INO Evening Market Comments
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Started by tallpine - June 7, 2022, 4:11 p.m.

KEY EVENTS TO WATCH FOR:



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 higher on Tuesday as it extended the trading range of the past six-days.The high-range close sets the stage for a steady to higher opening when Wednesday'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 33,428.11 is the next upside target. Closes below the 20-day moving average crossing at 32,326.68 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 33,428.11. First support is the 20-day moving average crossing at 32,326.68. Second support is May's low crossing at 31,395.89.   



The June NASDAQ 100 closed higher on Tuesday while extending last-week's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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 13,254.30 is the next upside target. Closes below the 20-day moving average 12,287.40 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 12,945.25. Second resistance is the 50-day moving average crossing at 13,254.20. First support is the 20-day moving average crossing at 12,287.40. Second support is May's low crossing at 11,491.25. 



The June S&P 500 closed higher on Tuesday as it extended last-week's trading range. The high-range close sets the stage for a steady to higher opening when Wednesday'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 4229.70 is the next upside target. Closes below the 20-day moving average crossing at 4028.05 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 4229.70. First support is the 20-day moving average crossing at 4028.05. 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 1-02-pts. at 138-25. 



June T-bonds closed higher on Tuesday as it consolidates some of the decline off the May 25th high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 141-21 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 137-16. Second support is May's low crossing at 134-30.



June T-notes closed up 120 pts. at 118.265.



June T-notes closed higher on Tuesday as it consolidates some of the decline off the May 26th high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 119.272 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 118.075. 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins. Stochastics and the RSI are overbought, diverging 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 $111.36 would signal that a short-term top has been posted. First resistance is Monday'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 $111.36. Second support is the 50-day moving average crossing at $105.16.  



July heating oil closed lower on Tuesday as it consolidated some of this year's rally. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 $3.8651 would signal that a short-term top has been posted. First resistance is Monday'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 $4.0414. Second support is the 20-day moving average crossing at $3.8651.     



July unleaded gas closed lower on Tuesday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 $3.8307 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 4.3260. Second resistance is unknown. First support is the 20-day moving average crossing at $3.8307. Second support is the 50-day moving average crossing at $3.4732. 



July Henry natural gas closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 May's low, the 62% retracement level of the 2005-2020 decline crossing at 10.299 is the next upside target. Closes below last-Tuesday's low crossing at 8.118 is the next downside target. First resistance is today's high crossing at 9.544. Second resistance is the 62% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 10.299. First support is last-Tuesday's low crossing at 8.118. Second support is the 50-day moving average crossing at 7.473.       



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



The June Dollar closed lower on Tuesday as it consolidates above the 50-day moving average crossing at $101.77. The low-range close sets the stage for a steady to lower opening when Wednesday's nights session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $102.74 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $101.77 would open the door for a larger-degree decline into early-June. First resistance is the 20-day moving average crossing at $102.74. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.77. Second support is the April 21st low crossing at $99.81.  



The June Euro closed slightly higher on Tuesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $107.83 opens the door for additional gains near-term. Closes below the 20-day moving average crossing at $106.21 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $107.83. Second resistance is the April 21st high crossing at $109.59. First support is the 20-day moving average crossing at $106.21. Second support is May's low crossing at $103.62.



The June British Pound closed higher on Tuesday as it extends the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are poised to turn neutral to bullish with additional strength that would signal sideways to higher prices are possible near-term. If June extends the rally off May's low, the 50-day moving average crossing at 1.2696 is the next upside target. Closes below the 20-day moving average crossing at 1.2465 would temper the near-term friendly outlook. First resistance is the May high crossing at 1.2667. Second resistance is the 50-day moving average crossing at 1.2696. First support is the 20-day moving average crossing at 1.2465. Second support is May's low crossing at 1.2156. 

 

The June Swiss Franc closed lower on Tuesday as it extended Monday's downside breakout of the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.02604 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at 1.04338 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 1.04338. Second resistance is the April 12th high crossing at 1.07960. First support is the 20-day moving average crossing at 1.02604. Second support is May's low crossing at 0.99485.



The June Canadian Dollar closed higher on Tuesday as it extends the rally off May's low.The high-range close sets the stage for a steady to higher opening when Wednesday'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 78.22 would temper the near-term friendly outlook. First resistance is today's high crossing at 79.84. Second resistance is the April 21st high crossing at 80.24. First support is the 50-day moving average crossing at 78.67. Second support is the 20-day moving average crossing at 78.22. 



The June Japanese Yen closed lower on Tuesday as it extended Monday's breakout below support marked by May's low crossing at 0.076215. The low-range close sets the stage for a steady to lower opening when Wednesday’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 0.078516 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.077575. Second resistance is the 50-day moving average crossing at 0.078516. First support is today's low crossing at 0.075200. 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 Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 $1897.00 is the next upside target. First resistance is the 50-day moving average crossing at $1897.00. 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 23,280 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 Monday's high crossing at 22.565. Second resistance is the 50-day moving average crossing at 23.280. First support is last-Wednesday's low crossing at 21.410. Second support is May's low crossing at 20.240. 



July copper closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI 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 4.2907 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 4.3663. Second support is the 20-day moving average crossing at 4.2908.



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



July Corn closed up $0.14 1/2-cents at $7.57. 



July corn closed higher on Tuesday as it extends the rebound off last-Wednesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 50-day moving average crossing at $7.72 3/4 would signal that a short-term low has been posted. If July renews the decline off April's high, the 25% retracement of 2020-2022 rally crossing at$7.12 1/2. First resistance is the 50-day moving average crossing at $7.72 3/4. 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 down $0.21 1/4 at $10.71 3/4.  



July wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 $11.43 3/4 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $10.99 3/4. Second resistance is the 20-day moving average crossing at $11.43 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 down $0.20 3/4-cents at $11.49 1/4.

 

July Kansas City wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 $12.30 1/2 would signal that a short-term low has been posted. First resistance is the May 27th high crossing at $12.51. 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 $0.03 1/4-cents at $12.27 1/4.



July Minneapolis wheat closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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 $11.98 1/2 would opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $12.79 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 $11.98 1/2. 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 $0.29 at $17.28 1/4.



July soybeans closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. 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. Closes below the 50-day moving average crossing at $16.62 would signal that a short-term top has been posted. 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 $16.62. Second support is the 25% retracement level of the 2021-2022 rally crossing at $16.15 1/4.



July soybean meal closed up $10.30 at $417.40. 



July soybean meal posted a key reversal up as it closed higher on Tuesday consolidating some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday'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 last-week's decline, May's low crossing at $395.00 is the next downside target. Multiple closes above the 50-day moving average crossing at $434.20 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $434.20. 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 38 pts. at 81.57. 



July soybean oil closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday'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 78.49 would open the door for a larger-degree decline near-term. First resistance is May's high crossing at 84.64. Second resistance is April's high crossing at 87.65. First support is last-Wednesday's low crossing at 76.61. 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 up $0.33 at $109.30. 



July hogs closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $107.68 would signal that a short-term top has been posted. Closes above the 50-day moving average crossing at $112.61 would open the door for additional gains. First resistance is the 50-day moving average crossing at $112.61. Second resistance is the April 22nd high crossing at $121.08. First support is the 20-day moving average crossing at $107.68. Second support is May's low crossing at $97.37. 



August cattle closed up $1.28 at $134.18 



August cattle closed higher on Tuesday as it extends this week's rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off last-week's low, the 50-day moving average crossing at $135.55 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 $135.55. 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 up $0.68 at $172.65. 



August Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, May's high crossing at $177.50 is the next upside target. Closes below the 20-day moving average crossing at $168.33 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 $168.33. 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 lower on Tuesday following a two-day correction. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at 22.35 would signal that a short-term top has been posted. If July resumes 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 22.98. Second support is the 50-day moving average crossing at 22.30.                   



July cocoa close slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling 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 25.43 is the next upside target. 



July sugar gapped down and closed sharply lower on Tuesday leaving Monday as a possible one-day island top. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, May's low crossing at 18.30 is the next downside target. Closes above Monday's high crossing at 19.76 would confirm that a short-term low has been posted.                    



July cotton closed lower on Tuesday as it remains below the 50-day moving average crossing at 140.43 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 Wednesday. 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 142.37 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. 

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By metmike - June 7, 2022, 7:04 p.m.
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Thanks tallpine!