KEY EVENTS TO WATCH FOR:
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)
Wednesday, June 8, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 308.3)
Composite Idx, W/W% (previous -2.3%)
Purchase Idx-SA (previous 224.1)
Purchase Idx-SA, W/W% (previous -0.6%)
Refinance Idx (previous 751.6)
Refinance Idx, W/W% (previous -5.4%)
10:00 AM ET. May Online Help Wanted Index
10:00 AM ET. April Monthly Wholesale Trade
Inventories, M/M% (expected +1.9%; previous +2.3%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 414.733M)
Crude Oil Stocks, Net Chg (Bbl) (previous -5.068M)
Gasoline Stocks (Bbl) (previous 218.996M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.711M)
Distillate Stocks (Bbl) (previous 106.392M)
Distillate Stocks, Net Chg (Bbl) (previous -0.529M)
Refinery Usage (previous 92.6%)
Total Prod Supplied (Bbl/day) (previous 19.512M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.172M)
Thursday, June 9, 2022
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 234.6K)
Soybeans (Metric Tons) (previous 395.6K)
Wheat (Metric Tons) (previous 364.2K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 195K; previous 200K)
Jobless Claims, Net Chg (previous -11K)
Continuing Claims (previous 1309000)
Continuing Claims, Net Chg (previous -34K)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1902B)
Working Gas In Storage, Net Chg (Cbf) (previous +90B)
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
Friday, June 10, 2022
8:30 AM ET. May Real Earnings
8:30 AM ET. May CPI
CPI, M/M% (expected +0.7%; previous +0.3%)
Core CPI, M/M% (expected +0.5%; previous +0.6%)
Energy Idx, M/M% (previous -2.7%)
Food Idx, M/M% (previous +0.9%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0%)
CPI, Y/Y% (expected +8.2%; previous +8.3%)
Core Annual, Y/Y% (expected +5.9%; previous +6.2%)
10:00 AM ET. 1st Quarter Quarterly Services
10:00 AM ET. June University of Michigan Survey of Consumers - preliminary
Mid-Mo Sentiment (expected 59.0; previous 59.1)
Mid-Mo Expectations (previous 56.3)
Mid-Mo Current Idx (previous 63.6)
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
2:00 PM ET. May Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
Tuesday, June 14, 2022
6:00 AM ET. May NFIB Index of Small Business Optimism
Small Business Idx (previous 93.2)
8:30 AM ET. May PPI
PPI, M/M% (previous +0.5%)
Ex-Food & Energy PPI, M/M% (previous +0.4%)
Personal Consumption (previous +0.1%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y%
Latest Wk, Y/Y%
10:00 AM ET. June IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 41.2)
6-Mo Economic Outlook (previous 33.2)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls)
Gasoline Stocks, Net Chg (Bbls)
Distillate Stocks, Net Chg (Bbls)
N/A U.S. Federal Open Market Committee meeting
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The Dow closed slightly higher on Monday as it extended the trading range of the past five-days.TheThe low-range close sets the stage for a steady to lower opening when Tuesday'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 33,462.83 is the next upside target. Closes below the 20-day moving average crossing at 32,283.52 would temper the near-term friendly outlook. First resistance is last-Wednesday's high crossing at 33,272.34. Second resistance is the 50-day moving average crossing at 33,462.83. First support is the 20-day moving average crossing at 32,283.37. Second support is May's low crossing at 31,395.89.
The June NASDAQ 100 posted an inside day with a slightly higher close on Monday while extending last-week's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 13,295.59 is the next upside target. Closes below the 20-day moving average 12,262.61 would signal that a short-term top has likely been posted. First resistance is last-Friday's high crossing at 12,945.25. Second resistance is the 50-day moving average crossing at 13,295.59. First support is the 20-day moving average crossing at 12,262.61. Second support is May's low crossing at 11,491.25.
The June S&P 500 posted an inside day with a slightly higher close on Monday as it extended last-week's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 4237.57 is the next upside target. Closes below the 20-day moving average crossing at 4020.22 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 4237.57. First support is the 20-day moving average crossing at 4020.22. Second support is the 87% retracement level of the 2021-2020 rally crossing at 3894.79.
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June T-bonds closed down 1-18-pts. at 137-20.
June T-bonds closed lower on Monday as it extended the decline off the May 25th high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the aforementioned decline, May's low crossing at 134-30 is the next downside target. Closes above the 50-day moving average crossing at 141-26 would signal that a short-term low has likely been posted. 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 today's low crossing at 137-25. Second support is May's low crossing at 134-30.
June T-notes closed down 185 pts. at 118.150.
June T-notes closed lower on Monday as it extended the decline off the May 26th high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 aforementioned decline, May's low crossing at 117.085 is the next downside target. Closes above the 50-day moving average crossing at 119.288 would signal that a short-term low has likely been posted. 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 today's low crossing at 118.140. Second support is May's low crossing at 117.085.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
July crude oil closed slightly lower on Monday but not before posting a new contract high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins. Stochastics and the RSI are overbought, diverging but remain 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 $110.47 would signal that a short-term top has been posted. First resistance is today's high crossing at $120.99. Second resistance crossing at monthly resistance crossing at $122.88. First support is the 20-day moving average crossing at $110.47. Second support is the 50-day moving average crossing at $104.92.
July heating oil closed higher on Monday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $3.8320 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.4084. 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 $3.9730. Second support is the 20-day moving average crossing at $3.8320.
July unleaded gas closed lower on Monday as it consolidated some of the rally off May's low after posting a new contract high in early-trading. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $3.7989 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.3260. Second resistance is unknown. First support is the 20-day moving average crossing at $3.7989. Second support is the 50-day moving average crossing at $3.4554.
July Henry natural gas closed sharply higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If July renews the decline off May's high, the 50-day moving average crossing at 7.473 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 7.473. 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 Monday as it consolidates above the 50-day moving average crossing at $101.71. The high-range close sets the stage for a steady to higher opening when Tuesday's nights session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $102.82 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $101.71 would open the door for a larger-degree decline into early-June. First resistance is the 20-day moving average crossing at $102.82. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.71. Second support is the April 21st low crossing at $99.81.
The June Euro closed lower on Monday as it extends the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $107.41 would open the door for additional gains near-term. Closes below the 20-day moving average crossing at $106.14 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $107.41. Second resistance is the April 21st high crossing at $109.59. First support is the 20-day moving average crossing at $106.14. Second support is May's low crossing at $103.62.
The June British Pound closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 1.2453 would temper the near-term friendly outlook. If June extends the rally off May's low, the 50-day moving average crossing at 1.2708 is the next upside target. If June renews the decline off January's high, the 87% retracement level of the 2020-2021-rally on the weekly chart crossing at 1.1914 is the next downside target. First resistance is the May high crossing at 1.2667. Second resistance is the 50-day moving average crossing at 1.2708. 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 closed lower on Monday as it broke out to the downside of the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.02502 would signal that a short-term top has been posted. Closes the 50-day moving average crossing at 1.04435 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 1.04435. Second resistance is the April 12th high crossing at 1.07960. First support is the 20-day moving average crossing at 1.02502. Second support is May's low crossing at 0.99485.
The June Canadian Dollar closed slightly higher on Monday as it extended the rally off May's low.The mid-range close sets the stage for a steady to slightly higher opening when Tuesday'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 78.08 would temper the near-term friendly outlook. First resistance is today's high crossing at 79.77. 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 20-day moving average crossing at 78.08.
The June Japanese Yen closed lower on Monday and below support marked by May's low crossing at 0.076215 as it renewed the decline off January's high. The low-range close sets the stage for a steady to lower opening when Tuesday’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, the 2002-low on the monthly continuation chart crossing at 0.074150 is the next downside target. Closes above the 50-day moving average crossing at 0.078648 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.078649. Second resistance is May's high crossing at 0.079190. First support is today's low crossing at 0.075765. 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 Monday. The low-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below last-Wednesday's low crossing at $1830.20 would signal that a short-term top has been posted. If August renews the rally off May's low, the 50-day moving average crossing at $1899.20 is the next upside target. First resistance is the 50-day moving average crossing at $1899.20. Second resistance is the 50% retracement level of the March-May decline crossing at $1938.80. 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 slightly higher on Monday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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 23,348 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 while opening the door for additional weakness near-term. First resistance is today's high crossing at 22.565. Second resistance is the 50-day moving average crossing at 23.348. 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 for the second day in a row on Monday due to profit taking as it consolidated some of the rally off May's low, The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but 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 4.2775 would signal that a short-term top has been posted. If July renews 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 10-day moving average crossing at 4.3551. Second support is the 20-day moving average crossing at 4.2775.
GRAINS? http://quotes.ino.com/ex?changes/?c=grains "
July Corn closed up $0.15 1/2-cents at $7.42 1/2.
July corn closed higher on Monday due to profit taking as it consolidates some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 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 May's 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 closed up $0.53 at $10.93.
July wheat closed sharply higher on Monday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 $11.44 3/4 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $11.11 3/4. Second resistance is the 20-day moving average crossing at $11.44 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 $0.49-cents at $11.70.
July Kansas City wheat closed sharply higher on Monday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $12.31 1/4. 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 $0.38 3/4-cents at $12.30 1/2.
July Minneapolis wheat closed higher on Monday 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 Tuesday'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 $11.96 would opening the door for additional weakness near-term. 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 May's low crossing at $11.54 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans closed up $0.01 1/2 at $16.99 1/4.
July soybeans closed higher on Monday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above Closes below the 50-day moving average crossing at $16.53 would signal that a short-term top has been posted. Closes above last-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. First resistance is last-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 $16.61 1/4. Second support is the 25% retracement level of the 2021-2022 rally crossing at $16.15 1/4.
July soybean meal closed down $0.80 at $407.10.
July soybean meal closed lower on Monday as it extends last-week's decline. The low-range close sets the stage for a steady to lower opening when Tuesday'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 last-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 $435.40 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $435.40. Second resistance is the April 21st high crossing at $467.80. First support is May's low crossing at $395.00. Second support is the 62% retracement level of the 2021-2022 rally crossing at $384.10.
July soybean oil closed down 66 pts. at 81.19.
July soybean oil closed lower on Monday as it consolidated some of last-week's rally. The low-range close sets the stage for a steady to lower opening when Tuesday'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 last-Wednesday's low, May's high crossing at 84.64 is the next upside target. Closes below the 50-day moving average crossing at 78.31 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 78.31. 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 $1.65 at $109.10.
July hogs closed lower on Monday 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 Tuesday's 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 $107.43 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at $112.94 would open the door for additional gains. First resistance is the 50-day moving average crossing at $112.94. Second resistance is the April 22nd high crossing at $121.08. First support is the 20-day moving average crossing at $107.43. Second support is May's low crossing at $97.37.
August cattle closed down $0.93 at $132.93
August cattle closed lower on Monday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off last-week's low, the 50-day moving average crossing at $135.63 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 $135.63. Second resistance is the May 3rd high crossing at $137.83. First support is last-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 down $1.95 at $171.92.
August Feeder cattle closed lower on Monday as it consolidated some of last-week's rally. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the 20-day moving average crossing at $168.40 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 the 20-day moving average crossing at $168.40. Second support is last-Tuesday's low crossing at $164.75. Third support is May's low crossing at $162.80.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed higher on Monday following a two-day correction. The mid-range close sets the stage for a steady to higher opening on Tuesday. 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 22.22 would signal that a short-term top has been posted. First support is the 10-day moving average crossing at 22.81. Second support is the 50-day moving average crossing at 22.28.
July cocoa posted an inside day with a higher close on Monday. The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are 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 25.46 is the next upside target.
July sugar gapped up and closed higher on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at 19.23 would open the door for additional weakness near-term. 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 Monday as it remains below the 50-day moving average crossing at 140.34 leaving the door open for a possible test of April low crossing at 130.25. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 142.66 would signal that a short-term low has been posted. If July extends the decline off May's high, April's low crossing at 130.25 is the next downside target.
Thanks tallpine!