KEY EVENTS TO WATCH FOR:

Thursday, June 17, 2021 

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

                       Corn (Metric Tons) (previous 216K)

                       Soybeans (Metric Tons) (previous 120.7K)

                       Wheat (Metric Tons) (previous 835.8K)

8:30 AM ET. June Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 30.0; previous 31.5)

                       Prices Paid (previous 76.8)

                       Employment (previous 19.3)

                       New Orders (previous 32.5)

                       Prices Received (previous 41.0)

                       Delivery Times (previous 41.5)

                       Inventories (previous 25.6)

                       Shipments (previous 21.0)

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

                       Jobless Claims (expected 360K; previous 376K)

                       Jobless Claims, Net Chg (previous -9K)

                       Continuing Claims (previous 3499000)

                       Continuing Claims, Net Chg (previous -258K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. May Leading Indicators

                       Leading Index, M/M% (expected +1.3%; previous +1.6%)

                       Leading Index (previous 113.3)

                       Coincident Index, M/M% (previous +0.3%)

                       Lagging Index, M/M% (previous +1.8%)

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

                       Working Gas In Storage (Cbf) (previous 2411B)

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

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, June 18, 2021  

10:00 AM ET. IMF Managing Director Kristalina Georgieva speaks atBrookings Institution event on

                        carbon price floors

Monday, June 21, 2021  

8:30 AM ET. May CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.24)

                       NAI, 3-mo Moving Avg (previous 0.07)

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

The Dow closed lower on Wednesday and below the 50-day moving average crossing at 34,180.11 signaling that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month's decline, May's low crossing at 33,473.80 is the next downside target. Closes above the 10-day moving average crossing at 34,462.53 would signal that a short-term low has been posted. 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 May low crossing at 33,473.80. Second support is the March 25^th low crossing at 32,071.41.

The September NASDAQ 100 closed lower due to profit taking on Wednesday as it consolidated some of the rally off May'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 overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 13,690.03 would signal that a short-term top has been posted. If June extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 14,155.25. Second resistance is unknown. First support is the 10-day moving average crossing at 13,864.15. Second support is the 50-day moving average crossing at 13,690.03. 

The September S&P 500 closed lower on Wednesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year's rally upside targets are hard to project. Closes below the 50-day moving average crossing at 4162.10 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 4258.25. Second resistance is unknown. First support is the 20-day moving average crossing at 4189.89. Second support is the 50-day moving average crossing at 4162.10.  

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September T-bonds closed down 22/32's at 157-26. 

September T-bonds closed lower on Wednesday 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 Thursday'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 156-11 would signal that a short-term top has been posted. If September extends the rally of May's low, the 50% retracement level of the 2020-2021-decline crossing at 162-05 is the next upside target. First resistance is the 38% retracement level of the 2020-2021-decline crossing at 159-28. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at 162-05. First support is the 10-day moving average crossing at 158-04. Second support is the 20-day moving average crossing at 157-03.  

September T-notes closed down 285-pts. at 131.205.

September T-notes closed sharply lower on Wednesday as it extends the decline off last-Friday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 131.219 would confirm that a short-term top has been posted. If September extends the rally off April's low, the 50% retracement level of the 2020-2021-decline crossing at 133.163 is the next upside target. First resistance is last-Friday's high crossing at 134.020. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at 133.163. First support is today's low crossing at 131.305. Second support is the 50-day moving average crossing at 131.219. 

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

July crude oil closed slightly lower due to profit taking on Wednesday but not before posting a new high for the year. The low-range close sets the stage for a steady to lower opening when Thursday'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 $68.04 would signal that a short-term top has been posted. First resistance is today's high crossing at $72.99. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is the 10-day moving average crossing at $70.39. Second support is the 20-day moving average crossing at $68.04.  

July heating oil closed lower due to profit taking on Wednesday as it consolidates below the 87% retracement level of the 2018-2020-decline crossing at $213.62. The mid-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. 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 $207.70 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 $207.70. Second support is the 50-day moving average crossing at $199.08.   

July unleaded gas closed lower due to profit taking 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 bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at $209.73 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 50-day moving average crossing at $209.73. Second support is May's low crossing at $203.22.  

July Henry natural gas closed higher on Wednesday leaving Tuesday's key reversal down unconfirmed. 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 and 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 3.092 would signal that a short-term top has been posted. 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. First resistance is Tuesday's high crossing at 3.369. 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 3.092. Second support is the 50-day moving average crossing at 2.987. 

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

The September Dollar closed sharply higher on Wednesday and above the 50-day moving average crossing at 90.63 confirming that a short-term low has been posted. 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 September extends the rally off May's low, May's high crossing at 91.41 is the next upside target. Closes below the 20-day moving average crossing 90.12 would signal that a short-term top has been posted. First resistance is May's high crossing at 91.41. Second resistance is the 62% retracement level of the March-May-decline crossing at 91.94. First support is May's low crossing 89.55. Second support is January's low crossing at 89.13.  

The September Euro closed sharply lower on Wednesday as it extended the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, May's low crossing at 120.18 is the next downside target. Closes above the 20-day moving average crossing at 121.97 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 121.97. Second resistance is the 87% retracement level of the January-March-decline crossing at 122.96. First support is May's low crossing at 120.18. Second support is the reaction low crossing at 118.91.

The September British Pound 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.4012 confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes the rally off April's low, the 87% retracement level of the 2018-2020-decline crossing at 1.4655 is the next upside target. First resistance is June's high crossing at 1.4253. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 1.4655. First support is the 50-day moving average crossing at 1.4012. Second support is May's low crossing at 1.3810.

The September Swiss Franc closed sharply 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 bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the June 4^th low crossing at 1.1073 would confirm that a short-term top has been posted. If September renews the rally off April's low, the 75% retracement level of the January-April-decline crossing at 1.1261 is the next upside target. First resistance is last-Wednesday's high crossing at 1.1231. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1261. First support is the 50-day moving average crossing at 1.1059. Second support is May's low crossing at 1.10967. 

The September Canadian Dollar 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 bearish signaling that sideways to lower prices are possible near-term. If September extends today's decline, last-Friday's low crossing at 81.00 is the next downside target. Closes above the 20-day moving average crossing at 82.64 would signal that a short-term low has been posted. 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 81.00. Second support is April's low crossing at 79.06. 

The September Japanese Yen closed lower on Wednesday as it extends the decline off April's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off April's high, March's low crossing at 0.090305 is the next downside target. Closes above the 50-day moving average crossing at 0.0091726 would signal that a short-term low has been posted. First resistance is May's high crossing at 0.092295. Second resistance is April's high crossing at 0.093140. First support is today's low crossing at 0.090545. Second support is March's low crossing at 0.090305.

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

August gold closed lower on Wednesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at $1829.60 would open the door for a larger-degree decline near-term. Closes above the 20-day moving average crossing at $1887.80 would signal that a short-term low has been posted. 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 the 50-day moving average crossing at $1829.60.  

July silver closed lower on Wednesday as it extends the trading range of the past four-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, the 50-day moving average crossing at 27.050 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 the 50-day moving average crossing at 27.050. Second support is the June 3^rd low crossing at 27.090.  

July copper closed lower on Wednesday as it extends the decline off May's high.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. If July extends the aforementioned decline, the 25% retracement level of the 2020-2021-rally crossing at 418.88 is the next downside target. Closes above last-Friday's high crossing at 459.50 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 today's low crossing at 427.80. 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 up $0.05 1/2-cents at $6.73. 

July corn closed higher on Wednesday as it consolidated some of the decline off last-Thursday's high. The mid-range close sets the stage for a steady to higher opening when Thursday's night sessions 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 50-day moving average crossing at $6.50 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. 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 $6.50. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4.  

July wheat closed up $0.01 1/4-cents at $6.62 3/4.  

July wheat closed higher on Wednesday. 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 bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday'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 $0.02-cents at $6.10 3/4.

July Kansas City wheat closed lower on Wednesday as it extends the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday's high, May's low crossing at $5.88 is the next downside target. 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 Tuesday's low crossing at $6.02 1/4. Second support is May's low crossing at $5.88.

July Minneapolis wheat closed up $0.12 1/2-cents at $7.60 1/4. 

July Minneapolis wheat closed higher on Wednesday as it consolidates some of the decline off last-Monday's high. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $7.42 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 $7.42 1/4. Second support is the 50-day moving average crossing at $7.28. 

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

July soybeans closed down $0.17 1/4-cents at $14.48 1/2.

July soybeans closed lower on Wednesday as it extends the decline off June's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, April's low crossing at $13.74 3/4 is the next downside target. Closes above the 20-day moving average crossing at $15.29 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 $14.42 1/2. Second support is April's low crossing at $13.74 3/4.

July soybean meal closed up $6.80 to $379.20. 

July soybean meal closed 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 night session begins trading. Stochastics and the RSI are oversold 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 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 $408.00 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $389.70. Second resistance is the 50-day moving average crossing at $408.00. 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 350-pts. at 62.07. 

July soybean oil closed sharply lower on Wednesday and below the 50-day moving average crossing at 62.77 signaling that a larger-degree decline is possible. 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 bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the April-28^th low crossing at 58.46 is the next downside target. Closes above the 10-day moving average crossing at 68.57 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 68.57. Second resistance is June's high crossing at 73.74. First support is today's low crossing at 62.07. Second support is the April-28^th low crossing at 58.46.      

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

July hogs closed down $3.00 at $115.50. 

July hogs closed limit down on Wednesday as it extended the decline off June's high. 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 bearish signaling that a short-term top might be in or is near. If July extends the decline off June's high, the 50-day moving average crossing at $111.88 is the next downside target. Closes above the 10-day moving average crossing at $119.85 would signal that a short-term low 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 June'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 today's low crossing at $115.50. Second support is the 50-day moving average crossing at $111.88.  

August cattle closed up $1.02 at $124.93. 

August cattle closed higher on Wednesday as it extends the rally off June's low. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned  rally, the February-2021 high on the weekly continuation chart crossing at $126.70 is the next upside target. Closes below the 50-day moving average crossing at $119.49 would signal that a top has been posted. First resistance is today's high crossing at $125.78. Second resistance is the February-2021 high on the weekly continuation chart crossing at $126.70. First support is the 50-day moving average crossing at $119.49. Second support is June's low crossing at $114.62. 

August Feeder cattle closed up $0.88 at $157.70. 

August Feeder cattle closed higher on Wednesday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, May's high crossing at $158.73. Closes below Monday's gap crossing at $151.90 would signal that a short-term top has been posted. First resistance is today's high crossing at $158.10. Second resistance is May's high crossing at $158.73. First support is Monday's gap crossing at $151.90. Second support is last-Thursday's low crossing at $146.75. 

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed higher on Wednesday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 50-day moving average crossing at 14.67 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 lower on Wednesday. The mid-range close sets the stage for a steady to lower 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 24.29 would signal that a short-term low has been posted. If July extends the decline off May's high, last-November's low crossing at 22.51 is the next downside target.                  

July sugar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below 50-day moving average crossing at 16.97 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off May's low, May's high crossing at 18.25 is the next upside target.      

July cotton closed slightly higher on Wednesday as it consolidated some of Monday's decline. The mid-range close sets the stage for a steady to higher opening on Thursday. 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 84.20 would signal that a short-term top has been posted. If July extends the rally off May's low, May's high crossing at 91.00 is the next upside target.