KEY EVENTS TO WATCH FOR:

Friday, June 18, 2021   

10:00 AM ET. IMF Managing Director Kristalina Georgieva speaks at Brookings 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 STOCK INDEXES: The September NASDAQ 100 was steady to slightly higher overnight as it extends the rally off March's low. The mid-range trade sets the stage for a steady to higher opening when the day 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 September extends the rally off May's low, upside targets will be hard to project. Closes below the 50-day moving average crossing at 13,712.80 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 14,204.75. Second resistance is unknown. First support is the 20-day moving average crossing at 13,802.04. Second support is the 50-day moving average crossing at 13,712.80.

The September S&P 500 was slightly lower overnight as it extends the decline off Tuesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.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 4167.96 would signal that a double top with May's high has been posted while opening the door for additional weakness near-term. If September extends this year's rally, upside targets will be hard to project. First resistance is Tuesday's high crossing at 4258.25. Second resistance is unknown. First support is the 20-day moving average crossing at 4203.56. Second support is the 50-day moving average crossing at 4167.96.    

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

INTEREST RATES: September T-bonds were higher overnight as they extend the rally off May's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 50% retracement level of the 2020-2021-decline crossing at 162-05 is the next upside target. Closes below the 50-day moving average crossing at 156-17 would signal that a short-term top has been posted and would open the door for additional weakness near-term. 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 20-day moving average crossing at 157-19. Second support is the 50-day moving average crossing at 156-17.  

September T-notes were higher overnight as it consolidates some of the decline off last-Friday's high. The high-range overnight trade sets the stage for a steady to higher opening with the day 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 131.231 as it extends the decline off last-Friday's high. If June extends the aforementioned decline, the April-29^th low crossing at 130.235 is the next downside target. Closes above the 10-day moving average crossing at 132.131 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 133.065. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at 133.163. First support is the reaction low crossing at 130.315. Second support is the April-29^th low crossing at 130.235.  

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

July crude oil was slightly lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 $68.87 would signal that a short-term top has been posted. 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. First resistance is Wednesday'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 20-day moving average crossing at $68.87. Second support is the 50-day moving average crossing at $65.62.

July heating oil was steady to slightly lower overnight as it extends the decline off June's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 50-day moving average crossing at $2.0009 is the next downside target. If July renews this year's rally, the October-2018 high crossing at $2.2875 is the next upside target. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $2.1362. Second resistance is the October-2018 high crossing at $2.2875. First support the 50-day moving average crossing at $2.0009. Second support is the May 21^st low crossing at $1.9471.  

July unleaded gas was steady to slightly lower overnight as it extends the decline off last-Wednesday's high. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day 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 $2.1048 would open the door for additional weakness and a possible test of May's low crossing at $2.0322. If July renews the rally off May's low, the May-2018 high on the monthly continuation chart crossing at $2.2855 is the next upside target. First resistance is last-Wednesday's high crossing at $2.2365. Second resistance is the May-2018 high on the monthly continuation chart crossing at $2.2855. First support is the 50-day moving average crossing at $2.1048. Second support is May's low crossing at $2.0322.

July Henry natural gas was lower overnight as it consolidates some of the rally off March's low. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 3.113 would signal that a short-term top has been posted. If July extends the rally off March's low, monthly resistance crossing at 3.786 is the next upside target. First resistance resistance is Tuesday's high crossing at 3.369. Second resistance is monthly resistance crossing at 3.786. First support is the 20-day moving average crossing at 3.113. Second support is the 50-day moving average crossing at 3.008.  

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

CURRENCIES:The September Dollar was higher overnight as it extends the rally off May's low. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 September extends the aforementioned rally, the 75% retracement level of the March-May-decline crossing at $92.46. Closes below the 20-day moving average crossing at $90.32 would signal that a short-term top has likely been posted. First resistance is the 62% retracement level of the March-May-decline crossing at $91.94. Second resistance is the 75% retracement level of the March-May-decline crossing at $92.46. First support is the 10-day moving average crossing at $90.66. Second support is the 20-day moving average crossing at $90.32.

The September Euro was steady to slightly higher overnight as it consolidates some of the decline off May's high.The high-range overnight trade sets the stage for a steady to higher opening when the day 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 this week's decline, the 75% retracement level of the March-May-rally crossing at $118.83 is the next downside target. Closes above the 20-day moving average crossing at $121.68 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $121.13. Second resistance is the 20-day moving average crossing at $121.68. First support is the 75% retracement level of the March-May-rally crossing at $118.83. Second support is the the 87% retracement level of the March-May-rally crossing at $118.17.

The September British Pound was lower overnight as it extends the decline off June's high. The mid-range overnight trade sets the stage for a steady to lower opening when the day session beings 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 this month's decline, May's low crossing at 1.3810 is the next downside target. Closes above the 20-day moving average crossing at 1.4118 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.4018. Second resistance is the 20-day moving average crossing at 1.4118. First support is the overnight low crossing at 1.3857. Second support is May's low crossing at 1.3810.

The September Swiss Franc was lower overnight as it extends the decline off June's high. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 this week's decline, the 62% retracement level of the March-June-rally crossing at 1.0854 is the next downside target. Closes above the 20-day moving average crossing at 1.1136 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.1062. Second resistance is the 20-day moving average crossing at 1.1136. First support is the 50% retracement level of the March-June-rally crossing at 1.0926. Second support is the 62% retracement level of the March-June-rally crossing at 1.0854. 

The September Canadian Dollar was lower overnight as it extends this week's decline. The low-range trade sets the stage for a steady to lower opening when the day 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 June's high, the 25% retracement level of the 2020-2021-rally crossing at $79.62 is the next downside target. Closes above the 20-day moving average crossing at $82.45 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $81.71. Second resistance is the 20-day moving average crossing at $82.45. First support is the overnight low crossing at $80.73. Second support is the 25% retracement level of the 2020-2021-rally crossing at $79.62.  

The September Japanese Yen was higher overnight as it consolidates some of the decline off April's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 0.091709 would signal that a short-term low has been posted. If September extends the decline off April's high, weekly support on the continuation chart crossing at 0.090180 is the next downside target. First resistance is the 20-day moving average crossing at 0.091294. Second resistance is the 50-day moving average crossing at 0.091701. First support is Thursday's low crossing at 0.090290. Second support is weekly support crossing at 0.090180.  

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

PRECIOUS METALS: August gold was higher overnight as it consolidates some of the decline off June's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the April-29^th low crossing at $1756.80 is the next downside target. Closes above the 20-day moving average crossing at $1878.50 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1831.40. Second resistance is the 20-day moving average crossing at $1878.50. First support is Thursday's low crossing at $1767.90. Second support is the April-29^th low crossing at $1756.80.

July silver was higher overnight as it consolidates some of this week's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 29^th low crossing at $25.745 is the next downside target. Closes above the 20-day moving average crossing at $27.737 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $27.083. Second resistance is the 20-day moving average crossing at $27.737. First support is Thursday's low crossing at $25.820. Second support is the April 29^th low crossing at $25.745. 

July copper was slightly higher overnight as it consolidates some of the decline off May's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 aforementioned decline, the April 12^th low crossing at 3.9950 is the next downside target. Closes above the 20-day moving average crossing at 4.4934 would signal that a short-term low has been posted. First resistance is the June 11^th high crossing at 4.5950. Second resistance is June's high crossing at 4.7070. First support is the 25% retracement level of the 2020-2021-rally crossing at 4.1888. Second support is the April 12^th low crossing at 3.9950.  

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

July corn was higher overnight as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when the day sessions 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, May's low crossing at $6.02 3/4 is the next downside target. Closes above Wednesday's high crossing at $6.87 3/4 would signal that a short-term low has been posted. First resistance is Wednesday's high crossing at $6.87 3/4. Second resistance is June's high crossing at $7.17 1/2. First support is the overnight low crossing at $6.29 1/2. Second support is May's low crossing at $6.02 3/4.        

July wheat was higher overnight as it consolidates some of Thursday's decline. The high-range close sets the stage for a higher opening when the day 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 87% retracement level of the March-April-rally crossing at $6.15 1/4. Closes above the 50-day moving average crossing at $6.88 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.71 1/2. Second resistance is the 50-day moving average crossing at $6.88 1/2. First support is the 75% retracement level of the March-April-rally crossing at $6.36 1/2. Second support is the 87% retracement level of the March-April-rally crossing at $6.15 1/4.

July Kansas City wheat was higher overnight as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when the day 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 June's high, March's low crossing at $5.59 1/2 is the next downside target. Closes above the 50-day moving average crossing at $6.46 3/4 would signal that a short-term low has been posted.First resistance is the 20-day moving average crossing at $6.21 1/4. Second resistance is the 50-day moving average crossing at $6.46 3/4. 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 was higher overnight as it consolidated some of Thursday's low. The high-range close sets the stage for a steady to higher opening when the day 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 $7.33 would signal that a short-term top has been posted. If July resumes 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 June's high crossing at $8.43 1/2. Second resistance is the July-2017 high crossing at $8.68 1/2. First support is the 20-day moving average crossing at $7.48 1/2. Second support is the 50-day moving average crossing at $7.33.  

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

July soybeans was sharply higher overnight as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when the day 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 June's high, the January 25^th low crossing at $12.82 1/4 is the next downside target. Closes above the 20-day moving average crossing at $15.11 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $14.85 1/2. Second resistance is the 20-day moving average crossing at $15.11 1/2. First support is Thursday's low crossing at $13.23 1/2. Second support is the January 25^th low crossing at $12.82 1/4.

July soybean meal was higher due to short covering overnight as it consolidates some of Thursday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling 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 20-day moving average crossing at $385.90 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $385.90. Second resistance is the 50-day moving average crossing at $406.10. First support is the 62% retracement level of the 2020-2021-rally crossing at $353.50. Second support is the 75% retracement level of the 2020-2021-rally crossing at $331.10.    

July soybean oil was sharply higher overnight as it consolidates some of the decline off June's high. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 aforementioned decline, the 50% retracement level of the 2020-2021-rally crossing at 50.31 is the next downside target. Closes above the 20-day moving average crossing at 66.69 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 63.02. Second resistance is the 20-day moving average crossing at 66.69. First support is the 38% retracement level of the 2020-2021-rally crossing at 55.85. Second support is the 50% retracement level of the 2020-2021-rally crossing at 50.31.    

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

July hogs closed down $4.50 at $111.00. 

July hogs gapped down and closed limit down on Thursday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday'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 May 17^th low crossing at $107.88 is the next downside target. Closes above the 10-day moving average crossing at $119.05 would signal that a short-term low has been posted. First resistance is today's gap crossing at $115.50. Second resistance is June's high crossing at $123.60. First support is today's low crossing at $111.00. Second support is the May 17^th low crossing at $107.88.  

August cattle closed down $3.83 at $121.10. 

August cattle closed sharply lower on Thursday as it consolidated some of the rally off June's low. The low-range close sets the stage for a steady to higher opening on Friday. 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 $119.44 would signal that a top has been posted. If August extends this month's rally, the February-2021 high on the weekly continuation chart crossing at $126.70 is the next upside target. First resistance is Wednesday'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 $119.44. Second support is June's low crossing at $114.62. 

August Feeder cattle closed down $0.30 at $157.40. 

August Feeder cattle closed lower on Thursday but not before spiking to a new high for the month. The low-range close sets the stage for a steady to lower opening when Friday's 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 August extends this month's rally, April's high crossing at $162.40. 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 $160.15. Second resistance is April's high crossing at $162.40. 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 lower on Thursday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening on Friday. 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 aforementioned decline, the 50-day moving average crossing at 14.71 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 Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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, last-November's low crossing at 22.51 is the next downside target. Closes above the 50-day moving average crossing at 24.27 would signal that a short-term low has been posted.                   

July sugar gapped down and closed below 50-day moving average crossing at 17.00 on Thursday confirming that a short-term top has been posted. The low-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. The April-June head-and-shoulders top projects a decline to the 14.75 area later this summer. Closes above the 10-day moving average crossing at 17.37 would signal that a short-term low has been posted.      

July cotton closed lower on Thursday. The low-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. Multiple closes below the 20-day moving average crossing at 84.26 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.