KEY EVENTS TO WATCH FOR:
Wednesday, June 2, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 693.7)
Composite Idx, W/W% (previous -4.2%)
Purchase Idx-SA (previous 269.8)
Purchase Idx-SA, W/W% (previous +1.7%)
Refinance Idx (previous 3168.8)
Refinance Idx, W/W% (previous -7.2%)
7:45 AM ET. Weekly Chain Store Sales Index
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +13.2%)
Latest Wk, Y/Y% (previous +13.6%)
2:00 PM ET. U.S. Federal Reserve Beige Book
4:00 PM ET. May Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -0.4M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.0M)
Distillate Stocks, Net Chg (Bbls) (previous -5.1M)
Thursday, June 3, 2021
7:30 AM ET. May Challenger Job-Cut Report
Job Cuts, M/M% (previous -25.13%)
8:15 AM ET. May ADP National Employment Report
Private Sector Jobs, Net Chg (expected +700000; previous +742000)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 400K; previous 406K)
Jobless Claims, Net Chg (previous -38K)
Continuing Claims (previous 3642000)
Continuing Claims, Net Chg (previous -96K)
8:30 AM ET. 1st Quarter Revised Productivity & Costs
Non-Farm Productivity (expected +5.5%; previous -4.2%)
Unit Labor Costs (expected -0.3%; previous +6.0%)
9:45 AM ET. May US Services PMI
PMI, Services (expected 70.1; previous 64.7)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. ABA Economic Advisory Committee economic forecast
10:00 AM ET. May ISM Report On Business Services PMI
Non-Mfg Composite Idx (expected 62.4; previous 62.7)
Non-Mfg Business Idx (previous 62.7)
Prices Idx (previous 76.8)
Employment Idx (previous 58.8)
New Orders Idx (previous 63.2)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2215B)
Working Gas In Storage, Net Chg (Cbf) (previous +115B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 484.349M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.662M)
Gasoline Stocks (Bbl) (previous 232.481M)
Gasoline Stocks, Net Chg (Bbl) (previous -1.745M)
Distillate Stocks (Bbl) (previous 129.082M)
Distillate Stocks, Net Chg (Bbl) (previous -3.013M)
Refinery Usage (previous 87.0%)
Total Prod Supplied (Bbl/day) (previous 19.956M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.684M)
11:00 AM ET. May Global Services PMI
PMI, Services (previous 56.6)
12:00 PM ET. May Monthly U.S. Retail Chain Store Sales Index
3:15 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, June 4, 2021
8:30 PM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 6247.3K)
Soybeans (Metric Tons) (previous 304.2K)
Wheat (Metric Tons) (previous 403.3K)
8:30 AM ET. May U.S. Employment Report
Non-Farm Payrolls (expected +674K; previous +266K)
Unemployment Rate (expected 5.9%; previous 6.1%)
Avg Hourly Earnings (USD) (previous 30.17)
Avg Hourly Earnings-Net Chg (USD) (previous +0.21)
Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.70%)
Avg Hourly Earnings, Y/Y% (expected +1.6%; previous +0.33%)
Overall Workweek (previous 35)
Overall Workweek Net Chg (previous +0.1)
Government Payrolls (previous +48K)
Private Payroll (previous +218K)
Participation Rate (previous 61.7%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. April Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +0.0%; previous +1.1%)
Orders, Ex-Defense, M/M% (previous +1.1%)
Orders, Ex-Transport, M/M% (previous +1.7%)
Durable Goods, M/M%
Durable Goods, M/M%
Monday, June 7, 2021
10:00 AM ET. May Employment Trends Index
ETI (previous 105.44)
ETI, Y/Y%
3:00 PM ET. April Consumer Credit
Consumer Credit Net Chg (USD) (previous +25.8B)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed higher on Tuesday as it extends the rally off May's low. Profit taking in the afternoon session tempered early gains and the low-range close sets the stage for a steady to modestly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 33,847.68 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 34,849.32. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 33,847.68. Second support is the March 25th low crossing at 32,071.41.
The June NASDAQ 100 closed lower on Tuesday as it extends last-week's trading range. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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 13,458.04 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 lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI 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, 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 4230.00. 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.
INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""
June T-bonds closed down 10/32's at 157-26.
June T-bonds closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to 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 down 30-pts. at 132.245.
June T-notes closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 132.054 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.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil closed higher on Tuesday as it rallied to a two-year high.The high-range close sets the stage for a steady to higher opening when Wednesday'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. First resistance is today's high crossing at $68.87. 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.
July heating oil closed higher on Tuesday as it renewed this year's rally. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 extends the rally off March's low, the 87% retracement level of the 2018-2020-decline crossing at $213.62 is the next upside target. Closes below the 50-day moving average crossing at $192.09 would confirm that a short-term top has been posted. First resistance is today's high crossing at $211.35. 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 $192.09. Second support is the April 26th low crossing at $183.71.
July unleaded gas closed higher on Tuesday and is challenging May's high crossing at $221.70. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are 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 $204.27 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 $204.27. Second support is the April-26th low crossing at $195.28.
July Henry natural gas closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends today's rally, May's high crossing at 3.204 is the next upside target. Closes below last-Monday's low crossing at 2.903 would confirm that a short-term top has been posted. First resistance is May's high crossing at 3.204. Second resistance is the July-2015 high crossing at 3.693. First support is last-Monday's low crossing at 2.903. Second support is the 50-day moving average crossing at 2.887.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed lower on Tuesday. The high-range close sets the stage for a steady to slightly lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, January's low crossing 89.15 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 May's high crossing at 91.44. First support is last-Tuesday's low crossing 89.51. Second support is January's low crossing at 89.15.
The June Euro closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI 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 123.08. First support is the 20-day moving average crossing at 121.60. Second support is the 50-day moving average crossing at 120.34.
The June British Pound closed lower on Tuesday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought, diverging and poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4098 would confirm that a short-term top has been posted. If June extends the rally off April's low, the 87% retracement level of the 2018-2020-decline crossing at 1.4602 is the next upside target. First resistance is today's 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 1.4098. Second support is the 50-day moving average crossing at 1.3936.
The June Swiss Franc closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.1095 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 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 1.1095. Second support is the 50-day moving average crossing at 1.0937.
The June Canadian Dollar closed slightly higher on Tuesday as extends the trading range of the past four-weeks. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 82.55 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 today's high crossing at 83.28. 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 82.55. Second support is the 50-day moving average crossing at 80.99.
The June Japanese Yen closed higher on Tuesday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI 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 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 ""
June gold closed slightly lower on Tuesday. 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 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 $1856.30 would signal that a short-term top has been posted. First resistance is today's high crossing at $1916.20. 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 $1856.30. Second support is the 50-day moving average crossing at $1793.60.
July silver closed slightly higher on Tuesday. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 27.644 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 27.644. Second support is the 50-day moving average crossing at 26.416.
July copper closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends last-week's rally, the May 18th high crossing at 478.20 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 436.55 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 last-Monday's low crossing at 444.40. Second support is the 50-day moving average crossing at 436.55.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up $0.32-cents at $6.88 3/4.
July corn closed sharply higher on Tuesday as it extended the rally off last-Wednesday's low. Scattered frost across portions of the upper Midwest this weekend followed by forecasts of hotter, drier weather ahead and lower-than-expected Brazilian corn yields triggered a round of technical buying, which began in the overnight trade and accelerated during the day session. Today's close above the 20-day moving average crossing at $6.76 1/4 signals that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last-Wednesday's low, May's high crossing at $7.35 1/4 is the next upside target. Closes below the 50-day moving average crossing at $6.18 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $6.96 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 $0.30-cents at $6.93 1/2.
July wheat closed sharply higher on Tuesday as it extended the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $7.01 would confirm 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 20-day moving average crossing at $7.01. Second resistance is the May 18th high crossing at $7.18 1/2. First support is last-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 $0.24 1/4-cents at $6.37 1/2.
July Kansas City wheat closed higher on Tuesday as it extended the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.58 3/4 are needed to confirm that a short-term low has been posted. If July renews 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 the 20-day moving average crossing at $6.58 3/4. Second resistance is the May 18th high crossing at $7.70 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 $0.44-cents at $7.71 1/2.
July Minneapolis wheat gapped up and closed sharply higher on Tuesday as it extended the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends today's rally, May's high crossing at $8.07 1/4 is the next upside target. Closes below the 50-day moving average crossing at $6.95 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $7.79 1/2. Second resistance is May's high crossing at $8.07 1/4. First support is today's gap crossing at $7.36. Second support is last-Wednesday's low crossing at $6.68 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed up $0.18-cents at $15.48 1/2.
July soybeans closed higher on Tuesday. The low-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $15.58 1/4 would signal that a short-term low has been posted. If July renews 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 May's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. 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 closed up $3.20 to $398.70.
July soybean meal closed higher due to short covering on Tuesday as it consolidated some of the decline off May's high. The low-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $413.80 would signal that a short-term low has been posted. 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. First resistance is the 50-day moving average crossing at $412.50. Second resistance is the 20-day moving average crossing at $413.80. 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 closed up 160-pts. at 67.39.
July soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. 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. Closes below last-Monday's low crossing at 64.23 would signal that a short-term top has been posted. 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 59.00.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
July hogs closed up $0.30 at $119.65.
July hogs closed higher on Tuesday as it extends the rally off last-October's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends 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 $113.92 would signal that a short-term top has been posted. First resistance is today's high crossing at $120.40. 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 $113.92. Second support is the 50-day moving average crossing at $108.28.
August cattle closed down $2.00 at $116.60.
August cattle gapped down and closed lower on Tuesday due in part to a cyber-security attack on JBS SA, the world’s biggest meat supplier over the weekend. The attack shut down its North American and Australian computer networks after an organized assault on Sunday on some of its servers that resulted the halting of two procession shifts at one of Canada’s largest meatpacking plants. JBC canceled all beef and lamb kills across Australia. Some kill and fabrication shifts have also been canceled in the U.S. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off May's high, January's low crossing at $111.92 is the next downside target. Closes above the 50-day moving average crossing at $119.74 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $121.23. Second resistance is May's high crossing at $122.80. First support is today's low crossing at $114.62. Second support is January's low crossing at $111.92.
August Feeder cattle closed down $2.20 at $149.15.
August Feeder cattle gapped down and closed sharply lower on Tuesday due to sharply higher grain prices and news of a cyber-security attack on JBC, the worlds largest meat supplier over the weekend. The high-range close sets the stage for a steady to modestly lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's gap and close below the 20-day moving average crossing at $150.35 signals that a short-term top has been posted. If August extends the decline off last-Wednesday's high, May's low crossing at $141.52 is the next downside target. Closes above the 50-day moving average crossing at $153.34 would signal that a short-term low has been posted. First resistance is today's gap crossing at $151.20. Second resistance is the 75% retracement level of the April-May-decline crossing at $157.20. First support is today's low crossing at $145.10. Second support is May's low crossing at $141.52.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed lower on Tuesday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 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 15.09 would signal that a short-term top has been posted.
July cocoa closed higher on Tuesday. The low-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 this month's rally, the March 11th high crossing at 26.21 is the next upside target. If July extends the decline off May's high, May's low crossing at 23.17 is the next downside target.
July sugar closed higher on Tuesday. The mid-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 extends last-week's rally, May's high crossing at 18.25 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 16.42 is the next downside target.
July cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold and 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 84.86 would signal that a short-term low has been posted.
Thanks much tallpine!
Weather.........turned bullish a week ago for the grains and natural gas
https://www.marketforum.com/forum/topic/69635/
Natural gas..............weather still bullish
https://www.marketforum.com/forum/topic/69687/
new cyber attack on meats.........stomper
https://www.marketforum.com/forum/topic/70308/
Crop conditions..............corn rated 76% gd/exc.........lower open tonght. MN wheat down to 43% gd/ex.........with intense heat on the way later this week
https://www.marketforum.com/forum/topic/70310/
Exports.........robust for corn
https://www.marketforum.com/forum/topic/70295/
Funds did massive short covering of longs thru the previous 3 weeks of May from bearish weather but were back buying again the last 3 days(after this report) because of bullish weather.