KEY EVENTS TO WATCH FOR:

Tuesday, June 15, 2021 

7:45 AM ET. Weekly Chain Store Sales Index

8:30 AM ET. June Empire State Manufacturing Survey

                       Mfg Idx (previous 24.3)

                       Employment Idx (previous 13.6)

                       New Orders Idx (previous 28.9)

                       Prices Received (previous 37.1)

8:30 AM ET. May Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +0%)

                       Sales, Ex-Auto, M/M% (previous -0.8%)

                       Sales, Ex-Auto & Gas, M/M% (previous -0.8%)

8:30 AM ET. May PPI

                       PPI, M/M% (previous +0.6%)

                       Ex-Food & Energy PPI, M/M% (previous +0.7%)

                       Personal Consumption (previous +0.7%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +14.5%)

                       Latest Wk, Y/Y% (previous +14.5%)

9:15 AM ET. May Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (previous +0.7%)

                       Capacity Utilization % (previous 74.9%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.5)

10:00 AM ET. June NAHB Housing Market Index

                       Housing Mkt Idx (previous 83)

10:00 AM ET. April Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.3%)

4:00 PM ET. April Treasury International Capital Data

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -2.1M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +2.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous +3.8M)

  N/A              Delaware Separation Day holiday

  N/A              U.S. Federal Open Market Committee meeting

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

The Dow closed lower on Monday and breaking out to the downside of the trading range of the previous two-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 34,150.28 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If the Dow renews the rally off May's low, May's high crossing at 35,091.56 is the next upside target. First resistance is June'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 34,150.28. Second support is the May 19^th low crossing at 33,473.80. 

The June NASDAQ 100 closed higher on Monday and posted a new high for the year. The high-range close sets the stage for a steady to higher opening when Tuesday'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 above April's high crossing at 14,064.00 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 13,652.55 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,072.75. Second resistance is unknown. First support is the 10-day moving average crossing at 13,806.48. Second support is the 20-day moving average crossing at 13,652.55. 

The June S&P 500 closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 this year's rally upside targets are hard to project. Closes below the 50-day moving average crossing at 4165.09 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 4256.75. Second resistance is unknown. First support is the 20-day moving average crossing at 4194.36. Second support is the 50-day moving average crossing at 4165.09.  

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June T-bonds closed down 18/32's at 160-08. 

June T-bonds closed lower on Monday as it consolidated some of the rally off May's low. 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 157-24 would signal that a short-term top has been posted. If June extends the rally of May's low, the 38% retracement level of the 2020-2021-decline crossing at 160-15 is the next upside target. First resistance is last-Friday's high crossing at 161-15. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the 10-day moving average crossing at 159-10. Second support is the 20-day moving average crossing at 158-12.  

June T-notes closed down 105-pts. at 133.120.

June T-notes closed lower on Monday as it consolidated some of the rally off May's low. 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 overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 132.154 would signal that a short-term top has been posted. If June extends the rally off April's low, the 38% retracement level of the 2020-2021-decline crossing at 134.053 is the next upside target. First resistance is last-Friday's high crossing at 134.020. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 134.053. First support is the 10-day moving average crossing at 133.071. Second support is the 20-day moving average crossing at 132.287. 

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

July crude oil closed slightly higher on Friday as it extends this year's rally to a new high close.The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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. If July extends this year's rally, the October-2018 high on the monthly continuation chart crossing at $76.90 is the next upside target. Closes below the 20-day moving average crossing at $67.43 would signal that a short-term top has been posted. First resistance is today's high crossing at $71.78. 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 $67.43. Second support is the 50-day moving average crossing at $64.65.  

July heating oil closed lower on Monday due to profit taking as it consolidates below the 87% retracement level of the 2018-2020-decline crossing at $213.62. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $207.19 would confirm that a short-term top has been posted. If July extends the rally off March's low, the October-2018 high crossing at $228.75 is the next upside target. 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 $207.19. Second support is the 50-day moving average crossing at $197.81.   

July unleaded gas closed lower due to profit taking on Monday. 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 turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $208.87 would signal that a short-term top has been posted. 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. First resistance is last-Wednesday's high crossing at $223.65. 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 $215.88. Second support is the 50-day moving average crossing at $208.87.   

July Henry natural gas closed higher on Monday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 May's low, the 25% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 3.848 is the next upside target. Closes below the 20-day moving average crossing at 3.080 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.364. Second resistance is the 25% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 3.848. First support is the 20-day moving average crossing at 3.080. Second support is the 50-day moving average crossing at 2.963. 

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

The June Dollar posted an inside day with a lower close on Monday. 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 90.70 would confirm 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 the June 4^th high crossing at 90.63. Second resistance is the 50-day moving average crossing at 90.70. First support is May's low crossing 89.51. Second support is January's low crossing at 89.15.  

The June Euro posted an inside day with a higher close on Monday as it consolidated some of last-Friday's decline. The high-range close sets the stage for a steady to higher 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. Closes below the 50-day moving average crossing at 120.96 would open the door for additional weakness near-term. If June renews 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 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 the 50-day moving average crossing at 120.96 Second support is the May 13^th low crossing at 120.58. 

The June British Pound closed higher on Monday as it extends the trading range of the past six-weeks. The high-range close sets the stage for a steady to higher 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 June extends the decline off June's high, the 50-day moving average crossing at 1.4002 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 June'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 last-Thursday's low crossing at 1.4079. Second support is the 50-day moving average crossing at 1.4002.

The June Swiss Franc closed lower on Monday.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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 4^th low crossing at 1.1047 would signal that a short-term top has been posted. 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-Wednesday's high crossing at 1.1205. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1233. First support is the June 4^th low crossing at 1.1047. Second support is the 50-day moving average crossing at 1.1018.

The June Canadian Dollar posted an inside day with a lower close on Monday as it consolidated some of last-Friday's decline that marked a downside breakout of the trading range of the past six-weeks. The mid-range close sets the stage for a steady to higher 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 June extends last-Friday's decline, the 50-day moving average crossing at 81.56 is the next downside target. 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 June'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 last-Friday's low crossing at 82.11. Second support is the 50-day moving average crossing at 81.56. 

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 turning 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 50-day moving average crossing at 0.0091667 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 the June 3^rd 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 Monday but well off session lows. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 4^th low crossing at $1855.60 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. 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 June'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 today's low crossing at $1845.70. Second support is the 50-day moving average crossing at $1825.30.  

July silver closed lower on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, the 87% retracement level of the February-March-decline crossing at 28.451 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 26.945 is the next downside target. First resistance is the 75% retracement level of the February-March-decline crossing at 28.451. Second resistance is the 87% retracement level of the February-March-decline crossing at 29.199. First support is the June 3^rd low crossing at 27.090. Second support is the 50-day moving average crossing at 26.945. 

July copper closed lower on Monday as it the trading range of the past six-days. 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 signaling that sideways trading is possible near-term. Closes below the 50-day moving average crossing at 445.32 would open the door for a possible test of the 25% retracement level of the 2020-2021-rally crossing at 418.88. Closes above June's high crossing at 470.70 would signal that a short-term low has been posted. First resistance is June'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 445.32. Second support is the 25% retracement level of the 2020-2021-rally crossing at 418.88.

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

July Corn closed down $0.25 1/4-cents at $6.59 1/4. 

July corn closed sharply lower on Monday and below the 20-day moving average crossing at $6.65 3/4 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. If July extends the decline off last-Thursday's high, the 50-day moving average crossing at $6.44 3/4 is the next downside target. If July renews the rally off May's low, May's high crossing at $7.35 1/4 is the next upside target. First resistance is last-Thursday's high crossing at $7.17 1/2. Second resistance is May's high crossing at $7.35 1/4. First support is the 50-day moving average crossing at $6.44 3/4. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4.  

 July wheat closed down $0.06 1/4-cents at $6.74 1/2.  

July wheat closed lower on Monday as it extends the trading range of the past two-weeks. The high-range close sets the stage for a steady to slightly higher opening when Tuesday'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 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. Closes above last-Monday's high crossing at $7.04 would confirm that a short-term low has been posted. First resistance is last-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 down $0.10-cents at $6.28.

July Kansas City wheat closed lower on Monday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 reaction low crossing at $6.17 1/2 would signal that a short-term top has been posted. Closes above last-Monday's high crossing at $6.54 1/2 are needed to confirm that a short-term low has been posted.First resistance last-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 today's low crossing at $6.12 1/2. Second support is May's low crossing at $5.88.

July Minneapolis wheat closed down $0.18 1/4-cents at $7.46 1/2. 

July Minneapolis wheat closed sharply lower on Monday due to a bearish shift in the extended weather forecast for the Plains and upper Midwest. The mid-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. Closes below the 20-day moving average crossing at $7.38 1/4 would signal that a short-term top has been posted. If July renews 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 last-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 the 20-day moving average crossing at $7.38 1/4. Second support is the 50-day moving average crossing at $7.22 3/4. 

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

July soybeans closed down $0.36 1/4-cents at $14.72 1/4.

July soybeans closed sharply lower on Monday and below the 50-day moving average crossing at $15.13 marking a downside breakout of the neckline of the April-June head-and-shoulders top. 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. Additional weakness on Tuesday would confirm today's breakout of the neckline of the head-and-shoulders top that crosses at $14.89 3/4. A confirmation of today's neckline breakout projects a potential decline to the $13.12 area for the July contract. Closes above the 10-day moving average crossing at $15.47 would signal that a short-term low has been posted. First resistance is June's high crossing at $16.23 1/2. Second resistance is May's high crossing at $16.67 1/2. First support is today's low crossing at $14.55. Second support is April's low crossing at $13.74 3/4.

July soybean meal closed down $9.40 to $373.90. 

July soybean meal closed sharply lower on Monday as it renewed the decline off May's high. 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 the decline off May's high, the 62% retracement level of the 2020-2021-rally crossing at $353.50 is the next downside target. Closes above the 50-day moving average crossing at $409.30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $393.40. Second resistance is the 50-day moving average crossing at $409.30. First support is the 50% retracement level of the 2020-2021-rally crossing at $373.40. Second support is the 62% retracement level of the 2020-2021-rally crossing at $353.50.      

July soybean oil closed down 102-pts. at 65.96. 

July soybean oil closed lower on Monday as it extended the decline off last-Monday's high. The high-range close sets the stage for a steady to modestly 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 today's decline, the 50-day moving average crossing at 62.28 is the next downside target. Closes above the 10-day moving average crossing at 69.59 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 69.59. Second resistance is last-Monday's high crossing at 73.74. First support is the 50-day moving average crossing at 62.28. Second support is the April-28^th low crossing at 58.46.      

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

July hogs closed down $1.75 at $118.23. 

July hogs closed lower on Monday as it extended the decline off last-Monday's high. 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $117.49 would signal that a short-term top has been posted. If July renews this year's rally, the July-2014 high on the monthly continuation chart crossing at $133.80 is the next upside target. First resistance is last-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 $117.49. Second support is the 50-day moving average crossing at $111.37.  

August cattle closed up $1.25 at $121.28. 

August cattle closed higher on Monday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned  rally, May's high crossing at $122.80 is the next upside target. Closes below the 10-day moving average crossing at $118.60 would signal that a short-term top has been posted. First resistance is today's high crossing at $121.58. Second resistance is May's high crossing at $122.80. First support is May's low crossing at $114.62. Second support is January's low crossing at $111.92. 

August Feeder cattle closed up $3.43 at $154.60. 

August Feeder cattle gapped up and closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today's close above the 50-day moving average crossing at $152.10 signals that a short-term low has been posted. If August renews the decline off May's high, June's low crossing at $145.10 is the next downside target. First resistance is today's high crossing at $154.75. 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 gapped down and closed lower on Monday and below the 20-day moving average crossing at 15.55 signaling that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, the 50-day moving average crossing at 14.56 is the next downside target. 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 Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 24.30 would signal that a short-term low has been posted. If July extends the decline off May's high, May's low crossing at 23.17 is the next downside target.                  

July sugar closed lower on Monday as it extends the trading range of the past two-weeks. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning 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 16.83 is the next downside target. If July renews the rally off May's low, May's high crossing at 18.25 is the next upside target.      

July cotton closed lower on Monday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 aforementioned rally, May's high crossing at 91.00 is the next upside target. Closes below the 20-day moving average crossing at 83.99 would signal that a short-term top has been posted.