KEY EVENTS TO WATCH FOR:

Monday, July 11, 2022   

10:00 AM ET. June Employment Trends Index

                       ETI (previous 119.77)

                       ETI, Y/Y%

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

The STOCK INDEXES: The September NASDAQ 100 was lower overnight as it consolidates some of last-week's rally.The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 12,192.48 would open the door for additional gains and a possible test of June's high crossing at 12,973.75. Closes below the 20-day moving average crossing at 11,711.61 would temper the near-term friendly outlook while opening the door for a test of the June 30^th low crossing at 11,351.00 is the next downside target. First resistance is the 50-day moving average crossing at 12,192.48. Second resistance is June's high crossing at 12,973.75. First support is the June 30^th low crossing at 11,351.00. Second support is June's low crossing at 11,068.50.  

The September S&P 500 was steady to lower overnight as it consolidates some of last-week's rally. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are 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 50-day moving average crossing at 3967.80 is the next upside target. Closes below the 20-day moving average crossing at 3815.89 would temper the near-term friendly outlook while opening the door for additional weakness and a possible test of the June 30^th low crossing at 3741.25 is the next downside target. First resistance is the June 28^th high crossing at 3950.00. Second resistance is the 50-day moving average crossing at 3967.80. First support is the June 30^th 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"

INTEREST RATES: September T-bonds were steady to higher overnight as it consolidates some of last week's decline. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remains neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 136-02 would signal that a short-term top has been posted. If September renews the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 143-25 is the next upside target. First resistance is last-Wednesday's high crossing at 142-06. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-25. First support is the 20-day moving average crossing at 136-02. Second support is June's low crossing at 131-01.

September T-notes was steady to higher overnight as it consolidates some of the decline off last-Wednesday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 117.048 would temper the near-term friendly outlook. If September renews the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next upside target. First resistance is May's high crossing at 120.195. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next downside target. First support is the 20-day moving average crossing at 117.048. Second support is the June 28^th low crossing at 116.110.  

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

ENERGIES:August crude oil was steady to lower overnight as it consolidates some of the rally off last-Wednesday's low. Overnight trading sets the stage for a steady to lower opening when the day 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 $108.49 would signal that a short-term low has been posted. If August resumes the decline off June's high, the April 25^th low crossing at $93.45 is the next downside target. First resistance is the 10-day moving average crossing at $105.30. Second resistance is the 20-day moving average crossing at $108.49. First support is last-Wednesday's low crossing at $95.10. Second support is the April 25^th low crossing at $93.45.

August heating oil was steady to higher overnight and sets the stage for a steady to higher opening when the day 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 $4.0392 would signal that a short-term low has been posted. If August renews the decline off June's high, the 38% retracement level of the 2020-2022 rally crossing at $3.2689 is the next downside target. First resistance is the 50-day moving average crossing at $3.8608. Second resistance is the 20-day moving average crossing at $4.0624. First support is the last-Wednesday's low crossing at $3.3510. Second support is the 38% retracement level of the 2020-2022 rally crossing at 3.2689.

August unleaded gas was steady to slightly lower overnight. 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 3.6648 would signal that a short-term low has been posted. If August renews the decline off June's high, the April 25^th low crossing at 2.9974 is the next downside target. First resistance is the 10-day moving average crossing at 3.5400. Second resistance is the 20-day moving average crossing at $3.6648. First support is May's low crossing at $3.1835. Second support is the April 25^th low crossing at 2.9974.  

August Henry natural gas was higher overnight as it extends the rally off the July 5^th low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 6.652 would signal that a short-term low has been posted. If August resumes the decline off June's high, the 62% retracement level of 2020-2022 rally crossing at 5.067 is the next downside target. First resistance is 20-day moving average crossing at 6.652. Second resistance is the 50-day moving average crossing at 7.637. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.067. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4.083.     

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

CURRENCIES:The September Dollar was steady to higher overnight as it extends this year's rally. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717 is the next upside target. Closes below the 20-day moving average crossing at $105.024 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $107.615. 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 $105.024. Second support is the 50-day moving average crossing at $103.713.  

The September Euro was steady to lower overnight as it extends this year's decline. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, the December 2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. Closes above the 20-day moving average crossing at $1.04785 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $1.03897. Second resistance is the 20-day moving average crossing at $1.04785. First support is last-Friday's low crossing at $1.01215. Second support is the December 2002 low on the monthly continuation chart crossing at $0.98540.  

The September British Pound was steady to lower overnight and sets the stage for a steady to lower opening when the day session begins trading. 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 1.2163 would signal that a short-term low has been posted. If September renews this year's decline, the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1802 is the next downside target. First resistance is the 20-day moving average crossing at 1.2163. Second resistance is the 50-day moving average crossing at 1.2352. First support is last-Wednesday's low crossing at 1.1892. Second support is the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1802.

The September Swiss Franc was lower overnight as it extends the decline off June's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 75% retracement level of June's rally crossing at 1.01656 is the next downside target. If September renews the rally off June's low, the 38% retracement level of this year's decline crossing at 1.06242 is the next upside target. First resistance is June's high crossing at 1.05910. Second resistance is the 38% retracement level of this year's decline crossing at 1.06242. First support is the 62% retracement level of June's rally crossing at 1.02407. Second support is the 75% retracement level of June's rally crossing at 1.01656. 

The September Canadian Dollar was steady to lower overnight as it consolidates some of the rally off last-Tuesday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $77.81 would signal that a short-term low has been posted. If September renews 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 50-day moving average crossing at $77.81. Second resistance is June's high crossing at $79.84. First support is last-Tuesday's low crossing at $76.43. Second support is the 50% retracement level of the 2020-2021 rally crossing at $75.79.

The September Japanese Yen was steady to lower overnight and is breaking out to the downside of the trading range of the past three-weeks. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes 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 50-day moving average crossing at 0.076389 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.074266. Second resistance is the 50-day moving average crossing at 0.076282. First support is the overnight low crossing at 0.073185. Second support is the September-1990 low on the monthly continuation chart crossing at 0.072160.  

PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"

PRECIOUS METALS: Augustgold was steady to lower overnight and sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the August-2021 low crossing at $1710.20 is the next downside target. Closes above the 20-day moving average $1807.90 would signal that a short-term low has been posted. First resistance is the 10-day moving average $1778.90. Second is the 20-day moving average crossing at $1807.90. First support is last-Friday's low crossing at $1726.00. Second support is the August-2021 low crossing at $1710.20.

September silver was steady to lower overnight as it extends the trading range of the past three-days. The low-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off March's high, the June-2020 low on the weekly continuation chart crossing at $17.015 is the next downside target. Closes above the 20-day moving average crossing at $20.693 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $19.868. Second resistance is the 20-day moving average crossing at 20.693. First support is last-Wednesday's low crossing at $18.705. Second support is the June-2020 low on the weekly continuation chart crossing at $17.015.

September copper was lower overnight as it consolidates some of last-Thursday's rally. Overnight trading sets the stage for a lower opening when the day 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 3.8277 would signal that a short-term low has been posted. If September resumes the decline off June's high, the 62% retracement level of the 2020-2022 rally crossing at 3.2498 is the next downside target. First resistance is the 10-day moving average crossing at 3.6011. Second resistance is the 20-day moving average crossing at 3.8277. First support is the 62% retracement level of the 2020-2022 rally crossing at 3.2498. Second support is the 75% retracement level of the 2020-2022 rally crossing at 2.8770.  

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

December corn gapped up and was higher overnight as it extended the rally off last-Wednesday's low. Overnight strength sets the stage for a higher opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at $6.21 1/2 would signal that a short-term low has been posted while opening the door for additional gains near-term. If December renews the decline off June's high, the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4 is the next downside target. First resistance is the 10-day moving average crossing at $6.21 1/2. Second resistance is the 20-day moving average crossing at $6.64 1/2. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Second support is the January low crossing at $5.42 1/2.   

September wheat gapped up and was higher overnight as it extends the rally off last-Wednesday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $9.52 1/2 would signal that a short-term low has been posted. If September resumes the decline off May's high, the 75% retracement level of the January-May high crossing at $7.23 is the next downside target. First resistance is the 20-day moving average crossing at $9.52 1/2. Second resistance is the 50-day moving average crossing at $10.57 1/2. First support is the February 16^th low crossing at $7.77 1/2. Second support is the 75% retracement level of the January-May high crossing at $7.23.  

September Kansas City wheat gapped up and was higher overnight as it consolidates some of the decline off May's high. Overnight trading sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $10.16 1/2 would signal that a short-term low has been posted. If September renews the decline off May's high, February's low crossing at $7.64 1/2 the next downside target. First resistance is the 20-day moving average crossing at $10.16 1/2. Second resistance is the 50-day moving average crossing at $11.28 3/4. First support is the 62% retracement level of the January-May rally crossing at $8.32 3/4. Second support is the February's low crossing at $7.64 1/2.

September Minneapolis wheat gapped up and was higher overnight as it consolidated some of the decline off May's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $10.68 1/2 would signal that a short-term low has been posted. If September renews the decline of May's high, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $10.68 1/2. Second resistance is the 50-day moving average crossing at $11.76 1/4. First support is last-Wednesday's low crossing at $8.70 1/2. Second support is the 75% retracement level of the January-May high crossing at $8.12 3/4. 

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

November soybeans gapped up and was higher overnight as it consolidates some of the decline off June's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turning neutral to bullish signaling that sideways to higher prices are possible near-term. Last-Friday's close above last-Tuesday's gap crossing at $13.91 1/4 signals that a short-term low has been posted. If November extends the rally off last-Wednesday's low, the 20-day moving average crossing at $14.54 3/4 is the next upside target. If November resumes the decline off June's high, the 38% retracement level of the  crossing at $12.99 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $14.54 3/4. Second resistance is the 50-day moving average crossing at $14.88 3/4. First support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4. Second support is January's low crossing at $12.74.

December soybean meal gapped up and was higher overnight. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off last-Tuesday's low, June's high crossing at $418.00 is the next upside target. Closes below the 10-day moving average crossing at $395.70 would signal that a short-term top has been posted. First resistance is June's high crossing at $418.00. Second resistance is April's high crossing at $419.10. First support is last-Tuesday's low crossing at $375.30. Second support is the 50% retracement level of the 2020-2022 rally crossing at $365.40. 

December soybean oil was higher overnight due to short covering as it consolidates some of the decline off June's high. The low-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's gap crossing at 62.01 would signal that a short-term low has been posted. If December renews this month's decline, the 50% retracement level of the 2020-2022 rally crossing at 53.93 is the next downside target. First resistance is last-Tuesday's gap crossing at 62.01. Second resistance is the 20-day moving average crossing at 66.62. First support is last-Wednesday's low crossing at 55.69. Second support is the 50% retracement level of the 2020-2022 rally crossing at 53.93.