KEY EVENTS TO WATCH FOR:

Wednesday, June 9, 2021 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 665.9)

                       Composite Idx, W/W% (previous -4.0%)

                       Purchase Idx-SA (previous 261.4)

                       Purchase Idx-SA, W/W% (previous -3.1%)

                       Refinance Idx (previous 3022)

                       Refinance Idx, W/W% (previous -4.6%)

10:00 AM ET. May Online Help Wanted Index

10:00 AM ET. April Monthly Wholesale Trade

                       Inventories, M/M% (previous +1.3%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 479.27M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -5.079M)

                       Gasoline Stocks (Bbl) (previous 233.98M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +1.499M)

                       Distillate Stocks (Bbl) (previous 132.802M)

                       Distillate Stocks, Net Chg (Bbl) (previous +3.72M)

                       Refinery Usage (previous 88.7%)

                       Total Prod Supplied (Bbl/day) (previous 19.14M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.816M)

Thursday, June 10, 2021 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (previous 385K)

                       Jobless Claims, Net Chg (previous -20K)

                       Continuing Claims (previous 3771000)

                       Continuing Claims, Net Chg (previous +169K)

8:30 AM ET. May Real Earnings

8:30 AM ET. May CPI

                       CPI, M/M% (previous +0.8%)

                       Core CPI, M/M% (previous +0.9%)

                       Energy Idx, M/M% (previous -0.1%)

                       Food Idx, M/M% (previous +0.4%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.2%)

                       CPI, Y/Y% (previous +4.2%)

                       Core Annual, Y/Y% (previous +3%)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. SEC Investor Advisory Committee Quarterly Meeting

10:00 AM ET. 1^st Quarter Quarterly Services

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2313B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +98B)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

2:00 PM ET. May Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, June 11, 2021 

10:00 AM ET. June University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (previous 82.8)

                       Mid-Mo Expectations (previous 77.6)

                       Mid-Mo Current Idx (previous 90.8)

The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes

The Dow closed slightly lower on Tuesday as it extends last-week's trading range. 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 overbought but remain 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 34,045.18 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-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 34,045.18. Second support is the May 19^th low crossing at 33,473.80. 

The June NASDAQ 100 closed higher on Tuesday as it extended the rally off May'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 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, April's high crossing at 14,064.00 is the next upside target. Closes below the 20-day moving average crossing at 13,502.98 would signal that a short-term top has been posted. First resistance is today's high crossing at 13,917.25. Second resistance is the April 29^th high crossing at 14,064.00. First support is the 20-day moving average crossing at 13,502.98. Second support is the 62% retracement level of the March-April-rally crossing at 12,912.45. 

The June S&P 500 closed slightly 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 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 4144.02 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 4236.75. Second resistance is May's high crossing at 4238.25. First support is the 20-day moving average crossing at 4171.55. Second support is the 50-day moving average crossing at 4144.02.  

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

June T-bonds closed up 20/32's at 159-14. 

June T-bonds closed higher on Tuesday as it extends the rally off May'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 June extends the rally of May's low, May's high crossing at 160-15 is the next upside target. Closes below the 50-day moving average crossing at 157-11 would signal that a short-term top has been posted. First resistance is May's high crossing at 160-15. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the 50-day moving average crossing at 157-11. Second support is the May 13^th low crossing at 155-14.  

June T-notes closed up 95-pts. at 133.105.

June T-notes closed higher on Tuesday as it extends the rally off May'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 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 132.090 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 Tuesday 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 Wednesday'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 $70.24. 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 $66.36. 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 Tuesday and above the 87% retracement level of the 2018-2020-decline crossing at $213.62 as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Wednesday'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 October-2018 high crossing at $228.75 is the next upside target. Closes below the 20-day moving average crossing at $205.38 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.62. Second resistance is the October-2018 high crossing at $228.75. First support is the 20-day moving average crossing at $205.38. Second support is the 50-day moving average crossing at $195.27.   

July unleaded gas closed higher on Tuesday as it extends this year's rally. 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 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 $207.09 would signal that a short-term top has been posted. First resistance is today's high crossing at $222.50. Second resistance is the May-2018 high on the monthly continuation chart crossing at $228.55. First support is the 20-day moving average crossing at $214.57. Second support is the 50-day moving average crossing at $207.09.  

July Henry natural gas closed higher on Tuesday but off session highs due to profit taking ahead of the close. 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 the rally off May's low, May's high crossing at 3.204 is the next upside target. Closes below last-Friday's low crossing at 3.010 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.198. Second resistance is May's high crossing at 3.204. First support is last-Friday's low crossing at 3.010. Second support is the 50-day moving average crossing at 2.924. 

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

The June Dollar posted an inside day with higher close 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 neutral to bearish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 90.63 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-Friday's high crossing at 90.63. Second resistance is the 50-day moving average crossing at 90.93. First support is May's low crossing 89.51. Second support is January's low crossing at 89.15.  

The June Euro closed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May's high, the 50-day moving average crossing at 120.66 is the next downside target. Closes above the 10-day moving average crossing at 121.98 would signal that a short-term low has been posted. First resistance is May'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 121.06. Second support is the 50-day moving average crossing at 120.66. 

The June British Pound closed slightly lower on as it extends the trading range of the past five-weeks. 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 last-Tuesday's high, the 50-day moving average crossing at 1.3974 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 last-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 13^th low crossing at 1.4081. Second support is the 50-day moving average crossing at 1.3974.

The June Swiss Franc 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 neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below last-Thursday's low, the 50-day moving average crossing at 1.0977 is the next downside target. First resistance is May'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 12^th low crossing at 1.1004. Second support is the 50-day moving average crossing at 1.0977.

The June Canadian Dollar closed lower on Tuesday as extends the trading range of the past five-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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 13^th 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 last-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 81.32. 

The June Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Tuesday’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 0.0091623 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-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 ""

August gold closed 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $1879.20 would signal that a short-term top has been posted. If August renews the rally off April's low, the 62% retracement level of the August-March decline crossing at $1951.50 is the next upside target. First resistance is last-Tuesday's high crossing at $1919.20. Second resistance is the 62% retracement level of the August-March decline crossing at $1951.50. First support is the 20-day moving average crossing at $1879.20. Second support is the 50-day moving average crossing at $1811.60.  

July silver closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends last-Thursday's decline, the 50-day moving average crossing at 26.673 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 last-Thursday's low crossing at 27.090. Second support is the 50-day moving average crossing at 26.673. 

July copper closed higher on Tuesday as it consolidated some of last-Thursday'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 diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at 470.70 would signal that a short-term low has been posted. If July extends the decline off May's high, the 50-day moving average crossing at 441.18 is the next downside target. First resistance is last-Tuesday's high crossing at 470.70. Second resistance is the May 18^th high crossing at 478.20. Second support is the 50-day moving average crossing at 441.18. 

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

July Corn closed up $0.00 3/4-cents at $6.82 3/4. 

July corn closed fractionally higher on Tuesday. The low-range close sets the stage for a steady to fractionally 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 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 $6.63 1/2 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $7.06 1/4. Second resistance is May's high crossing at $7.35 1/4. First support is the 50-day moving average crossing at $6.33. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4.  

July wheat closed up $0.05-cents at $6.85.  

July wheat posted an inside day with a higher close on Tuesday as it extends the trading range of the past five-days. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $7.04 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 Monday's high crossing at $7.04. 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 up $0.02 1/2-cents at $6.32 1/2.

July Kansas City wheat posted an inside day with a higher close on Tuesday as it extends the trading range of the past five-days. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $6.54 1/2 are needed to confirm that a short-term low has been posted. Closes below last-Thursday's low crossing at $6.17 1/2 would signal that a short-term top has been posted. First resistance Monday's high crossing at $6.54 1/2. Second resistance is the May 18^th high crossing at $7.70 1/2. First support is last-Thursday's low crossing at $6.17 1/2. Second support is May's low crossing at $5.88.

July Minneapolis wheat closed down $0.13 3/4-cents at $7.71 1/4. 

July Minneapolis wheat closed lower on Tuesday as it extended Monday's key reversal down as it consolidated some of this year's rally. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $7.36 1/2 would signal that a short-term top has been posted. 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. First resistance is Monday's high crossing at $8.43 1/2. Second resistance is the July-2017 high on the monthly continuation chart crossing at $8.68 1/2. First support is last-Tuesday's gap crossing at $7.36. Second support is the 50-day moving average crossing at $7.11. 

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

July soybeans closed up $0.19 3/4-cents at $15.80.

July soybeans posted an inside day with a higher close 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 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 $15.02 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 $15.02 3/4. Second support is the May 26^th low crossing at $14.89 1/4.

July soybean meal closed up $2.90 to $389.80. 

July soybean meal poised an inside day with a higher close 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $411.50 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 $411.50. Second resistance is the reaction high crossing at $414.40. First support is May'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 125-pts. at 72.08. 

July soybean oil closed higher on Tuesday and posted a new high close as it extends this year's rally. 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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 67.56 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 73.74. Second resistance is unknown. First support is the 20-day moving average crossing at 67.56. Second support is the May 24^th low crossing at 64.23.      

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

July hogs closed down $0.30 at $121.80. 

July hogs closed lower on Tuesday as it consolidated some of the rally off last-October's low. 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 July extends this year's rally, the July-2014 high on the monthly continuation chart crossing at $133.80 is the next upside target. Closes below the 20-day moving average crossing at $115.55 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $123.60. Second resistance is the July-2014 high on the monthly continuation chart crossing at $133.80. First support is the 20-day moving average crossing at $115.55. Second support is the 50-day moving average crossing at $110.12.  

August cattle closed up $0.05 at $116.73. 

August cattle closed slightly higher on Tuesday.The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at $119.61 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 the 50-day moving average crossing at $119.61. Second resistance is the May 25th high crossing at $121.23. First support is last-Tuesday's low crossing at $114.62. Second support is January's low crossing at $111.92. 

August Feeder cattle closed down $0.95 at $149.25. 

August Feeder cattle closed lower on Tuesday. The mid-range close sets the stage for a steady to 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. If August renews the decline off May's high, June's low crossing at $145.10 is the next downside target. Closes above the 50-day moving average crossing at $152.76 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $152.76. Second resistance is the 75% retracement level of the April-May-decline crossing at $157.20. First support is June'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. The low-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. Closes below the 20-day moving average crossing at 15.35 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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. Closes above the 20-day moving average crossing at 24.40 would signal that a short-term low has been posted.                 

July sugar closed higher on Tuesday as it extends the trading range of the past six-days. The high-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 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 16.66 is the next downside target.     

July cotton closed higher on Tuesday and above the 50-day moving average crossing at 84.74 signaling that a short-term low has been posted. The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 13^th low crossing at 81.20 is the next downside target.