KEY EVENTS TO WATCH FOR:
Monday, May 31, 2021
N/A U.S.: Memorial Day. Financial markets closed
N/A U.S: Jefferson Davis' Birthday holiday in Mississippi
Tuesday, June 1, 2021
9:45 AM ET. May US Manufacturing PMI
PMI, Mfg (previous 60.5)
10:00 AM ET. April Construction Spending - Construction Put in Place
New Construction (previous +0.2%)
Residential Construction
10:00 AM ET. June IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 54.4)
6-Mo Economic Outlook (previous 53.2)
10:00 AM ET. May ISM Report On Business Manufacturing PMI
Manufacturing PMI (previous 60.7)
Prices Idx (previous 89.6)
Employment Idx (previous 55.1)
Inventories (previous 46.5)
New Orders Idx (previous 64.3)
Production Idx (previous 62.5)
10:30 AM ET. May Texas Manufacturing Outlook Survey
Business Activity (previous 37.3)
Mfg Production Idx (previous 34.0)
11:00 AM ET. May Global Manufacturing PMI
PMI, Mfg (previous 55.8)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Friday. The low-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off May's low, May's high crossing at 35,091.56 is the next upside target. Closes below the 50-day moving average crossing at 33,808.90 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the May 11th 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 33,808.90. Second support is the March 25th low crossing at 32,071.41.
The June NASDAQ 100 closed higher on Friday as it extends the rally off the May 13th low crossing at 12,915.00. The low-range close sets the stage for a steady to higher opening when Tuesday'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 7th high crossing at 13,818.00 is the next upside target. Closes below the 20-day moving average crossing at 13,467.42 would signal that a short-term top has been posted. First resistance is the May 7th high crossing at 13,818.00. Second resistance is the April 29th 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 slightly higher on Friday. The low-range close sets the stage for a steady to higher opening when Tuesday'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 13th 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 today's high crossing at 4217.50. Second resistance is May's high crossing at 4238.25. First support is the May 13th low crossing at 4029.25. Second support is the March 25th low crossing at 3843.25.
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June T-bonds closed up 4/32's at 157-29.
June T-bonds closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 13th 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 13th low crossing at 155-14. Second support is the March 30th low crossing at 153-29. Third support is the March 18th low crossing at 153-07.
June T-notes closed up 30-pts. at 132.250.
June T-notes closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 132.046 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 May's low crossing at 131.270. Second support is the April 29th low crossing at 131.185. Third support is April's low crossing at 130.255.
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July crude oil closed lower due to profit taking on Friday as it consolidated some of the rally off last-Friday's low.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are becoming overbought but remain 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 the May 21st low crossing at $61.56. Second support is theApril 22nd low crossing at $60.55. Third support is April's low crossing at $57.63.
July heating oil closed lower on Friday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are diverging but remain 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 $191.59 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 $191.59. Second support is the April 26th low crossing at $183.71.
July unleaded gas closed lower on Friday as it consolidated some of the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $203.76 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 $203.76. Second support is the April-26th low crossing at $195.28.
July Henry natural gas closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 2.879.
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The June Dollar closed slightly higher on Friday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 90.30 would signal that a short-term low has been posted. If June renews 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 90.30. 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 lower on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 121.52 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 121.52. Second support is the 50-day moving average crossing at 120.28.
The June British Pound posted an inside day with a lower close on Friday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to slightly lower opening when Tuesday'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 renews the rally off April's low, 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 1.4086 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 1.4086. Second support is the 50-day moving average crossing at 1.3930.
The June Swiss Franc closed lower on Friday.The mid-range close sets the stage for a steady to lower opening when Tuesday'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 1.1087 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 1.1087. Second support is the 50-day moving average crossing at 1.0930.
The June Canadian Dollar posted an inside day with a lower close on Friday as extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday'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 82.48 would signal that a short-term top has been posted. If June renews 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 May'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 82.48. Second support is the 50-day moving average crossing at 80.94.
The June Japanese Yen closed slightly lower on Friday as it extended Thursday's downside breakout of May's trading range. The high-range close sets the stage for a steady to higher opening when Tuesday’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 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.
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June gold closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $1850.80 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 $1850.80. Second support is the 50-day moving average crossing at $1790.40.
July silver closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 27.589 would signal that a short-term top has been posted. If July renews 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 27.589. Second support is the 50-day moving average crossing at 26.382.
July copper closed slightly higher on Friday. 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 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 435.45 is the next downside target. First resistance is the May 18th 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 435.45.
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July Corn closed down $0.07 3/4-cents at $6.56 3/4.
July corn closed lower on Friday as it consolidated some of Thursday's rally. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $6.75 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 $6.75 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 down $0.12 3/4-cents at $6.63 1/2.
July wheat closed lower on Friday as it consolidated some of Thursday's rally. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.02 1/4 would signal that a short-term low has been posted. If July resumes 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 $6.73 1/4. Second resistance is the 20-day moving average crossing at $7.02 1/4. 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 down $0.13-cents at $6.13 1/4.
July Kansas City wheat closed lower on Friday as it consolidated some of Thursday's rally. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $6.61 1/2 are needed to confirm that a short-term low has been posted. If July renews 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 1/4. Second resistance is the 20-day moving average crossing at $7.61 1/2. 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 $0.10 1/4-cents at $7.27 1/2.
July Minneapolis wheat closed higher on Friday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.34 would signal that a short-term low has been posted. If July renews this month's decline, the 75% retracement level of the April-May-rally crossing at %6.55 3/4. First resistance is the 20-day moving average crossing at $7.34. Second resistance is the May 12th 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.
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July soybeans closed up $0.06 1/2-cents at $15.30 1/2.
July soybeans closed lower on Friday. 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 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 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 $14.83 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 28th low crossing at $14.90 1/2. Second support is the 50-day moving average crossing at $14.83 1/2.
July soybean meal closed up $5.20 to $395.50.
July soybean meal closed higher due to short covering on Friday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $414.60 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $398.50. Second resistance is the 20-day moving average crossing at $414.60. 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 down 102-pts. at 65.79.
July soybean oil closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. Closes below Monday's low crossing at 64.23 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 Monday's low crossing at 64.23. Second support is the 50-day moving average crossing at 58.68.
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July hogs closed up $2.65 at $119.35.
July hogs gapped up and closed higher on Friday as it renewed the rally off last-October's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $113.53 would signal that a short-term top has been posted. First resistance is today's high crossing at $119.70. 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 $113.53. Second support is the 50-day moving average crossing at $107.90.
August cattle closed down $0.83 at $118.60.
August cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off May's high, May's low crossing at $116.25 is the next downside target. If August extends the rally off April's low, 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 the May 17th low crossing at $117.95. Second support is April's low crossing at $115.92.
August Feeder cattle closed down $1.50 at $151.35.
August Feeder cattle closed sharply lower on Friday as it extended the decline off Wednesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 $150.25 would signal that a short-term top has been posted. If August resumes 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 20-day moving average crossing at $150.25. Second support is the May 20th low crossing at $150.15.
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July coffee closed sharply higher on Friday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 November-2016 high on the monthly continuation chart crossing at 17.60 is the next upside target. Closes below the 20-day moving average crossing at 14.99 would signal that a short-term top has been posted.
July cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral 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 11th high crossing at 26.21 is the next upside target.
July sugar closed higher on Friday. The low-range close sets the stage for a steady to modestly higher opening on Tuesday. 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 decline, May's high crossing at 18.25 is the next upside target. If July resumes the decline off May's high, the 50-day moving average crossing at 16.38 is the next downside target.
July cotton closed lower on Friday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 13th low crossing at 81.20 is the next downside target. Closes above the 20-day moving average crossing at 85.04 would signal that a short-term low has been posted.