KEY EVENTS TO WATCH FOR:
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 STOCK INDEXES: The June NASDAQ 100 was higher overnight as it extends last-week's trading range. The high-range 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 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 13,462.33 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 April's 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 was higher overnight as it extends the rally off the May 13th low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the May 13th 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 short-term top has been posted while opening the door for additional weakness near-term. First resistance is the overnight high crossing at 4222.75. Second resistance is May's high crossing at 4238.25. First support is the 50-day moving average crossing at 4114.38. Second support is the May 13th low crossing at 4029.25.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 25% retracement level of the 2020-2021-decline crossing at 159-19 is the next upside target. Closes below the 50-day moving average crossing at 157-03 would signal that a short-term top has been posted. If June renews the decline off May's high, the March 30th low crossing at 153-29 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 162-31. First support is the May 13th low crossing at 155-14. Second support is the March 30th low crossing at 153-29.
June T-notes were lower overnight as it consolidates some of the rally off May's low. The low-range overnight trade sets the stage for a steady to lower opening with 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 17th high crossing at 132.215 is the next upside target. Closes below the 50-day moving average crossing at 132.053 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 the May 17th high crossing at 132.215. First support is the 50-day moving average crossing at 132.053. Second support is the April 29th low crossing at 131.185. Third support is the April 5th low crossing at 130.255.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil have surged to over a 2-year high overnight ahead of the upcoming OPEC meeting. 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 July extends this year's rally, the June-2015 high on the monthly continuation chart crossing at $69.69 is the next upside target. Closes below the May 21st low crossing at $61.56 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $68.42. Second resistance is the June-2015 high on the monthly continuation chart crossing at $69.69. First support is the May 21st low crossing at $61.56. Second support is the April 22nd low crossing at $60.55.
July heating oil was higher overnight as it extends the rally off last-November's low. 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 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 2018-2020-decline crossing at $2.1362 is the next upside target. Closes below the May 21st low crossing at $1.9471 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.0994. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $2.1362. First support the May 21st low crossing at $1.9471. Second support is the 50-day moving average crossing at $1.9212.
July unleaded gas was higher overnight as it extends the rally off May's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, May's high crossing at $2.2045 is the next upside target. Closes below the 50-day moving average crossing at $2.0427 would open the door for a larger-degree decline near-term. First resistance is May's high crossing at $2.2045. Second resistance is the May-2018 high on the monthly continuation chart crossing at $2.2855. First support is the 50-day moving average crossing at $2.0427. Second support is the April-26th low crossing at $1.9528.
July Henry natural gas was higher overnight as it extends the rally off May's low. 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. Closes above the 20-day moving average crossing at 3.011 would signal that a short-term low has been posted while opening the door for a possible test of May's high crossing at 3.204. If July renews the decline off May's high, the 50-day moving average crossing at 2.886 is the next downside target. First resistance resistance is May's high crossing at 3.204. Second resistance is monthly resistance crossing at 3.786. First support is May's low crossing at 2.903 Second support is the 50-day moving average crossing at 2.886.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was lower overnight. The mid-range overnight trade sets the stage for a 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. If June extends the decline off March's high, January's low crossing at $89.16 is the next downside target. Closes above the 20-day moving average crossing at $90.18 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $90.18. Second resistance is the May 5th high crossing at $91.44. First support is May's low crossing at $89.52. Second support is the January low crossing at $89.16.
The June Euro was 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, the 87% retracement level of the January-March-decline crossing at $123.08 is the next upside target. Closes below the 20-day moving average crossing at $121.60 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $122.71. Second resistance is the 87% retracement level of the January-March-decline crossing at $121.43. First support is the 20-day moving average crossing near $121.60. Second support is the May 13th low crossing at $120.58.
The June British Pound was lower in late-overnight trading. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this year'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 1.4100 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 1.4256. 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 1.4100. Second support is the 50-day moving average crossing at 1.3936.
The June Swiss Franc was steady to slightly higher overnight. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.1093 would signal that a short-term top has been posted while opening the door for additional weakness 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. First resistance is last-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 1.1093. Second support is the May 5th low crossing at 1.0923.
The June Canadian Dollar was higher overnight as it extends May's trading range. The high-range 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 resumes this year's rally, the May-2015 high on the monthly continuation chart crossing at $83.86 is the next upside target. Closes below the May 13th low crossing at $81.95 would signal that a short-term top has been posted. First resistance is May's high crossing at $83.25. Second resistance is the May-2015 high on the monthly continuation chart crossing at $83.86. First support is the May 13th crossing at $81.95. Second support is the May 4th low crossing at $80.95.
The June Japanese Yen was higher overnight as it consolidates some of last-Thursday's decline. 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 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. Closes above the May 7th high crossing at 0.092325 would signal that a short-term low has been posted. 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 last-Friday's low crossing at 0.090750. 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 higher overnight as it extends the rally off March's low. 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 June extends the rally off March's low, the 62% retracement level of August-April-decline crossing at $1945.50 is the next upside target. Closes below the 20-day moving average crossing at $1856.50 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $1916.20. Second resistance is 62% retracement level of August-April-decline crossing at $1945.50. First support is the 10-day moving average crossing at $1889.60. Second support is the 20-day moving average crossing at $1856.50.
July silver was higher overnight. 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 turning 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 January-March-decline crossing at $29.199 is the next upside target. Closes below the 20-day moving average crossing at $27.660 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the January-March-decline crossing at $29.199. Second resistance is February's high crossing at $30.015. First support is the 20-day moving average crossing at $27.660. Second support is the May 13th low crossing at $26.780.
July copper was steady to lower overnight as it consolidates some of the rally off May's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the May 18th high crossing at 4.7820 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 4.3655 is the next downside target. First resistance is the May 18th high crossing at 4.7820. Second resistance is May's high crossing at 4.8880. First support is May's low crossing at 4.4440. Second support is the 50-day moving average crossing at 4.3655.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was higher overnight as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when the day sessions 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 $6.75 1/4 would confirm that a short-term low has been posted while opening the door for a possible test of May's high crossing at $7.35 1/4. If July resumes 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 1/4. 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 was higher overnight as it extends the rally off last-Wednesday'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.00 1/4 would signal that a short-term low has been posted. If July renews the decline off May's low, the 75% retracement level of April's rally crossing at $6.36 1/2 is the next downside target. First resistance is the 10-day moving average crossing at $6.71 1/4. Second resistance is the 20-day moving average crossing at $7.00 1/4. First support is the 75% retracement level of April's rally crossing at $6.36 1/2. Second support is the 87% retracement level of April's rally crossing at $6.15 1/4.
July Kansas City wheat was higher overnight as it consolidates some of the decline off May's high. The mid-range close 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 a low might be in or is near. Closes above the 20-day moving average crossing at $6.58 1/4 would signal that a short-term low has been posted. If July extends the decline off May's high, the 87% retracement level of the March-April-rally crossing at $5.83 is the next downside target. First resistance is the 50-day moving average crossing at $6.34. Second resistance is the 20-day moving average crossing at $6.58 1/4. First support is last-Wednesday's low crossing at $5.88. Second support is the 87% retracement level of the March-April-rally crossing at $5.83.
July Minneapolis wheat gapped up and was sharply higher overnight as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. The overnight gap above the 20-day moving average crossing at $7.34 1/2 signals that a short-term low has been posted while opening the door for a test of May's high crossing at $8.07 1/4. Closes below the 10-day moving average crossing at $7.06 1/2 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $7.77. Second resistance is May's high crossing at $8.07 1/4. First support is the 20-day moving average crossing at $7.34 1/2. Second support is the 10-day moving average crossing at $7.06 1/2.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans was higher overnight as it consolidates some of the decline off May's high. The high-range close 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 a low might be in or is near. Closes above the 20-day moving average crossing at $15.58 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 $14.86 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $15.58. Second resistance is May's high crossing at $16.67 1/2. First support is the 50-day moving average crossing at $14.86 1/2. Second support is the April 12th low crossing at $13.74 3/4.
July soybean meal was higher overnight as it consolidates some of the decline off May's high. The high-range close 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 sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $413.60 would signal that a short-term low has been posted. If July extends the decline off May's high, the 50% retracement level of the 2020-2021-rally crossing at $3.73.40 is the next downside target. First resistance is the 10-day moving average crossing at $396.90. Second resistance is the 20-day moving average crossing at $413.60. First support is last-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 was higher overnight as it extends last-week's trading range. 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 neutral signaling that sideways trading is possible near-term. If July resumes this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. Closes below last-Monday's low crossing at 64.23 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is May'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 last-Monday's low crossing at 64.23. Second support is the 50-day moving average crossing at 58.98.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
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.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
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.
Thanks tallpine!