KEY EVENTS TO WATCH FOR:

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 Dow gapped up and closed sharply higher on Friday ending a three-week losing streak as investors digested Federal Reserve officials latest statements that indicate that they remained committed to lowering inflation. Today's rally filled the June 13^th gap crossing at 31,387.84, which strongly suggest that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 31,743.34 would confirm that a short-term low has been posted. If the Dow resumes this year's decline, the 50% retracement level of the 2020-2021 rally crossing at 27,601.58 is the next downside target. First resistance is the June 13^th gap crossing at 31,387.84. Second resistance is the 20-day moving average crossing at 31,743.34. First support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73. Second support is the 50% retracement level of the 2020-2021 rally crossing at 27,601.58.   

The September NASDAQ 100 closed sharply higher on Friday as it extended the rally off last-Thursday's low. Today's high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average 12,086.40 would signal that a short-term low has been posted. If September renews the decline off May's high, weekly support crossing at 10,942.25 is the next downside target. First resistance is the 20-day moving average crossing at 12,086.40. Second resistance is the 50-day moving average crossing at 12,565.17. First support is last-Thursday's low crossing at 11,092.50. Second support is weekly support crossing at 10,942.25. 

The September S&P 500 closed sharply higher on Friday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Today's rally fill last-Monday's gap crossing at 3896.50. If September extends today's rally, the 20-day moving average crossing at 3945.95 would confirm that a low has been posted while opening the door for additional gains near-term. If September renews this year's decline, the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65 is the next downside target. First resistance is the 20-day moving average crossing at 3945.95. Second resistance is the 50-day moving average crossing at 3945.95. 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.   

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September T-bonds closed down 1-05. at 135-30. 

September T-bonds closed lower on Friday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Monday'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 138-02 would signal that a short-term low has been posted. If September renews 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 50-day moving average crossing at 138-02. Second resistance is May's high crossing at 141-21. 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 closed down 115 pts. at 117.095.

September T-notes posted an inside day with a lower close on Friday as it consolidates some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 118.101 would confirm that a short-term low has been posted while opening the door for additional gains and a possible test of May's high. Closes below the 10-day moving average crossing at 116.045 would temper the near-term friendly outlook. If September renews the decline off May's high, the 62% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 111.233 is the next downside target. First resistance is the 50-day moving average crossing at 118.101. Second resistance is May's high crossing at 120.195. First support is June's low crossing at 114.075. Second support is the 62% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 111.233. 

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

August crude oil closed higher on Friday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this month's decline, May's low crossing at $95.47 is the next downside target. Closes above the 20-day moving average crossing at 113.35 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 113.35. Second resistance is June's high crossing at $123.68. First support is the May 19^th low crossing at $100.66. Second support is May's low crossing at $95.47.  

August heating oil posted an inside day with steady to slightly higher closed on Friday as it extended the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 13^th low crossing at $4.0924 would mark a potential downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. If August resumes the rally off May's low, the March-2022 high on the weekly continuation chart crossing at $4.6709 is the next upside target. First resistance is last-Friday's high crossing at $4.4898. Second resistance is the March-2022 high on the weekly continuation chart crossing at $4.6709. First support is the June 13^th low crossing at $4.0924. Second support is the 50-day moving average crossing at $3.7808.     

August unleaded gas closed higher on Friday as it consolidates above the 50-day moving average crossing at 3.5607. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at $3.5607 would open the door for additional weakness and a possible test of the May 19^th low crossing at $3.2904. Closes above the 20-day moving average crossing at $3.8505 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.8505. Second resistance is June's high crossing at $4.1237. First support is the 50-day moving average crossing at $3.5607. Second support is the May 19^th low crossing at $3.2904.

August Henry natural gas closed slightly lower on Friday as it extends the decline off June's high. The high-range close sets the stage for a steady to slightly lower opening when Monday'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 August extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at 5.947 is the next downside target. Closes above the 20-day moving average crossing at 8.013 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.263. Second resistance is the 50-day moving average crossing at 7.880. First support is today's low crossing at 6.062. Second support is the 50% retracement level of the 2020-2022 rally crossing at 5.947 is the next downside target.       

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

The September Dollar closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's nights session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $102.854 would open the door for a larger-degree decline. If September resumes 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. First resistance is June's high crossing at $105.57. Second resistance isthe 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 $103.324. Second support is the 50-day moving average crossing at $102.854.   

The September Euro posted a quiet inside day with a slightly higher close on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at $1.06869 would confirm that a low has been posted while opening the door for additional gains near-term. If September resumes the decline, May's low crossing at $1.04255 is the next downside target. First resistance is the 50-day moving average crossing at $1.06869. Second resistance is May's high crossing at $1.08530. First support is June's low crossing at $1.04280. Second support is May's low crossing at $1.04255. 

The September British Pound closed slightly higher on Friday. The low-range close sets the stage for a steady to slightly higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2400 would signal that a short-term low has been posted. If September renews this year's decline, the March-2020 low crossing at 1.1575 is the next downside target. First resistance is the 20-day moving average crossing at 1.2400. Second resistance is the 50-day moving average crossing at 1.2514. First support is June's low crossing at 1.1952. Second support is the March-2020 low crossing at 1.2484.  

The September Swiss Franc closed higher on Friday as it extended the rally off June's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 1.06242 is the next upside target. Closes below the 10-day moving average crossing at 1.03048 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.05635. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.06242. First support is the 10-day moving average crossing at 1.03048. Second support is June's low crossing at 1.00235. 

The September Canadian Dollar closed higher on Friday as it extended this week's trading range.The high-range close sets the stage for a steady to higher opening when Monday's night 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 78.25 would signal that a short-term low has been posted. If September resumes the decline off June's high, the 50% retracement level of the 2020-2021 rally crossing at 75.79 is the next downside target. First resistance is last-Thursday's high crossing at 77.76. Second resistance is the 50-day moving average crossing at 78.25. 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 closed slightly lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday’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 0.075803 would signal that a short-term low has been posted. If September renews the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. First resistance is the 20-day moving average crossing at 0.075803. Second resistance is the 50-day moving average crossing at 0.077285. First support is Wednesday's low crossing at 0.073580. Second support is the August-1998 low on the monthly continuation chart crossing at 0.068730.    

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August gold closed slightly lower on Friday as it extended the May-June trading range. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are 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 $1792.00 is the next downside target. Closes above the 50-day moving average crossing at $1871.60 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 $1871.60. Second resistance is the 38% retracement level of the March-May decline crossing at $1905.00. First support is last-Tuesday's low crossing at $1806.10. Second support is May's low crossing at $1792.00.  

July silver closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 resumes this month's decline, May's low crossing at 20.420 is the next downside target. Closes above the 20-day moving average crossing at 21.721 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 21.721. Second resistance is the 50-day moving average crossing at 22.453. First support is today's low crossing at 20.545. Second support is May's low crossing at 20.420. 

July copper closed slightly higher on Friday due to short covering ahead of the weekend but not before posted a new low for the year. The high-range close sets the stage for a steady to higher opening when Monday'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 month's decline, the 50% retracement level of the 2020-2021 rally crossing at 3.5861 is the next downside target. Closes above the 20-day moving average crossing at 4.2165 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.0410. Second resistance is the 20-day moving average crossing at 4.2165. First support is today's low crossing at 3.6400. Second support is the 50% retracement level of the 2020-2021 rally crossing at 3.5861..

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

July Corn closed down $0.03 1/5-cents at $7.50 1/4. 

July corn posted an inside day with a higher close on Friday due to short covering ahead of the weekend. The high-range close sets the stage for a steady to higher opening when Monday'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 the decline off last-Friday's high, June's low crossing at $7.20 1/2 is the next downside target. Closes above the 50-day moving average crossing at $7.79 1/4 would temper the near-term bearish outlook. First resistance is last-Friday's high crossing at $8.00. 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 $0.13 1/2-cents at $9.23 3/4.  

July wheat closed lower on Friday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday'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, the 75% retracement level of the January-May rally crossing at $8.73 is the next downside target. Closes above the 20-day moving average crossing at $10.50 1/4 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $10.16 3/4. Second resistance is the 20-day moving average crossing at $10.50 1/4. First support is today's low crossing at $9.21 1/2. Second support is the 75% retracement level of the January-May's rally crossing at $8.73.

July Kansas City Wheat closed down $0.12 1/2-cents at $9.92 1/2.

July Kansas City wheat closed lower on Friday as it extends the decline off May's high and tested the 62% retracement level of the January-May rally crossing at $9.91. The low-range close sets the stage for a steady to lower opening when Monday'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, the 75% retracement level of the January-May rally crossing at $9.08 is the next downside target. Closes above the 20-day moving average crossing at $11.29 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.93. Second resistance is the 20-day moving average crossing at $11.29. First support is the 62% retracement level of the January-May rallycrossing at $9.91. Second support is the 75% retracement level of the January-May rallycrossing at $9.08.

July Minneapolis wheat closed down $0.09 3/4-cents at $10.70 3/4.

July Minneapolis wheat closed lower on Friday as it extends the decline off May's low. The low-range close sets the stage for a steady to lower opening when Monday'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, the 75% retracement level of the January-May rally crossing at $10.04 is the next downside target. Closes above the 20-day moving average crossing at $11.97 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $11.60 1/2. Second resistance is the 20-day moving average crossing at $11.97 3/4. 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 rally crossing at $10.04.

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

July soybeans closed up $0.17 1/2 at $16.10 3/4.

July soybeans closed higher due to short covering ahead of the weekend on Friday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday'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 this week's decline, May's low crossing at $15.78 1/4 is the next downside target. Closes above the 20-day moving average crossing at $16.99 1/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $16.99 1/4. Second resistance is June's high crossing at $17.84. First support is May's low crossing at $15.78 1/4. Second support is April's low crossing at $15.60 1/2.

July soybean meal closed up $5.90 at $432.60. 

July soybean meal closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off May's low, the April 21^st high crossing at $467.80 is the next upside target. Closes below last-Wednesday's low crossing at $408.00 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $440.00. Second resistance is the April 21^st high crossing at $467.80. First support is June's low crossing at $404.00. Second support is May's low crossing at $395.00. 

July soybean oil closed up 204-pts. at 69.75. 

July soybean oil closed sharply higher due to short covering on Friday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Monday'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 aforementioned decline, the 62% retracement level of the December-May rally crossing at 65.16 is the next downside target. Closes above the 20-day moving average crossing at 77.76 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at 74.77. Second resistance is the 20-day moving average crossing at 77.76. First support is today's low crossing at 67.00. Second support is the 62% retracement level of the December-May rally crossing at 65.16.

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 

August hogs closed up $3.15 at $106.83. 

August hogs posted an inside day with a higher close on Friday as it consolidated some of Thursday's sharp decline. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews this month's decline, May's low crossing at $98.65 is the next downside target. Closes above Tuesday's high  crossing at $110.23 would open the door for additional gains near-term. First resistance is June's high crossing at $111.05. Second resistance is the April 28^th high crossing at $114.30. First support is June's low crossing at $101.30. Second support is May's low crossing at $98.65. 

August cattle closed down $0.55 at $133.32 

August cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the June 13^th low crossing at $132.45 would open the door for a possible test of May's low crossing at $129.97. Closes above the 50-day moving average crossing at $135.24 would temper the near-term bearish outlook. First resistance is the June 9^th high crossing at $137.95. Second resistance is the bottom of the April 25^th gap crossing at $138.75. Third resistance is the top of the April 25^th gap crossing at $140.27. First support is the June 13^th low crossing at $132.45. Second support is May's low crossing at $129.97.   

August Feeder cattle closed down $2.48 at $172.37. 

August Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are poised to turn neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $171.44 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 50-day moving average crossing at $171.44. 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 

September coffee closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If September extends today's decline, June's low crossing at 21.90 is the next downside target. Closes above Wednesday's high crossing at 23.71 would temper the bearish outlook. First resistance is Wednesday's high crossing at $23.71. Second resistance is June's high crossing at 24.18. First support is June's low crossing at 21.90. Second support is the May 24^th low crossing at 21.10.                    

September cocoa close slightly lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday.  Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If September extends the rally off last-week's low, the 50-day moving average crossing at 25.06 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 lower on Friday as it extends the decline off May's high. The high-range close sets the stage for a steady to slightly lower opening on Monday. 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 28^th low crossing at 17.57 is the next downside target. Closes above the 20-day moving average crossing at 19.10 would confirm that a short-term low has been posted.                    

October cotton closed lower for the fourth-day in a row on Friday as it extends the decline off May's high. The mid-range close sets the stage for a steady to lower opening on Monday. 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 50% retracement level of the 2020-2022 rally crossing at 97.77 is the next downside target. Closes above Thursday's gap crossing at 114.66 would signal that a short-term low has been posted.