KEY EVENTS TO WATCH FOR:

Tuesday, June 6, 2023  

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, Y/Y% (previous +1.4%)

                       Latest Wk, Y/Y% (previous +1.2%)

10:00 AM ET. June IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 41.6)

                       6-Mo Economic Outlook (previous 34.6)

10:00 AM ET. 1^st Quarter Quarterly Financial Report - Industry

10:00 AM ET. 1^st Quarter Quarterly Financial Report - Retail Trade

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous +5.2M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +1.9M)

                       Distillate Stocks, Net Chg (Bbls) (previous +1.8M)

  N/A              World Bank's Global Economic Prospects report

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

The Dow posted an inside day with a lower close on Monday as it consolidates some of the rally off May's low.Today's low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends last-Friday's rally, May's high crossing at 34,257.83 is the next upside target. Closes below last-Thursday's low crossing at 32,704.51 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 33,792.14. Second resistance is May's high crossing at 34,257.83. First support is last-Thursday's low crossing at 32,704.51. Second support is May's low crossing at 32,586.56. Third support is the 38% retracement level of the October-December rally crossing at 32,399.25. 

The June NASDAQ 100 closed slightly lower on Monday but not before posting a new high for the year. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. 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 13,855.96 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,694.75. Second resistance is the 87% retracement level of the 2022-decline crossing at 14,801.49. First support is the 10-day moving average crossing at 14,189.45. Second support is the 20-day moving average crossing at 13,855.96.  

The June S&P 500 closed lower on Monday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 June extends the rally off March's low, the 62% retracement level of 2022's decline crossing at 4321.54 is the next upside target. Closes below the 20-day moving average crossing at 4182.12 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4305.75. Second resistance is the 62% retracement level of 2022's decline crossing at 4321.54. First support is the 20-day moving average crossing at 4182.00. Second support is the 50-day moving average crossing at 4147.15.      

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September T-bonds closed up 1/32's at 127-31. 

September T-bonds closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 129-16 would confirm that a short-term low has been posted while opening the door for additional gains near-term. 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 last-Thursday's high crossing at 129-16. Second resistance is the 50-day moving average crossing at 130-09. 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 closed higher 25-pts. At 113.285.

June T-notes closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at 115.000 would signal that a short-term low has been posted. If June renews the decline off May's high, the 75% retracement level of March's rally crossing at 112.190 is the next downside target. First resistance is last-Thursday's high crossing at 115.000. Second resistance is the 50-day moving average crossing at 115.187. First support is the 75% retracement level of March's rally crossing at 112.190. Second support is the 87% retracement level of March's rally crossing at 111.243.  

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

July crude oil closed slightly higher on Monday following a gap higher opening, which triggered a sell off that erased most of the early sessions gains. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins. 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 $74.64 would confirm that a short-term low has been posted while opening the door for additional short-term gains. Closes below last-Wednesday's low crossing at $67.03 would signal that a double top has been posted with the late-May high. First resistance is the 50-day moving average crossing at $74.64. Second resistance is the April 28^th high crossing at $76.74. First support is last-Wednesday's low crossing at $67.03. Second support is May's low crossing at $63.90.  

July heating oil closed higher on Monday but off session highs. The low-range close sets the stage for a steady to lower opening when Tuesday's day trading session begins. 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 $2.4383 would signal that a short-term low has been posted. If July renews the decline off April's high, May's low crossing at $2.1550 is the next downside target. First resistance is the 50-day moving average crossing at $2.4383. Second resistance is the April 25^th high crossing at $2.5326. First support is last-Wednesday's low crossing at $2.2268. Second support is May's low crossing at $2.1550. 

July unleaded gas closed higher on Monday as it consolidates some of the decline off May's high. The low-range close sets the stage for a steady to slightly higher opening when Tuesday's 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 2.5299 would signal that a short-term low has been posted. If July renews the decline off May's high, the May 15^th low crossing at 2.3565 is the next downside target. First resistance is the 75% retracement level of the April-May decline crossing at 2.6803. Second resistance is the 87% retracement level crossing at 2.6979. First support is the May 15^th low crossing at 2.3565. Second support is May's low crossing at 2.2132.  

July Henry natural gas closed slightly higher on Monday as it consolidated some of the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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 2.518 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.432. Second resistance is the 50-day moving average crossing at 2.518. First support is last-Thursday's low crossing at 2.136. Second support is the September-2020 low on the monthly continuation chart crossing at 1.795. 

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

The June Dollar closed slightly lower on Monday as it consolidates above the 25% retracement level of the September-February decline crossing at $103.586. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 103.170 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 March 8^th high crossing at 105.490. First support is the 20-day moving average crossing at 103.170. Second support is the 50-day moving average crossing at 102.197.   

The June Euro closed slightly higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices is possible near-term. Closes above the 20-day moving average crossing at $1.08301would 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 $1.05914 is the next downside target. First resistance is the 20-day moving average crossing at $1.08301. Second resistance is the 50-day moving average crossing at 1.09282. First support is last-Wednesday's low crossing at $1.06470. Second support is the 38% retracement level of the 2022-2023 rally crossing at $1.05914.

The June British Pound closed lower on Monday as it consolidates some of last-week's rally. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If June extends last-week's rally, May's high crossing at 1.2692 is the next upside target. If June resumes the decline off May's high, the 25% retracement level of the 2022-2023 rally crossing at 1.2138 is the next downside target. First resistance is last-Friday's high crossing at 1.2549. Second resistance is May's high crossing at 1.2692. First support is May's low crossing at 1.2314. Second support is April's low crossing at 1.2293. 

The June Swiss Franc closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Monday's 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 50-day moving average crossing at 1.11718 would signal that a short-term low has been posted. If June resumes the decline off May's high, the 38% retracement level of 2022-2023 rally crossing at 1.09131 is the next downside target. First resistance is the 50-day moving average crossing at 1.11718. Second resistance is the May 4^th high crossing at 1.13940. First support is the 38% retracement level of 2022-2023 rally crossing at 1.09131. Second support is the 50% retracement level of 2022-2023 rally crossing at 1.07646. 

The June Canadian Dollar closed slightly lower on Monday as it consolidated some of last-week's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 June extends last-week's rally, the May 16^th high crossing at 74.66 is the next upside target. Closes below the 10-day moving average crossing at 73.92 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 the 10-day moving average crossing at 73.92. Second support is May's low crossing at 73.27.  

The June Japanese Yen closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s 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 0.072898 would signal that a short-term low has been posted. If June extends the decline off March's high, the 87% retracement level of the October-January rally crossing at 0.069908 is the next downside target. First resistance is the 20-day moving average crossing at 0.072898. Second resistance is the 50-day moving average crossing at 0.074495. First support is the 75% retracement level of the October-January rally crossing at 0.071337. Second support is the 87% retracement level of the October-January rally crossing at 0.069908.   

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August gold closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off May's high, the 38% retracement level of the 2022-2023 rally crossing at $1925.20. Closes above the 50-day moving average crossing at $2019.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $2004.40. Second resistance is the 50-day moving average crossing at $2019.40. First support is the 38% retracement level of the 2022-2023 rally crossing at $1941.90. Second support is the 50% retracement level of the 2022-2023 rally crossing at $1892.30.  

July silver closed lower on Monday as it consolidates some of last-week's rally. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 24.049 would signal that a short-term low has been posted. If July renews the decline off May's high, the 62% retracement level of the March-May rally crossing at 22.541 is the next downside target. First resistance is the 20-day moving average crossing at 24.049. Second resistance is the 50-day moving average crossing at 24.676. First support is the 62% retracement level of the March-May rally crossing at 22.541. Second support is the 75% retracement level of the March-May rally crossing at 21.705.  

July copper closed higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's closes above the 20-day moving average crossing at 3.7188 confirms that a low has been posted. If July extends the rally off May's low, the 50-day moving average crossing at 3.8882 is the next upside target. If July renews the decline off April's high, the 75% retracement level of the 2022-2023 rally crossing at 3.4383 is the next downside target. First resistance is last-Friday's high crossing at 3.7890. Second resistance is the 50-day moving average crossing at 3.8882. 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.

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

July Corn closed down $0.11 1/2-cents at $5.97 1/2. 

July corn closed sharply lower on Monday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are 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 75% retracement level of the April-May decline crossing at $6.22 1/2 is the next upside target. Closes below last-Friday's low crossing at $5.81 1/4 would temper the near-term friendly outlook. First resistance is today's high crossing at $6.14. Second resistance is the 75% retracement level of the April-May decline crossing at $6.22 1/2. First support is last-Wednesday's low crossing at $5.77 1/2. Second support is May's low crossing at $5.47. 

July wheat closed up $0.05-cents at $6.24.  

July wheat closed higher on Monday as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $6.22 1/2 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 February's high, the March-2021 low crossing at $5.71 is the next downside target. First resistance is the 20-day moving average crossing at $6.22 1/2. Second resistance is the 50-day moving average crossing at $6.55 1/4. First support is last-Wednesday's low crossing at $5.73 1/4. Second support is the March-2021 low crossing at $5.71. 

July Kansas City Wheat closed up $0.10-cents at $8.22 1/4.

July Kansas City wheat closed higher on Monday as it extends the rally off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when Tuesday's 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 $8.38 would signal that a short-term low has been posted. If July renews the decline off May's high, the 87% retracement level of May's rally crossing at $7.59 3/4 is the next downside target. First resistance is the 50-day moving average crossing at $8.32 3/4. Second resistance is the 20-day moving average crossing at $8.38. First support is the 87% retracement level of May's rally crossing at $7.59 3/4. Second support is May's low crossing at $7.36 1/4.

July Minneapolis wheat closed up $0.12 1/2-cents crossing at $8.20 1/4.

July Minneapolis wheat closed higher on Monday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 $8.25 1/2 would signal that a short-term low has been posted. If July renews the decline off May's high, May's low crossing at $8.69 is the next downside target. First resistance is the 20-day moving average crossing at $8.25 1/2. Second resistance is the 50-day moving average crossing at $8.41 1/4. First support is last-Wednesday's low crossing at $7.75 1/2. Second support is May's low crossing at $7.69.  

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

July soybeans closed down $0.02 1/2-cents at $13.50.

July soybeans closed lower on Monday as it consolidates some of the rally off last-Wednesday's low. The low-range close sets the stage for a steady to lower opening when Tuesday's 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 $13.53 1/4 would signal that a low has been posted. If July renews this year's decline, the 50% retracement level of the 2020-2022 crossing at $12.12 is the next downside target. First resistance is the 20-day moving average crossing at $13.53 1/4. Second resistance is the 50-day moving average crossing at $14.10 3/4. First support is last-Wednesday's low crossing at $12.70 3/4. Second support is the 50% retracement level of the 2020-2022 crossing at $12.12.

July soybean meal closed up $3.40 at $401.20. 

July soybean meal posted an inside day with a higher close on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 $412.10 would signal that a short-term low has been posted. If July renews the decline off March's high, the 62% retracement level of the 2020-2023 rally crossing at $365.60 is the next downside target. First resistance is the 20-day moving average crossing at $412.10. Second resistance is the 50-day moving average crossing at $432.00. First support is last-Wednesday's low crossing at $386.30. Second support is the 62% retracement level of the 2020-2023 rally crossing at $365.60. 

July soybean oil closed down 24-pts. at 49.26. 

July soybean oil closed lower on Monday but remains above the 20-day moving average crossing at 48.91. The low-range close sets the stage for a steady to lower opening when Tuesday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off last-Wednesday's low, the 50-day moving average crossing at 51.96 is the next upside target. If July renews this year's decline, the 75% retracement level of the 2020-2022 rally crossing at 40.19 is the next downside target. First resistance is the 20-day moving average crossing at 48.91. Second resistance is the 50-day moving average crossing at 51.96. First support is last-Wednesday's low crossing at 44.53. Second support is the 75% retracement level of the 2020-2022 rally crossing at 40.19. 

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

July hogs closed down $0.43 at $84.23. 

July hogs closed lower on Monday as it consolidated some of the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 the rally off May's low, the 50-day moving average crossing at $88.06 is the next upside target. Closes below last-Wednesday's gap crossing at $79.53 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $88.06 Second resistance is the April 28^th high crossing at $94.00. First support is last-Wednesday's gap crossing at $79.53. Second support is May's low crossing at $74.02.  

August cattle closed up $0.40 at $173.30. 

August cattle closed higher on Monday as it extends the rally off May's low. The low-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year's rally unto uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at $164.80 would signal that a top has been posted. First resistance is today's high crossing at $174.43. Second resistance is unknown. First support is the 10-day moving average crossing at $167.37. Second support is the 20-day moving average crossing at $164.80.      

August Feeder cattle closed up $0.85 at $242.75. 

August Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's 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 August extends the rally off May's low, the October-2014 high on the monthly continuation chart crossing at $245.20 is the next upside target. Closes below the 20-day moving average crossing at $233.37 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $243.80. Second resistance is the October-2014 high on the monthly continuation chart crossing at $245.20. First support is the 20-day moving average crossing at $233.37. Second support is the 50-day moving average crossing at $227.91. 

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $18.49 would signal that a short-term low has been posted. If July renews the decline off April's high, March's low crossing at $16.56 is the next downside target. First resistance is the 20-day moving average crossing at $18.49. Second resistance is May's high crossing at $19.44. First support is last-Wednesday's low crossing at $17.56. Second support is March's low crossing near $16.56. 

July cocoa closed higher on Monday as it extends May's trading range. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, monthly resistance crossing at 32.15 is the next upside target. Closes below the 20-day moving average crossing at 30.08 would signal that a short-term top has been posted.    

July sugar closed lower on Monday as it extends the decline off April's high, The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 24.47 would open the door for additional weakness near-term. Closes above last-Tuesday's high crossing at 26.22 would signal that a short-term low has been posted.             

July cotton closed lower on Monday as it consolidated some of last-week's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If July extends last-week's rally, May's high crossing at 87.98 is the next upside target. Closes below the 50-day moving average crossing at 82.42 would signal that a top has been posted.