KEY EVENTS TO WATCH FOR:

Wednesday, June 15, 2022  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 288.4)

                       Composite Idx, W/W% (previous -6.5%)

                       Purchase Idx-SA (previous 208.2)

                       Purchase Idx-SA, W/W% (previous -7.1%)

                       Refinance Idx (previous 709.5)

                       Refinance Idx, W/W% (previous -5.6%)

8:30 AM ET. May Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +0.9%)

                       Sales, Ex-Auto, M/M% (previous +0.6%)

                       Sales, Ex-Auto & Gas, M/M% (previous +1.0%)

8:30 AM ET. May Import & Export Price Indexes

                       Import Prices (previous +0%)

                       Non-Petroleum Prices (previous +0.4%)

                       Petroleum Prices (previous -2.9%)

8:30 AM ET. June Empire State Manufacturing Survey

                       Mfg Idx (previous -11.6)

                       Employment Idx (previous 14.0)

                       New Orders Idx (previous -8.8)

                       Prices Received (previous 45.6)

10:00 AM ET. June NAHB Housing Market Index

                       Housing Mkt Idx (previous 69)

10:00 AM ET. April Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +2.0%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 416.758M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +2.025M)

                       Gasoline Stocks (Bbl) (previous 218.184M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.812M)

                       Distillate Stocks (Bbl) (previous 108.984M)

                       Distillate Stocks, Net Chg (Bbl) (previous +2.592M)

                       Refinery Usage (previous 94.2%)

                       Total Prod Supplied (Bbl/day) (previous 20.227M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.715M)

2:00 PM ET. U.S. interest rate decision

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 1.00)

                       Fed Funds Rate-Range Low (previous 0.75)

                       FOMC Vote For Action (previous 10)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 1.00)

                       Discount Rate Change (Pts) (previous +0.50)

                       Discount Rate-Range High

                       Discount Rate-Range Low

2:00 PM ET. Federal Reserve economic projections

                       Median Fed Funds Rate - 2022 (previous 1.9%)

                       Median Fed Funds Rate - 2023 (previous 2.8%)

                       Median Fed Funds Rate - 2024 (previous 2.8%)

4:00 PM ET. April Treasury International Capital Data

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

The Dow closed lower for the fourth-day in a row on Tuesday.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 bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this year's decline, the 38% retracement level of the 2020-2021 rally crossing at 29,814.73 is the next downside target. Closes above the 10-day moving average crossing at 32,239.96 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 31,387.84. Second resistance is last-Friday's gap crossing at 32,267.78. First support is today's low crossing at 30,247.17. Second support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73.   

The June NASDAQ 100 closed slightly higher on Tuesday. Today's 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 bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, weekly support crossing at 10,942.25 is the next downside target. Closes above the 10-day moving average 12,261.80 would signal that a short-term low has been posted. First resistance is today's gap crossing at 11,823.00. Second resistance is the 50-day moving average crossing at 12,940.28. First support is today's low crossing at 11,240.00. Second support is weekly support crossing at 10,942.25. 

The June S&P 500 closed lower on Tuesday as it posted a new contract low. 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 the aforementioned decline, weekly support crossing at 3656.50 is the next downside target. Closes above the 10-day moving average crossing at 4016.25 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4016.25. Second resistance is the 50-day moving average crossing at 4162.80. First support is today's low crossing at 3719.00. Second support is weekly support crossing at 3656.50. 

INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""

June T-bonds closed down 1-10pts. at 132-09. 

June T-bonds closed lower on Tuesday as it extended the decline off May's high and posted a new low for the year. 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 the decline off May's high, the December-2013 low on the monthly continuation chart crossing at 127-23 is the next downside target. Closes above the 50-day moving average crossing at 140-10 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 140-10. Second resistance is May's high crossing at 142-22. First support is today's low crossing at 132-12. Second support is the December-2013 low on the monthly continuation chart crossing at 127-23.

June T-notes closed down 250 pts. at 115.005.

June T-notes closed lower on Tuesday as it posted a new low for the year. 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 sideways to lower prices are possible near-term. If June extends the decline off May's high, the 62% retracement level of the 2000-2020 rally crossing at 111.233 is the next downside target. Closes above the 50-day moving average crossing at 119.101 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 117.080. Second resistance is the 50-day moving average crossing at 119.101. Second resistance is May's high crossing at 120.310. First support is today's low crossing at 114.310. Second support is the 62% retracement level of the 2000-2020 rally crossing at 111.233. 

ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""

July crude oil posted a downside reversal as it closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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 $115.16 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If July extends the rally off the April 25^th low, monthly resistance crossing at $130.50 is the next upside target. First resistance is last-Wednesday's high crossing at $123.18. Second resistance crossing at monthly resistance crossing at $130.50. First support isthe 20-day moving average crossing at $115.16. Second support is the 50-day moving average crossing at $107.27.  

July heating oil closed higher on Tuesday. The mid-range close sets the stage for a steady to higher 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 $4.0165 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $4.5135. Second resistance is the March-2022 high on the weekly continuation chart crossing at $4.6709. First support is the 20-day moving average crossing at $4.0165. Second support is the 50-day moving average crossing at $3.7215.     

July unleaded gas closed lower on Tuesday as it extended the decline off last-Friday's high. The low-range close sets the stage for a steady to lower 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 $3.9496 would confirm that a short-term top has been posted. If July renews the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Monday's high crossing at 4.3260. Second resistance is unknown. First support is the 20-day moving average crossing at $3.9496. Second support is the 50-day moving average crossing at $3.5794. 

July Henry natural gas closed sharply lower on Tuesday and below the 50-day moving average crossing at 7.824 confirming that a short-term top has been posted. 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 bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, May's low crossing at 6.521 is the next downside target. Closes above last-Friday's high crossing at 9.149 would signal that a short-term low has been posted. First resistance is last-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 May's low crossing at 6.521. Second support is the 38% retracement level of the 2020-2022 rally crossing at 6.861 is the next downside target.       

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

The September 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 nights session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the rally off May's low, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717 is the next upside target.Closes below the 50-day moving average crossing at $102.12 would open the door for a larger-degree decline. First resistance is today's high crossing at $105.45. Second resistance isthe 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717. First support is the 10-day moving average crossing at $103.03. Second support is the 50-day moving average crossing at $102.12.   

The September Euro closed lower on Tuesday as it extends the decline off May's high. 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 September extends the aforementioned decline, May's low crossing at $1.04255 is the next downside target. Closes above May's high crossing at $1.08530 confirms that a low has been posted while opening the door for additional gains near-term. First resistance is May's high crossing at $1.08530. Second resistance is the April 21^st high crossing at $1.10200. First support is today's low crossing at $1.04640. Second support is May's low crossing at $1.04255. 

The September British Pound closed sharply lower for the fifth-day in a row on Tuesday. 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 bearish signaling sideways to lower prices are possible near-term. If September extends today's decline, the March-2020 low crossing at 1.1575 is the next downside target. Closes above the 20-day moving average crossing at 1.2484 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2484. Second resistance is the 50-day moving average crossing at 1.2626. First support is today's low crossing at 1.1952. Second support is the March-2020 low crossing at 1.2484.  

The September Swiss Franc closed lower for the eighth-day in a row on Tuesday as it extends the decline off May's high. 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 bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, May's low crossing at 1.00170 is the next downside target. Closes above the 20-day moving average crossing at 1.03497 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.03497. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.06242. First support is today's low crossing at 1.00355. Second support is May's low crossing at 1.00170.

The September Canadian Dollar closed lower for the fifth-day in a row on Tuesday as it extended the decline off last-Wednesday's high.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 bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 87% retracement level of the May-June rally crossing at 76.89 is the next downside target. Closes above the 20-day moving average crossing at 78.51 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.51. Second resistance is the 10-day moving average crossing at 78.88. First support is the 87% retracement level of the May-June rally crossing at 76.89. Second support is May's low crossing at 76.46.  

The September Japanese Yen closed lower on Tuesday as it extended the decline off May's high. 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 September extends the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. Closes above the 20-day moving average crossing at 0.077231 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.077231. Second resistance is the 50-day moving average crossing at 0.078192. First support is today's low crossing at 0.074285. Second support is the August-1998 low on the monthly continuation chart crossing at 0.068730.    

PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""

August gold closed lower following Monday's key reversal down and closed lower on Tuesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, May's low crossing at $1792.00 is the next downside target. Closes above the 50-day moving average crossing at $1887.40 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $1887.40. Second resistance is the 38% retracement level of the March-May decline crossing at $1905.00. First support is May's low crossing at $1792.00. Second support is the 87% retracement level of the 2021-2022 rally crossing at $1743.10.  

July silver closed lower on Tuesday. 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 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 20.420. If July renews the rally off May's low, the 50-day moving average crossing at 22.936 is the next upside target. First resistance is last-Monday's high crossing at 22.565. Second resistance is the 50-day moving average crossing at 22.936. First support is today's low crossing at 20.845. Second support is May's low crossing at 20.420. 

July copper closed lower on Tuesday as it extended the decline off June's high. 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 bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, May's low crossing at 4.0370 is the next downside target. Closes above the 50-day moving average crossing at 4.4271 would signal that a short-term low has been posted. First resistance is June's high crossing at 4.5770. Second resistance is the 62% retracement level of the March-May decline crossing at 4.6394. First support is today's low crossing at 4.1160. Second support is May's low crossing at 4.0370.

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

July Corn closed down $0.01-cent at $7.68 1/4. 

July corn closed lower on Tuesday. The high-range close sets the stage for a steady to lower 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. Closes above the 50-day moving average crossing at $7.77 1/4 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 $7.77 1/4. Second resistance is May's high crossing at $8.10 1/4. First support is June'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 a $0.20 3/4-cents at $10.50 1/4.  

July wheat closed lower on Tuesday as it extends this month's trading range. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at $11.20 would signal that a short-term low has been posted. First resistance the 50-day moving average crossing at $11.03 3/4. Second resistance is the 20-day moving average crossing at $11.20. 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 $0.19 1/2-cents at $11.49 1/4.

July Kansas City wheat closed lower on Tuesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $12.05 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 is the next downside target. 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 $0.13 1/4-cents at $12.08 1/2.

July Minneapolis wheat closed lower on Tuesday as it extends this month's trading range. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below June's low crossing at $11.90 would opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $12.60 1/2 would signal that a short-term low has been posted. 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 June's low crossing at $11.90. 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 down $0.09 at $16.98 1/2.

July soybeans closed lower for the third-day in a row on Tuesday 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 Wednesday's night 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 $17.07 signals that a short-term top has been posted. Closes above the all-time high crossing at $17.89 would open the door into uncharted territory. First resistance is last-Thursday'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 $16.73 1/2. Second support is May's low crossing at $15.78 1/4.  

July soybean meal closed down $4.10 at $411.00. 

July soybean meal closed lower on Tuesday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the decline off March's high, May's low crossing at $395.00 is the next downside target. Multiple closes above the 50-day moving average crossing at $430.10 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $430.10. 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 123-pts. at 78.28. 

July soybean oil closed lower on Tuesday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below June's low crossing at 76.61 would open the door for a larger-degree decline near-term. If July renews the rally off June's low, May's high crossing at 84.64 is the next upside target. First resistance is May's high crossing at 84.64. Second resistance is April's high crossing at 87.65. First support is June'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 $0.08 at $106.60. 

July hogs closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 $110.94 would confirm that a low has been posted. If July extends this month's decline, the May 13^th gap crossing at $101.30 is the next downside target. First resistance is the 50-day moving average crossing at $110.94. Second resistance is June's high crossing at $114.00. First support is Monday's low crossing at $103.53. Second support is the May 16^th gap crossing at $101.30. 

August cattle closed up $0.43 at $134.30 

August cattle posted an inside day with a higher close on Tuesday as it consolidated some of the decline off last-Thursday's high.  The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 $133.47 would confirm that a short-term top has been posted. Closes above Monday's gap crossing at $136.03 would signal that a low has likely 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 the 20-day moving average crossing at $133.47. Second support is May's low crossing at $129.97.    

August Feeder cattle closed up $0.03 at $171.35. 

August Feeder cattle closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 $169.57 would signal that a short-term top has been posted. If August renews the rally off May's low, May's high crossing at $177.50 is the next upside target. 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 $169.57. Second support is the May 31^st 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 Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If July extends the decline off June's high, the May 24^th low crossing at 21.10 is the next downside target. Closes above last-Thursday's high crossing at 23.57 would temper the near-term bearish outlook. First support is the May 24^th low crossing at 21.10. Second support is May's low crossing at 20.23.                  

July cocoa close lower on Tuesday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If July extends the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target. Closes above the 20-day moving average crossing at 24.48 would signal that a short-term low has been posted. 

July sugar closed lower on Tuesday as it extended the decline off May's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 last-Thursday's high crossing at 19.45 would confirm that a short-term low has been posted.                    

July cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, April's low crossing at 130.25 is the next downside target. If July extends this month's rally, the May 17th high crossing at 151.95 is the next upside target.