INO Evening Market Comments
1 response | 0 likes
Started by tallpine - June 4, 2021, 3:55 p.m.

KEY EVENTS TO WATCH FOR:



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 Friday as it extends this week's trading range. The high-range close sets the stage for a steady to higher opening when Monday'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 33,973.32 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 33,973.32. Second support is the March 25th low crossing at 32,071.41. 

 

The June NASDAQ 100 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 when Monday'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 7th high crossing at 13,818.00 is the next upside target. Closes below the 20-day moving average crossing at 13,475.62 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 higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 4132.20 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 4169.19. Second support is the 50-day moving average crossing at 4132.50.  



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



June T-bonds closed up 1-12/32's at 159-01. 

  

June T-bonds closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 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. 



June T-notes closed up 185-pts. at 133.035.



June T-notes closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 132.069 would signal that a short-term top has been posted. First resistance is May's high crossing at 133.165. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 134.053. 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 Friday 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 Monday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. First resistance is today's high crossing at $69.76. 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 $65.87. Second support is the May 21st low crossing at $61.56. Third support is theApril 22nd low crossing at $60.55. 



July heating oil closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Monday'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 20-day moving average crossing at $204.22 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at $212.36. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.62. First support is the May 21st low crossing at $194.71. Second support is the 50-day moving average crossing at $193.89.  



July unleaded gas closed slightly higher on Friday and is challenging May's high crossing at $221.70. The mid-range close sets the stage for a steady to higher opening when Monday'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 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 $205.93 would signal that a short-term top has been posted. First resistance is today's high crossing at $222.41. 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 $205.93. Second support is the April-26th low crossing at $195.28.  



July Henry natural gas posted a key reversal up as it closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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, May's high crossing at 3.204 is the next upside target. Closes below today's low crossing at 3.010 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 3.150. Second resistance is May's high crossing at 3.204. Third 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 April 22nd low crossing at 2.808. 



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



The June Dollar closed sharply lower on Friday as it erased much of Thursday's gains. The low-range close sets the stage for a steady to lower opening when Monday'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 Thursday's high crossing at 90.56 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 Thursday's high crossing at 90.56. 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 Friday as it consolidated some of Thursday's decline. The high-range close sets the stage for a steady to higher opening when Monday'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 this week's decline the 50-day moving average crossing at 120.50 is the next downside target. Closes above the 10-day moving average crossing at 122.01 would signal that a short-term low has been posted. First resistance is Monday'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 today's low crossing at 121.06. Second support is the 50-day moving average crossing at 120.50. 



The June British Pound closed higher on as it extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 this week's decline, the 50-day moving average crossing at 1.3957 is the next downside target. If June resumes 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 May 13th low crossing at 1.4081. Second support is the 50-day moving average crossing at 1.3957.

 

The June Swiss Franc closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Monday'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. If June extends Thursday's decline, the 50-day moving average crossing at 1.0958 is the next downside target. If June renews 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 May 12th low crossing at 1.1004. Second support is the 50-day moving average crossing at 1.0958.



The June Canadian Dollar closed higher on Friday as extends the trading range of the past four-weeks. The high-range close sets the stage for a steady to higher opening when Monday'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 May 13th low  crossing at 81.95 would confirm a downside breakout of the aforementioned trading range. 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 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 13th low crossing at 81.95. Second support is the 50-day moving average crossing at 81.18. 



The June Japanese Yen closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are neutral 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 50-day moving average crossing at 0.0091625 would signal that a short-term low has been posted. First resistance is the 38% retracement level of the January-March-decline crossing at 0.093085. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.093874. First support is Thursday's low crossing at 0.090740. 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 Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1871.00 would signal that a short-term top has been posted. If June renews the rally off April's low, the 62% retracement level of the August-March decline crossing at $1945.50 is the next upside target. 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 $1871.00. Second support is the 50-day moving average crossing at $1802.90.  



July silver posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends Thursday's decline, the 50-day moving average crossing at 26.562 is the next downside target. 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 Thursday's low crossing at 27.090. Second support is the 50-day moving average crossing at 26.562. 



July copper posted an inside day with a higher close on Friday as it consolidated some of Thursday's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50-day moving average crossing at 439.12 is the next downside target. Closes above Tuesday's high crossing at 470.70 would signal that a short-term low has been posted. First resistance is Tuesday's high crossing at 470.70. Second resistance is the May 18th high crossing at 478.20. Third resistance is May's high crossing at 488.80. First support is Thursday's low crossing at 442.95. Second support is the 50-day moving average crossing at 439.12. 



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



July Corn closed up $0.20 3/4-cents at $6.82 3/4. 



July corn closed sharply higher on Friday ending a two-day correction off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Monday'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 $6.58 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 up $0.11 1/2-cents at $6.87 3/4.  



July wheat posted an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 Tuesday's high crossing at $7.02 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 Tuesday's high crossing at $7.02. Second resistance is the May 18th 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 up $0.12 1/4-cents at $6.36 1/2.

 

July Kansas City wheat posted an inside day with a higher close on Friday ending a two-day correction off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Monday'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 $6.46 1/4 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 $6.46 1/4. 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 $0.35 1/4-cents at $8.12 3/4. 



July Minneapolis wheat closed sharply higher on Friday and above May's high crossing at $8.07 1/4 as it renewed this year's rally. The high-range close sets the stage for a steady to higher opening when Monday'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 July-2017 high on the monthly continuation chart crossing at $8.68 1/2 is the next upside target. Closes below the 50-day moving average crossing at $7.04 3/4 would signal that a short-term top has been posted. First resistance is today's high crossing at $8.19 1/4. Second resistance is the July-2017 high on the monthly continuation chart crossing at $8.68 1/2. First support is Tuesday's gap crossing at $7.36. Second support is the 50-day moving average crossing at $7.04 3/4. 

       

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



July soybeans closed up $0.34 1/2-cents at $15.82 1/2.



July soybeans posted an inside day with a higher close on Friday as it extends the rally off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Monday'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, May's high crossing at $16.67 1/2 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at $14.95 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 $14.95 3/4. Second support is the April 12th low crossing at $13.74 3/4.



July soybean meal closed up $4.60 to $396.20. 



July soybean meal poised an inside day with a higher close on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 $412.20 would signal that a short-term low has been posted. If July renews the decline off May's high, 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 $412.20. 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 249-pts. at 70.38. 



July soybean oil posted an inside day with a sharply higher close on Friday as it extended this year's rally. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this year's rally above the March-2008 high on the monthly continuation chart crossing at 71.26 into uncharted territory, upside targets will be hard to project. Closes below last-Monday's low crossing at 64.23 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 72.13. Second resistance is unknown. First support is last-Monday's low crossing at 64.23. Second support is the 50-day moving average crossing at 59.97.     

 

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



July hogs closed up $1.60 at $120.60. 



July hogs closed higher on Friday as it extends the rally off last-October's low. The high-range close sets the stage for a steady to higher opening when Monday'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 $114.68 would signal that a short-term top has been posted. First resistance is today's high crossing at $121.45. 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 $114.68. Second support is the 50-day moving average crossing at $109.40.  



August cattle closed down $0.45 at $118.08. 



August cattle closed lower on Friday as it consolidates some of the rally off Tuesday's low.The low-range close sets the stage for a steady to lower opening on Friday. 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 $119.72 would signal that a short-term low has been posted. If August renews 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 down $3.03 at $149.93. 


August Feeder cattle closed sharply lower on Friday as it consolidated some of the rally off Tuesday's low. The low-range close sets the stage for a steady to lower opening when Monday'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 $153.11 would signal that a short-term low has been posted. If August renews 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 $153.11. 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 closed sharply higher on Friday ending the correction off Tuesday's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 15.27 would signal that a short-term top has been posted. If July renews 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 Friday. The mid-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, May's low crossing at 23.17 is the next downside target. If July renews the rally off May's low, the March 11th high crossing at 26.21 is the next upside target.                 



July sugar closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. 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 16.56 is the next downside target.     



July cotton closed higher on Friday and above the 20-day moving average crossing at 84.69 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends today's rally, May's high crossing at 91.00 is the next upside target. If July renews the decline off April's high, the April 13th low crossing at 81.20 is the next downside target.            

Comments
By metmike - June 4, 2021, 4:34 p.m.
Like Reply

Thanks tallpine!