed up $0.30 at $116.70. 

July hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70 is the next upside target. Closes below the 20-day moving average crossing at $113.02 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $117.98. 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 $113.20. Second support is the 50-day moving average crossing at $107.51.  

August cattle closed up $0.10 at $119.43. 

August cattle closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off May's high, May's low crossing at $112.57 is the next downside target. If August extends last-week's rally, May's high crossing at $122.80 is the next upside target. First resistance is May's high crossing at $122.80. Second resistance is April's  high crossing at $124.45. First support is last-Monday's low crossing at $117.95. Second support is April's low crossing at $115.92. 

August Feeder cattle closed down $2.35 at $152.85. 

August Feeder cattle closed sharply lower on Thursday due to soaring gain prices. The low-range close sets the stage for a steady to lower opening when Friday's 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 20-day moving average crossing at $150.03 would signal that a short-term top has been posted. If August extends the rally off May's low, the 87% retracement level of the April-May-decline crossing at $159.71 is the next upside target. First resistance is the 75% retracement level of the April-May-decline crossing at $157.20. Second resistance is the 87% retracement level of the April-May-decline crossing at $159.71. First support is the May 20^th low crossing at $150.15. Second support is the 20-day moving average crossing at $150.03. 

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed slightly lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the November-2016 high crossing at 17.60 is the next upside target. Closes below the 20-day moving average crossing at 14.88 would signal that a short-term top has been posted.               

July cocoa closed higher on Thursday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, May's low crossing at 23.17 is the next downside target. If July renews this month's rally, the March 11^th high crossing at 26.21 is the next upside target.               

July sugar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 17.18 would signal that a short-term low has been posted. If July resumes the decline off May's high, the 50-day moving average crossing at 16.34 is the next downside target.     

July cotton closed higher on Thursday as it extended the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening on Friday. 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 decline off April's high, the April 13^th low crossing at 81.20 is the next downside target. Closes above the 20-day moving average crossing at 85.34 would signal that a short-term low has been posted.