KEY EVENTS TO WATCH FOR:

Tuesday, June 28, 2022 

8:30 AM ET. Annual   U.S. International Investment Position

8:30 AM ET. May Advance Economic Indicators Report

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +12.2%)

                       Latest Wk, Y/Y% (previous +12.8%)

9:00 AM ET. April S&P CoreLogic Case-Shiller Indices

                       10-City Idx, M/M% (previous +2.8%)

                       10-City Idx, Y/Y% (previous +19.5%)

                       20-City Idx, M/M% (previous +3.1%)

                       20-City Idx, Y/Y% (expected +21.5%; previous +21.2%)

                       National Idx, M/M% (previous +2.6%)

                       National Idx, Y/Y% (previous +20.6%)

9:00 AM ET. April U.S. Monthly House Price Index

10:00 AM ET. June Richmond Fed Business Activity Survey

                       Mfg Idx (previous -9)

                       Shipments Idx (previous -14)

10:00 AM ET. June Consumer Confidence Index

                       Cons Conf Idx (expected 101.1; previous 106.4)

                       Expectation Idx (previous 77.5)

                       Present Situation Idx (previous 149.6)

1:00 PM ET. May Money Stock Measures

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +5.6M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +1.2M)

                       Distillate Stocks, Net Chg (Bbls) (previous -1.7M)

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

The Dow closed lower on Monday due to profit taking as it consolidates some of last-week's gains. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 31,690.40 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 20-day moving  average crossing at 31,689.84. Second resistance is the 50-day moving average crossing at 31,451.16. First support is last-Friday's gap crossing at 30.715.63. Second support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73. 

The September NASDAQ 100 closed lower on Monday as it consolidated some of the rally off June's low. Today's low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average 12,073.05 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 12,073.05. Second resistance is the 50-day moving average crossing at 12,520.84. First support is the 10-day moving average crossing at 11,579.60. Second support is June's low crossing at 11,092.50. Third support is weekly support crossing at 10,942.25. 

The September S&P 500 closed lower on Monday as it consolidated some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 20-day moving average crossing at 3938.94 would open 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 3938.94. Second resistance is the 50-day moving average crossing at 4055.59. First support is the 10-day moving average crossing at 3778.20. Second support is June's low crossing at 3642.00.    

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

September T-bonds closed down 30. at 135-03. 

September T-bonds closed lower on Monday 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 Tuesday'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 the 10-day moving average crossing at 134-06 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 137-30 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 137-30. Second resistance is May's high crossing at 141-21. First support is June'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 195 pts. at 116.235.

September T-notes closed lower on Monday 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 Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 116.046 would temper the near-term friendly outlook. Closes above the 50-day moving average crossing at 118.078 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. First resistance is the 50-day moving average crossing at 118.078. Second resistance is May's high crossing at 120.195. First support is the 10-day moving average crossing at 116.046. Second support is June's low crossing at 114.075.  

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

August crude oil closed higher on Monday 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 Tuesday's night session begins. 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 113.27 would signal that a short-term low has been posted. If August extends the decline off June's high, May's low crossing at $95.47 is the next downside target. First resistance is the 20-day moving average crossing at 113.27. 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 closed lower on Monday as it extends June's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June'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 $3.7972.     

August unleaded gas closed lower on Monday as it consolidates above the 50-day moving average crossing at 3.5726. The low-range close sets the stage for a steady to lower opening when Tuesday'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 the 50-day moving average crossing at $3.5726 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 $3.8558 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.8558. Second resistance is June's high crossing at $4.1237. First support is the 50-day moving average crossing at $3.5726. Second support is the May 19^th low crossing at $3.2904.

August Henry natural gas closed higher on Monday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Tuesday'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 7.894 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.026. Second resistance is the 20-day moving average crossing at 7.894. First support is last-Friday'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 Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $102.918 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 $103.455. Second support is the 50-day moving average crossing at $102.918.   

The September Euro closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 $1.06804 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 $1.06804. 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 Monday. The mid-range close sets the stage for a steady to slightly higher opening when Tuesday'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 1.2385 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 1.2385. Second resistance is the 50-day moving average crossing at 1.2498. 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 Monday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 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 1.03379 would signal that a short-term top has been posted. First resistance is last-Friday'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 1.03379. Second support is June's low crossing at 1.00235. 

The September Canadian Dollar closed higher on Monday as it extends the rally off June's low.The high-range close sets the stage for a steady to higher opening when Tuesday'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 78.21 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 the June 16^th high crossing at 77.76. Second resistance is the 50-day moving average crossing at 78.11. 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 Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’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 0.075560 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 0.075560. Second resistance is the 50-day moving average crossing at 0.077160. First support is last-Wednesday's low crossing at 0.073580. 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 on Monday as it extended the May-June trading range. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $1868.30 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 $1868.30. Second resistance is the 38% retracement level of the March-May decline crossing at $1905.00. First support is June's low crossing at $1806.10. Second support is May's low crossing at $1792.00.  

July silver closed slightly higher on Monday. The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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 21.680 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 21.680. Second resistance is the 50-day moving average crossing at 22.353. First support is last-Friday's low crossing at 20.545. Second support is May's low crossing at 20.420. 

July copper closed slightly higher on Monday as it consolidated some of the decline off June's high. The low-range close sets the stage for a steady to slightly higher opening when Tuesday'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 4.1913 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.9869. Second resistance is the 20-day moving average crossing at 4.1913. First support is last-Friday'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 $0.06-cents at $7.44 1/4. 

July corn closed lower on Monday as it extends the decline off June's high. The high-range close sets the stage for a steady to slightly lower opening when Tuesday'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 June'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 $7.78 1/2 would temper the near-term bearish outlook. First resistance is June'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.     

September wheat closed down $0.19-cents at $9.17 1/2.  

September wheat closed lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 62% retracement level of the January-May rally crossing at $8.22 3/4 is the next downside target. Closes above the 20-day moving average crossing at $10.00 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $10.13 1/4. Second resistance is the 20-day moving average crossing at $10.50 3/4. First support is today's low crossing at $9.13 1/2. Second support is the 62% retracement level of the January-May's rally crossing at $8.22 3/4.

September Kansas City Wheat closed down $0.19 1/2-cents at $9.78 3/4.

September Kansas City wheat closed lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 62% retracement level of the January-May rally crossing at $9.37 3/4 is the next downside target. Closes above the 20-day moving average crossing at $11.23 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.80 3/4. Second resistance is the 20-day moving average crossing at $11.23. First support is the 50% retracement level of the January-May rallycrossing at $9.37 3/4. Second support is the 62% retracement level of the January-May rallycrossing at $8.32 3/4.

September Minneapolis wheat closed down $0.29 1/4-cents at $10.41 1/2.

September Minneapolis wheat closed sharply lower on Tuesday as it extends the decline off May's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 50% retracement level of the January-May rally crossing at $10.10 3/4 is the next downside target. Closes above the 20-day moving average crossing at $11.85 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $11.42 3/4. Second resistance is the 20-day moving average crossing at $11.85 1/4. First support is the 50% retracement level of the January-May rally crossing at $10.10 3/4. Second support is the 62% retracement level of the January-May rally crossing at $9.17 1/4.

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

July soybeans closed up $0.22 1/2 at $16.33 1/4.

July soybeans closed higher due to short covering on Monday 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 Tuesday'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 month'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 $16.94 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at $16.94 3/4. 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 $11.90 at $444.50. 

July soybean meal closed higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the April 21^st high crossing at $467.80 is the next upside target. Closes below last-Thursday's low crossing at $421.10 would signal that a short-term top has been posted. First resistance is today's high crossing at $444.70. Second resistance is the April 21^st high crossing at $467.80. First support is the June 15^th low crossing at $408.00. Second support is June's low crossing at $404.00.  

July soybean oil closed up 107-pts. at 70.82. 

July soybean oil closed higher due to short covering on Monday 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 Tuesday'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 65.17 is the next downside target. Closes above the 20-day moving average crossing at 77.30 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at 73.80. Second resistance is the 20-day moving average crossing at 77.30. First support is last-Friday's low crossing at 67.00. Second support is the 62% retracement level of the December-May rally crossing at 65.17.

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

August hogs closed down $1.98 at $104.80. 

August hogs closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 last-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 $0.08 at $133.30 

August cattle closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 $135.14 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 up $1.70 at $174.20. 

August Feeder cattle closed higher on Monday as it extends last-week's trading range. The mid-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is 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 lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 last-Wednesday's high crossing at 23.71 would temper the bearish outlook. First resistance is last-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 lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If September renews the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target. If September resumes the rally off last-week's low, the 50-day moving average crossing at 25.01 is the next upside target.  

October sugar closed lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 19.03 would confirm that a short-term low has been posted.                    

October cotton closed lower for the fifth-day in a row on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 last-Thursday's gap crossing at 114.66 would signal that a short-term low has been posted.