KEY EVENTS TO WATCH FOR:

Wednesday, June 7, 2023   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 197.4)

                       Composite Idx, W/W% (previous -3.7%)

                       Purchase Idx-SA (previous 154.4)

                       Purchase Idx-SA, W/W% (previous -2.5%)

                       Refinance Idx (previous 412.5)

                       Refinance Idx, W/W% (previous -6.9%)

8:30 AM ET. April U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -75.6B; previous -64.23B)

                       Exports (USD) (previous 256.15B)

                       Exports, M/M% (previous +2.1%)

                       Imports (USD) (previous 320.38B)

                       Imports, M/M% (previous -0.3%)

10:00 AM ET. SEC Open Meeting

10:00 AM ET. May Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 459.657M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +4.489M)

                       Gasoline Stocks (Bbl) (previous 216.07M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.207M)

                       Distillate Stocks (Bbl) (previous 106.657M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.985M)

                       Refinery Usage (previous 93.1%)

                       Total Prod Supplied (Bbl/day) (previous 19.442M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.259M)

3:00 PM ET. April Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +22.0B; previous +26.5B)

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

The STOCK INDEXES: The June NASDAQ 100 was steady to slightly lower overnight as it consolidates some of this year's rally. Overnight trading set the stage for a slightly lower 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 13,984.74 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 14,346.45. Second support is the 20-day moving average crossing at 13,984.74.  

The June S&P 500 was steady to slightly higher overnight. Overnight trading sets the stage for a slightly 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 June extends the rally off March's low, the August-2022 high crossing at 4382.75 is the next upside target. Closes below the 20-day moving average crossing at 4197.09 would signal that a short-term top has been posted. First resistance is Monday's high crossing at 4305.75. Second resistance August's high crossing at 4382.75. First support is the 10-day moving average crossing at 4228.30. Second support is the 20-day moving average crossing at 4197.09.

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

INTEREST RATES: September T-bonds were higher overnight. Overnight trading sets the stage for a steady to slightly 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 last-Friday's high crossing at 129-16 would renew the rally off last-Tuesday's low. 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-Friday's high crossing at 129-16. Second resistance is the 50-day moving average crossing at 130-06. 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 slightly higher overnight. Overnight trading sets the stage for a steady to slightly higher opening when the day 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 the decline off May's high, the 75% retracement level of the March rally crossing at 112.190 is the next downside target. Closes above last-Thursday's high crossing at 115.000 would renew the rally off May's low. First resistance is last-Thursday's high crossing at 115.000. Second resistance is the 50-day moving average crossing at 115.164. 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 consolidated some of Tuesday's losses. 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 50-day moving average crossing at $74.69 would signal a resumption of the rally off May's low. Closes below last-Wednesday's low crossing at $67.03 would open the door for a possible test of May's low crossing at $63.90. First resistance is Monday's high crossing at $75.06. 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 the May low crossing at $63.90.  

July heating oil was higher overnight and set 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 50-day moving average crossing at 2.4333 would open the door for additional gains and a possible test of the April 25^th high crossing at 2.5325. Closes below last-Wednesday's low crossing at 2.2268 would open the door for a possible test of May's low crossing at 2.1550. First resistance is the 50-day moving average crossing at 2.4333. Second resistance is the April 24^th high crossing at 2.5332. First support is last-Wednesday's low crossing at 2.2268. Second support is May's low crossing at 2.1550.

July unleaded gas was slightly higher overnight and is poised to extend the rally off last-Thursday's low. Overnight trading 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 are possible near-term. If July extends the rally off last-Thursday's low, the 75% retracement level of the April-May decline crossing at $2.6308 is the next upside target. 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 May's high crossing at $2.6239. Second resistance is the 75% retracement level of the April-May decline crossing at $2.6308. First support is the June 1^st low crossing at 2.4016. Second support is the May 15^th low crossing at $2.3565.      

July natural gas was steady to slightly higher overnight. 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 2.497 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 last-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 September Dollar was higher overnight and sets the stage for a higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the rally off May's low, the 38% retracement level of the 2022-2023 decline crossing at $104.932 is the next upside target. Closes below last-Friday's low crossing at $102.940 would signal that a short-term top has been posted. First resistance is the March 15^th high crossing at $104.250. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at $104.932.First support is last-Friday's low crossing at $102.940. Second support is the 50-day moving average crossing at $101.936.

The September Euro was higher overnight and 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 $1.08533 would signal that a short-term low has been posted. If September extends the decline off April's high, the 38% retracement level of the 2022-2023 rally crossing at 1.06472 is the next downside target. First resistance is the 20-day moving average crossing at $1.08533. Second resistance is the 50-day moving average crossing at $1.09719. First support is the 38% retracement level of the 2022-2023 rally crossing at 1.06472. Second support is the 50% retracement level of the 2022-2023 rally crossing at 1.04833.  

The September British Pound was higher overnight and 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 near-term. If September renews the rally off May's low, May's high crossing at 1.2705 is the next upside target. If September renews the decline off May's high, April's low crossing at 1.2316 is the next downside target. First resistance is last-Friday's high crossing at 1.2564. Second resistance is the May 10^th high crossing at 1.2705. First support is April's low crossing at 1.2316. Second support is the 25% retracement level of the 2022-2023 rally crossing at 1.2100.      

The September Swiss Franc was higher overnight and 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 50-day moving average crossing at 1.12820 would signal that a short-term low has been posted. If September resumes the decline off May's high, the 38% retracement level of the 2022-2023 rally crossing at 1.10197 is the next downside target. First resistance is the 50-day moving average crossing at 1.12820. Second resistance is May's high crossing at 1.14920. First support is last-Wednesday's low crossing at 1.10700. Second support is the 38% retracement level of the 2022-2023 rally crossing at 1.10197. 

The September 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the May 26^th low, May's high crossing at $75.26 is the next upside target. Closes below the 10-day moving average crossing at $74.18 would signal that a short-term top has been posted. First resistance is May's high crossing at $75.26. Second resistance is April's high crossing at $75.31. First support is the 10-day moving average crossing at $74.18. Second support is April's low crossing at $73.39.

The September Japanese Yen was slightly higher overnight and 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. If September renews the decline off the March's high, the 87% retracement level of the 2022-2023 rally crossing at 0.070777 is the next downside target. Closes above the 20-day moving average crossing at 0.073671 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.073671. Second resistance is the 50-day moving average crossing at 0.075313. First support is the 75% retracement level of the 2022-2023 rally crossing at 0.072174. Second support is the 87% retracement level of the 2022-2023 rally crossing at 0.070777. 

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

Augustgold was slightly lower overnight as it extends the trading range of the past four-weeks. Overnight trading sets the stage for a slightly lower 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 $2018.30 would signal that a short-term low has been posted. If August renews 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 $2018.30. 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 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 last-Friday's high crossing at $24.120 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-April rally crossing at $22.541 is the next downside target. First resistance is last-Friday's high crossing at $24.120. Second resistance is the 50-day moving average crossing at $26.685. 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 steady to slightly higher overnight. Overnight trading sets the stage for a slightly 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 July extends the rally off May's low, the 50-day moving average crossing at 3.8761 is the next upside target. Closes below the 10-day moving average crossing at 3.6890 would temper the near-term friendly outlook. First resistance is last-Monday's high crossing at 3.7890. Second resistance is the 50-day moving average crossing at 3.8761. 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 was higher overnight on fluctuating Midwest drought concerns. Overnight trading sets the stage for a higher opening when the day sessions 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-Wednesday's low crossing at $5.77 1/2 would confirm that a short-term top has been posted.First resistance is the 62% retracement level of the April-May decline crossing at $6.09 1/4. 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 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 are bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the 50-day moving average crossing at $6.52 1/4 is the next upside target. Closes below the 10-day moving average crossing at $6.12 1/2 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $6.52 1/4. Second resistance is May's high crossing at $6.69. 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 was lower overnight. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. 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 $8.35 would signal that a short-term low has been posted. If July renews the decline off May's high, the 87% retracement level of this month's rally crossing at $7.59 3/4 is the next downside target. First resistance is the 20-day moving average crossing at $8.35. Second resistance is the May 10^th high crossing at $8.63 3/4. First support is the 87% retracement level of this month's rally crossing at $7.59 3/4. Second support is May's low crossing at $7.36 1/4. 

July Minneapolis wheat was steady to fractionally higher overnight and sets the stage for a steady to fractionally 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 50-day moving average crossing at $8.39 1/4 would open the door for additional gains and a possible test of May's high crossing at $8.88 1/2 later this month. Closes below the 10-day moving average crossing at $8.04 1/2 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $8.39 1/4. Second resistance is May's high crossing at $8.88 1/2. First support is the 10-day moving average crossing at $8.04 1/2. Second support is last-Wednesday's low crossing at $7.75 1/2.      

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

July soybeans were higher overnight as they extend the rally off last-Wednesday's low. Overnight trading sets the stage for a 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. If July extends the aforementioned rally, the 50-day moving average crossing at $14.08 1/2 is the next upside target. Closes below the 10-day moving average crossing at $13.32 1/2 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $14.08 1/2. Second resistance is May's high crossing at $14.46 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 rally crossing at $12.12.

July soybean meal was higher overnight and 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. Closes above the 20-day moving average crossing at $409.60 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 $409.60. Second resistance is the 50-day moving average crossing at $430.20. First support is the 50% retracement level of the 2020-2023 rally crossing at $388.80. Second support is the 62% retracement level of the 2020-2023 rally crossing at $365.60.

July soybean oil was steady to slightly higher overnight as it extends the rally off May's low. Overnight trading sets the stage for a slightly 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 July extends the rally off May's low, the 50-day moving average crossing at 51.84 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 50-day moving average crossing at 51.87. Second resistance is May's high crossing at 55.12. First support is the 62% retracement level of the 2020-2022 rally crossing at 46.42. Second support is the 75% retracement level of the 2020-2022 rally crossing at 40.19.