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 STOCK INDEXES: The June NASDAQ 100 was lower overnight following Tuesday's outside day down as it consolidates some of the gains off May's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off 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 13,462.71 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 steady to slightly lower overnight following Tuesday's outside day down as it consolidates some of the rally off the May 13th low. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the May 13th low, May's high crossing at 4238.25 is the next upside target. Closes below the 50-day moving average crossing at 4119.30 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 4230.00. Second resistance is May's high crossing at 4238.25. First support is the 50-day moving average crossing at 4119.30. 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 steady to higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are 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 157-04 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 steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher 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 132.059 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 132.059. 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 was higher overnight as it extends this year's rally. 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 Monday's high crossing at $68.87. Second resistance is the June-2015 high on the monthly continuation chart crossing at $69.69. First support is the 20-day moving average crossing at $65.45. Second support is the 50-day moving average crossing at $63.04.
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 $1.9259.
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 $2.0478 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 $2.0478. Second support is the April-26th low crossing at $1.9528.
July Henry natural gas was slightly lower overnight as it consolidates some of Tuesday's rally. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned 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 3.204 is the next upside target. Closes below the 10-day moving average crossing at 3.009 would temper the near-term bullish outlook. 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 2.894.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was higher overnight. The high-range overnight trade sets the stage for a 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 May 28th high crossing at $90.43 would signal that a short-term low has been posted. If June resumes the decline off March's high, January's low crossing at $89.16 is the next downside target. First resistance is the May 28th high crossing at $90.43. 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 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $121.36 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 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 last-Friday's low crossing at $121.36. Second support is the May 13th low crossing at $120.58.
The June British Pound was lower overnight. 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 diverging and turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4111 would signal that a short-term top has been posted. 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. First resistance is Tuesday's high crossing at 1.4256. Second resistance isthe 87% retracement level of the 2018-2020-decline crossing at 1.4602. First support is the 20-day moving average crossing at 1.4111. Second support is the 50-day moving average crossing at 1.3941.
The June Swiss Franc was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.1102 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 1.1102. Second support is the May 5th low crossing at 1.0923.
The June Canadian Dollar was lower overnight as it extends May's trading range. The mid-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 Tuesday's high crossing at $83.28. 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 lower overnight following a two-day bounce off last-Friday'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 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 25th high crossing at 0.092130 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 lower overnight as it consolidates some of its recent gains. 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 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 $1862.40 would signal that a short-term top has been posted. First resistance is Tuesday's 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 $1892.20. Second support is the 20-day moving average crossing at $1862.40.
July silver was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $27.784 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 January-March-decline crossing at $29.199 is the next upside target. 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 $27.784. 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 4.3753 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 4.3753.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was steady to fractionally lower overnight as it consolidates some of the rally off May's low. The mid-range close sets the stage for a steady to fractionally lower 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. If July extends the rally off May's low, May's high crossing at $7.35 1/4 is the next upside target. Closes below the 10-day moving average crossing at $6.58 would temper the near-term friendly outlook. First resistance is Tuesday'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 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $6.99 1/2 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 20-day moving average crossing at $6.99 1/2. Second resistance is the May 18th high crossing at $7.18 1/2. 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 high-range close 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. Closes above the 20-day moving average crossing at $6.56 would confirm that a short-term low has been posted. If July resumes 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 20-day moving average crossing at $6.56. Second resistance is the May 18th high crossing at $6.70 1/2. 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 was sharply 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 bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, May's high crossing at $8.07 1/4 is the next upside target. Closes below the 10-day moving average crossing at $7.14 3/4 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $7.93. Second resistance is May's high crossing at $8.07 1/4. First support is the 20-day moving average crossing at $7.35 3/4. Second support is the 10-day moving average crossing at $7.14 3/4.
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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $15.59 1/4 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 $14.89 1/2 is the next downside target. First resistance is the 20-day moving average crossing at $15.59 1/4. Second resistance is May's high crossing at $16.67 1/2. First support is the 50-day moving average crossing at $14.89 1/2. Second support is the April 12th low crossing at $13.74 3/4.
July soybean meal was steady to slightly 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 sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $412.70 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 20-day moving average crossing at $412.70. Second resistance is May's high crossing at $457.20. 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 the rally off last-Monday'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. 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 58.30.
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 tallpine!
Weather.........turned bullish a week ago for the grains and natural gas......week 2 GFS shows the upper level ridge may be backing up.
https://www.marketforum.com/forum/topic/69635/
Natural gas..............weather............late week 2 cooling down a bit.
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........selling pressure on corn early. MN wheat down to 43% gd/ex.........with intense heat on the way later this week. Another spike higher overnight but $8 is tough resistance.
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.