KEY EVENTS TO WATCH FOR:
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)
Tuesday, June 7, 2022
8:30 AM ET. April U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -109.80B)
Exports (USD) (previous 241.72B)
Exports, M/M% (previous +5.6%)
Imports (USD) (previous 351.52B)
Imports, M/M% (previous +10.3%)
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 +12.6%)
10:00 AM ET. 1st Quarter Quarterly Financial Report – Industry
10:00 AM ET. 1st Quarter Quarterly Financial Report - Retail Trade
3:00 PM ET. April Consumer Credit
Consumer Credit Net Chg (USD) (previous +52.4B)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -1.2M)
Gasoline Stocks, Net Chg (Bbls) (previous -0.3M)
Distillate Stocks, Net Chg (Bbls) (previous +0.9M)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed lower on Friday despite a better-than-expected jobs report. The economy created 390,000 news jobs last month compared with pre-report expectations for 318,000 jobs created while the unemployment rate holding steady at 3.6%.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 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 33,499.93 is the next upside target. Closes below the 20-day moving average crossing at 32,285.80 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 33,499.93. First support is the 20-day moving average crossing at 32,285.80. Second support is May's low crossing at 31,395.89.
The June NASDAQ 100 closed sharply lower on Friday erasing all of Thursday's rally while at the same time extending 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 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 13,339.24 is the next upside target. Closes below the 20-day moving average 12,268.21 would signal that a short-term top has likely been posted. First resistance is today's high crossing at 12,945.25. Second resistance is the 50-day moving average crossing at 13,339.24. First support is the 20-day moving average crossing at 12,268.21. Second support is May's low crossing at 11,491.25.
The June S&P 500 closed lower on Friday as it extended 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 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 4245.57 is the next upside target. Closes below the 20-day moving average crossing at 4020.55 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 4245.57. First support is the 20-day moving average crossing at 4020.55. 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 down 14-pts. at 139-10.
June T-bonds closed lower on Friday as it extended this week's decline. 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 to bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the May 18th low crossing at 137-30 is the next downside target. 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 down 45 pts. at 119.045.
June T-notes closed lower on Friday as it extended this week's decline. 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 to bearish signaling sideways to lower prices are possible near-term. If June extends this week's decline, the May 18th low crossing at 118.160 is the next downside target. If June renews the rally off May's low, the 38% retracement level of the 2021-2022 decline crossing at 122.211. 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 Friday 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 Monday'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 $110.01 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 $110.01. Second support is the 50-day moving average crossing at $104.70.
July heating oil closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Monday'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 $4.6709 is the next upside target. Closes below the 20-day moving average crossing at $3.8048 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.3250. Second resistance is the March-2022 high on the weekly continuation chart crossing at $4.6709. First support is the 10-day moving average crossing at $3.9018. Second support is the 20-day moving average crossing at $3.8048.
July unleaded gas closed higher on Friday 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 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 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 $3.7731 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.2858. Second resistance is unknown. First support is the 20-day moving average crossing at $3.7731. Second support is the May 19th low crossing at $3.4236.
July Henry natural gas closed slightly higher on Friday. 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 bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50-day moving average crossing at 7.396 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 May'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 7.396. Second support is May's low crossing at 6.521.
CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""
The June Dollar closed higher on Friday as it consolidates above the 50-day moving average crossing at $101.64. 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 turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $102.88 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $101.64 would open the door for a larger-degree decline into early-June. First resistance is the 20-day moving average crossing at $102.88. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.64. Second support is the April 21st low crossing at $99.81.
The June Euro closed lower on Friday as it extends the trading range of the past two-weeks. 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 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 $107.48 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $106.08 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $107.48. Second resistance is the April 21st high crossing at $109.59. First support is the 20-day moving average crossing at $106.08. Second support is May's low crossing at $103.62.
The June British Pound 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2442 would temper the near-term friendly outlook. 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 1.2721. 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 1.2721. First support is the 20-day moving average crossing at 1.2442. Second support is May's low crossing at 1.2156.
The June Swiss Franc closed lower on Friday as it extends the trading range of the past two-weeks. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes the 50-day moving average crossing at 1.04532 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at 1.02420 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 1.04532. Second resistance is the April 12th high crossing at 1.07960. First support is the 20-day moving average crossing at 1.02420. Second support is May's low crossing at 0.99485.
The June Canadian Dollar closed lower on Friday ending a six-day the rally off the May 25th low.The low-range close sets the stage for a steady to lower opening when Monday'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 77.98 would temper the near-term friendly outlook. First resistance is today's high crossing at 79.67. 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 78.60.
The June Japanese Yen closed lower on Friday as it extended this week's decline. 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 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 lower on Friday. The low-range close sets the stage for a steady to higher opening when Monday'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 $1901.80 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 $1901.80. 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 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 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 23,426 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 today's high crossing at 22.525. 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 Friday due to profit taking as it consolidated some of the rally off May's low, Today's decline saw July close below broken resistance marked by the 50-day moving average crossing at 4.4822. 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 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 $0.03 1/4-cents at $7.27.
July corn closed lower on Friday as it extends the decline off April's high. The latest USDA export sales report saw corn sales rose to 235,000 tons compared with the previous week's sales of 210,000 tons. 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 25% retracement of 2020-2022 rally crossing at$7.12 1/2. Closes above the 20-day moving average crossing at $7.73 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $7.73. 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 down $0.18 1/4 at $10.40.
July wheat 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 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 $11.45 1/2 would signal that a short-term low has been posted. First resistance the 50-day moving average crossing at $10.98 1/2. Second resistance is the 20-day moving average crossing at $11.45 1/2. 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 down $0.22 1/2-cents at $11.21.
July Kansas City wheat closed lower on Friday as it extended the decline off May'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 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 $12.31 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $12.31. 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 down $0.07 3/4-cents at $11.91 3/4.
July Minneapolis wheat closed lower on Friday as it extends the decline off May'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. Closes below the 50-day moving average crossing at $11.91 3/4 would opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $12.77 3/4 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 $11.91 3/4. 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 $0.31 1/2 at $16.97 3/4.
July soybeans closed lower on Friday as it erased most of Thursday's rally. 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. 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 $16.53 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 $16.53. Second support is the 25% retracement level of the 2021-2022 rally crossing at $16.15 1/4.
July soybean meal closed down $7.00 at $407.90.
July soybean meal closed lower on Friday as it extends this week's decline. 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 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 50-day moving average crossing at $436.80 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $436.80. 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 41 pts. at 81.85.
July soybean oil closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned 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 78.13 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 78.13. 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 $1.08 at $111.10.
July hogs closed lower on Friday 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 Monday'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 $113.20 would open the door for additional gains into early-June. Closes below the 20-day moving average crossing at $107.35 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $113.20. Second resistance is the April 22nd high crossing at $121.08. First support is the 20-day moving average crossing at $107.35. Second support is May's low crossing at $97.37.
August cattle closed down $0.45 at $133.67
August cattle closed lower on Friday as it consolidated some of this week's rally but remains above the 20-day moving average crossing at $133.08 signaling that a short-term low has been posted. The low-range close sets the stage for a steady to lower opening on Monday. 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 $135.72 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 $135.72. 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 $0.55 at $173.50.
August Feeder cattle closed higher on Friday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening when Monday'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 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 Friday 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 Monday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at 22.01 would signal that a short-term top has been posted. 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. First support is the 10-day moving average crossing at 22.60. Second support is the 50-day moving average crossing at 22.25.
July cocoa closed lower on Friday following yesterday's key reversal down signaling that a short-term top might have been posted with Thursday'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 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 resumes the rally off May's low, the 50-day moving average crossing at 25.48 is the next upside target.
July sugar closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at 19.39 signals 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 Friday as it remains below the 50-day moving average crossing at 140.14 leaving the door open for a possible test of April low crossing at 130.25. The mid-range close sets the stage for a steady to lower opening on Monday. 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 142.96 would signal that a short-term low has been posted.
Thanks much tallpine!!