KEY EVENTS TO WATCH FOR:

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. 1^st 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 modestly higher on Wednesday as it extends the rally off May's low. The low-range close sets the stage for a steady to modestly higher opening when Thursday'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 33,884.00 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 34,849.32. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 33,884.00. Second support is the March 25^th low crossing at 32,071.41. 

The June NASDAQ 100 posted an inside day with a higher close on Wednesday as it extends last-week's trading range. The mid-range close sets the stage for a steady to higher opening when Thursday'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, The May 7^th high crossing at 13,818.00 is the next upside target. Closes below the 20-day moving average crossing at 13,462.81 would signal that a short-term top has been posted. First resistance is the May 7^th high crossing at 13,818.00. Second resistance is the April 29^th high crossing at 14,064.00. First support is the 62% retracement level of the March-April-rally crossing at 12,912.45. Second support is the 75% retracement level of the March-April-rally crossing at 12,666.46.

The June S&P 500 closed slightly higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 50-day moving average crossing at 4119.35 would confirm that a top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 4230.00. Second resistance is May's high crossing at 4238.25. First support is the 20-day moving average crossing at 4165.73. Second support is the 50-day moving average crossing at 4119.35.  

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

June T-bonds closed up 14/32's at 158-05. 

June T-bonds closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. If June extends the rally of May's low, the 25% retracement level of the 2020-2021-decline crossing at 159-19 is the next upside target. If June renews the decline off May's high, the May 13^th low crossing at 155-14 is the next downside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the May 13^th low crossing at 155-14. Second support is the March 30^th low crossing at 153-29. Third support is the March 18th low crossing at 153-07. 

June T-notes closed up 40-pts. at 132.275.

June T-notes closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 132.060 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 Wednesday as it extends this year's rally to a new contract high.The high-range close sets the stage for a steady to higher opening when Thursday'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 $69.00. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is the 20-day moving average crossing at $65.46. Second support is the May 21^st low crossing at $61.56. Third support is theApril 22^nd low crossing at $60.55. 

July heating oil closed higher on Wednesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI 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 $192.62 would confirm that a short-term top has been posted. First resistance is Tuesday'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 May 21^st low crossing at $194.71. Second support is the 50-day moving average crossing at $192.62.  

July unleaded gas closed higher on Wednesday as it is challenging May's high crossing at $221.70. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends 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 $204.78 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 $204.78. Second support is the April-26^th low crossing at $195.28.  

July Henry natural gas posted an inside day with a lower close on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 Tuesday'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 2.894. 

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

The June Dollar closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 last-Thursday's high crossing at 90.43 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 last-Thursday's high crossing at 90.43. 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 slightly lower on Wednesday. The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 last-Friday's low crossing at 121.36 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 last-Friday's low crossing at 121.36. Second support is the 50-day moving average crossing at 120.39. 

The June British Pound closed slightly higher on Wednesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.4113 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 Tuesday'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 1.4113. Second support is the 50-day moving average crossing at 1.3942.

The June Swiss Franc closed slightly lower on Wednesday.The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 1.1104 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 1.1104. Second support is the 50-day moving average crossing at 1.0943.

The June Canadian Dollar closed higher on Wednesday as extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the May 13^th low  crossing at 81.95 would confirm a downside breakout of the aforementioned trading range. First resistance is Tuesday's high crossing at 83.28. Second resistance is the May-2015 high on the monthly continuation chart crossing at 83.66. First support is the May 13^th low crossing at 81.95. Second support is the 50-day moving average crossing at 81.06. 

The June Japanese Yen closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.0091668 would signal that a short-term low has been posted. If June extends the decline off April's high, March's low crossing at 0.090180 is the next downside 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 higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 $1862.90 would signal that a short-term top has been posted. First resistance is Tuesday'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 $1862.90. Second support is the 50-day moving average crossing at $1796.90.  

July silver closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are 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 February-March-decline crossing at 28.451 is the next upside target. Closes below the 20-day moving average crossing at 27.734 would signal that a short-term top has been posted. 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 27.734. Second support is the 50-day moving average crossing at 26.467. 

July copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 the rally off May's low, 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 437.47 is the next downside target. First resistance is the May 18^th high crossing at 478.20. Second resistance is May's high crossing at 488.80. First support is May's lowcrossing at 444.40. Second support is the 50-day moving average crossing at 437.47. 

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

July Corn closed down $0.13 3/4-cents at $6.75. 

July corn posted an inside day with a lower close on Wednesday as it consolidated some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 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 $6.56 3/4 would signal that a short-term top has been posted. 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 closed down $0.07 1/4-cents at $6.86 1/4.  

July wheat posted an inside day with a lower close on Wednesday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 $6.99 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 $6.99. Second resistance is the May 18^th high crossing at $7.18 1/2. First support is May'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 $0.03 3/4-cents at $6.33 3/4.

July Kansas City wheat posted an inside day with a lower close on Wednesday as it consolidated some of the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to lower opening when Thursday'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 $6.55 1/2 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 $6.55 1/2. Second resistance is the May 18^th 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 $0.11 1/2-cents at $7.83. 

July Minneapolis wheat closed higher on Wednesday as it extended the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 the rally off last-Wednesday's low, May's high crossing at $8.07 1/4 is the next upside target. Closes below the 50-day moving average crossing at $6.98 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $7.99 1/4. Second resistance is May's high crossing at $8.07 1/4. First support is Tuesday's gap crossing at $7.36. Second support is the 50-day moving average crossing at $6.98 1/2. 

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

July soybeans closed up $0.14-cents at $15.62 1/2.

July soybeans closed higher on Wednesday as it extends the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $15.59 3/4 signals that a short-term low has been posted. If July renews the decline off May's high, the 50-day moving average crossing at $14.89 3/4 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 $14.89 3/4. Second support is the April 12^th low crossing at $13.74 3/4.

July soybean meal closed down $4.70 to $394.00. 

July soybean meal closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at $412.50 would signal that a short-term low has been posted. If July renews 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 reaction high crossing at $414.40. 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 299-pts. at 70.38. 

July soybean oil closed sharply higher on Wednesday as it renewed this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish 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 today's high crossing at 70.89. 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 59.34.      

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

July hogs closed down $1.18 at $118.47. 

July hogs closed lower on Wednesday as it consolidated some of the rally off last-October's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 $114.13 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 $114.13. Second support is the 50-day moving average crossing at $108.65.  

August cattle closed up $2.65 at $119.25. 

August cattle closed sharply higher on Wednesday filling Tuesday's gap it extended the rebound off Tuesday's low.The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $119.77 would signal that a short-term low has been posted. If August extends the decline off May's high, January's low crossing at $111.92 is the next downside target. First resistance is last-Tuesday's high crossing at $121.23. Second resistance is May's high crossing at $122.80. First support is Tuesday's low crossing at $114.62. Second support is January's low crossing at $111.92. 

August Feeder cattle closed up $3.18 at $152.33. 

August Feeder cattle closed sharply higher on Wednesday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Thursday's 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 50-day moving average crossing at $153.31 would signal that a short-term low has been posted. If August extends the decline off May's high, May's low crossing at $141.52 is the next downside target. First resistance is the 50-day moving average crossing at $153.31. Second resistance is the 75% retracement level of the April-May-decline crossing at $157.20. First support is Tuesday'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 posted an inside day with a lower close on Wednesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 15.19 would signal that a short-term top has been posted. 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.              

July cocoa closed lower on Wednesday. The mid-range close sets the stage for a steady to lower 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 11^th 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 slightly lower on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. 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 18.25 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 16.47 is the next downside target.     

July cotton posted an inside day with a lower close on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 84.69 would signal that a short-term low has been posted. If July extends the decline off April's high, the April 13^th low crossing at 81.20 is the next downside target.