KEY EVENTS TO WATCH FOR:

Tuesday, July 6, 2021  

9:45 AM ET. June US Services PMI

                       PMI, Services (previous 70.4)

10:00 AM ET. June ISM Report On Business Services PMI

                       Non-Mfg Composite Idx (previous 64.0)

                       Non-Mfg Business Idx (previous 66.2)

                       Prices Idx (previous 80.6)

                       Employment Idx (previous 55.3)

                       New Orders Idx (previous 63.9)

10:00 AM ET. June Employment Trends Index

                       ETI (previous 107.35)

                       ETI, Y/Y%

10:00 AM ET. July IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 56.4)

                       6-Mo Economic Outlook (previous 55.6)

11:00 AM ET. June Global Services PMI

                       PMI, Services (previous 59.4)

Wednesday, July 7, 2021  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 638.8)

                       Composite Idx, W/W% (previous -6.9%)

                       Purchase Idx-SA (previous 255.2)

                       Purchase Idx-SA, W/W% (previous -4.8%)

                       Refinance Idx (previous 2856.6)

                       Refinance Idx, W/W% (previous -8.2%)

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% (previous +16.7%)

                       Latest Wk, Y/Y% (previous +18.2%)

10:00 AM ET. May Job Openings & Labor Turnover Survey

10:00 AM ET. June Online Help Wanted Index

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -8.2M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +2.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous +0.4M)

Thursday, July 8, 2021   

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

                       Jobless Claims (previous 364K)

                       Jobless Claims, Net Chg (previous -51K)

                       Continuing Claims (previous 3469000)

                       Continuing Claims, Net Chg (previous +56K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 2558B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +76B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 452.342M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -6.718M)

                       Gasoline Stocks (Bbl) (previous 241.572M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +1.522M)

                       Distillate Stocks (Bbl) (previous 137.076M)

                       Distillate Stocks, Net Chg (Bbl) (previous -0.869M)

                       Refinery Usage (previous 92.9%)

                       Total Prod Supplied (Bbl/day) (previous 20.902M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.151M)

12:00 AM ET. June Monthly U.S. Retail Chain Store Sales Index

3:00 PM ET. May Consumer Credit

                       Consumer Credit Net Chg (USD) (previous +18.6B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

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

The STOCK INDEXES: The September NASDAQ 100 was slightly higher overnight as it extends the rally off May's low. 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 14,239.79 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 14,729.00. Second resistance is unknown. First support is the 20-day moving average crossing at 14,239.79. Second support is the 50-day moving average crossing at 13,836.74.

The September S&P 500 was steady to slightly lower overnight.The mid-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 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 50-day moving average crossing at 4198.65 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4348.00. Second resistance is unknown. First support is the 20-day moving average crossing at 4250.35. Second support is the 50-day moving average crossing at 4198.65.    

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

INTEREST RATES: September T-bonds was steady to slightly higher overnight. 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 bullish signaling that sideways to higher prices are possible near-term. If September renews 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 159-19 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 159-19. Second support is the 50-day moving average crossing at 157-13.  

September T-notes was steady to slightly higher overnight. 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 bullish signaling that sideways to higher prices are possible near-term. If September renews its rally off March's low, the 50% retracement level of the 2020-2021-decline crossing at 133.163 is the next upside target. Closes below the 50-day moving average crossing at 131.296 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is June'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 June 17^th 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 higher overnight as it extends this year's rally to a new contract 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year's rally, the November-2014 high on the monthly continuation chart crossing at $80.98 is the next upside target. Closes below the 20-day moving average crossing at $72.47 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $76.98. Second resistance is the November-2014 high on the monthly continuation chart crossing at $80.98. First support is the 20-day moving average crossing at $72.47. Second support is the 50-day moving average crossing at $68.13.

August heating oil was higher overnight as it extends this year's rally. 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 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 crossing at $2.2875 is the next upside target. Closes below the 50-day moving average crossing at $2.0659 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.0659. Second resistance is the October-2018 high crossing at $2.2806. First support the 50-day moving average crossing at $2.0659. Second support is the June 17^th low crossing at $2.0404.  

August unleaded gas was higher overnight as it extends this year's rally to a new contract 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May'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. Closes below the 50-day moving average crossing at $2.1542 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at $2.3302. 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 20-day moving average crossing at $2.2230. Second support is the 50-day moving average crossing at $2.1542.

August Henry natural gas was higher overnight as it extends the rally off March'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 July extends the rally off March's low, monthly resistance crossing at 3.994 is the next upside target. Closes below the 20-day moving average crossing at 3.398 would signal that a short-term top has been posted. First resistance resistance is the overnight high crossing at 3.822. Second resistance is monthly resistance crossing at 3.994. First support is the 10-day moving average crossing at 3.557. Second support is the 20-day moving average crossing at 3.398.  

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

CURRENCIES:The September Dollar was slightly lower overnight. 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 overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $91.61 would signal that a short-term top has been posted. If September renews the rally off May's low, the 87% retracement level of the March-May-decline crossing at $92.93. 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 20-day moving average crossing at $91.61. Second support is the 50-day moving average crossing at $90.82.

The September Euro 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 oversold and 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 $119.95 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $119.95. Second resistance is the 50-day moving average crossing at $121.02. First support is the 87% retracement level of the March-May-rally crossing at $118.17. Second support is March's low crossing at $117.97.

The September British Pound was higher overnight. The mid-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 the decline off June's high, April's low crossing at 1.3678 is the next downside target. Closes above the 50-day moving average crossing at 1.4024 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.4024. Second resistance is June's high crossing at 1.4253. First support is last-Friday's low crossing at 1.3733. Second support is April's low crossing at 1.3678.

The September Swiss Franc was steady to slightly lower overnight. 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 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-June-rally crossing at 1.0774 is the next downside target. Closes above the 20-day moving average crossing at 1.0978 would signal that a short-term low has been posted. First resistance is the June 25^th high crossing at 1.0960. Second resistance is the 20-day moving average crossing at 1.0978. First support is last-Friday's low crossing at 1.0801. Second support is the 75% retracement level of the March-June-rally crossing at 1.0774. 

The September Canadian Dollar was steady to slightly lower overnight. The low-range trade sets the stage for a steady to lower 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. Closes above the 20-day moving average crossing at $81.39 would signal that a short-term low has been posted. If September resumes the decline off June's high, the 25% retracement level of the 2020-2021-rally crossing at $79.62 is the next downside target. First resistance is the 20-day moving average crossing at $81.39. Second resistance is June's high crossing at $83.28. First support is June'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 was higher overnight as it consolidated some of this year's decline. 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 are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 0.090623 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 0.089205 is the next downside target. First resistance is the 20-day moving average crossing at 0.090623. Second resistance is the 50-day moving average crossing at 0.091280. First support is last-Friday's low crossing at 0.089605. Second support is weekly support on the continuation chart crossing at 0.089205.  

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

PRECIOUS METALS: August gold was higher overnight as it consolidated some of the decline off June'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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1813.80 would signal that a short-term low has been posted. If August renews the decline off June's high, the April-13th low crossing at $1725.50 is the next downside target. First resistance is the 20-day moving average crossing at $1813.80. Second resistance is the 50-day moving average crossing at $1833.90. First support is last-Tuesday's lowcrossing at $1750.10. Second support is the April-13^th low crossing at $1725.50.

September silver was higher overnight as it extends the rally off June's low. The mid-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 have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $26.779 would signal that a short-term low has been posted. If September renews the decline off May's high, the April 13^th low crossing at $24.800 is the next downside target. First resistance is the 20-day moving average crossing at $26.779. Second resistance is the 50-day moving average crossing at $27.174. First support is June's low crossing at $25.580. Second support is the April 13^th low crossing at $24.800. 

September copper was higher overnight as it extends the rally off June'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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.3396 would signal that a short-term low has been posted. If September renews the decline off May's high, the April 12^th low crossing at 4.0000 is the next downside target. First resistance is the 20-day moving average crossing at 4.3395. Second resistance is the 50-day moving average crossing at 4.4894. First support is June's low crossing at 4.0940. Second support is the April 12^th low crossing at 4.0000.