INO Evening Market Comments
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Started by tallpine - June 30, 2022, 4:48 p.m.

KEY EVENTS TO WATCH FOR:



Friday, July 1, 2022  



9:45 AM ET. June US Manufacturing PMI

                       PMI, Mfg (expected 52.0; previous 57.0)



10:00 AM ET. June ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (expected 54.3; previous 56.1)

                       Prices Idx (previous 82.2)

                       Employment Idx (previous 49.6)

                       Inventories (previous 55.9)

                       New Orders Idx (previous 55.1)

                       Production Idx (previous 54.2)



10:00 AM ET. May Construction Spending - Construction Put in Place

                       New Construction (expected +0.3%; previous +0.2%)

                       Residential Construction



11:00 AM ET. June Global Manufacturing PMI

                       PMI, Mfg (previous 52.4)



1600/2000  Jun      Domestic Auto Industry Sales



Monday, July 4, 2022 



N/A              U.S. Independence Day. Financial markets closed


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



The Dow closed lower on Thursday as it extends the decline off Tuesday's high. The mid-range close sets the stage for a steady to lower opening when Friday'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 Tuesday's high crossing at 31,885.09 would confirm that a short-term low has been posted. If the Dow extends this week's decline, June's low crossing at 29,653.29 is the next downside target. First resistance is Tuesday's high crossing at 31,885.09. Second resistance is the 50-day moving average crossing at 32,231.62. First support is June's low crossing at 29.653.29. Second support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73. 



The September NASDAQ 100 closed lower on Thursday as it extends the decline off Monday's high. Today's mid-range close sets the stage for a steady to lower 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 12,377.16 is the next upside target. First resistance is Monday's high crossing at 12,262.00. Second resistance is the 50-day moving average crossing at 12,377.16. First support is June's low crossing at 11,092.50. Second support is weekly support crossing at 10,942.25. 



The September S&P 500 closed lower on Thursday as it extended the decline off Tuesday's high. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is 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 Tuesday's high crossing at 3950.00 would open the door for additional gains near-term. First resistance is Tuesday's high crossing at 3950.0. Second resistance is the 50-day moving average crossing at 4019.26. First support is today's low crossing at 3741.25. 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 1-00. at 137-30. 



September T-bonds closed higher on Thursday and above the 50-day moving average crossing at 137-25 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 141-21 is the next upside target. Closes below the 10-day moving average crossing at 135-20 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2021-2022 decline crossing at 139-13. Second resistance is May's high crossing at 141-21. First support is Monday's low crossing at 134-08. Second support is June's low crossing at 131-01. 



September T-notes closed up 240 pts. at 118.085.



September T-notes closed higher on Thursday and above the 50-day moving average crossing at 118.049 signaling that a short-term low has been posted while opening the door for a possible test of May's high. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to lower prices are possible near-term. If September extends the rally off June's low, May's high crossing at 120.195 is the next upside target. Closes below Monday's low crossing at 116.110 would signal that a short-term top has been posted. First resistance is today's high crossing at 118.180. Second resistance is May's high crossing at 120.195. First support is Monday's low crossing at 116.110. Second support is June's low crossing at 114.075.  



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



August crude oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off June's high, May's low crossing at $95.47 is the next downside target. Closes above the 20-day moving average crossing at 112.79 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 112.79. Second resistance is June's high crossing at $123.68. First support is the May 19th low crossing at $100.66. Second support is May's low crossing at $95.47.  



August heating oil closed lower on Thursday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday'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 50-day moving average crossing at 3.8331 is the next downside target. Closes above the 20-day moving average crossing at 4.1975 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 the 20-day moving average crossing at 4.1975. Second resistance is June's high crossing at $4.4898. Third 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 $3.8331. Second support is May's low crossing at 3.3578.     



August unleaded gas closed lower on Thursday and below the 50-day moving average crossing at 3.6020 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday'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 19th low crossing at $3.2904. Closes above the 20-day moving average crossing at $3.8414 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.8414. Second resistance is June's high crossing at $4.1237. First support is today's low crossing at $3.4478. Second support is the May 19th low crossing at $3.2904.



August Henry natural gas closed sharply lower on Thursday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday'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 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. Closes above the 20-day moving average crossing at 7.554 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.578. Second resistance is the 20-day moving average crossing at 7.554. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. Second support is the 75% retracement level of 2021-2022 rally crossing at 4.083.      



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



The September Dollar closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's nights session begins trading. Stochastics and the RSI are 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 $103.167 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 $103.861. Second support is the 50-day moving average crossing at $103.167.   



The September Euro closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 the decline, May's low crossing at $1.04255 is the next downside target. Closes above the 50-day moving average crossing at $1.06594 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 $1.06594. 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 higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling sideways to lower prices are possible near-term. If September extends this week's decline, June's low crossing at 1.1952 is the next downside target. Closes above the 20-day moving average crossing at 1.2323 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2323. Second resistance is the 50-day moving average crossing at 1.2446. 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 slightly higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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 1.03546 would signal that a short-term top has been posted. First resistance is Wednesday'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 1.04719. Second support is the 50-day moving average crossing at 1.03546. 



The September Canadian Dollar closed higher on Thursday.The high-range close sets the stage for a steady to higher opening when Friday'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 78.03 would signal that a short-term low has been posted. Closes below the 10-day moving average crossing at 77.38 would temper the near-term friendly outlook. First resistance is the 20-day moving average crossing at 78.03. Second resistance is June's high crossing at 79.84. First support is the 10-day moving average crossing at 77.38. Second support is May's low crossing at 76.46. 



The September Japanese Yen closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’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 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 0.074908 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.074908. Second resistance is the 50-day moving average crossing at 0.076850. First support is Wednesday'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 Thursday as it extended the May-June trading range. The low-range close sets the stage for a steady to lower opening when Friday'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 $1858.40 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $1858.40. Second resistance is the 38% retracement level of the March-May decline crossing at $1905.00. First support is today's low crossing at $1802.50. Second support is May's low crossing at $1792.00.  



September silver closed lower on Thursday and posted a new low for the year. The low-range close sets the stage for a steady to lower opening when Friday'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 this month's decline, the 62% retracement level of the 2020-2021 rally on the weekly continuation chart  crossing at 18.789 is the next downside target. Closes above the 20-day moving average crossing at 21.559 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 21.559. Second resistance is the 50-day moving average crossing at 22.121. First support is today's low crossing at 20.145. Second support is the 62% retracement level of the 2020-2021 rally on the weekly continuation chart  crossing at 18.789 . 



September copper closed lower on Thursday as it posted a new low close for the month. The low-range close sets the stage for a steady to lower opening when Friday'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 4.1178 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.8661. Second resistance is the 20-day moving average crossing at 4.1177. 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 "



September Corn closed down $0.35 1/4-cents at $6.28 3/4. 



September corn closed sharply lower on Thursday as it renewed the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday'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 38% retracement level of the 2020-2022 rally crossing at $6.23 1/4 is the next downside target. Closes above the 20-day moving average crossing at $7.04 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.86 3/4. Second resistance is the 20-day moving average crossing at $7.04 1/2. First support is the 38% retracement level of the 2020-2022 rally crossing at $6.23 1/4. Second support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4.    



September wheat closed down $0.46-cents at $8.84.  



September wheat closed sharply lower on Thursday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday'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 $10.22 3/4 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $9.67 1/4. Second resistance is the 20-day moving average crossing at $10.22 3/4. First support is today's low crossing at $8.81. 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 $0.39 1/2-cent at $9.51 3/4.



September Kansas City wheat closed sharply lower on Thursday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday'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 $10.92 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.28 3/4. Second resistance is the 20-day moving average crossing at $10.92 1/4. 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 $0.38 1/2-cents at $9.90.



September Minneapolis wheat closed lower on Thursday as it extends the decline off May's low. The low-range close sets the stage for a steady to lower opening when Friday'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 $9.17 1/4 is the next downside target. Closes above the 20-day moving average crossing at $11.50 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.85 1/2. Second resistance is the 20-day moving average crossing at $11.50 3/4. First support is today's low crossing at $9.88. 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 "



November soybeans closed up $0.20 1/4 at $14.58.



November soybeans closed sharply lower on Thursday ending the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 $15.09 1/2 would temper the near-term bearish outlook. If November renews this month's decline, last-Friday's low crossing at $13.99 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $15.09 1/2. Second resistance is June's high crossing at $15.84 3/4. First support is last-Friday's low crossing at $13.99 1/4. Second support is April's low crossing at $13.94.



December soybean meal closed up $0.30 at $406.70. 



December soybean meal closed slightly lower on Thursday as it consolidates some of the rally off last-Friday's low. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off May's low, the June 21st high crossing at $429.60 is the next upside target. Closes below the 20-day moving average crossing at $397.70 would signal that a short-term top has been posted. First resistance is today's high crossing at $418.00. Second resistance is the April 21st high crossing at $429.60. First support is the June 23rd low crossing at $383.10. Second support is January's low crossing at $365.60.  



December soybean oil closed down 252-pts. at 64.46. 



December soybean oil closed sharply lower on Thursday ending a four-day rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Friday'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 December 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 72.04 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at 67.45. Second resistance is the 20-day moving average crossing at 72.04. First support is last-Friday's low crossing at 63.09. Second support is the 38% retracement level of the 2020-2022 rally crossing at 59.96.

 

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



August hogs closed down $1.48 at $102.10. 



August hogs closed lower on Thursday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening when Friday'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, May's low crossing at $98.65 is the next downside target. Closes above the June 21st 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 28th high crossing at $114.30. First support is May's low crossing at $98.65. Second support is last-November's low crossing at $95.67. 



August cattle closed up $0.40 at $132.58 



August cattle closed higher on Thursday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Friday. 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 $134.82 would temper the near-term bearish outlook. 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 today's low crossing at $131.70. Second support is May's low crossing at $129.97.    



August Feeder cattle closed up $2.88 at $173.60. 



August Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday'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. Close below the June 13th low crossing at $169.40 would open the door for a possible test of the May 31st low crossing at $164.75 is the next downside target. 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 June 13th low crossing at $169.40. 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 Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned 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 resumes the decline off June's high, the May 24th 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 24th low crossing at $21.14. Second support is May's low crossing at $20.24.                    



September cocoa close lower on Thursday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target. Closes above the 20-day moving average crossing at 24.33 would signal that a short-term low has been posted.  



October sugar closed slightly higher on Thursday as it consolidates some of the decline off May's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 18.85 would confirm that a short-term low has been posted. If October extends the decline off May's high, the February 28th low crossing at 17.57 is the next downside target.                    



October cotton closed higher on Thursday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening on Friday. 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. 

Comments
By metmike - June 30, 2022, 4:50 p.m.
Like Reply

Thanks tallpine!

Bearish weather for grains and ng today.

NG hit with bearish EIA and exports news too.