KEY EVENTS TO WATCH FOR:

Monday, May 9, 2022  

10:00 AM ET. April Employment Trends Index

                       ETI (previous 120.56)

                       ETI, Y/Y%

10:00 AM ET. March Monthly Wholesale Trade

                       Inventories, M/M% (previous +2.5%)

Tuesday, May 10, 2022 

6:00 AM ET. April NFIB Index of Small Business Optimism

                       Small Business Idx (previous 93.2)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +14.1%)

                       Latest Wk, Y/Y% (previous +15.2%)

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

                       Economic Optimism Idx (previous 45.5)

                       6-Mo Economic Outlook (previous 39.7)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -3.5M)

                       Gasoline Stocks, Net Chg (Bbls) (previous -4.5M)

                       Distillate Stocks, Net Chg (Bbls) (previous -4.5M)

Wednesday, May 11, 2022 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx

                       Composite Idx, W/W%

                       Purchase Idx-SA

                       Purchase Idx-SA, W/W%

                       Refinance Idx

                       Refinance Idx, W/W%

8:30 AM ET. April CPI

                       CPI, M/M% (previous +1.2%)

                       Core CPI, M/M% (previous +0.3%)

                       Energy Idx, M/M% (previous +11.0%)

                       Food Idx, M/M% (previous +1%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous -1.1%)

                       CPI, Y/Y% (previous +8.5%)

                       Core Annual, Y/Y% (previous +6.5%)

8:30 AM ET. April Real Earnings

10:00 AM ET. April Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl)

                       Crude Oil Stocks, Net Chg (Bbl)

                       Gasoline Stocks (Bbl)

                       Gasoline Stocks, Net Chg (Bbl)

                       Distillate Stocks (Bbl)

                       Distillate Stocks, Net Chg (Bbl)

                       Refinery Usage

                       Total Prod Supplied (Bbl/day)

                       Total Prod Supplied, (Bbl/day) Net Chg

Thursday, May 12, 2022  

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

                       Jobless Claims

                       Jobless Claims, Net Chg

                       Continuing Claims

                       Continuing Claims, Net Chg

8:30 AM ET. April PPI

                       PPI, M/M% (previous +1.4%)

                       Ex-Food & Energy PPI, M/M% (previous +1%)

                       Personal Consumption (previous +1.3%)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons)

                       Soybeans (Metric Tons)

                       Wheat (Metric Tons)

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

                       Working Gas In Storage (Cbf)

                       Working Gas In Storage, (Cbf) Net Chg

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)

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 Dow closed lower on Friday as it extends Thursday's sharp decline. The high-range close sets the stage for a steady to modestly lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow resumes the decline off April's high, February's low crossing at 32,272.64 is the next downside target. Closes above the 50-day moving average crossing at 34,056.10 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 34,056.10. Second resistance is April's high crossing at 35,492.22. First support is February's low crossing at 32,272.64. Second support is the March-2021 low crossing at 30,547.53.  

The June NASDAQ 100 posted a new low on Friday as it renews the decline off March'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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the March-2021 low on the monthly continuation chart crossing at 12,207.25 is the next downside target. Closes above the 20-day moving average crossing at 13,535.17 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,535.17. Second resistance is the 50-day moving average crossing at 13,968.51. First support is today's low crossing at 12,519.00. Second support is the March-2021 low crossing at 12,207.25.

The June S&P 500 closed lower on Friday as it extends Thursday's sharp decline. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the 2021-2022 rally crossing at 4020.19 is the next downside target. Closes above the 20-day moving average crossing at 4299.11 would signal that a low has been posted. First resistance is the 20-day moving average crossing at 4299.11. Second resistance is the 50-day moving average crossing at 4362.35. First support is the 75% retracement level of the 2021-2020 rally crossing at 4020.19. Second support is the 87% retracement level of the 2021-2020 rally crossing at 3894.79. 

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June T-bonds closed down 1-03 pts. at 136-06. 

June T-bonds closed lower on Friday as it extends the decline off December'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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, the 50% retracement level of the 1981-2020 rally on the monthly continuation chart crossing at 118-21 is the next downside target. Closes above the 20-day moving average crossing at 140-20 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 143-09. Second resistance is the 50-day moving average crossing at 147-26. First support is today's low crossing at 136-09. Second support is the 50% retracement level of the 1981-2020 rally on the monthly continuation chart crossing at 118-21.

June T-notes closed down 95 pts. at 117.220.

June T-notes closed lower on Friday as it extended the decline off March'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 sideways to lower prices are possible near-term. If June renews the decline off March's high, the October-2018 low on the monthly continuation chart crossing at 117.135 is the next downside target. Closes above last-Wednesday's high crossing at 120.185 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 120.185. Second resistance is the 50-day moving average crossing at 122.119. First support is today's low crossing at 117.195. Second support is the October-2018 low on the monthly continuation chart crossing at 117.135.  

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

June crude oil closed higher on Friday as it extends this week's upside breakout of the March-May symmetrical triangle.The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the April 25^th low, the March 24^th high crossing at $113.51 is the next upside target. Closes below the 50-day moving average crossing at $102.26 would temper the friendly outlook. First resistance is the March 24^th high crossing at $113.51. Second resistance crossing at March's high crossing at $121.17. First support is the 50-day moving average crossing at $102.26. Second support is the April 25^th low crossing at $95.28.  

June heating oil closed lower on Friday as it consolidated some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Monday's night trading session begins. 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 $3.7476 would signal that a short-term top has been posted. If June extends the rally off March's low, weekly resistance on the weekly continuation chart crossing at $4.7099 is the next upside target. First resistance is Monday's high crossing at $4.2380. Second resistance is weekly resistance on the weekly continuation chart crossing at $4.7099. First support is the 10-day moving average crossing at $3.9961. Second support is the 20-day moving average crossing at $3.7476.     

June unleaded gas closed higher on Friday as it extended the rally off March's low to a new contract high. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally above March's high crossing at 3.7000, the March-2022 high on the weekly continuation chart crossing at 3.8904 is the next upside target. Closes below the 20-day moving average crossing at $3.3640 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.7970. Second resistance is the March-2022 high on the weekly continuation chart crossing at 3.8904. First support is the 10-day moving average crossing at $3.4960. Second support is the 20-day moving average crossing at 3.3639.      

June Henry natural gas posted a huge key reversal down and closed sharply lower on Friday as it consolidates some of this year'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 are turning neutral to bearish with today's sell off signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7.233 would open the door for a larger-degree decline near-term. If June extends the aforementioned rally, the 62% retracement level of the 2005-2020-decline on the monthly continuation chart crossing at 10.299 is the next upside target.First resistance is today's high crossing at 8.996. Second resistance is the 62% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 10.299. First support is the 10-day moving average crossing at 7.589. Second support is the 20-day moving average crossing at 7.316.      

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

The June Dollar closed slightly lower on Friday leaving yesterday's key reversal up unconfirmed. The high-range close sets the stage for a steady to higher opening when Monday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If June extends the rally off January's low, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.72 is the next upside target. Closes below the 20-day moving average crossing at $101.76 would signal that a short-term top has been posted. First resistance is the 2020-high on the monthly continuation chart crossing at $103.96. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.72. First support is the 20-day moving average crossing at $101.76. Second support is the 50-day moving average crossing at $99.81.  

The June Euro closed higher on Friday as it extends the trading range of the past six-days. The mid-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 June extends the decline off the March 31^st high, the December-2016 low on the weekly continuation chart crossing at $103.68 is the next downside target. Closes above the 20-day moving average crossing at $107.24 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $107.24. Second resistance is the 50-day moving average crossing at $109.21. First support is last-Thursday's low crossing at $104.91. Second support is the December-2016 low on the weekly continuation chart crossing at $103.68.

The June British Pound closed lower on Friday as it extends the decline off January's high. The mid-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 sideways to lower prices are possible near-term. If June extends the decline off January's high, the 75% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2232 is the next downside target. Closes above the 20-day moving average crossing at 1.2765 would signal that a short-term low has been posted. First resistance is Thursday's high crossing at 1.2638. Second resistance is the 20-day moving average crossing at 1.2765. First support is today's low crossing at 1.2276. Second support is the 75% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.2232.  

The June Swiss Franc closed lower on Friday following Thursday's key reversal down as it extends the decline off the March 31^st 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 sideways to lower prices are possible near-term. If June extends the decline off the March 31^st high, the 75% retracement level of the 2016-2021 on the monthly continuation chart crossing at 1.01109 is the next downside target. Closes above the 20-day moving average crossing at 1.04597 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.02861. Second resistance is the 20-day moving average crossing at 1.04597. First support is today's low crossing at 1.01270. Second support is the the 75% retracement level of the 2016-2021 on the monthly continuation chart crossing at 1.01109.

The June Canadian Dollar closed lower on Friday.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 sideways to lower prices are possible near-term. If June extends the aforementioned decline, the December-2021 low crossing at 77.19 is the next downside target. Closes above the 20-day moving average crossing at 78.63 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.63. Second resistance is the 50-day moving average crossing at 78.93. First support is Monday's low crossing at 77.41. Second support is the December-2021 low crossing at 77.19.  

The June Japanese Yen closed slightly lower on Friday. 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 neutral signaling that sideways trading is possible near-term. If March resumes the decline off March's high, March's low the February-2002 low on the monthly continuation chart crossing at 0.074150 is the next downside target. Closes above last-Wednesday's high crossing at 0.078885 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 0.078885. Second resistance is the 38% retracement level of the January-April decline crossing at 0.080865. First support is April's low crossing at 0.076280. Second support is the February-2002 low on the monthly continuation chart crossing at 0.074150.  

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

June gold closed higher on Friday as it consolidated some of the decline off April's high. The mid-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 June extends the decline off April's high, the 62% retracement level of the 2021-2022 rally crossing at $1841.50 is the next downside target. Closes above the 50-day moving average crossing at $1938.10 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1938.10. Second resistance is April's high crossing at $1997.10. First support is the 62% retracement level of the 2021-2022 rally crossing at $1841.50. Second support is the 75% retracement level of the 2021-2022 rally crossing at $1789.90.  

July silver closed lower on Friday as it extends this week's trading range. 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 sideways to lower prices are possible near-term. If July extends the decline off April's high, the December 15^th low crossing at 21.565 is the downside target. Closes above the April 29^th high crossing at 23.650 would signal that a short-term low has been posted. First resistance is the April 29^th high crossing at 23.650. Second resistance is the 20-day moving average crossing at 24.165. First support is today's low crossing at 22.110. Second support is the December 15^th low crossing at 21.565.        

July copper closed lower on Friday. 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 sideways to lower prices are possible near-term. If July extends the decline off March's high, the December 15^th low crossing at 4.1105 is the next downside target. Closes above the 20-day moving average crossing at 4.5413 would signal that a short-term low has been posted. First resistance is Thursday's high crossing at 4.4400. Second resistance is the 20-day moving average crossing at 4.5412. First support is Monday's low crossing at 4.2040. Second support is the December 15^th low crossing at 4.1105.

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

July Corn closed up $0.12 1/4-cents at $7.84 3/4. 

July corn closed lower on Friday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April 22^nd low crossing at $7.80 1/2 would signal that a short-term top has been posted. If July renews the rally off the March 29^th low, the August-2012 high on the monthly continuation chart crossing at $8.43 3/4 is the next upside target. First resistance is April's high crossing at $8.24 1/2. Second resistance is the August-2012 high on the monthly continuation chart crossing near $8.43 3/4. First support is the April 22^nd low crossing at $7.80 1/2. Second support is the 50-day moving average crossing at $7.49.     

July wheat closed up $0.02-cents at $11.08 1/2.  

July wheat closed higher on Friday as it extended the rally off Monday's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, the 62% retracement level of the March decline crossing at $11.59 1/4 is the next upside target. Closes below Monday's low crossing at $10.34 1/4 would open the door for a larger-degree decline during the first half of May. First resistance is the 62% retracement level of the March decline crossing at $11.59 1/4. Second resistance is the 75% retracement level of the March decline crossing at $12.00 1/4. First support is Monday's low crossing at $10.34 1/4. Second support is the April 1^st low crossing at $9.82.

July Kansas City Wheat closed down $0.06 1/2-cents at $11.70 1/2.

July Kansas City wheat closed lower on Friday as it consolidated some of the rally off Monday's low. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week's rally, the April-19^th high crossing at $12.02 is the next upside target. Closes below the 50-day moving average crossing at $11.03 3/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is April-19^th high crossing at $12.02 1/4. Second resistance is the 87% retracement level of March's decline crossing at $12.28. First support is the 50-day moving average crossing at $11.03 3/4. Second support is the April 6^th low crossing at $10.63 3/4.

July Minneapolis wheat closed down $0.01-cent at $12.08 3/4.

July Minneapolis wheat closed lower on Friday after spiking above the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2 . 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off January's low, the 50% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $14.52 is the next upside target. Multiple closes below Monday's low crossing at $11.54 1/2 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the March 29^th low, the 38% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $12.21 1/2. Second resistance is the 50% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $14.52. First support is Monday's low crossing at $11.54 1/2. Second support is the 50-day moving average crossing at $11.11. 

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

July soybeans closed down $0.25 at $16.22.

July soybeans closed lower on Friday as it extends the decline off April'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 sideways to low prices are possible near-term. If July extends the decline off April's high, the 25% retracement of 2021-2022 rally crossing at $16.09 1/2 is the next downside target. Closes above the 50-day moving average crossing at $16.70 1/4 would signal that a short-term low has been posted.First resistance is the April 29^th high crossing at $17.04 3/4. Second resistance is February's high crossing at $17.41. First support is the 25% retracement of 2021-2022 rally crossing at $16.09 1/2. Second support is April's low crossing at $15.60 1/2.

July soybean meal closed down $6.30 at $413.60. 

July soybean meal closed lower on Friday as it extended the decline off April'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 sideways to lower prices are possible near-term. If July extends the decline off March's high, the 50% retracement level of the 2021-2022 rally crossing at $403.40 is the next downside target. Closes above the 20-day moving average crossing at $444.00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $429.30. Second resistance is the 20-day moving average crossing at $444.00. First support is today's low crossing at $412.70. Second support is the 50% retracement level of the 2021-2022 rally crossing at $403.40.

July soybean oil closed down 95 pts. at 80.90. 

July soybean oil closed lower on Friday as it extends this week's trading range. The mid-range close sets the stage for a steady to lower opening when Monday'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 20-day moving average crossing at 79.62 would signal that a short-term top has been posted. If July resumes this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 87.65. Second resistance is unknown. First support is the 20-day moving average crossing at 79.62. Second support is the 50-day moving average crossing at 74.44. 

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

June hogs closed down $2.98 at $104.10. 

June hogs closed sharply lower on Friday ending a two-day bounce off Tuesday's low. The low-range close sets the stage for a steady to lower opening when Monday's 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 June extends the decline off March's high, the 75% retracement level of the September-April rally crossing at $97.05 is the next downside target. Closes above the 20-day moving average crossing at $112.95 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $107.65. Second resistance is the 20-day moving average crossing at $112.95. First support is the 62% retracement level of the September-March rally crossing at $102.37. Second support is the 75% retracement level of the September-April rally crossing at $97.05. 

June cattle closed down $1.03 at $132.75 

June cattle closed lower on Friday and is poised to renew the decline off April's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Friday's high, March's low crossing at $130.97 is the next downside target. Closes above the 50-day moving average crossing at $135.69 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $135.69. Second resistance is the April 25^th gap crossing at $138.35. First support is April's low crossing at $133.48. Second support is March's low crossing at $130.97.   

August Feeder cattle closed up $0.33 at $174.70. 

August Feeder cattle closed slightly higher on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off March's high, last-November's low crossing at $166.77 is the next downside target. Closes above the 50-day moving average crossing at $176.35 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at $176.35. Second resistance is the April 22^nd high crossing at $178.23. First support is the 10-day moving average crossing at $173.07. Second support is last-Friday's low crossing at $167.32.    

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed sharply lower on Friday and is testing key support marked by March's low crossing at 20.99. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible. If July renews the decline off April's high, the 38% retracement level of the 2021-2022 rally crossing at 20.28 is the next downside target. Closes above the 50-day moving average crossing at 22.35 would signal that a short-term low has been posted.                   

July cocoa closed lower on Friday as it extends this week's decline. The mid-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. If July extends the decline off April's high, the December-2021 low crossing at 23.66 is the next downside target. Closes above the 50-day moving average crossing at 26.02 would signal that a short-term low has been posted and could lead to additional gains near-term.           

July sugar closed sharply higher on Friday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 19.42 would signal that a short-term low has been posted. If July extends the decline off April's high, the March 16^th low crossing at 18.44 is the next downside target.                  

July cotton closed sharply lower for the second day in a row on Friday due to profit taking as it consolidated some of this year's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 141.57 would signal that a short-term top has been posted. If July renews the rally off March's low, the 75% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 177.09 is the next upside target.