KEY EVENTS TO WATCH FOR:

Friday, June 2, 2023  

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

8:30 PM ET. May U.S. Employment Report

                       Non-Farm Payrolls (previous +253K)

                       Unemployment Rate (previous 3.4%)

                       Avg Hourly Earnings (USD) (previous 33.36)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.16)

                       Avg Hourly Earnings, M/M% (previous +0.48%)

                       Avg Hourly Earnings, Y/Y% (previous +4.45%)

                       Overall Workweek (previous 34.4)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +23K)

                       Private Payroll (previous +230K)

                       Participation Rate (previous 62.6%)

                       Non-Farm Payrolls Bench Net Chg

  N/A               ABA Economic Advisory Committee economic forecast

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

The STOCK INDEXES: The June NASDAQ 100 was higher overnight as it extends this year's rally. Overnight trading set the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this year's rally, the 87% retracement level of the 2022-decline crossing at 14,801.49 is the next upside target. Closes below the 20-day moving average crossing at 13,791.75 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the 2022-decline crossing at 14,801.49. Second resistance is the March-2022 high crossing at 15,407.50. First support is the 10-day moving average crossing at 14,116.02. Second support is the 20-day moving average crossing at 13,791.75.  

The June S&P 500 was higher overnight as it extends the rally off March's low. Overnight trading sets the stage for a 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 February's high crossing at 4244.00 would open the door for a possible test of the August-2022 high crossing at 4382.75. Closes below the 20-day moving average crossing at 4173.90 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4251.50. Second resistance August's high crossing at 4382.75. First support is the 20-day moving average crossing at 4173.90. Second support is the 50-day moving average crossing at 4140.43.

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

INTEREST RATES: September T-bonds were steady to slightly higher overnight. Overnight trading sets the stage for a steady to higher opening when the day 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 128-23 would signal that a short-term low has been posted. If September renews the decline off April's high, the 87% retracement level of the March-April rally crossing at 124-19 is the next downside target. First resistance is the 20-day moving average crossing at 128-23. Second resistance is the 50-day moving average crossing at 130-12. First support is the 75% retracement level of the March-April rally crossing at 125-30. Second support is the 87% retracement level of the March-April rally crossing at 124-19.  

September T-notes were steady to slightly lower overnight as it consolidates some of this week's rally. Overnight trading sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, the 20-day moving average crossing at 115.034 is the next upside target. If September renews the decline off May's high, the 75% retracement level of the March-May rally crossing at 112.190 is the next downside target. First resistance is is the 20-day moving average crossing at 115.034. Second resistance is the 50-day moving average crossing at 115.211. First support is the 75% retracement level of the March-May rally crossing at 112.190. Second support is the 87% retracement level of the 2022-2023 rally crossing at 111.243.

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

ENERGIES:Julycrude oil was higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a 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 $71.62 would signal that a short-term low has been posted while opening the door for a possible test of the 50-day moving average crossing at $74.59. If July renews this week's decline, May's low crossing at $63.90 is the next downside target. First resistance is the May 24^th high crossing at $74.73. Second resistance is the April 28^th high crossing at $76.74. First support is the March low crossing at $64.67. Second support is the May low crossing at $63.90.    

July heating oil was slightly 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. 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 2.3475 would signal that a short-term low has been posted. If July resumes this week's decline, May's low crossing at 2.1550 is the next downside target. First resistance is the 20-day moving average crossing at 2.3475. Second resistance is the 50-day moving average crossing at 2.4401. First support is Wednesday's low crossing at 2.2268. Second support is May's low crossing at 2.1550.

July unleaded gas was higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a 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. If July extends this week's decline, the May 15^th low crossing at 2.3565 is the next downside target. Closes above the 50-day moving average crossing at $2.5279 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $2.5279. Second resistance is the 75% retracement level of the April-May decline crossing at $2.6308. First support is the May 15^th low crossing at $2.3565. Second support is March's low crossing at $2.2872.    

July natural gas was slightly higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a slightly higher 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 July renews the decline off March's high, the September-2020 low on the monthly continuation chart crossing at 1.795 is the next downside target. Closes above the 50-day moving average crossing at 2.529 would signal that a short-term low has been posted. First resistance is the May 19^th high crossing at 2.816. Second resistance is the 25% retracement level of the 2022-2023 decline crossing at 2.997. First support is Thursday's low crossing at 2.136. Second support is the September-2020 low on the monthly continuation chart crossing at 1.795.

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

CURRENCIES:The June Dollar was lower overnight and sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $103.003 would signal that a short-term top has been posted. If June extends the rally off May's low, the March 15^th high crossing at $104.720 is the next upside target. First resistance is the March 15^th high crossing at $104.720. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at $105.309.First support is the 20-day moving average crossing at $103.003. Second support is the 50-day moving average crossing at $102.162.

The June Euro was slightly higher overnight as it consolidates some of this week's decline. 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 $1.08495 would signal that a short-term low has been posted. If June extends this month's decline, the 38% retracement level of the 2022-2023 rally crossing at 1.05914 is the next downside target. First resistance is the 20-day moving average crossing at $1.08495. Second resistance is the 50-day moving average crossing at $1.09311. First support is the 38% retracement level of the 2022-2023 rally crossing at 1.05914. Second support is the 50% retracement level of the 2022-2023 rally crossing at 1.04252.  

The June British Pound was steady to slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices near-term. If June extends this week's rally, May's high crossing at 1.2692 is the next upside target. If June renews the decline off May's high, April's low crossing at 1.2293 is the next downside target. First resistance is the overnight high crossing at 1.2549. Second resistance is the May 10^th high crossing at 1.2692. First support is April's low crossing at 1.2293. Second support is the 25% retracement level of the 2022-2023 rally crossing at 1.2138.      

The June Swiss Franc was steady to slightly higher overnight as it consolidates some of the decline off May's high. Overnight trading sets the stage for a slightly 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 50-day moving average crossing at 1.11708 would signal that a short-term low has been posted. If June extends the decline off May's high, the 38% retracement level of the 2022-2023 rally crossing at 1.09131 is the next downside target. First resistance is the 50-day moving average crossing at 1.11708. Second resistance is May's high crossing at 1.13940. First support is Thursday's low crossing at 1.09545. Second support is the 38% retracement level of the 2022-2023 rally crossing at 1.09131. 

The June Canadian Dollar was higher overnight as it extends the rally off the May 26^th low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off the May 26^th low, May's high crossing at $75.18 is the next upside target. Closes below the 10-day moving average crossing at $73.89 would signal that a short-term top has been posted. First resistance is the May 16^th high crossing at $74.66. Second resistance is May's high crossing at $75.18. First support is April's low crossing at $73.23. Second support is the 75% retracement level of the March-April rally crossing at $73.02.  

The June Japanese Yen was slightly lower overnight and sets the stage for a slightly lower 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. Closes above the 20-day moving average crossing at 0.073066 would signal that a short-term low has been posted. If June extends the decline off the March's high, the 87% retracement level of the 2022-2023 rally crossing at 0.069908 is the next downside target. First resistance is the 20-day moving average crossing at 0.073066. Second resistance is the 50-day moving average crossing at 0.074618. First support is the 75% retracement level of the 2022-2023 rally crossing at 0.071337. Second support is the 87% retracement level of the 2022-2023 rally crossing at 0.069908. 

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

Augustgold was steady to slightly higher overnight. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. 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 $2020.90 would signal that a short-term low has been posted. If August extends the decline off May's high, the 38% retracement level of the September-May rally crossing at $1941.90 is the next downside target. First resistance is the 50-day moving average crossing at $2020.90. Second resistance is the May 4^th high crossing at $2102.20. First support is the 38% retracement level of the September-May rally crossing at $1941.90. Second support is the 50% retracement level of the September-May rally crossing at $1892.30.  

July silver was steady to slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading later this morning. 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 $24.174 would temper the near-term bearish outlook. If July renews the decline off May's high, the 62% retracement level of the March-April rally crossing at $22.541 is the next downside target. First resistance is the 20-day moving average crossing at $24.174. Second resistance is the 50-day moving average crossing at $26.676. First support is the 62% retracement level of the March-April rally crossing at $22.541. Second support is the 75% retracement level of the March-April rally crossing at $21.705.  

July copper was higher overnight as it extends the rally off May's low. 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. Closes above the 20-day moving average crossing at 3.7269 would signal that a short-term low has been posted while opening the door for additional short covering gains. If July renews the decline off April's high, the 75% retracement level of the 2022-2023 rally crossing at 3.4683 is the next downside target. First resistance is the 20-day moving average crossing at 3.7269. Second resistance is the 50-day moving average crossing at 3.8962. First support is the 75% retracement level of the 2022-2023 rally crossing at 3.4683. Second support is the 87% retracement level of the 2022-2023 rally crossing at 3.3261.