INO Morning Market Commentary
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Started by tallpine - June 6, 2022, 7:27 a.m.

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)

 


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes  

 



 

The STOCK INDEXES: The June NASDAQ 100 was higher overnight as it extends last-week's trading range. 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 rally off May's low, the 50-day moving average crossing at 13,298.05 is the next upside target. Closes below the 20-day moving average crossing at 12,268.60 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 13,298.05. Second resistance is the May 4th high crossing at 13,555.25 First support is the 20-day moving average crossing at 12,268.60. Second support is May's low crossing at 11,491.25.



The June S&P 500 was steady to higher overnight as it extends last-week's trading range. Overnight trading 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 rally off May's low, the 50-day moving average crossing at 4238.16 is the next upside target. Closes below the 20-day moving average crossing at 4021.75 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 4202.25. Second resistance is the 50-day moving average crossing at 4238.16. First support is the 20-day moving average crossing at 4021.75. 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 low-range overnight trade sets the stage for a steady to slightly lower 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. If June extends last-week's decline, the May 18th low crossing at 137-30 is the next downside target. Closes above last-Monday's high crossing at 142-22 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 steady to slightly lower overnight. Overnight trading sets the stage for a steady to lower 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. If June extends last-week's decline, the May 18th low crossing at 118.160 is the next downside target. Closes above the May 26th high crossing at 120.310 would confirm that a low has been posted while opening the door for a possible test of the 38% retracement level of the December-May decline crossing at 122-211. First resistance is the May 26th high crossing at 120.310. 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 slightly higher overnight as it extends the rally off May's low. Overnight trading 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. Closes below the 20-day moving average crossing at $110.54 would signal that a short-term top has been posted. If July extends this year's rally, monthly resistance crossing at $122.88 is the next upside target. First resistance is the overnight high crossing at $120.99. Second resistance is monthly resistance crossing at $122.88. First support the 20-day moving average crossing at $110.54. Second support is the 50-day moving average crossing at $104.95.  



July heating oil was higher overnight as it extends 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 $3.8302 would signal that a short-term top has likely been posted. First resistance is the overnight high crossing at $4.3689. Second resistance is monthly resistance on the continuation chart crossing at $4.7817. First support is the 20-day moving average crossing at $3.8302. Second support is is the 50-day moving average crossing at $3.5833.



July unleaded gas was steady to slightly higher overnight as it extends this year's rally. 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 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 $3.8009 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $4.3260. Second resistance is unknown.First support is the 10-day moving average crossing at $3.9475. Second support is the 20-day moving average crossing at $3.8009.    



July Henry natural gas was higher overnight. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews 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. If July resumes the decline off May's high, the 50-day moving average crossing at 7.464 is the next downside 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 7.464. Second support is May's low crossing at 6.521.     



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



CURRENCIES:The June Dollar was steady to slightly lower overnight. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 102.80 would signal that a short-term low has been posted. If June renews the decline off May's high, the April 21st low crossing at $99.81 is the next downside target. First resistance is the 20-day moving average crossing at $102.80. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.70. Second support is the April 21st low crossing at $99.81.  



The June Euro was steady to slightly higher overnight as it extends the trading range of the past three-weeks. The low-range overnight trade sets the stage for a steady to slightly 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 last-Tuesday's high crossing at $1.07935 would open the door for additional gains and a possible test of the April 21st high crossing at $1.09585. Closes below the 20-day moving average crossing at $1.06161 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $1.07935. Second resistance is the April 21st high crossing at $1.09585. First support is the 20-day moving average crossing at $1.06161. Second support is May's low crossing at $1.03615.  



The June British Pound was higher overnight and sets the stage for a steady to higher opening when the day session begins trading.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.2453 would signal that a short-term top has been posted. If June resumes the rally off May's low, the 50-day moving average crossing at 1.2709 is the next upside target. First resistance is the 50-day moving average crossing at 1.2709. Second resistance is the April 14th high crossing at 1.3145. First support is the 20-day moving average crossing at 1.2453. Second support is May's low crossing at 1.2156.



The June Swiss Franc was steady to slightly higher overnight as it extends the trading range of the past three-weeks. 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 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 1.02553 would signal that a short-term top has been posted. First resistance is last-Monday's high crossing at 1.04840. Second resistance is the 38% retracement level of the 2021-2022 crossing at 1.05683. First support is last-Wednesday's low crossing at 1.03585. Second support is the 20-day moving average crossing at 1.02553. 

 

The June Canadian Dollar was 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 50-day moving average crossing at $78.68 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 50-day moving average crossing at $78.68. Second support is the 20-day moving average crossing at $78.09.



The June Japanese Yen was steady to slightly higher overnight as it consolidates some of last-week's decline. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain 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 the 50-day moving average crossing at 0.078663 would signal that a short-term low has likely been posted. First resistance is the 25% retracement level of the January-May decline crossing at 0.079249. 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"



PRECIOUS METALS: Augustgold was higher overnight and 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 below Wednesday's low crossing at $1830.20 would signal that a short-term top has been posted. If August extends the rally off May's low, the 50-day moving average $1899.40 is the next upside target. First resistance is the 50-day moving average $1899.40. Second is the 50% retracement level of the March-May decline crossing at $1938.80. First support is last-Wednesday's low crossing at $1830.20. Second support is May's low crossing at $1792.00.



July silver was higher overnight as it extends the trading range of the past Three-weeks. The high-range trade sets the stage for a higher opening when the day session begins trading later this morning. 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 50-day moving average crossing at $23.351 is the next upside target. Closes below last-Wednesday's low crossing at $21.410 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at 23.351. Second resistance is the 50% retracement level of the March-May decline crossing at $23.937. 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 lower due to profit taking overnight as it consolidates some of the rally off May's low. Overnight weakness sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.2772 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 March-May decline crossing at 4.6394 is the next upside target. 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 the 20-day moving average crossing at 4.2772. Second support is May's low crossing at 4.0370.  



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



July corn was higher due to short covering overnight as it consolidates some of the decline off April's high. Overnight trading sets the stage for a higher opening when the day sessions 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 level of the 2020-2022 rally crossing at $7.12 1/2 is the next downside target. Closes above the 50-day moving average crossing at $7.72 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $7.72 1/4. Second resistance is the May 16th high crossing at $8.10 1/4. First support is last-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 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 July extends the decline off May's high, the 50% retracement level of the January-May high crossing at $10.10 1/4 is the next downside target. Closes above the 20-day moving average crossing at $11.44 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $10.98 1/2. Second resistance is the 20-day moving average crossing at $11.44. First support is the 50% retracement level of the January-May rally crossing at $10.10 1/4. Second support is March's low crossing at $9.67 1/4.  



July Kansas City wheat was sharply 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 later this morning. 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 the next downside target. Closes above the 20-day moving average crossing at $12.30 3/4 would temper the near-term bearish outlook. First resistance is the May 27th high crossing at $12.51. Second resistance is May's high crossing at $13.52. First support is May's low crossing at $10.86 3/4. Second support is the 50% retracement level of the January-May rally crossing at $10.65.



July Minneapolis wheat was sharply 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. Closes below the 50-day moving average crossing at $11.96 would open the door for a possible test of the 50% retracement level of the January-May rally crossing at $11.40 1/2. Closes above the 20-day moving average crossing at $12.78 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 $11.96. Second support is the 50% retracement level of the January-May rally crossing at $11.40 1/2. 

     

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



July soybeans were higher overnight as it extends the February-June trading range. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the May 31st 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 $16.61 1/4 would signal that a short-term top has been posted. First resistance is the May 31st 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 $16.61 1/4. Second support is the May 9th low crossing at $15.78.  

 

July soybean meal was higher overnight as it consolidates some of last-Friday'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. If July extends last-week's decline, the 50% retracement level of the October-March rally crossing at $403.40 is the next downside target. If July renews the rally off May's low, the 50-day moving average crossing at $435.50 is the next upside target. First resistance is the 50-day moving average crossing at $435.50. 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 higher overnight as it extends the rally off last-Wednesday's slow. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day 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 aforementioned rally, the May 16th high crossing at 84.64 is the next upside target. If July renews the decline off April's high, the 38% retracement level of the December-April rally crossing at 73.75 is the next downside target. First resistance is the May 16th 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 78.33. Second support is the 38% retracement level of the December-April rally crossing at 73.75.   


Comments
By metmike - June 6, 2022, 10:38 a.m.
Like Reply

Thanks tallpine!

Huge heat ridge has ng flying this morning.