INO Morning Market Commentary
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Started by tallpine - June 8, 2022, 7:52 a.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 STOCK INDEXES: The June NASDAQ 100 was lower overnight while extending last-week's trading range. The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is likely near-term. Closes below the 20-day moving average crossing at 12,304.59 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 13,208.42 is the next upside target. First resistance is the 50-day moving average crossing at 13,208.42. Second resistance is the April 20th high crossing at 14,298.00 First support is the 20-day moving average crossing at 12,304.59. Second support is May's low crossing at 11,491.25.



The June S&P 500 was slightly lower overnight as it extends last-week's trading range. Overnight trading sets the stage for a 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. If June extends the rally off May's low, the 50-day moving average crossing at 4221.45 is the next upside target. Closes below the 20-day moving average crossing at 4036.03 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 4221.45. First support is the 20-day moving average crossing at 4036.03. 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 lower overnight. The low-range overnight trade sets the stage for a lower 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 June extends the decline off last-Monday's high, May's low crossing at 134-30 is the next downside target. Closes above last-Monday's high crossing at 142-22 would open the door for a larger-degree rally. 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 Tuesday's low crossing at 137-16. Second support is May's low crossing at 134-30.



June T-notes was lower overnight and sets the stage for a lower 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 June extends the decline off May's high, May's low crossing at 117.085 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 Tuesday'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 ""



ENERGIES:July crude oil was higher overnight as it extends this year's rally. 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 this year's rally, monthly resistance crossing at $122.88 is the next upside target. Closes below the 20-day moving average crossing at $112.48 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $121.37. Second resistance is monthly resistance crossing at $122.88. First support the 20-day moving average crossing at $112.48. Second support is the 50-day moving average crossing at $105.56.  



July heating oil was steady to slightly higher overnight and 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 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 $3.8983 would signal that a short-term top has likely been posted.First resistance is Monday's high crossing at $4.4084. Second resistance is monthly resistance on the continuation chart crossing at $4.7817. First support is the 20-day moving average crossing at $3.8983. Second support is is the 50-day moving average crossing at $3.6260.



July unleaded gas was steady to slightly higher overnight and 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 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 $3.8658 would signal that a short-term top has been posted. First resistance is Monday's highcrossing at $4.3260. Second resistance is unknown.First support is the 10-day moving average crossing at $4.0368. Second support is the 20-day moving average crossing at $3.8658.    



July Henry natural gas was slightly higher overnight. Overnight strength sets the stage for a steady to 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 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. Closes below last-Tuesday's high crossing at 8.118 would confirm that a short-term top has been posted while opening the door for a possible test of the 50-day moving average crossing at 7.618. First resistance is Tuesday'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 high crossing at 8.118. Second support is the 50-day moving average crossing at 7.618.      



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



CURRENCIES:The June Dollar was steady to higher overnight. Overnight trading sets the stage for a steady to slightly higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 102.67 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 $102.67. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $101.85. 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 high-range overnight trade sets the stage for a steady to 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 the 20-day moving average crossing at $1.06298 would signal that a short-term top has been posted. 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. 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 $1.06298. Second support is May's low crossing at $1.03615.  



The June British Pound was lower overnight as it extends the trading range of the past three-weeks. Overnight weakness sets the stage for a steady to lower 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 1.2477 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 1.2685 is the next upside target. First resistance is the 50-day moving average crossing at 1.2685. Second resistance is the April 14th high crossing at 1.3145. First support is the 20-day moving average crossing at 1.2477. Second support is May's low crossing at 1.2156.



The June Swiss Franc was lower overnight as it extends the decline off May's high. The low-range overnight trade sets the stage for a lower opening when the day 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 1.02692 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 1.04541 would signal that a short-term low has been posted. First resistance is May's high crossing at 1.04840. Second resistance is the 38% retracement level of the 2021-2022 crossing at 1.05683. First support is the 20-day moving average crossing at 1.02694. Second support is May's low crossing at 0.99485. 

 

The June Canadian Dollar was lower overnight as it consolidates some of the rally off May's low. The mid-range overnight trade sets the stage for a steady to 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. 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 $78.67 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 $78.67. Second support is the 20-day moving average crossing at $78.37.



The June Japanese Yen was lower overnight as it extends this year's decline and sets the stage for a lower 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, 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 0.078388 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.077472. Second resistance is the 50-day moving average crossing at 0.078388. First support is the overnight low crossing at 0.074555. 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 slightly lower overnight and it extends the trading range of the past three-weeks. Overnight trading sets the stage for a steady to lower 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 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 $1895.00 is the next upside target. First resistance is the 50-day moving average $1895.00. 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 steady to lower overnight as it extends the trading range of the past Three-weeks. The low-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Wednesday's low crossing at $21.410 would signal that a short-term top has been posted. If July renews the rally off May's low, the 50-day moving average crossing at $23.212 is the next upside target. First resistance is the 50-day moving average crossing at 23.212. Second resistance is the 50% retracement level of the March-May decline crossing at $23.937. First support is last-Wednesday's low crossing at $21.410. Second support is May's low crossing at $20.420. 



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 have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.3026 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 20-day moving average crossing at 4.3026. Second support is the May 26th low crossing at 4.2035.  



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



July corn was higher overnight as it extends the rally off last-Wednesday's low. Overnight trading sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.73 1/2 would confirm that a short-term low has been posted. If July renews 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. First resistance is the 50-day moving average crossing at $7.73 1/2. 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 and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $11.43 1/4 would signal that a short-term low has been posted. If July resumes 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. First resistance is the 50-day moving average crossing at $10.99. Second resistance is the 20-day moving average crossing at $11.43 1/2. 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 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 and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $12.29 3/4 would signal that a short-term low has been posted. If July renews the decline off May's high, May's low crossing at $10.86 3/4 the next downside target. 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 higher overnight as it extends the rally off last-Friday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $12.81 1/4 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $12.01 3/4 would open the door for a possible test of the 50% retracement level of the January-May rally crossing at $11.40 1/2. 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 $12.01 3/4. 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 and has spiked to a new contract high marking a possible upside breakout of the February-June trading range. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are 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 $16.64 would confirm 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 $16.64. Second support is the May 9th low crossing at $15.78.  

 

July soybean meal was higher overnight following Tuesday's key reversal up. Overnight trading sets the stage for a steady to 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. Closes above the 10-day moving average crossing at $422.90 would temper the near-term bearish outlook. If July resumes last-week's decline, May's low crossing at $395.00 is the next downside target. First resistance is the 10-day moving average crossing at $422.90. Second resistance is the 50-day moving average crossing at $433.20. First support is the 50% retracement level of the October-March rally crossing at $403.40. Second support is May's low crossing at $395.00.



July soybean oil was higher overnight as it extends the rally off June'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 bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, 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 May's low crossing at 76.61. Second support is the 38% retracement level of the December-April 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. 

Comments
By metmike - June 8, 2022, 12:29 p.m.
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Thanks very much tallpine!