KEY EVENTS TO WATCH FOR:
Wednesday, June 22, 2022
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 307.4)
Composite Idx, W/W% (previous +6.6%)
Purchase Idx-SA (previous 225)
Purchase Idx-SA, W/W% (previous +8.1%)
Refinance Idx (previous 735.5)
Refinance Idx, W/W% (previous +3.7%)
8:30 AM ET. 1st Quarter State Quarterly Personal Income
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M%
Ret Sales Mo-to-Date, Y/Y% (previous +11.9%)
Latest Wk, Y/Y% (previous +11.4%)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +0.7M)
Gasoline Stocks, Net Chg (Bbls) (previous -2.2M)
Distillate Stocks, Net Chg (Bbls) (previous +0.2M)
Thursday, June 23, 2022
8:30 AM ET. 1st Quarter International Transactions
Current Account (USD) (expected -274.0B; previous -217.88B)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 225K; previous 229K)
Jobless Claims, Net Chg (previous -3K)
Continuing Claims (previous 1312000)
Continuing Claims, Net Chg (previous +3K)
9:45 AM ET. June US Flash Manufacturing PMI
PMI, Mfg (expected 56.1; previous 57.5)
9:45 AM ET. June US Flash Services PMI
PMI, Services (expected 53.5; previous 53.5)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 2095B)
Working Gas In Storage, Net Chg (Cbf) (previous +92B)
11:00 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 418.714M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.956M)
Gasoline Stocks (Bbl) (previous 217.474M)
Gasoline Stocks, Net Chg (Bbl) (previous -0.71M)
Distillate Stocks (Bbl) (previous 109.709M)
Distillate Stocks, Net Chg (Bbl) (previous +0.725M)
Refinery Usage (previous 93.7%)
Total Prod Supplied (Bbl/day) (previous 19.703M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.524M)
11:00 AM ET. June Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
Mfg Activity Idx (previous 19)
6-Mo Exp Prod Idx (previous 39)
Mfg Composite Idx (previous 23)
6-Mo Exp Composite Idx (previous 31)
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Federal Reserve Board releases annual bank stress test results
4:30 PM ET. Foreign Central Bank Holdings
Friday, June 24, 2022
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 279.8K)
Soybeans (Metric Tons) (previous 724.8K)
Wheat (Metric Tons) (previous 236.9K)
10:00 AM ET. May New Residential Sales
New Home Sales (expected 600K; previous 591K)
New Home Sales, M/M% (expected +1.5%; previous -16.6%)
New Home Sales Months Supply (previous 9.0)
10:00 AM ET. June University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (expected 50.2; previous 58.4)
End-Mo Expectations Idx (previous 55.2)
12-Month Inflation Forecast (previous 5.3%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 63.3)
Monday, June 27, 2022
8:30 AM ET. May Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +0.4%)
Dur Goods, Ex-Defense, M/M% (previous +0.3%)
Dur Goods, Ex-Transport, M/M% (previous +0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.8%)
10:00 AM ET. May Pending Home Sales Index
Pending Home Sales (previous 99.3)
Pending Home Sales Idx, M/M% (previous -3.9%)
Pending Home Sales Idx , Y/Y% (previous -9.1%)
10:30 AM ET. June Texas Manufacturing Outlook Survey
Business Activity (previous -7.3)
Mfg Production Idx (previous 18.8)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The September NASDAQ 100 was lower overnight.The low-range overnight trade sets the stage for a steady to 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 September extends this year's decline, the November-2020 low on the weekly continuation chart crossing at 10,942.25 is the next downside target. Closes above the 20-day moving average crossing at 12,054.64 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 12,054.64. Second resistance is the 50-day moving average crossing at 12,592.58. First support is last-Thursday's low crossing at 11,068.50. Second support is the November-2020 low on the weekly continuation chart crossing at 10,942.25.
The September S&P 500 was lower overnight following a three-day rebound off last-Thursday's low. Overnight trading 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 September extends this year's decline the 50% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at 3491.65 is the next downside target. Closes above the June 13th gap crossing at 3896.50 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3774.68. Second resistance is the 20-day moving average crossing at 3943.39. First support is last-Thursday's low crossing at 3642.00. Second support is the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were higher overnight as it extends last-week's trading range. The high-range overnight trade sets the stage for a 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 September renews the rally off last-Thursday's low, the 50-day moving average crossing at 138-03 is the next upside target. Closes above the 50-day moving average crossing at 138-03 would confirm that a short-term low has been posted. If September resumes the decline off May's high, the December-2013 low on the monthly continuation chart crossing at 127-23 is the next downside target. First resistance is the 20-day moving average crossing at 136-13. Second resistance is the 50-day moving average crossing at 138-03. First support is last-Thursday's low crossing at 131-01. Second support is the December-2013 low on the monthly continuation chart crossing at 127-23.
September T-notes was higher overnight as it extends last-week's trading range. Overnight trading sets the stage for a 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. Closes above the 50-day moving average crossing at 118.104 would signal that a short-term low has been posted. If September resumes the decline off May's high, the June-2009 low on the monthly continuation chart crossing at 112.255 is the next downside target. First resistance is the 20-day moving average crossing at 117.164. Second resistance is the 50-day moving average crossing at 118.104. First support is last-Tuesday's low crossing at 114.075. Second support is the June-2009 low on the monthly continuation chart crossing at 112.255.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
ENERGIES:August crude oil was sharply lower overnight and trading below key support marked by the 50-day moving average crossing at $107.01. Overnight trading 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. Closes below the 50-day moving average crossing at $107.01 would open the door for a possible test of May's low crossing at $95.47. Closes above the 20-day moving average crossing at $113.52 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $113.52. Second resistance is June's high crossing at $120.88. First support is the 50-day moving average crossing at $107.01. Second support is May's low crossing at $95.47.
August heating oil was steady to lower overnight as 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 the 20-day moving average crossing at $4.1425 would signal that a short-term top has been posted. If August extends the rally off May's low, monthly resistance on the continuation chart crossing at $4.7817 is the next upside target. First resistance is last-Friday's high crossing at $4.4898. Second resistance is monthly resistance on the continuation chart crossing at $4.7817. First support is the 20-day moving average crossing at $4.1425. Second support is is the 50-day moving average crossing at $3.7604.
August unleaded gas was lower overnight as it extends the decline off June's high. 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 the 50-day moving average crossing at $3.5454 would open the door for a larger-degree decline and possible test of the May 19th low crossing at 3.2904. Closes above the 20-day moving average crossing at 3.8384 would signal that a short-term low has been posted. First resistance is June's high crossing at $4.1237. Second resistance is unknown.First support is the 50-day moving average crossing at $3.5454. Second support is the May 19th low crossing at $3.2904.
August Henry natural gas was lower overnight as it extends the decline off June's high. Overnight trading 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 August extends the decline off June's high, May's low crossing at 6.507 is the next downside target. Closes above the 20-day moving average crossing at 8.159 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 7.895. Second resistance is the 20-day moving average crossing at 8.159. First support is May's low crossing at 6.507. Second support is the 50% retracement level of the 2020-2022 rally crossing at 5.947.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was steady to slightly 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $102.691 would signal that a short-term top has been posted. If September resumes this year's rally, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717 is the next upside target.First resistance is last-Wednesday's high crossing at $105.565. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717. First support is the 20-day moving average crossing at $103.090. Second support is the 50-day moving average crossing at $102.691.
The September Euro was steady to slightly low overnight. The high-range overnight trade sets the stage for a steady to slightly lower 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 50-day moving average crossing at $1.06919 would signal that a short-term low has been posted. If September renews the decline off May's high, May's low crossing at $1.04255 is the next downside target. First resistance is the 50-day moving average crossing at $1.06919. Second resistance is May's high crossing at $1.08530. First support is last-Wednesday's low crossing at $1.04280. Second support is May's low crossing at $1.04255.
The September British Pound was steady to slightly lower overnight. Overnight trading sets the stage for a steady to slightly lower 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. Closes above the 20-day moving average crossing at 1.2415 would signal that a short-term low has been posted. If September renews this year's decline, the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1914 is the next downside target. First resistance is the 20-day moving average crossing at 1.2415. Second resistance is the 50-day moving average crossing at 1.2528. First support is last-Tuesday's low crossing at 1.1952. Second support is the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1914.
The September Swiss Franc was slightly high overnight as it extends the trading range of the past three-days. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off last-Wednesday's low, May's high crossing at 1.05470 is the next upside target. Closes below the 10-day moving average crossing at 1.02722 would signal that a short-term top has been posted. First resistance is May's high crossing at 1.05470. Second resistance is the 38% retracement level of this year's decline crossing at 1.06242. First support is the 10-day moving average crossing at 1.02722. Second support is last-Wednesday's low crossing at 1.00235. Third support is May's low crossing at 1.00170.
The September Canadian Dollar was lower overnight as it consolidates some of the rally off last-Friday's low. The low-range overnight trade sets the stage for a steady to 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 September extends the aforementioned decline, the 50% retracement level of the 2020-2021 rally crossing at $75.79 is the next downside target. Closes above the 20-day moving average crossing at $78.28 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $78.28. Second resistance is June's high crossing at $79.84. First support is May's low crossing at $76.46. Second support is the 50% retracement level of the 2020-2021 rally crossing at $75.79.
The September Japanese Yen was higher overnight as it consolidates some of Tuesday's decline. Overnight strength sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and 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 0.076041 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.076041. Second resistance is the 50-day moving average crossing at 0.077407. First support is the overnight low crossing at 0.073580. Second support is the September-1990 low on the monthly continuation chart crossing at 0.072160.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Augustgold was higher overnight and sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If August extends the decline off June's high, May's low crossing at $1792.00 is the next downside target. Closes above the 50-day moving average $1875.00 would signal that a short-term low has been posted. First resistance is the 50-day moving average $1875.00. Second is June's high crossing at $1882.50. First support is last-Tuesday's low crossing at $1806.10. Second support is May's low crossing at $1792.00.
July silver was lower overnight. The mid-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 neutral to lower signaling that sideways trading is possible near-term. If July resumes the rally off last-Tuesday's low, the 50-day moving average crossing at $22.558 is the next upside target. If July renews this month's decline, May's low crossing at $20.420 is the next downside target. First resistance is June's high crossing at $22.565. Second resistance is the 50-day moving average crossing at 22.558. First support is last-Tuesday's low crossing at $20.845. Second support is May's low crossing at $20.420.
July copper was lower overnight as it extends the decline off June's high. Overnight trading 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 July extends the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at 3.5861 is the next downside target. Closes above the 20-day moving average crossing at 4.2541 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.1288. Second resistance is the 20-day moving average crossing at 4.2541. First support is the 38% retracement level of the 2020-2022 rally crossing at 3.9230. Second support is the 50% retracement level of the 2020-2022 rally crossing at 3.5861.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was higher overnight as it consolidated some of the decline off last-Friday's high. Overnight trading sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the June 13th low crossing at $7.58 1/2 would signal that a short-term top has been posted. If July extends the rally off June's low, the May 16th high crossing at $8.10 1/4 is the next upside target. First resistance is the May 16th high crossing at $8.10 1/4. Second resistance is April's high crossing at $8.24 1/2. First support is the 20-day moving average crossing at $7.62 1/4. Second support is the June 13th low crossing at $7.58 1/2.
July wheat was higher overnight as it consolidates some of Tuesday's sharp sell off. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold and remain neutral signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 62% retracement level of the January-May high crossing at $9.45 1/2 is the next downside target. Closes above the 50-day moving average crossing at $11.02 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.46 3/4. Second resistance is the 20-day moving average crossing at $10.73. First support is the 62% retracement level of the January-May rally crossing at $9.45 1/2. Second support is the 75% retracement level of the January-May high crossing at $8.73.
July Kansas City wheat was higher overnight as it consolidated some of the decline off the June 13th high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral signaling that sideways trading is possible near-term. If July extends the decline off May's high, the 62% retracement level of this year's rally crossing at $9.91 the next downside target. Closes above the 50-day moving average crossing at $11.77 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $11.25 1/2. Second resistance is the 20-day moving average crossing at $11.53 1/4. First support is the 62% retracement level of the January-May rally crossing at $9.91. Second support is the 75% retracement level of the January-May rally crossing at $9.08.
July Minneapolis wheat was higher overnight as it consolidated some of last-Thursday's high. Overnight trading sets the stage for a steady to higher 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 July extends the aforementioned decline, the 62% retracement level of the January-May rally crossing at $10.76 is the next downside target. Closes above the 50-day moving average crossing at $12.20 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $11.93. Second resistance is the 50-day moving average crossing at $12.20 1/4. First support is the 62% retracement level of the January-May rally crossing at $10.76. Second support is the 75% retracement level of the January-May high crossing at $10.04.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans was lower overnight as it extends the decline off June's high. Overnight trading sets the stage for a steady to 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. Closes below the 50-day moving average crossing at $16.80 3/4 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at $17.11 1/2 would temper the near-term bearish outlook. First resistance is June'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 $16.80 3/4. Second support is May's low crossing at $15.78.
July soybean meal was steady to slightly lower overnight as it consolidates some of last-week's rally. Overnight trading 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 July extends last-week's rally, the April 21st high crossing at $467.80 is the next upside target. Multiple closes below the June 7th low crossing at $404.00 or above the May 31st high crossing at $436.50 are needed to mark a breakout of the aforementioned trading range. First resistance is Tuesday's high crossing at $440.00. Second resistance is the April 21st high crossing at $467.80. First support is the 50% retracement level of the June 7th low crossing at $404.00. Second support is May's low crossing at $395.00.
July soybean oil was sharply lower lower overnight as it extends the decline off June's high. The low-range overnight trade sets the stage for a steady to 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 July extends this month's decline, the 50% retracement level of the December-April rally crossing at 69.46 is the next downside target. Closes above the 50-day moving average crossing at 79.89 would signal that a short-term low has been posted. First resistance is the May 16th high crossing at 84.64. Second resistance is April's high crossing at 87.65. First support is the 50% retracement level of the December-April rally crossing at 69.46. Second support is April's low crossing at $67.52.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August hogs closed up $1.73 at $109.60.
August hogs closed higher on Tuesday and closed above the 50-day moving average. The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at $109.25 would confirm that a low has been posted. If July renews this month's decline, the May 13th gap crossing at $101.30 is the next downside target. First resistance is June's high crossing at $114.00. Second resistance is the April 28th high crossing at $114.30. First support is last-Monday's low crossing at $103.53. Second support is the May 16th gap crossing at $101.30.
August cattle closed down $0.33 at $136.25
August cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If August extends the rally off last-Monday's low, the bottom of the April 25th gap crossing at $138.75 is the next upside target. Closes below last-Monday's low crossing at $132.45 would confirm that a short-term top has been posted. First resistance is the June 9th high crossing at $137.95. Second resistance is the bottom of the April 25th gap crossing at $138.75. Third resistance is the top of the April 25th gap crossing at $140.27. First support is last-Monday's low crossing at $132.45. Second support is May's low crossing at $129.97.
August Feeder cattle closed up $2.48 at $175.43.
August Feeder cattle gapped up and 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews 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 $171.13 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 $171.13. Second support is the May 31st low crossing at $164.75. Third support is May's low crossing at $162.80.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September 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 signaling that sideways trading is possible. Closes above the June 9th high crossing at 23.58 would temper the bearish outlook. If September renews the decline off June's high, the May 24th low crossing at 21.10 is the next downside target. First resistance is the June 9th high crossing at $23.58. Second resistance is June's high crossing at 24.20. First support is the June 13th low crossing at 21.90. Second support is the May 24th low crossing at 21.10.
September cocoa gapped up and close higher on Tuesday as it extended the rally off last-week's low. Today's close above the 20-day moving average crossing at 24.61 signals that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 50-day moving average crossing at 25.20 is the next upside target. If September renews the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target.
October sugar closed slightly higher on Tuesday. The low-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 October extends the decline off May's high, the February 28th low crossing at 17.57 is the next downside target. Closes above the 50-day moving average crossing at 19.42 would confirm that a short-term low has been posted.
October cotton gapped down and closed sharply lower on Tuesday as it resumed the decline off May's high. The low-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 that sideways to lower prices are possible near-term. If October extends the decline off May's high, the 25% retracement level of the 2020-2022 rally crossing at 119.16 is the next downside target. Closes above the 50-day moving average crossing at 129.59 would signal that a short-term low has been posted.
Thanks tallpine!