INO Evening Market Comments
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Started by tallpine - June 2, 2022, 4:39 p.m.

KEY EVENTS TO WATCH FOR:



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 sharply higher on Thursday ending a two-day correction off last-Friday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off May's low, the 50-day moving average crossing at 33,525.02 is the next upside target. Closes below the 20-day moving average crossing at 32,280.73 would temper the near-term friendly outlook. First resistance is Wednesday's high crossing at 33,272.34. Second resistance is the 50-day moving average crossing at 33,525.02. First support is the 20-day moving average crossing at 32,280.73. Second support is May's low crossing at 31,395.89.   



The June NASDAQ 100 closed sharply higher on Thursday as it extends the rally off May's low.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 50-day moving average crossing at 13,376.11 is the next upside target. Closes below the 10-day moving average 12,248.77 would signal that a short-term top has likely been posted. First resistance is Tuesday's high crossing at 12,883.00. Second resistance is the 50-day moving average crossing at 13,376.07. First support is the 10-day moving average crossing at 12,248.77. Second support is May's low crossing at 11,491.25.



The June S&P 500 posted an inside day with a higher close on Thursday ending a two-day correction off Tuesday's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are 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 4251.76 is the next upside target. Closes below the 20-day moving average crossing at 4020.84 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 4251.76. First support is the 20-day moving average crossing at 4020.84. Second support is the 87% retracement level of the 2021-2020 rally crossing at 3894.79.  



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



June T-bonds closed up 6-pts. at 139-26. 



June T-bonds closed higher on Thursday.The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 139-28 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If June resumes the rally off May's low, 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 up 80 pts. at 119.095.



June T-notes closed higher on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to 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 higher on Thursday and posted a new high close for the year as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $109.37 would signal that a short-term top has been posted. First resistance is Tuesday'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 $109.37. Second support is the 50-day moving average crossing at $104.48.  



July heating oil closed higher on Thursday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Friday's night 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 May-2022 high on the weekly continuation chart crossing at $4.2738 is the next upside target. Closes below the 20-day moving average crossing at $3.7824 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.2480. Second resistance is the May-2022 high on the weekly continuation chart crossing at $4.2738. First support is the 10-day moving average crossing at $3.8419. Second support is the 50-day moving average crossing at $3.5472.     



July unleaded gas closed higher on Thursday as it extends the rally off May's low to a new contract high. The high-range close sets the stage for a higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If 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 $3.7389 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.2150. Second resistance is unknown. First support is the 20-day moving average crossing at $3.7389. Second support is the May 19th low crossing at $3.4236. Third support is the 50-day moving average crossing at 3.4158.      



July Henry natural gas closed lower on Thursday. The low-range close sets the stage for a steady to  lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to 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 7.333 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 7.333. Second support is May's low crossing at 6.521.      



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



The June Dollar closed lower on Thursday ending a two-day bounce off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 $101.57 would open the door for a larger-degree decline into early-June. Closes above the 20-day moving average crossing at $102.96 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $102.96. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.57. Second support is the April 21st low crossing at $99.81.  



The June Euro closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $107.54 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $105.98 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $107.54. Second resistance is the April 21st high crossing at $109.59. First support is the 20-day moving average crossing at $105.98. Second support is May's low crossing at $103.62.



The June British Pound posted an inside day with a higher close on Thursday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Friday's high crossing at 1.2667 would open the door for a possible test of the 50-day moving average crossing at 1.2735. Closes below the 20-day moving average crossing at 1.2435 would temper the near-term friendly outlook. 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 last-Friday's high  crossing at 1.2667. Second resistance is the 50-day moving average crossing at 1.2735. 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 higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes the 50-day moving average crossing at 1.04610 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 1.02296 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.04610. Second resistance is the April 12th high crossing at 1.07960. First support is the 20-day moving average crossing at 1.02296. Second support is May's low crossing at 0.99485.



The June Canadian Dollar closed higher for the sixth-day in a row on Thursday as it extends the rally off May's low.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI 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 April 21st high crossing at 80.24 is the next upside target. Closes below the 20-day moving average crossing at 77.90 would temper the near-term friendly outlook. First resistance is today's high crossing at 79.58. Second resistance is the April 21st high crossing at 80.24. First support is the 50-day moving average crossing at 78.68. Second support is the 10-day moving average crossing at 78.47. 



The June Japanese Yen closed higher on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, May's low crossing at 0.076215 is the next downside target. Closes above last-Tuesday's high crossing at 0.079190 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 0.079190. Second resistance is the 38% retracement level of the January-April decline crossing at 0.080852. First support is May's low crossing at 0.076215. Second support is the 2002-low on the monthly continuation chart crossing at 0.074150.   



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



August gold closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, the 50-day moving average crossing at $1903.80 is the next upside target. Multiple closes below Wednesday's low crossing at $1830.20 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 $1903.80. 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 higher on Thursday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50-day moving average crossing at 23,493 is the next upside target. Closes below Wednesday's low crossing at 21.410 would signal that a short-term top has been posted while opening the door for additional weakness near-term. 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 soared sharply higher on Thursday and closed above the 50-day moving average crossing at 4.4884 as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are becoming 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 March-May decline crossing at 4.6394 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 62% retracement level of the March-May decline crossing at 4.6394. Second resistance is the 75% retracement level of the March-May decline crossing at 4.7687. First support is last-Thursday's low crossing at 4.2035. Second support is the May 18th low crossing at 4.1315.



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



July Corn closed down $0.01-cents at $7.30 1/4. 



July corn closed lower on Thursday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. While fundamentals remain bullish however, seasonal trends strongly suggest that we are in the time frame that seasonal highs may have been posted with the late-April high. 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 25% retracement of 2020-2022 rally crossing at$7.12 1/2. Closes above the 20-day moving average crossing at $7.76 1/2 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.76 1/2. Second resistance is May's high crossing at $8.10 1/4. First support is Wednesday's low crossing at $7.20 1/2. Second support is the 25% retracement level of the 2020-2022 rally crossing at $7.12 1/2.     



July wheat closed up $0.17 at $10.58 1/4.  



July wheat posted an inside day with a higher close on Thursday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's low, the 50% retracement level of the January-May rally crossing at $10.10 1/4 is the next downside target. Closes above the 20-day moving average crossing at $11.48 3/4 would signal that a short-term low has been posted. First resistance the 50-day moving average crossing at $10.99 1/2. Second resistance is the 20-day moving average crossing at $11.48 3/4. First support is the 50% retracement level of the January-May's rally crossing at $10.10 1/4. Second support is the 62% retracement level of the January-May's rally crossing at $9.45 1/2.



July Kansas City Wheat closed up $0.15 1/4-cents at $11.43 1/2.

 

July Kansas City wheat posted an inside day with a higher close on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, May's low crossing at $10.86 3/4 is the next downside target. Closes above the 20-day moving average crossing at $12.34 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $12.34. Second resistance is May's high crossing at $13 79 1/4. First support is May's low crossing at $10.86 3/4. Second support is the 50% retracement level of the January-May rallycrossing at $10.65.



July Minneapolis wheat closed up $0.02 1/2-cents at $11.99 1/2.



July Minneapolis wheat closed slightly higher on Thursday as it consolidated some of the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $11.91 would opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $12.78 1/2 would signal that a short-term low has been posted. First resistance is the May 27th high crossing at $13.20 1/4. Second resistance is May's high crossing at $14.12 3/4. First support is the 50-day moving average crossing at $11.9. Second support is May's low crossing at $11.54 1/4. 

       

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



July soybeans closed up $0.39 at $17.29 1/4.



July soybeans closed sharply higher on Thursday as it erased most of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes 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 $16.60 3/4 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $17.49 1/4. Second resistance is the all-time high crossing at $17.89. First support is the 50-day moving average crossing at $16.60 3/4. Second support is the 25% retracement level of the 2021-2022 rally crossing at $16.15 1/4.  



July soybean meal closed up $2.20 at $414.90. 



July soybean meal posted an inside day with a higher close on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the this week's decline, the 50% retracement level of the 2021-2022 rally crossing at $403.40 is the next downside target. Multiple closes above the 20-day moving average crossing at $438.20 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $438.20. 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 up 333 pts. at 81.44. 



July soybean oil closed sharply higher on Thursday and above the 20-day moving average crossing at 80.89 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's night 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. If July extends the rally off Wednesday's low, May's high crossing at 84.64 is the next upside target. Closes below the 50-day moving average crossing at 77.95 would open the door for a larger-degree decline into early-June. 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 77.95. Second support is the 38% retracement level of the December-May rally crossing at 73.75. 

 

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



July hogs closed down $0.48 at $111.95. 



July hogs closed lower on Thursday 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 Friday'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. Closes above the 50-day moving average crossing at $113.42 would open the door for additional gains into early-June. Closes below the 20-day moving average crossing at $107.25 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $113.42. Second resistance is the April 22nd high crossing at $121.08. First support is the 20-day moving average crossing at $107.25. Second support is May's low crossing at $97.37. 



August cattle closed up $1.23 at $134.13 



August cattle closed higher on Thursday and above the 20-day moving average crossing at $133.20 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends today's rally, the 50-day moving average crossing at $135.78 is the next upside target. If August renews the decline off April's high, the 62% retracement level of the 2021-2022 rally crossing at $128.54 is the next downside target. First resistance is the 50-day moving average crossing at $135.78. Second resistance is the May 3rd high crossing at $137.83. First support is Tuesday'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 up $3.23 at $173.15. 



August Feeder cattle closed sharply higher on Thursday and above the 20-day moving average crossing at $172.32 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week's rally, May's high crossing at $177.50 is the next upside target. Closes below Tuesday's low crossing at $164.75 would signal that a short-term top has been posted. First resistance is May's high crossing at $177.50. Second resistance is the April 22nd high crossing at $178.23. First support is Tuesday's low crossing at $164.75. Second support is May's low crossing at $162.80.    



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



July coffee closed lower on Thursday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible. If July extends the rally off May's low, the 75% retracement level of the February-May decline crossing at 24.49 is the next upside target. Closes below the 20-day moving average crossing at 22.01 would signal that a short-term top has been posted.                  



July cocoa closed sharply lower as it posted a key reversal down on Thursday hinting that a short-term top might have been posted with today's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are poised to turn neutral to bearish with additional weakness that would signaling sideways to lower prices are possible near-term. If July renews the decline off April's high, the December-2021 low crossing at 23.66 is the next downside target. If July extends the rally off last-Wednesday's low, the 50-day moving average crossing at 25.52 is the next upside target. 



July sugar closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 19.36 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 higher on Thursday as it consolidated some of the decline off May's high but remains below the 50-day moving average crossing at 139.90 leaving the door open for a possible test of April low crossing at 130.25. The high-range close sets the stage for a steady to higher opening on Friday. 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, April's low crossing at 130.25 is the next downside target. Closes above the 20-day moving average crossing at 143.49 would signal that a short-term low has been posted. 

Comments
By metmike - June 2, 2022, 4:45 p.m.
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Thanks very much tallpine!