KEY EVENTS TO WATCH FOR:
Tuesday, June 22, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:30 AM ET. 1st Quarter State Quarterly Personal Income
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +15.4%)
Latest Wk, Y/Y% (previous +16.4%)
10:00 AM ET. June Richmond Fed Business Activity Survey
Mfg Idx (expected 18; previous 18)
Shipments Idx (previous 12)
10:00 AM ET. May Existing Home Sales
Existing Sales (expected 5.68M; previous 5.85M)
Existing Sales, M/M% (expected -2.9%; previous -2.7%)
Unsold Homes Month's Supply (previous 2.4)
Median Price (USD) (previous 341600)
Median Home Price, Y/Y% (previous +19.1%)
1:00 PM ET. May Money Stock Measures
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -8.5M)
Gasoline Stocks, Net Chg (Bbls) (previous +2.9M)
Distillate Stocks, Net Chg (Bbls) (previous +2.0M)
Wednesday, June 23, 2021
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 672.4)
Composite Idx, W/W% (previous +4.2%)
Purchase Idx-SA (previous 266.3)
Purchase Idx-SA, W/W% (previous +1.6%)
Refinance Idx (previous 3026.6)
Refinance Idx, W/W% (previous +5.5%)
8:30 AM ET. 1st Quarter International Transactions
Current Account (USD) (expected -207.0B; previous -188.48B)
9:45 PM ET. June US Flash Manufacturing PMI
PMI, Mfg (expected 62.1; previous 61.5)
9:45 AM ET. June US Flash Services PMI
PMI, Services (expected 70.1)
10:00 AM ET. May New Residential Sales
New Home Sales (expected 872K; previous 863K)
New Home Sales, M/M% (expected +1.0%; previous -5.9%)
New Home Sales Months Supply (previous 4.4)
10:00 AM ET. May State Employment and Unemployment
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 466.674M)
Crude Oil Stocks, Net Chg (Bbl) (previous -7.355M)
Gasoline Stocks (Bbl) (previous 242.98M)
Gasoline Stocks, Net Chg (Bbl) (previous +1.954M)
Distillate Stocks (Bbl) (previous 136.191M)
Distillate Stocks, Net Chg (Bbl) (previous -1.023M)
Refinery Usage (previous 92.6%)
Total Prod Supplied (Bbl/day) (previous 20.571M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +2.858M)
Thursday, June 24, 2021
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 294.1K)
Soybeans (Metric Tons) (previous 71.8K)
Wheat (Metric Tons) (previous 287.1K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 380K; previous 412K)
Jobless Claims, Net Chg (previous +37K)
Continuing Claims (previous 3518000)
Continuing Claims, Net Chg (previous +1K)
8:30 AM ET. May Advance Economic Indicators Report
8:30 AM ET. May Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected +2.7%; previous -1.3%)
Dur Goods, Ex-Defense, M/M% (previous +0%)
Dur Goods, Ex-Transport, M/M% (previous +1.0%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +2.3%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.9%)
8:30 AM ET. 1st Quarter 3rd estimate GDP
Annual Rate, Q/Q% (expected +6.4%; previous +6.4%)
Chain-Weighted Price Idx, Q/Q% (expected +4.3%; previous +4.3%)
Corporate Profits, Q/Q%
PCE Price Idx, Q/Q% (previous +3.7%)
Purchase Price Idx, Q/Q% (previous +3.9%)
Real Final Sales, Q/Q% (previous +9.4%)
Core PCE Price Idx, Ex-Food/Energy, Q/Q% (previous +2.5%)
Personal Consumption, Q/Q% (previous +11.3%)
8:30 AM ET. 1st Quarter Revised Corporate Profits
9:45 AM ET. Bloomberg Consumer Comfort Index
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2427B)
Working Gas In Storage, Net Chg (Cbf) (previous +16B)
11:00 AM ET. June Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 32)
6-Mo Exp Prod Idx (previous 50)
Mfg Composite Idx (previous 26)
6-Mo Exp Composite Idx (previous 33)
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Federal Reserve Board releases latest bank stress test results
Friday, June 25, 2021
8:30 AM ET. May Personal Income & Outlays
Personal Income, M/M% (expected -2.7%; previous -13.1%)
Consumer Spending, M/M% (expected +0.3%; previous +0.5%)
PCE Price Idx, M/M% (previous +0.6%)
PCE Price Idx, Y/Y% (previous +3.6%)
PCE Core Price Idx, M/M% (expected +0.6%; previous +0.7%)
PCE Core Price Idx, Y/Y% (expected +3.5%; previous +3.1%)
10:00 AM ET. 1st Quarter GDP by State
10:00 AM ET. June University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 86.6; previous 82.9)
End-Mo Expectations Idx (previous 78.8)
12-Month Inflation Forecast (previous 4.6%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 89.4)
Monday, June 28, 2021
10:30 AM ET. June Texas Manufacturing Outlook Survey
Business Activity (previous 34.9)
Mfg Production Idx (previous 15.7)
Tuesday, June 29, 2021
7:45 AM ET. Weekly Chain Store Sales Index
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y%
Latest Wk, Y/Y%
9:00 AM ET. April U.S. Monthly House Price Index
9:00 AM ET. April S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +2.0%)
10-City Idx, Y/Y% (previous +12.8%)
20-City Idx, M/M% (previous +2.2%)
20-City Idx, Y/Y% (previous +13.3%)
National Idx, M/M% (previous +2.0%)
National Idx, Y/Y% (previous +13.2%)
10:00 AM ET. June Consumer Confidence Index
Cons Conf Idx (previous 117.2)
Expectation Idx (previous 99.1)
Present Situation Idx (previous 144.3)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed sharply higher due to short covering on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month's decline, the 100-day moving average crossing at 33,096.50 is the next downside target. Closes above the 20-day moving average crossing at 34,341.85 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 34,341.85. Second resistance is June's high crossing at 34,849.32. First support is the 100-day moving average crossing at 33,096.50. Second support is the March 25th low crossing at 32,071.41.
The September NASDAQ 100 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 13,830.95 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 13,830.95. Second support is the 50-day moving average crossing at 13,451.25.
The September S&P 500 closed sharply higher on Monday as it consolidated some of last-week'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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes this year's rally upside targets are hard to project. If September extends last-week's decline, May's low crossing at 4020.00 is the next downside target. First resistance is last-Tuesday's high crossing at 4258.25. Second resistance is unknown. First support is the 50-day moving average crossing at 4029.99. Second support is May's low crossing at 4020.00.
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September T-bonds closed down 30/32's at 159-31.
September T-bonds posted a downside reversal as it 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally of May's low, the 62% retracement level of the 2020-2021-decline crossing at 164-14 is the next upside target. Closes below the 50-day moving average crossing at 156-18 would signal that a short-term top has been posted. First resistance is today's high crossing at 163-02. 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 157-27. Second support is the 50-day moving average crossing at 156-18.
September T-notes closed down 50-pts. at 132.050.
September T-notes 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 bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off April's low, the 50% retracement level of the 2020-2021-decline crossing at 133.163 is the next upside target. Closes below last-Thursday's low crossing at 131.140 would confirm that a short-term top has been posted. First resistance is the June 11th 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 the May 13th low crossing at 130.315.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil closed higher on Monday as it renewed this year's rally. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are overbought and remain neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at $69.16 would signal that a short-term top has been posted. First resistance is today's high crossing at $73.28. 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 $69.16. Second support is the 50-day moving average crossing at $62.37.
August heating oil closed higher on Monday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the October-2018 high crossing at $228.75 is the next upside target. If August extends last-week's decline, May's low crossing at $194.90 is the next downside 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 May 21st low crossing at $194.90. Second support is the 50-day moving average crossing at $190.72.
August unleaded gas 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off March's low, the May-2018 high on the monthly continuation chart crossing at $228.55 is the next upside target. Closes below May's low crossing at $202.00 would signal that a short-term top has been posted. First resistance is June's high crossing at $223.19. Second resistance is the May-2018 high on the monthly continuation chart crossing at $228.55. First support is May's low crossing at $202.00. Second support is the 50-day moving average crossing at $198.40.
August Henry natural gas closed lower on Monday. 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 neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3.143 would signal that a short-term top has been posted. If August renews 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 last-Tuesday's high crossing at 3.385. 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 3.143. Second support is the 50-day moving average crossing at 2.949.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The September Dollar posted an inside day with a lower close 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 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 75% retracement level of the March-May-decline crossing at 92.46 is the next upside target. Closes below the 20-day moving average crossing 90.44 would signal that a short-term top has 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 50-day moving average crossing 91.06. Second support is the 10-day moving average crossing at 90.88.
The September Euro posted an inside day with a higher close on Monday 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 Tuesday'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 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 121.52 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 120.81. Second resistance is the 20-day moving average crossing at 121.52. First support is the 75% retracement level of the March-May-rally crossing at 118.83. Second support is the 87% retracement level of the March-May-rally crossing at 118.17.
The September British Pound closed sharply higher on Monday 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 Tuesday'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 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 1.4103 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.3939. Second resistance is the 20-day moving average crossing at 1.4103. First support is today's low crossing at 1.3788. Second support is April's low crossing at 1.3678.
The September Swiss Franc posted an inside day with a higher close 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 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 75% retracement level of the March-May-rally crossing at 1.0744 is the next downside target. Closes above the 20-day moving average crossing at 1.1122 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.1018. Second resistance is the 20-day moving average crossing at 1.1122. First support is the 62% retracement level of the March-May-rally crossing at 1.0854. Second support is the 75% retracement level of the March-May-rally crossing at 1.0774.
The September Canadian Dollar closed higher on Monday 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 Tuesday'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 this month's decline, 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 82.34 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.84. Second resistance is the 20-day moving average crossing at 82.34. First support is today's 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 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 have turned neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 0.0091689 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 0.091236. Second resistance is the 50-day moving average crossing at 0.091689. First support is last-Thursday's low crossing at 0.090290. Second support is weekly support crossing at 0.090180.
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August gold posted an inside day with a higher close on Monday 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 Tuesday'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 August extends this week's decline, the April 29th 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 29th low crossing at $1756.80. Second support is the April 13th low crossing at $1725.50.
July silver closed slightly higher on Monday as it consolidated some of this month'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 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 April 13th low crossing at 24.725 is the next downside target. Closes above the 20-day moving average crossing at 27.639 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 27.639. First support is today's low crossing at 25.580. Second support is the April-13th low crossing at 24.725.
July copper closed slightly higher on Monday 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 Tuesday'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 aforementioned decline, the April 12th low crossing at 399.50 is the next downside target. Closes above the 20-day moving average crossing at 447.68 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 438.70. Second resistance is the 20-day moving average crossing at 447.68. Second support is today's low crossing at 408.80. Second support is the April 12th low crossing at 399.50.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up $0.04-cents at $6.59 1/4.
July corn closed higher on Monday as it consolidated some of the decline off June's high. Weekend rain across the Midwest was variable and in general below expectations. Today's high-range close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends last-week'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 June's high crossing at $7.17 1/2. Second resistance is May's high crossing at $7.35 1/4. First support is May's low crossing at $6.02 3/4. Second support is the 62% retracement level of this year's rally crossing at $5.76 1/2.
July wheat closed down $0.01 1/4-cents at $6.61 1/2.
July wheat closed slightly lower on Monday. The mid-range close sets the stage for a steady to slightly lower opening when Tuesday's night 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 50-day moving average crossing at $6.88 3/4 would confirm that a short-term low has been posted. If July renews the decline off June's high, the 87% retracement level of the March-April-rally crossing at $6.15 1/4 is the next downside target. First resistance is June's high crossing at $7.04. Second resistance is the May 18th high crossing at $7.18 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 closed down $0.06 3/4-cents at $5.99 3/4.
July Kansas City wheat posted an inside day with a lower close on Monday. 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. 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 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.20 1/2. Second resistance was June's high crossing at $6.54 1/2. First support is last-Thursday's low crossing at $5.83 3/4. Second support is March's low crossing at $5.59 1/2.
July Minneapolis wheat closed up $0.02-cents at $7.64 1/2.
July Minneapolis wheat 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $7.34 3/4 would open the door for a possible test of May's low crossing at $6.68 3/4. 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 June'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 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 closed up $0.19-cents at $14.15.
July soybeans closed higher on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $15.13 1/2 would signal that a short-term low has been posted. If July extends this month's decline, the head-and-shoulder's top projects a decline to the $13.12 area. First resistance is the 10-day moving average crossing at $14.72 1/4. Second resistance is June's high crossing at $16.23 1/2. First support is last-Thursday's low crossing at $13.23 1/2. Second support is the head-and-shoulder's top projected target of $13.12.
July soybean meal closed down $0.30 to $373.10.
July soybean meal closed lower on Monday as it consolidated some of the decline off May's high. The mid-range close sets the stage for a steady to slightly lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at $384.90 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at $384.90. Second resistance is the 50-day moving average crossing at $405.60. First support is last-Friday's low crossing at $359.60. Second support is the 62% retracement level of the 2020-2021-rally crossing at $353.50.
July soybean oil closed up 221-pts. at 60.33.
July soybean oil sharply higher on Monday as it extended last-Friday's rebound off the 38% retracement level of the 2020-2021-rally crossing at 55.85. The high-range close sets the stage for a steady to higher opening when Monday'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 month's 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 66.44 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 63.21. Second resistance is the 20-day moving average crossing at 66.44. 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 $1.63 at $107.05.
July hogs closed lower on Monday as it extended the decline off June'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 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 20-day moving average crossing at $117.43 would signal that a short-term low has been posted. First resistance is last-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 $105.70. Second support is the 38% retracement level of the 2020-2021-rally crossing at $102.88.
August cattle closed down $0.53 at $121.03.
August cattle closed lower on Monday as it as it extended last-week's decline. The mid-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. Closes below the 50-day moving average crossing at $119.35 would signal that a top has been posted. If August renews 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 last-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 $119.35. Second support is June's low crossing at $114.62.
August Feeder cattle closed down $0.35 at $154.68.
August Feeder cattle closed lower on Monday as it consolidated some of this month rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's gap crossing at $151.90 would signal that a short-term top has been posted. If August renews this month's rally, April's high crossing at $162.40. First resistance is last-Thursday's high crossing at $160.15. Second resistance is April's high crossing at $162.40. First support is last-Monday's gap crossing at $151.90. Second support is the June 10th low crossing at $146.75.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Monday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 14.79 would open the door for a possible test of the May 13th low crossing at 14.39. Closes above the 20-day moving average crossing at 15.58 would signal that a low has been posted.
September cocoa closed slightly higher on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 posted a key reversal up on Monday and closed above the broken neckline of the April-June head-and-shoulder's top crossing near 16.63. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 17.24 would signal that a short-term low has been posted. The April-June head-and-shoulders top projects a decline to the 14.75 area later this summer.
July cotton closed slightly lower on Monday. 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. Multiple closes below the 20-day moving average crossing at 84.47 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.
thanks tallpine!
Crop ratings: Corn -3%, Beans -2%. Spring Wheat down a whopping 10%. HUGE gap higher for MWE tonight.
https://www.marketforum.com/forum/topic/71355/
Weather: Bullish for WCB/Plains and in the extended. Tons of rain later this week for the central and eastern cornbelt.......bearish.
https://www.marketforum.com/forum/topic/70329/
Natural gas........very cool/bearish end of June. How much do we heat up in July?
https://www.marketforum.com/forum/topic/70798/
Exports......market focused more on weather.
https://www.marketforum.com/forum/topic/71345/
Beans in and out, then back in the teens:
https://www.marketforum.com/forum/topic/71166/
MarketForum producers tell us what's happening with their crops
https://www.marketforum.com/forum/topic/70437/