KEY EVENTS TO WATCH FOR:

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 higher overnight as markets regained some calm following volatility triggered by the Federal Reserve’s surprise announcement that it will raise interest rates in the fourth quarter of 2022. The high-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 13,715.50 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 14,204.75. Second resistance is unknown. First support is the 20-day moving average crossing at 13,829.91. Second support is the 50-day moving average crossing at 13,715.49.

The September S&P 500 was higher overnight as it consolidates some of the decline off last-Tuesday's high. 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. Last-Friday's close below the 50-day moving average crossing at 4167.96 signals that a double top with May's high appears to have been posted while opening the door for additional weakness near-term. If September renews this year's rally, upside targets will be hard to project. First resistance is last-Tuesday's high crossing at 4258.25. Second resistance is unknown. First support is the overnight low crossing at 4126.75. Second support is May's low crossing at 4020.00.    

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. A sell off in late-overnight trading erased much of its overnight gains. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 62% retracement level of the 2020-2021-decline crossing at 164-14 is the next upside target. Closes below the 20-day moving average crossing at 157-29 would signal that a short-term top has been posted and would open the door for additional weakness near-term. First resistance is the 50% retracement level of the 2020-2021-decline crossing at 162-05. Second resistance is the 62% retracement level of the 2020-2021-decline crossing at 164-14. First support is the 20-day moving average crossing at 157-29. Second support is the 50-day moving average crossing at 156-21.  

September T-notes were higher overnight as it extends the rally off last-Thursday's low. The low-range overnight trade sets the stage for a steady to slightly higher opening with the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 132.147 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 131.242 as it extends the decline off last-Friday's high. First resistance is the June 11^th high crossing at 133.065. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at 133.163. First support is last-Thursday's low crossing at 131.140. Second support is May's low crossing at 131.000.  

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

August crude oil was slightly higher overnight. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $69.08 would signal that a short-term top has been posted. If August 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 last-Wednesday's high crossing at $72.74. 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 $69.08. Second support is the 50-day moving average crossing at $65.65.

August heating oil was steady to slightly lower overnight. 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. If August extends last-week's decline, the 50-day moving average crossing at $2.0091 is the next downside target. If August 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 $2.1306. Second resistance is the October-2018 high crossing at $2.2806. First support the 50-day moving average crossing at $2.0009. Second support is the May 21^st low crossing at $1.9490.  

August unleaded gas was steady to slightly lower overnight as it extends the decline off June's high. The low-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 $2.0978 would open the door for additional weakness and a possible test of May's low crossing at $2.0200. 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 June's high crossing at $2.2319. 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 $2.0978. Second support is May's low crossing at $2.0200.

August 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 3.142 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 last-Tuesday's high crossing at 3.385. Second resistance is monthly resistance crossing at 3.786. First support is the 20-day moving average crossing at 3.142. Second support is the 50-day moving average crossing at 3.036.  

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

CURRENCIES:The September Dollar was lower overnight as it consolidates some of the rally off May'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 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 $90.45 would signal that a short-term top has likely been posted. First resistance is the 75% retracement level of the March-May-decline crossing at $92.46. Second resistance is the 87% retracement level of the March-May-decline crossing at $92.93. First support is the 10-day moving average crossing at $90.91. Second support is the 20-day moving average crossing at $90.45.

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 month's decline, the 87% retracement level of the March-May-rally crossing at $118.17 is the next downside target. Closes above the 20-day moving average crossing at $121.51 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $121.78. Second resistance is the 20-day moving average crossing at $121.51. 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 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 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, April's low crossing at 1.3678 is the next downside target. Closes above the 20-day moving average crossing at 1.4100 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.4020. Second resistance is the 20-day moving average crossing at 1.4100. First support is the overnight low crossing at 1.3788. Second support is April's low crossing at 1.3678.

The September Swiss Franc 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the 75% retracement level of the March-June-rally crossing at 1.0774 is the next downside target. Closes above the 20-day moving average crossing at 1.1120 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 1.1120. First support is the 62% retracement level of the March-June-rally crossing at 1.0854. Second support is the 75% retracement level of the March-June-rally crossing at 1.0774. 

The September Canadian Dollar was slightly lower overnight as it extends this month's decline. The high-range trade sets the stage for a steady to slightly 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 $82.31 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 $82.31. First support is the overnight low crossing at $80.08. Second support is the 25% retracement level of the 2020-2021-rally crossing at $79.62.  

The September Japanese Yen was steady to slightly higher overnight as it consolidates some of the decline off April's high. The low-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 bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 0.091692 would signal that  a short-term low has been posted. If September renews 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 0.091244. Second resistance is the 50-day moving average crossing at 0.091692. First support is last-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 oversold but remain 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 $1872.50 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1831.60. Second resistance is the 20-day moving average crossing at $1872.50. First support is the April-29^th low crossing at $1756.80. Second support is the April-13^th low crossing at $1725.50.

July silver was higher overnight as it consolidates some of this month'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the April 13^th low crossing at $24.725 is the next downside target. Closes above the 20-day moving average crossing at $27.640 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $27.086. Second resistance is the 20-day moving average crossing at $27.640. First support is the overnight low crossing at $25.580. Second support is the April 13^th low crossing at $24.725. 

July copper was lower overnight as it extends the decline off May'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 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 4.4739 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 overnight low crossing at 4.0880. Second support is the April 12^th low crossing at 3.9950.  

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

July corn was lower overnight as it consolidated some of last-Thursday's rally. The mid-range close sets the stage for a lower 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 month's decline, May's low crossing at $6.02 3/4 is the next downside target. Closes above last-Wednesday's high crossing at $6.87 3/4 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $6.87 3/4. Second resistance is June's high crossing at $7.17 1/2. First support is last-Friday's low crossing at $6.29 1/2. Second support is May's low crossing at $6.02 3/4.        

July wheat was lower overnight. The mid-range close sets the stage for a steady to lower opening when the day 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 $6.89 would signal that a short-term low has been posted. If July extends this month's decline, the 87% retracement level of the March-April-rally crossing at $6.15 1/4. First resistance is the 20-day moving average crossing at $6.71. Second resistance is the 50-day moving average crossing at $6.89. 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 lower overnight as it consolidates some of last-Friday's rally. The low-range close 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 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 $6.47 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.20 1/4. Second resistance is the 50-day moving average crossing at $6.47. 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 lower overnight. The high-range close sets the stage for a steady to lower 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. If July extends this month's decline, the 50-day moving average crossing at $7.34 3/4 is the next upside target. Closes below the 50-day moving average crossing at $7.34 3/4 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $7.79 1/4. Second resistance is June's high crossing at $8.43 1/2. First support is the 50-day moving average crossing at $7.34 3/4. Second support is May's low crossing at $6.68 3/4.  

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

July soybeans was lower overnight as it consolidates some of last-Friday's rally. The low-range close 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 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 $15.04 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $14.68 1/2. Second resistance is the 20-day moving average crossing at $15.04 3/4. First support is last-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 lower overnight as it consolidates some of last-Friday's rally. The low-range close 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 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 $384.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $384.60. Second resistance is the 50-day moving average crossing at $405.50. 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 lower overnight as it consolidates some of 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 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 66.30 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 63.15. Second resistance is the 20-day moving average crossing at 66.30. 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 $2.33 at $108.68. 

July hogs closed lower on Friday and below the 50-day moving average crossing at $112.02 as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If July extends the decline off June's high, the 38% retracement level of the 2020-2021-rally crossing at $102.88 is the next downside target. Closes above the 10-day moving average crossing at $117.91 would signal that a short-term low has been posted. First resistance is Thursday's gap crossing at $115.50. Second resistance is June's high crossing at $123.60. First support is today's low crossing at $108.50. Second support is the 38% retracement level of the 2020-2021-rally crossing at $102.88.  

August cattle closed up $0.45 at $121.55. 

August cattle posted an inside day with a higher close on Friday as it consolidated some of Thursday's sharp decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $119.38 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 $119.38. Second support is June's low crossing at $114.62. 

August Feeder cattle closed down $2.38 at $155.03. 

August Feeder cattle closed lower on Friday as it consolidated some of this month rally. The low-range close sets the stage for a steady to lower opening when Monday's 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 Monday's gap crossing at $151.90 would signal that a short-term top has been posted. If August extends this month's rally, April's high crossing at $162.40. First resistance is Thursday'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 slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 14.75 would open the door for a possible test of the May 13^th low crossing at 14.39. Closes above the 20-day moving average crossing at 15.57 would signal that a low has been posted.             

September cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 May's high, last-November's low crossing at 22.54 is the next downside target. Closes above the 50-day moving average crossing at 24.60 would signal that a short-term low has been posted.                  

July sugar closed below the neckline of the April-June head-and-shoulder's top crossing at 16.62 on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 17.24 would signal that a short-term low has been posted.      

July cotton closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. 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 84.41 would signal that a short-term top has been posted. If July renews the rally off May's low, May's high crossing at 91.00 is the next upside target.