KEY EVENTS TO WATCH FOR:

Thursday, June 30, 2022  

8:30 AM ET. May Personal Income & Outlays

                       Personal Income, M/M% (expected +0.4%; previous +0.4%)

                       Consumer Spending, M/M% (expected +0.4%; previous +0.9%)

                       PCE Price Idx, M/M% (previous +0.2%)

                       PCE Price Idx, Y/Y% (previous +6.3%)

                       PCE Core Price Idx, M/M% (expected +0.4%; previous +0.3%)

                       PCE Core Price Idx, Y/Y% (expected +4.8%; previous +4.9%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 230K; previous 229K)

                       Jobless Claims, Net Chg (previous -2K)

                       Continuing Claims (previous 1315000)

                       Continuing Claims, Net Chg (previous +5K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 1030.3K)

                       Soybeans (Metric Tons) (previous 294.4K)

                       Wheat (Metric Tons) (previous 477.8K)

9:45 AM ET. June Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (expected 58.0; previous 60.3)

10:00 AM ET. 1^st Quarter GDP by State

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 2169B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +74B)

3:00 AM ET. May Agricultural Prices

                       Farm Prices, M/M% (previous +5.1%)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

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

The Dow closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 31,479.72 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 31,479.72. Second resistance is the 50-day moving average crossing at 32,314.35. 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 slightly higher on Wednesday. Today's high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off May's high, weekly support crossing at 10,942.25 is the next downside target. If September renews the rally off June's low, the 50-day moving average 12,430.61 is the next upside target. First resistance is the 20-day moving average crossing at 11,972.55. Second resistance is the 50-day moving average crossing at 12,430.61. First support is the 10-day moving average crossing at 11,649.52. 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 slightly lower on Wednesday as it consolidated some of the rally off June's low. The mid-range close sets the stage for a steady to lower opening when Thursday'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 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. Closes above the 20-day moving average crossing at 3906.93 would open the door for additional gains near-term. First resistance is the 20-day moving average crossing at 3906.93. Second resistance is the 50-day moving average crossing at 4033.99. First support is the 10-day moving average crossing at 3793.65. Second support is June's low crossing at 3642.00.    

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

September T-bonds closed up 1-22. at 136-27. 

September T-bonds closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 50-day moving average crossing at 137-25 would signal that a short-term low has been posted. Closes below the 10-day moving average crossing at 135-01 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 137-25. 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 up 260 pts. at 117.165.

September T-notes closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to lower prices are possible near-term. 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. Closes below the 10-day moving average crossing at 116.189 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 118.050. Second resistance is May's high crossing at 120.195. First support is the 10-day moving average crossing at 116.189. Second support is June's low crossing at 114.075.  

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

August crude oil posted a downside reversal as it closed lower on Wednesday to consolidate some of the rally off June's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. 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 113.25 would signal that a short-term low has been posted. If August renews 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 113.25. Second resistance is June's high crossing at $123.68. First support isthe May 19^th low crossing at $100.66. Second support is May's low crossing at $95.47.  

August heating oil closed sharply lower on Wednesday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Thursday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 50-day moving average crossing at 3.8224 is the next downside target. Closes above the 10-day moving average crossing at 4.2187 would signal that a short-term low has been posted. 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 50-day moving average crossing at $3.8224. Second support is May's low crossing at 3.3578.     

August unleaded gas closed lower on Wednesday as it consolidates above the 50-day moving average crossing at 3.5938. The low-range close sets the stage for a steady to lower opening when Thursday'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 $3.5938 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 $3.8582 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.8582. Second resistance is June's high crossing at $4.1237. First support is the 50-day moving average crossing at $3.5938. Second support is the May 19^th low crossing at $3.2904.

August Henry natural gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 7.708 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.758. Second resistance is the 20-day moving average crossing at 7.708. 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 higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's nights session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at $103.082 would open the door for a larger-degree decline. First resistance is June's high crossing at $105.57. 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 $103.714. Second support is the 50-day moving average crossing at $103.082.   

The September Euro closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 September resumes the decline, May's low crossing at $1.04255 is the next downside target. Closes above the 50-day moving average crossing at $1.06663 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 $1.06663. 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 lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. If September renews this year's decline, the March-2020 low crossing at 1.1575 is the next downside target. Closes above the 20-day moving average crossing at 1.2339 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2339. Second resistance is the 50-day moving average crossing at 1.2463. 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 Wednesday as it extends the rally off June's low. The low-range close sets the stage for a steady to slightly higher opening when Thursday'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 50-day moving average crossing at 1.03562 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.05910. 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 1.04277. Second support is the 50-day moving average crossing at 1.03562. 

The September Canadian Dollar closed lower on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 78.11 would signal that a short-term low has been posted. Closes below the 10-day moving average crossing at 77.34 would signal that a short-term top 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 20-day moving average crossing at 78.11. Second resistance is June's high crossing at 79.84. First support is the 10-day moving average crossing at 77.34. Second support is May's low crossing at 76.46. 

The September Japanese Yen closed lower on Wednesday. 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 remains neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 20-day moving average crossing at 0.075066 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.075066. Second resistance is the 50-day moving average crossing at 0.076931. First support is today's low crossing at 0.073390. 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 Wednesday as it extended the May-June trading range. The mid-range close sets the stage for a steady to lower opening when Thursday'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 $1861.60 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 $1861.60. 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.  

September silver closed slightly lower on Wednesday. The low-range close sets the stage for a steady to slightly higher opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, May's low crossing at 20.525 is the next downside target. Closes above the 20-day moving average crossing at 21.646 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 21.646. Second resistance is the 50-day moving average crossing at 22.227. First support is last-Friday's low crossing at 20.600. Second support is May's low crossing at 20.525. 

September copper closed slightly lower on Wednesday as it extends the trading range of the past three-days. The mid-range close sets the stage for a steady to slightly lower opening when Thursday'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 3.5830 is the next downside target. Closes above the 20-day moving average crossing at 4.1496 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.9144. Second resistance is the 20-day moving average crossing at 4.1496. First support is last-Friday's low crossing at 3.6415. Second support is the 50% retracement level of the 2020-2021 rally crossing at 3.5830.

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

July Corn closed down $0.10 3/4-cents at $7.70 1/4. 

July corn closed higher on Wednesday as it extends the rally off Monday's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 50-day moving average crossing at $7.77 1/2 would temper the near-term bearish outlook. If July renews the decline off June's high, June's low crossing at $7.20 1/2 is the next downside target. 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 $0.05 3/4-cents at $9.15 1/2.  

September wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 $10.30 3/4 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $9.84 3/4. Second resistance is the 20-day moving average crossing at $10.30 3/4. First support is Monday'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 up $0.01-cent at $9.91 1/4.

September Kansas City wheat closed higher on Wednesday as it consolidates some of the decline off May's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 $9.37 3/4 is the next downside target. Closes above the 20-day moving average crossing at $11.01 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.47 1/4. Second resistance is the 20-day moving average crossing at $11.01 1/2. 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 $0.12 1/4-cents at $10.28 1/2.

September Minneapolis wheat closed lower on Wednesday as it extends the decline off May's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 $11.61 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $11.06 3/4. Second resistance is the 20-day moving average crossing at $11.61. 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 $0.10 1/2 at $16.74 1/4.

July soybeans closed higher on Wednesday as it extended the rally off last-Friday's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 $16.90 1/2 would temper the near-term bearish outlook. If July renews this month's decline, May's low crossing at $15.78 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $16.90 1/2. 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 $8.10 at $463.20. 

July soybean meal 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 Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the April 21^st high crossing at $467.80 is the next upside target. Closes below the 20-day moving average crossing at $426.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $465.20. 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 51-pts. at 72.60. 

July soybean oil closed higher due to short covering on Wednesday 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 Thursday's night session begins trading. Stochastics and the RSI are have turned neutral to bullish signaling that sideways to higher 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 76.65 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at 72.48. Second resistance is the 20-day moving average crossing at 76.65. 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 $0.30 at $103.52. 

August hogs closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's 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, June's low crossing at $101.30 is the next downside target. Closes above the June 21^st 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 $0.60 at $132.13 

August cattle closed lower on Wednesday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening on Thursday. 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, May's low crossing at $129.97 is the next downside target. Closes above the 50-day moving average crossing at $134.92 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 today's low crossing at $132.10. Second support is May's low crossing at $129.97.    

August Feeder cattle closed down $0.90 at $170.93. 

August Feeder cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at $171.37 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 June 13^th low crossing at $169.40. 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 higher on Wednesday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. Closes above last-Wednesday's high crossing at $23.71 would temper the bearish outlook. If September extends this week's decline, the May 24^th low crossing at $21.14 is the next downside target. First resistance is last-Wednesday's high crossing at $23.71. Second resistance is June's high crossing at 24.18. First support is the May 24^th low crossing at $21.14. Second support is May's low crossing at $20.24.                    

September cocoa close lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned 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 June's low, the 50-day moving average crossing at 24.91 is the next upside target.  

October sugar closed slightly higher on Wednesday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Thursday. 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 18.91 would confirm that a short-term low has been posted.                    

October cotton posted an inside day with a higher close on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Thursday. 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.