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 STOCK INDEXES: The June NASDAQ 100 was steady to slightly lower overnight as it consolidates some of the rally off May's low. 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 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 13,413.55 is the next upside target. Closes below the 10-day moving average crossing at 12,163.55 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 12,883.00. Second resistance is the 50-day moving average crossing at 13,413.55. First support is the 10-day moving average crossing at 12,163.55. Second support is May's low crossing at 11,491.25.
The June S&P 500 was steady to slightly higher overnight, Overnight trading sets the stage for a steady to slightly 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 June extends the rally off May's low, the 50-day moving average crossing at 4259.41 is the next upside target. Closes below the 10-day moving average crossing at 4008.18 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 4202.25. Second resistance is the 50-day moving average crossing at 4259.41. First support is the 10-day moving average crossing at 4008.18. Second support is May's low crossing at 3807.50.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were steady to 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 have turned 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 while opening the door for additional weakness near-term. Closes above the 50-day moving average crossing at 142-14 would open the door for a larger-degree rally into early-June. First resistance is the April 26th high crossing at 143-09. Second resistance is the 38% retracement level of the December-May 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 was slightly lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 18th low crossing at 118.160 would confirm that a short-term top has been posted. If June renews the rally off May's low, the 38% retracement level of the December-May decline crossing at 122-211 is the next upside target. First resistance is the 25% retracement level of the December-May decline crossing at 120.249. Second resistance is the 38% retracement level of the December-May 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 ""
ENERGIES:July crude oil was higher overnight and trading. Overnight trading sets the stage for a 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 aforementioned rally, monthly resistance crossing at $122.88 is the next upside target. Closes below the 20-day moving average crossing at $108.87 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $119.98. Second resistance is monthly resistance crossing at $122.88. First support the 20-day moving average crossing at $108.87. Second support is the 50-day moving average crossing at $104.23.
July heating oil was higher overnight as it extended the rally off May's low. Overnight trading sets the stage for a 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, monthly resistance on the continuation chart crossing at $4.7817 is the next upside target. Closes below the 20-day moving average crossing at $3.7603 would open the door for additional weakness near-term. First resistance is Tuesday's high crossing at $4.1647. Second resistance is monthly resistance on the continuation chart crossing at $4.7817. First support is the 20-day moving average crossing at $3.7603. Second support is is the 50-day moving average crossing at $3.5254.
July unleaded gas was higher overnight as it extends this year's rally. Overnight trading sets the stage for a 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 into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $3.7050 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $4.0521. Second resistance is unknown.First support is the 10-day moving average crossing at $3.7707. Second support is the 20-day moving average crossing at $3.7050.
July Henry natural gas was higher overnight as it consolidates some of the decline off last-Thursday's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Thursday's high, the 50-day moving average crossing at 7.262 would signal that a short-term top has been posted. If July extends the rally off May's low, 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 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 7.262. Second support is May's low crossing at 6.521.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was higher overnight as it consolidates some of the decline off May's high. Overnight trading sets the stage for a higher 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 June extends the decline off May's high, the April 21st low crossing at $99.81 is the next downside target. Closes above the 20-day moving average crossing at 103.09 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $103.09. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.49. Second support is the April 21st low crossing at $99.81.
The June Euro was lower in late-overnight trading as it consolidates some of the rally off May's low. 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 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 $1.07618 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $1.05959 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $1.07618. Second resistance is the April 21st high crossing at $1.09585. First support is the 20-day moving average crossing at $1.05959. Second support is May's low crossing at $1.03615.
The June British Pound was steady to lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a lower 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 June extends the rally off May's low, the 50-day moving average crossing at 1.2751 is the next upside target. Closes below the 20-day moving average crossing at 1.2440 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.2751. Second resistance is the April 14th high crossing at 1.3145. First support is the 20-day moving average crossing at 1.2440. Second support is May's low crossing at 1.2156.
The June Swiss Franc was lower overnight as it consolidates some of the rally off May's low. 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 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 38% retracement level of the 2021-2022 crossing at 1.05683 is the next upside target. Closes below the 20-day moving average crossing at 1.02217 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.04673. Second resistance is the 38% retracement level of the 2021-2022 crossing at 1.05683. First support is the 10-day moving average crossing at 1.03613. Second support is the 20-day moving average crossing at 1.02217.
The June Canadian Dollar was steady to slightly higher overnight as it extends the rally off May'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the April 21st high crossing at $80.24 is the next upside target. Closes below the 20-day moving average crossing at $77.84 would signal that a short-term top has been posted. First resistance is the April 21st high crossing at $80.24. Second resistance is April's high crossing at $80.61. First support is the 20-day moving average crossing at $77.84. Second support is May's low crossing at $76.46.
The June Japanese Yen was lower overnight while extending the decline off last-Tuesday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 0.077763 would signal that a short-term top has been posted while opening the door for a possible test of May's low crossing at 0.076215. Closes above the 50-day moving average crossing at 0.079024 would open the door for additional gains near-term. First resistance is the 38% retracement level of the January-May decline crossing at 0.079162. 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 0.077760. Second support is May's low crossing at 0.076215.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Junegold was lower overnight and sets the stage for a steady to lower opening when the day 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 10-day moving average crossing at $1843.00 would signal that a short-term top has been posted. If June extends the rally off May's low, the 50-day moving average $1898.30 is the next upside target. First resistance is the 50-day moving average $1898.30. Second is April's high crossing at $2003.00. First support is the 75% retracement level of the 2021-2022-rally crossing at $1790.10. Second support is the 87% retracement level of the 2021-2022-rally crossing at $1743.10.
July silver was lower overnight as it consolidates some of the rally off May's low. The high-range trade sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off March's high, the 62% retracement level of 2020's rally crossing at $19.158 is the next downside target. If July extends the rally off May's low, the May 5th high crossing at $23.345 is the next upside target. First resistance is the May 5th high crossing at 23.345. Second resistance is the 50-day moving average crossing at 23.539. First support is May's low crossing at $20.420. Second support is the 62% retracement level of 2020's rally crossing at $19.158.
July copper 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 remain 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 temper the near-term friendly outlook. First resistance is the May 5th high crossing at 4.4400. Second resistance is the 50-day moving average crossing at 4.4901. First support is last-Thursday's low crossing at 4.2035. Second support is May's low crossing at 4.0370.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was steady to fractionally lower overnight as it extends the decline off April's high. Overnight trading sets the stage for a steady to lower opening when the day sessions 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 April's high, the 25% retracement level of the 2020-2022 rally crossing at $7.12 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.80 3/4 would signal that a short-term low has been posted. First resistance is the May 16th high crossing at $8.10 1/4. Second resistance is April's high crossing at $8.24 1/2. First support is Tuesday'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 was higher overnight as it consolidates some of the decline off May's high but remains below broken support marked by the 50-day moving average crossing at $11.01 1/4. Overnight trading sets the stage for a steady to higher opening when the day 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 July extends the decline off May's high, May's low crossing at $10.34 1/4 is the next downside target. Closes above the 10-day moving average crossing at $11.57 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $11.57 1/4. Second resistance is May's high crossing at $12.84. First support is the 38% retracement level of the crossing at $10.75. Second support is May's low crossing at $10.34 1/4.
July Kansas City wheat was higher overnight as it consolidated some of the decline off May's high. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $11.61 1/2 would open the door for a possible test of May's low crossing at $10.86 3/4 the next downside target. Closes above the 10-day moving average crossing at $12.42 would temper the near-term bearish outlook. First resistance is May's high crossing at $13.79 1/4. Second resistance is the all-time high posted on the monthly continuation chart of January-2008 crossing at $13.84 3/4. First support is the 50-day moving average crossing at $11.61 1/2. Second support is May's low crossing at $10.86 3/4.
July Minneapolis wheat was higher overnight as it consolidates some of Tuesday's decline. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $12.39 1/4 would open the door for a possible test of the 50-day moving average crossing at $11.90 is the next downside target. Closes above the 10-day moving average crossing at $12.91 3/4 would signal that a short-term low has been posted. First resistance is the May 24th high crossing at $13.21 3/4. Second resistance is May's high crossing at $14.12 3/4. First support is last-Wednesday's low crossing at $12.39. Second support is the 50-day moving average crossing at $11.89 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans was slightly higher overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above Tuesday's high crossing at $17.49 1/4 would open the door for a possible test of the all-time high crossing at $17.89. Closes below the 50-day moving average crossing at $16.59 3/4 would signal that a short-term top has been posted.First resistance is Tuesday's high crossing at $17.41. Second resistance is the all-time high crossing at $17.89. First support is the 50-day moving average crossing at $16.59 3/4. Second support is the May 9th low crossing at $15.78.
July soybean meal was higher overnight as it consolidates some of Tuesday's decline. Overnight trading sets the stage for a higher opening when the day 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 Tuesday's sharp decline, the 50% retracement level of the October-March rally crossing at $403.40 is the next downside target. If July extends the rally off May's low, the 50-day moving average crossing at $439.40 is the next upside target. First resistance is the 50-day moving average crossing at $439.40. Second resistance is the April 21st high crossing at $467.80. First support is the 50% retracement level of the October-March rally crossing at $403.40. Second support is the 62% retracement level of the October-March rally crossing at $384.10.
July soybean oil was lower overnight and trading below support marked by the 50-day moving average crossing at 77.74. 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 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 38% retracement level of the December-April rally crossing at 73.75 is the next downside target. Closes above the 20-day moving average crossing at 80.87 would signal that a short-term low has been posted. First resistance is the May 23rd high crossing at 82.05. Second resistance is the May 16th high crossing at 84.64. First support is the 50-day moving average crossing at 77.74. Second support is the 38% retracement level of the December-April rally crossing at 73.75.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
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 tallpine!
Rains in the S.Plains continue to clobber wheat!
7 Day Total precipitation below:
http://www.wpc.ncep.noaa.govcdx /qpf/p168i.gif?1530796126
