KEY EVENTS TO WATCH FOR:
Wednesday, June 1, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 315.5)
Composite Idx, W/W% (previous -1.2%)
Purchase Idx-SA (previous 225.5)
Purchase Idx-SA, W/W% (previous +0.2%)
Refinance Idx (previous 794.9)
Refinance Idx, W/W% (previous -3.9%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +12.4%)
Latest Wk, Y/Y% (previous +11.4%)
9:45 AM ET. May US Manufacturing PMI
PMI, Mfg (expected 57.4; previous 59.2)
10:00 AM ET. May ISM Report On Business Manufacturing PMI
Manufacturing PMI (expected 54.5; previous 55.4)
Prices Idx (previous 84.6)
Employment Idx (previous 50.9)
Inventories (previous 51.6)
New Orders Idx (previous 53.5)
Production Idx (previous 53.6)
10:00 AM ET. April Construction Spending - Construction Put in Place
New Construction (expected +0.6%; previous +0.1%)
Residential Construction
10:00 AM ET. April Metropolitan Area Employment & Unemployment
10:00 AM ET. April Job Openings & Labor Turnover Survey
11:00 AM ET. May Global Manufacturing PMI
PMI, Mfg (previous 52.2)
2:00 PM ET. U.S. Federal Reserve Beige Book
4:00 AM ET. May Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +0.6M)
Gasoline Stocks, Net Chg (Bbls) (previous -4.2M)
Distillate Stocks, Net Chg (Bbls) (previous -0.9M)
Thursday, June 2, 2022
7:30 AM ET. May Challenger Job-Cut Report
Job Cuts, M/M% (previous +14%)
8:15 AM ET. May ADP National Employment Report
Private Sector Jobs, Net Chg (expected +301000; previous +247000)
8:30 AM ET. 1st Quarter Revised Productivity & Costs
Non-Farm Productivity (expected -7.5%; previous +6.6%)
Unit Labor Costs (expected +11.6%; previous +0.9%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 208K; previous 210K)
Jobless Claims, Net Chg (previous -8K)
Continuing Claims (previous 1346000)
Continuing Claims, Net Chg (previous +31K)
10:00 AM ET. April Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (expected +0.7%; previous +2.2%)
Orders, Ex-Defense, M/M% (previous +2.4%)
Orders, Ex-Transport, M/M% (previous +2.5%)
Durable Goods, M/M%
Durable Goods, M/M%
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1812B)
Working Gas In Storage, Net Chg (Cbf) (previous +80B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 419.801M)
Crude Oil Stocks, Net Chg (Bbl) (previous -1.019M)
Gasoline Stocks (Bbl) (previous 219.707M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.482M)
Distillate Stocks (Bbl) (previous 106.921M)
Distillate Stocks, Net Chg (Bbl) (previous +1.657M)
Refinery Usage (previous 93.2%)
Total Prod Supplied (Bbl/day) (previous 19.684M)
Total Prod Supplied, Net Chg (Bbl/day) (previous +0.023M)
12:00 PM ET. May Monthly U.S. Retail Chain Store Sales Index
2:00 PM ET. SEC Closed Meeting
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, June 3, 2022
8:30 AM ET. May U.S. Employment Report
Non-Farm Payrolls (expected +325K; previous +428K)
Unemployment Rate (expected 3.5%; previous 3.6%)
Avg Hourly Earnings (USD) (previous 31.85)
Avg Hourly Earnings-Net Chg (USD) (previous +0.1)
Avg Hourly Earnings, M/M% (expected +0.4%; previous +0.31%)
Avg Hourly Earnings, Y/Y% (expected +5.2%; previous +5.46%)
Overall Workweek (previous 34.6)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous +22K)
Private Payroll (previous +406K)
Participation Rate (previous 62.2%)
Non-Farm Payrolls Bench Net Chg
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 210K)
Soybeans (Metric Tons) (previous 719.8K)
Wheat (Metric Tons) (previous 244K)
9:45 AM ET. May US Services PMI
PMI, Services (expected 54.3; previous 55.6)
10:00 AM ET. May ISM Report On Business Services PMI
Services PMI (expected 56.8; previous 57.1)
Business Activity Idx (previous 59.1)
Prices Idx (previous 84.6)
Employment Idx (previous 49.5)
New Orders Idx (previous 54.6)
Monday, June 6, 2022
10:00 AM ET. May Employment Trends Index
ETI (previous 120.18)
ETI, Y/Y%
11:00 AM ET. May Global Services PMI
PMI, Services (previous 51.9)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Tuesday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 May's low, the 50-day moving average crossing at 33,598.59 is the next upside target. Closes below the 10-day moving average crossing at 32,164.10 would temper the near-term friendly outlook. If the Dow renews the decline off April's high, the 38% retracement level of the 2020-2022 rally crossing at 29,814.73 is the next downside target. First resistance is today's high crossing at 33,240.22. Second resistance is the 50-day moving average crossing at 33,598.59. First support is the 10-day moving average crossing at 32,164.10. Second support is May's low crossing at 31,395.89.
The June NASDAQ 100 closed lower on Tuesday as it consolidates some of the rally off May's low.The mid-range close sets the stage for a steady to lower opening when Wednesday'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 off May's low, the 50-day moving average crossing at 13,450.47. If June renews the decline off March's high, the 50% retracement level of 2018-2021 rally on the weekly continuation chart crossing at 11,324.15 is the next downside target. First resistance is today's high crossing at 12,883.00. Second resistance is the 50-day moving average crossing at 13,450.47. First support is May's low crossing at 11,491.25. Second support is the 50% retracement level of 2018-2021 rally on the weekly continuation chart crossing at 11,324.15.
The June S&P 500 closed lower on Tuesday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overnight but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 50-day moving average crossing at 4266.52 is the next upside target. Closes below the 10-day moving average crossing at 4007.10 is the next downside target. First resistance is today's high crossing at 4202.25. Second resistance is the 50-day moving average crossing at 4266.52. First support is the 87% retracement level of the 2021-2020 rally crossing at 3894.79. Second support is the March-2021 low crossing at 3759.50.
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June T-bonds closed down 1-22 pts. at 140-08.
June T-bonds closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday'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 139-29 would signal that a short-term top has been posted. If June extends the aforementioned rally, the 38% retracement level of the December-May decline crossing at 146-25 is the next upside target. First resistance is the April 27th high crossing at 143-09. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 146-25. First support is the May 18th low crossing at 137-30. Second support is May's low crossing at 134-30.
June T-notes closed down 250 pts. at 119.225.
June T-notes closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If June extends the rally off May's low, the 38% retracement level of the 2021-2022 decline crossing at 122.211. Closes below the May 18th low crossing at 118.160 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2021-2022 decline crossing at 120.249. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 122.211. First support is the May 18th low crossing at 118.160. Second support is May's low crossing at 117.085.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil closed slightly lower in late trading on Tuesday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 July extends the rally off the April 25th low, monthly resistance crossing at $122.88 is the next upside target. Closes below the 20-day moving average crossing at $108.12 would signal that a short-term top has been posted. First resistance is today's high crossing at $119.98. Second resistance crossing at monthly resistance crossing at $122.88. First support is the 20-day moving average crossing at $108.12. Second support is the 50-day moving average crossing at $103.99.
July heating oil closed higher on Tuesday as it extends the rally off last-Thursday's low. Profit taking tempered early-session gains and the low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the March-2022 high on the weekly continuation chart crossing at $4.2000 is the next upside target. Closes below the 10-day moving average crossing at $3.7313 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.1647. Second resistance is the March-2022 high on the weekly continuation chart crossing at $4.2000. First support is the 10-day moving average crossing at $3.7313. Second support is the 50-day moving average crossing at $3.5088.
July unleaded gas closed higher on Tuesday as it extends the rally off May's low. The low-range close sets the stage for a steady to slightly higher opening when Wednesday's night session begins trading. Stochastics and the RSI are becoming 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $3.6753 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.0467. Second resistance is unknown. First support is the 20-day moving average crossing at $3.6753. Second support is the May 19th low crossing at $3.4236. Second support is the 50-day moving average crossing at 3.3764.
July Henry natural gas closed lower on Tuesday and below the 20-day moving average crossing at 8.265 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. 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 last-week's high, the 50-day moving average crossing at 7.197 is the next downside target. If July resumes the rally off May's low, the 62% retracement level of the 2005-2020 decline crossing at 10.299 is the next upside target. First resistance is last-Thursday's high crossing at 9.447. 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 50-day moving average crossing at 7.197. Second support is May's low crossing at 6.521.
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The June Dollar closed higher on Tuesday as it consolidated some of the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's nights session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $101.42 would open the door for a larger-degree decline into early-June. Closes above the 20-day moving average crossing at $103.06 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.06. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.42. Second support is the April 21st low crossing at $99.81.
The June Euro closed slightly higher on Tuesday as it extends the rally off May's low. The mid-range close sets the stage for a steady to higher opening when Wednesday'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. Closes above the 50-day moving average crossing at $107.68 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $105.87 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $107.68. Second resistance is the April 21st high crossing at $109.59. First support is the 20-day moving average crossing at $105.87. Second support is May's low crossing at $103.62.
The June British Pound closed slightly lower on Tuesday as it consolidates some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Wednesday'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. Closes above the May 4th high crossing at 1.2638 would open the door for a possible test of the 50-day moving average crossing at 1.2762. If June renews the decline off January's high, the 87% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.1914 is the next downside target. First resistance is the May 4th high crossing at 1.2638. Second resistance is the 50-day moving average crossing at 1.2762. First support is the 20-day moving average crossing at 1.2435. Second support is May's low crossing at 1.2156.
The June Swiss Franc closed slightly lower on Tuesday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Wednesday'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. Closes the 50-day moving average crossing at 1.04743 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 1.02136 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.04743. Second resistance is the April 12th high crossing at 1.07960. First support is the 20-day moving average crossing at 1.02136. Second support is May's low crossing at 0.99485.
The June Canadian Dollar closed sharply higher on Tuesday as it extends the rally off May's low.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the April 21st high crossing at 80.24 is the next upside target. Closes below the 20-day moving average crossing at 77.77 would temper the near-term friendly outlook. First resistance is today's high crossing at 79.17. Second resistance is the April 21st high crossing at 80.24. First support is the 20-day moving average crossing at 77.77. Second support is May's low crossing at 76.60.
The June Japanese Yen closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.077742 would signal that a short-term top has been posted. If June extends the aforementioned rally, the 50-day moving average crossing at 0.079155 is the next upside target. First resistance is the 50-day moving average crossing at 0.079282. Second resistance is the 38% retracement level of the January-April decline crossing at 0.080852. First support is the 20-day moving average crossing at 0.077742. Second support is May's low crossing at 0.076215.
PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""
June gold closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 50-day moving average crossing at $1900.30 is the next upside target. Multiple closes below the 10-day moving average crossing at $1839.00 would signal that a short-term top has been posted. If June renews the decline off April's high, the 87% retracement level of the 2021-2022 rally crossing at $1743.10 is the next downside target. First resistance is the 50-day moving average crossing at $1900.30. Second resistance is the April 29th high crossing at $1921.30. First support is the 75% retracement level of the 2021-2022 rally crossing at $1789.90. Second support is the 87% retracement level of the 2021-2022 rally crossing at $1743.10.
July silver closed sharply lower on Tuesday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 July resumes the decline off April's high, the 62% retracement level of 2020's rally crossing at 19.158 is the downside target. Closes above last-Tuesday's high crossing at 22.215 would confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 22.310. Second resistance is the May 5th high crossing at 23.345. First support is May's low crossing at 20.240. Second support is the 62% retracement level of 2020's rally crossing at 19.158.
July copper closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the rally off May's low, the May 5th high crossing at 4.4400 is the next upside target. Closes below last-Thursday's low crossing at 4.2035 would signal that a short-term top has been posted. First resistance is the May 5th high crossing at 4.4400. Second resistance is the 50-day moving average crossing at 4.4986. First support is the May 18th low crossing at 4.1315. Second support is May's low crossing at 4.0370.
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July Corn closed down $0.23 3/4-cents at $7.53 1/4.
July corn closed sharply lower on Tuesday as it renewed the decline off April's high. Spillover selling from wheat and soybeans triggered fund long-liquidation. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. While fundamentals remain bullish however, sensationalizes strongly suggest that we are in the time frame that seasonal highs tend to be posted. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 25% retracement of 2020-2022 rally crossing at$7.12 1/2. Closes above the 20-day moving average crossing at $7.82 3/4 would signal that a short-term low has been posted. 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 today's low crossing at $7.47 1/4. Second support is the 25% retracement level of the 2020-2022 rally crossing at $7.12 1/2.
July wheat closed down $0.70 at $10.87 1/2.
July wheat closed limit down on Tuesday and below the 50-day moving average crossing at $10.98 3/4 opens the door for a larger-degree decline into early-June. Recent rains across portions of the Plains along with reports that Russia may allow the selling of wheat from the Ukraine triggered today's sharp sell off. The limit-down close sets the stage for a steady to lower opening when Wednesday'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 May's low, May's low crossing at $10.34 3/4 is the next downside target. Closes above the 10-day moving average crossing at $11.75 3/4 would confirm that a short-term low has been posted. First resistance the 10-day moving average crossing at $11.75 3/4. Second resistance is May's high crossing at $12.84. First support is the 38% retracement level of the February-May's rally crossing at $10.74 1/2. Second support is May's low crossing at $10.34 3/4.
July Kansas City Wheat closed down $0.69 3/4-cents at $11.65 1/2.
July Kansas City wheat closed sharply lower on Tuesday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 $11.60 would open the door for additional weakness near-term. If July extends the decline off May's high, May's low crossing at $10.86 3/4 is the next downside target. Closes above the 10-day moving average crossing at $12.61 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $12.61 1/2. Second resistance is May's high crossing at $13 79 1/4. First support is the 50-day moving average crossing at $11.60. Second support is May's low crossing at $10.86 3/4.
July Minneapolis wheat closed down $0.57 1/4-cents at $12.47 1/2.
July Minneapolis wheat closed sharply lower on Tuesday and is poised to resume the decline off May's high. The low-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at $12.75 1/2 confirms that a short-term top has been posted while opening the door for a test of the 50-day moving average crossing at $11.86 1/2.. Closes above the 10-day moving average crossing at $13.05 1/2 would signal that a short-term low has been posted. First resistance is May's high crossing at $14.12 3/4. Second resistance is the 50% retracement level of the 2008-2009 decline on the monthly continuation chart crossing at $14.52. First support is the 50-day moving average crossing at $11.86 1/2. Second support is May's low crossing at $11.54 1/4.
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July soybeans closed down $0.49 at $16.83 1/4.
July soybeans closed sharply lower on Tuesday after spiking to a new contract high of $17.49 1/4 in overnight trading. The low-range close sets the stage for a steady to lower opening when Wednesday'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. Closes above February's high crossing at $17.41 would mark an upside breakout of this year's trading range while opening the door for a possible test of the all-time high crossing at $17.89. Closes below the 20-day moving average crossing at $16.59 would signal that a short-term low has been posted. First resistance is February's high crossing at $17.41. Second resistance is the all-time high crossing at $17.89. First support is the 20-day moving average crossing at $16.59. Second support is the 25% retracement level of the 2021-2022 rally crossing at $16.11 1/2.
July soybean meal closed down $17.50 at $414.80.
July soybean meal posted a key reversal down as it closed sharply lower on Tuesday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at $416.40 would signal that a short-term top has been posted. If July extends the rally off May's low, the 50-day moving average crossing at $440.60 is the next upside target. First resistance is the 50-day moving average crossing at $440.60. Second resistance is the April 21st high crossing at $467.80. First support is May's low crossing at $395.00. Second support is the 62% retracement level of the 2021-2022 rally crossing at $384.10.
July soybean oil closed down 165 pts. at 77.92.
July soybean oil closed lower on Tuesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 77.63 would open the door for a larger-degree decline into early-June. Closes above the 20-day moving average crossing at 81.05 would temper the near-term bearish outlook. First resistance is May's high crossing at 84.64. Second resistance is April's high crossing at 87.65. First support is the 50-day moving average crossing at 77.63. Second support is April's low crossing at 67.52.
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July hogs closed down $3.30 at $108.43.
July hogs closed lower on Tuesday as it consolidates some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's 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 aforementioned rally, the 50-day moving average crossing at $113.73 is the next upside target. Closes below the 20-day moving average crossing at $106.60 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $113.73. Second resistance is the April 22nd high crossing at $121.08. First support is the 20-day moving average crossing at $106.60. Second support is May's low crossing at $97.37.
August cattle closed down $1.98 at $132.32
August cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off April's high, the 62% retracement level of the 2021-2022 rally crossing at $128.54 is the next downside target. Closes above the 20-day moving average crossing at $133.57 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $133.57. Second resistance is the 50-day moving average crossing at $135.93. First support is today's low crossing at $129.98. Second support is the 62% retracement level of the 2021-2022 rally crossing at $128.54.
August Feeder cattle closed down $1.33 at $165.00.
August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off March's high, weekly support crossing at $152.22 is the next downside target. Closes above the 20-day moving average crossing at $169.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $169.50. Second resistance is the 50-day moving average crossing at $172.62. First support is last-Monday's low crossing at $162.80. Second support is weekly support crossing at $152.22.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher for the fourth-day in a row on Tuesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If July extends this month's rally, April's high crossing at 23.77 is the next upside target. Closes below the reaction low crossing at 20.97 would signal that a short-term top has been posted.
July cocoa closed higher on Tuesday as it consolidates some of the decline off February's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last-Wednesday's low, the 50-day moving average crossing at 25.55 is the next upside target. If July renews the decline off April's high, the December-2021 low crossing at 23.66 is the next downside target.
July sugar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 19.29 would signal that a short-term top has been posted. If July resumes the rally off May's low, April's high crossing at 20.46 is the next upside target.
July cotton closed lower on Tuesday and below the 50-day moving average crossing at 139.44 opening the door for a possible test of the April 25th low crossing at 132.33. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 25th low crossing at 132.33 is the next downside target. Closes above the 20-day moving average crossing at 144.97 would signal that a short-term low has been posted.
Thanks very much tallpine!!