KEY EVENTS TO WATCH FOR:

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. 1^st 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 sharply lower on Thursday as it extended the trading range of the past eight-days.The low-range close sets the stage for a steady to lower opening when Friday'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 33,336.42 is the next upside target. Closes below the 20-day moving average crossing at 32,411.48 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 33,336.42. Second resistance is the May 4^th high crossing at 31,117.74. First support is the 20-day moving average crossing at 32,411.48. Second support is May's low crossing at 31,395.89.   

The June NASDAQ 100 closed lower on Thursday while extending the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Friday'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 13,152.19 is the next upside target. Closes below the 20-day moving average 12,327.17 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 13,152.19. First support is the 20-day moving average crossing at 12,327.17. Second support is May's low crossing at 11,491.25. 

The June S&P 500 closed lower on Thursday as it extended the trading range of the past two-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 4041.91 would signal that a short-term top has been posted. If June renews the rally off May's low, the 50-day moving average crossing at 4209.90 is the next upside target. First resistance is last-Tuesday's high crossing at 4202.25. Second resistance is the 50-day moving average crossing at 4209.90. First support is the 20-day moving average crossing at 4041.91. Second support is the 87% retracement level of the 2021-2020 rally crossing at 3894.79.  

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June T-bonds closed up 3-pts. at 138-03. 

June T-bonds closed higher on Thursday.The high-range close sets the stage for a steady to higher opening when Friday'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 the decline off May's high, May's low crossing at 134-30 is the next downside target. Closes above the 50-day moving average crossing at 141-08 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 27^th 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 137-10. Second support is May's low crossing at 134-30.

June T-notes closed down 70 pts. at 118.125.

June T-notes closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling 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 50-day moving average crossing at 119.227 would signal that a short-term low has been posted. 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 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 ""

July crude oil posted an inside day with a lower close on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off the April 25^th low, monthly resistance crossing at $130.50 is the next upside target. Closes below the 20-day moving average crossing at $113.42 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $123.18. Second resistance crossing at monthly resistance crossing at $130.50. First support is the 20-day moving average crossing at $113.41. Second support is the 50-day moving average crossing at $106.02.  

July heating oil closed higher on Thursday as it posted a new contract high. The high-range close sets the stage for a steady to higher opening when Friday'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 $3.9299 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.4667. 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 $4.1730. Second support is the 20-day moving average crossing at $3.9299.     

July unleaded gas closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 $3.9038 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 $3.9038. Second support is the 50-day moving average crossing at $3.5203. 

July Henry natural gas posted an upside reversal on Thursday leaving Wednesday's key reversal down unconfirmed. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 8.118 would confirm that a top has been posted. 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. First resistance is Wednesday's high crossing at 9.664. 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 7.676.       

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

The June Dollar closed higher on Thursday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening when Friday's nights session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $102.59 signals that a short-term low has been posted. Closes below the 50-day moving average crossing at $101.96 would open the door for a larger-degree decline. First resistance is the May 18^th high crossing at $103.96. Second resistance is May's high crossing at $105.07. First support is May's low crossing at $101.30. Second support is the April 21^st low crossing at $99.81.  

The June Euro posted a huge key reversal down on Thursday and spiked below the lower boundary of the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday'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 the 20-day moving average crossing at $106.33 would mark a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. Closes above May's high crossing at $107.94 opens the door for additional gains near-term. First resistance is May's high crossing at $107.94. Second resistance is the April 21^st high crossing at $109.59. First support is the 20-day moving average crossing at $106.33. Second support is May's low crossing at $103.62.

The June British Pound closed lower on Thursday 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 Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below Tuesday's low crossing at 1.2431 would mark a downside breakout of the aforementioned trading range. If June renews the rally off May's low, the 50-day moving average crossing at 1.2673 is the next upside target. First resistance is the May high crossing at 1.2667. Second resistance is the 50-day moving average crossing at 1.2673. First support is Tuesday's low crossing at 1.2431. Second support is May's low crossing at 1.2156. 

The June Swiss Franc closed lower on Thursday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are 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 0.99485 is the next downside target. Closes above the 50-day moving average crossing at 1.04122 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.04122. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.05683. First support is today's low crossing at 1.02000. Second support is May's low crossing at 0.99485.

The June Canadian Dollar closed sharply lower on Thursday 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 Friday's night session begins trading. Stochastics and the RSI overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 78.64 would signal that a short-term top has been posted. If June renews the rally off May's low, the April 21^st high crossing at 80.24 is the next upside target. First resistance is Wednesday's high crossing at 79.88. Second resistance is the April 21^st high crossing at 80.24. First support is the 50-day moving average crossing at 78.64. Second support is the 20-day moving average crossing at 78.46. 

The June Japanese Yen closed lower for the fifth-day in a row on Thursday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday’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 0.078243 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.077327. Second resistance is the 50-day moving average crossing at 0.078243. First support is today's low crossing at 0.074320. 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 Thursday as it extended the trading range of the past three-weeks. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below last-Wednesday's low crossing at $1830.20 are needed to confirm a downside breakout of the aforementioned trading range. If August renews the rally off May's low, the 50-day moving average crossing at $1893.60 is the next upside target. First resistance is the 50-day moving average crossing at $1893.60. 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night 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 21.410 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off May's low, the 50-day moving average crossing at 23.153 is the next upside target.First resistance is Monday's high crossing at 22.565. Second resistance is the 50-day moving average crossing at 23.153. First support is last-Wednesday's low crossing at 21.410. Second support is May's low crossing at 20.240. 

July copper closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night 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 4.3124 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 4.3124. Second support is the May 26^th low crossing at 4.2035.

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

July Corn closed up $0.08 1/2-cents at $7.73. 

July corn closed higher on Thursday as it extends the rally off June's low. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $7.74 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 $7.74 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 $0.03 1/2 at $10.71 1/4.  

July wheat closed lower on Thursday. The high-range close sets the stage for a steady to slightly lower opening when Friday'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 20-day moving average crossing at $11.40 1/2 would signal that a short-term low has been posted. If July renews 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. First resistance the 50-day moving average crossing at $11.00. Second resistance is the 20-day moving average crossing at $11.40 1/2. First support is the 50% retracement level of the January-May's rally crossing at $10.10 1/4. Second support is the 62% retracement level of the January-May's rally crossing at $9.45 1/2. 

July Kansas City Wheat closed down $0.01 1/4-cents at $11.53 3/4.

July Kansas City wheat closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 $12.27 would signal that a short-term low has been posted. First resistance is the May 27^th 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 $0.10 1/2-cents at $12.24.

July Minneapolis wheat closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $12.79 1/4 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at $12.05 1/4 would opening the door for additional weakness near-term. First resistance is the May 27^th 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 $12.05 1/4. Second support is May's low crossing at $11.54 1/4. 

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

July soybeans closed up $0.29 at $17.69.

July soybeans closed higher on Thursday and posted an upside breakout of the February-June trading range while falling just short of test the all-time high crossing at $17.89. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher possible near-term. Closes above the all-time high crossing at $17.89 would open the door into uncharted territory. Closes below the 50-day moving average crossing at $16.66 3/4 would signal that a short-term top has been posted.First resistance is today's high crossing at $17.84. Second resistance is the all-time high crossing at $17.89. First support is the 50-day moving average crossing at $16.66 3/4. Second support is May's low crossing at $15.78 1/4.  

July soybean meal closed up $11.90 at $427.50. 

July soybean meal closed higher on Thursday as it extends the rally off Tuesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at $432.40 would signal that a short-term low has been posted. If July resumes last-week's decline, May's low crossing at $395.00 is the next downside target. First resistance is the 50-day moving average crossing at $432.40. Second resistance is the April 21^st 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 31 pts. at 82.63. 

July soybean oil closed lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 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 78.99 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 down $3.02 at $104.92. 

July hogs closed lower on Thursday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Today's close below the 20-day moving average crossing at $108.10 signals that a short-term top has been posted. Closes above the 50-day moving average crossing at $111.88 would open the door for additional gains. First resistance is the 50-day moving average crossing at $111.88. Second resistance is the April 22^nd high crossing at $121.08. First support is today's low crossing at $103.88. Second support is May's low crossing at $97.37. 

August cattle closed down $0.48 at $137.05 

August cattle closed lower on Thursday due to profit taking as it consolidates some of this week's rally.  The low-range close sets the stage for a steady to lower opening on Friday. 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 last-week's low, the bottom of the April 25^th gap crossing at $138.75 is the next upside target. Closes below the 20-day moving average crossing at $133.19 would signal that a short-term top has been posted. First resistance is the bottom of the April 25^th gap crossing at $138.75. Second resistance is the top of the April 25^th gap crossing at $140.27. First support is Tuesday's low crossing at $132.70. Second support is May's low crossing at $129.75.   

August Feeder cattle closed down $0.10 at $175.55. 

August Feeder cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 $168.79 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 22^nd high crossing at $178.23. First support is the 20-day moving average crossing at $168.79. 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 Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at 22.57 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 20-day moving average crossing at 22.57. Second support is the 50-day moving average crossing at 22.37.                  

July cocoa close lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 25.35 is the next upside target. 

July sugar closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week'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 sharply higher on Thursday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at 142.40 confirms that a short-term low has been posted. If July renews the decline off May's high, April's low crossing at 130.25 is the next downside target.