KEY EVENTS TO WATCH FOR:

Friday, July 2, 2021 

8:30 AM ET. May U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -71.4B; previous -68.90B)

                       Exports (USD) (previous 204.99B)

                       Exports, M/M% (previous +1.1%)

                       Imports (USD) (previous 273.89B)

                       Imports, M/M% (previous -1.4%)

8:30 AM ET. June U.S. Employment Report

                       Non-Farm Payrolls (expected +706K; previous +559K)

                       Unemployment Rate (expected 5.6%; previous 5.8%)

                       Avg Hourly Earnings (USD) (previous 30.33)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.15)

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.50%)

                       Avg Hourly Earnings, Y/Y% (expected +3.6%; previous +1.98%)

                       Overall Workweek (previous 34.9)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +67K)

                       Private Payroll (previous +492K)

                       Participation Rate (previous 61.6%)

                       Non-Farm Payrolls Bench Net Chg

10:00 AM ET. May Manufacturers' Shipments, Inventories & Orders (M3)

                       Total Orders, M/M% (expected +1.7%; previous -0.6%)

                       Orders, Ex-Defense, M/M% (previous +0%)

                       Orders, Ex-Transport, M/M% (previous +0.5%)

                       Durable Goods, M/M%

                       Durable Goods, M/M%

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

The Dow closed higher on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday'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 the Dow extends the rally off June's low, June's high crossing at 34,849.32 is the next upside target. Closes below the 10-day moving average crossing at 34,131.14 would signal that a short-term top 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 10-day moving average crossing at 34,131.14. Second support is the June 18^th low crossing at 33,271.93.

The September NASDAQ 100 closed slightly lower on Thursday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to higher opening when Friday'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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 14,145.46 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,606.25. Second resistance is unknown. First support is the 10-day moving average crossing at 14,355.15. Second support is the 20-day moving average crossing at 14,145.42. 

The September S&P 500 closed higher on Thursday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Friday'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 this year's rally upside targets are hard to project. Closes below the 20-day moving average crossing at 4237.70 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4310.75. Second resistance is unknown. First support is the 20-day moving average crossing at 4237.70. Second support is the 50-day moving average crossing at 4190.48.  

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

September T-bonds closed down 9/32's at 160-15. 

September T-bonds closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 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 20-day moving average crossing at 159-08 would signal that a short-term top has been posted. First resistance is June'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 159-08. Second support is the 50-day moving average crossing at 157-08.  

September T-notes closed down 55-pts at 132.105.

September T-notes closed lower on Thursday. 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 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 June'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 June'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 Thursday as it resumed this year's rally. The mid-range close sets the stage for a steady to higher opening when Friday'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 August extends this year's rally, the October-2018 high on the monthly continuation chart crossing at $76.96 is the next upside target. Closes below the 20-day moving average crossing at $71.79 would signal that a short-term top has been posted. First resistance is today's high crossing at $76.22. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.96.First support is the 20-day moving average crossing at $71.79. Second support is the 50-day moving average crossing at $67.54.  

August heating oil closed slightly higher on Thursday. The low-range close sets the stage for a steady to slightly higher opening when Friday'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. Closes below the 50-day moving average crossing at $205.31 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $219.19. Second resistance is the October-2018 high crossing at $228.75. First support is the 50-day moving average crossing at $205.31. Second support is May's low crossing at $194.90.    

August unleaded gas closed slightly higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 below the 50-day moving average crossing at $2.1406 would signal that a short-term top has been posted. If August renews the rally off March's low, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3876 is the next upside target. First resistance is today's high crossing at $2.2984. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3876. First support is the 50-day moving average crossing at $2.1406. Second support is June's low crossing at 2.1044.  

August Henry natural gas closed slightly lower on Thursday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to slightly lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.335 would signal that a short-term top has been posted. If August 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 3.811. 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 10-day moving average crossing at 3.456. Second support is the 20-day moving average crossing at 3.335. 

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

The September Dollar closed higher on Thursday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday'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 87% retracement level of the March-May-decline crossing at 92.93 is the next upside target. Closes below the 20-day moving average crossing 91.25 would signal that a short-term top has been posted. First resistance is today's high crossing at 92.60. Second resistance is the 87% retracement level of the March-May-decline crossing at 92.93. First support is last-Wednesday's low crossing 91.51. Second support is the 20-day moving average crossing at 91.25.  

The September Euro closed lower on Thursday as it extends the decline off May'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews 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 120.30 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 119.95. Second resistance is the 20-day moving average crossing at 120.30. First support is today's low crossing at 118.54. Second support is the 87% retracement level of the March-May-rally crossing at 118.17.

The September British Pound 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 when Friday'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 1.3990 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.4025. Second resistance is June's high crossing at 1.4253. First support is today's low crossing at 1.3754. Second support is April's low crossing at 1.3678.

The September Swiss Franc closed slightly higher on Thursday.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 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 1.1009 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 1.0960. Second resistance is the 20-day moving average crossing at 1.1009. First support is the 75% retracement level of the March-May-rally crossing at 1.0775. Second support is the 87% retracement level of the March-May-rally crossing at 1.0701.

The September Canadian Dollar closed lower on Thursday as it extended the decline off last-Wednesday'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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews 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 81.58 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 81.58. Second resistance is the 50-day moving average crossing at 81.91. First support is last-Monday'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 Thursday as it extended this year's decline. 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 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, weekly support on the continuation chart crossing at 0.089205 is the next downside target. Closes above the 20-day moving average crossing at 0.0090755 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.090755. Second resistance is the 50-day moving average crossing at 0.091382. First support is today's low crossing at 0.089620. Second support is weekly support crossing at 0.089205.

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

August gold closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 month's decline, the April 13^th low crossing at $1725.50 is the next downside target. Closes above the 20-day moving average crossing at $1823.70 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at $1795.60. Second resistance is the 20-day moving average crossing at $1823.70. First support is Tuesday's low crossing at $1750.10. Second support is the April 13^th low crossing at $1725.50.  

July silver closed lower on Thursday as it extends the trading range of the past two-weeks. 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 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 13^th low crossing at 24.725 is the next downside target. Closes above the 20-day moving average crossing at 26.884 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at 26.380. Second resistance is the 20-day moving average crossing at 26.884. First support is Tuesday's low crossing at 25.560. Second support is the April-13^th low crossing at 24.725.  

July copper closed lower on Thursday.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 neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 435.94 would signal that a short-term low has been posted. If July renews the decline off May's high, the April 12^th low crossing at 399.50 is the next downside target. First resistance is the 20-day moving average crossing at 435.94. Second resistance is the 50-day moving average crossing at 448.69. First support is June's low crossing at 408.80. Second support is the April 12^th low crossing at 399.50. 

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

December Corn closed up $0.00 1/2-cents at $5.89. 

December corn closed fractionally higher on Thursday and sell off session highs as the market consolidated some of the rally off June's low. Today's low-range close sets the stage for a steady to lower opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible when Friday's night session begins trading. If December extends the rally off June's low, June's high crossing at $6.28 1/4 is the next upside target. Closes below the 10-day moving average crossing at $5.52 1/2 would signal that a short-term top has been posted. First resistance is June's high crossing at $6.28 1/4. Second resistance is May's high crossing at $6.38. First support is June's low crossing at $5.14 1/4. Second support is May's low crossing at $5.00 1/4.   

September wheat closed down $0.14-cents at $6.65 1/2.  

September wheat closed lower on Thursday as it consolidates some of Wednesday's rally. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $6.91 3/4 is the next upside target. If September renews the decline off June's high, the 87% retracement level of the March-April-rally crossing at $6.16 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $6.91 3/4. Second resistance is June's high crossing at $7.08 1/2. First support is the 75% retracement level of the March-April-rally crossing at $6.37 1/4. Second support is the 87% retracement level of the March-April-rally crossing at $6.16 1/2.

September Kansas City Wheat closed down $0.20 3/4-cents at $6.38 1/4.

September Kansas City wheat closed sharply lower on Thursday as it consolidates some of Wednesday's rally. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, the 62% retracement level of the May-June-decline crossing at $6.87 is the next upside target. Closes below Wednesday's low crossing at $6.13 3/4 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the May-June-decline crossing at $6.68 3/4. Second resistance is the 62% retracement level of the May-June-decline crossing at $6.87. First support is June's low crossing at $5.92 1/2. Second support is March's low crossing at $5.56 1/4.

September Minneapolis wheat closed down $0.13-cents at $8.36 3/4. 

September Minneapolis wheat closed lower on Thursday as it consolidated some of Wednesday's rally.  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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the July-2017 high on the monthly continuation chart crossing at $8.68 1/2 is the next upside target. Closes below the 20-day moving average crossing at $7.90 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at $8.59 3/4. 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 $7.90. Second support is the 50-day moving average crossing at $6.63. 

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

November soybeans closed down $0.03 1/2-cents at $13.95 1/2.

November soybeans closed lower on Thursday as it consolidated some of Wednesday's rally. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI ere neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends Wednesday's rally, June's high crossing at $14.80 is the next upside target. Closes below Wednesday's low crossing at $12.91 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is June's low crossing at $12.40 1/2. Second support is the the 38% retracement level of the 2020-2021-rally crossing at $12.30.

December soybean meal closed up $7.00 to $388.70. 

December soybean meal closed higher on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes the 50-day moving average crossing at $391.90 would open the door for additional gains near-term. Closes below Wednesday's low crossing at $349.70 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at $391.90. Second resistance is June's high crossing at $404.30. First support is June's low crossing at $347.00. Second support is the December-2020 low crossing at $340.80.      

December soybean oil closed down 127-pts. at 61.49. 

December soybean oil closed lower on Thursday as it consolidates some of the rally off June's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off June's low, June's high crossing at 67.06 is the next upside target. Closes below last-Friday's low crossing at 56.66 would signal that a short-term top has been posted. First resistance is today's high crossing at 64.87. Second resistance is June's high crossing at 67.06. First support is last-Friday's low crossing at 56.66. Second support is the 38% retracement level of the 2020-2021-rally crossing at 52.08.    

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

August hogs closed down $2.95 at $100.30. 

August hogs posted a key reversal down as it closed lower on Thursday to consolidate some of the rally off last-Thursday's low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $109.06 would signal that a short-term low has been posted. If August renews the decline off June's high, the 50% retracement level of the 2020-2021-rally crossing at $95.71 is the next downside target. First resistance is today's high crossing at $105.60. Second resistance is the 20-day moving average crossing at $109.06. First support is June's low crossing at $96.50. Second support is the 50% retracement level of the 2020-2021-rally crossing at $95.71.  

August cattle closed up $0.85 at $123.58. 

August cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 $119.81 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 June'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 20-day moving average crossing at $121.26. Second support is the 50-day moving average crossing at $119.81. 

August Feeder cattle closed up $1.70 at $156.33. 

Feeder cattle closed sharply higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 14^th 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 June's high crossing at $160.15. Second resistance is April's high crossing at $162.40. First support is the June 14^th 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 

September coffee posted a key reversal down as it closed sharply 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. Closes below the 50-day moving average crossing at 15.35 would signal that a short-term top has been posted. If September extends the rally off last-Monday's low, June's high crossing at 16.87 is the next upside target.               

September cocoa posted a key reversal down as it closed lower on Thursday possibly signaling an end to the rally off last-Thursday's low. 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 September resumes the decline off May's high, last-November's low crossing at 22.54 is the next downside target. Closes above the 20-day moving average crossing at 23.96 are needed to confirm that a short-term low has been posted.                    

October sugar closed slightly higher on Thursday as it extends 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, weekly resistance crossing at 19.47 is the next upside target. Closes below the 10-day moving average crossing at 17.30 would signal that a short-term top has been posted.      

December cotton posted an inside day with a higher close on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 17^th low crossing at 83.37 would confirm that a short-term top has been posted. If December renews the rally off May's low, February's high crossing at 89.28 is the next upside target.