KEY EVENTS TO WATCH FOR:

Tuesday, June 20, 2023    

8:30 AM ET. May New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected 1.39M; previous 1.401M)

                       Housing Starts, M/M% (expected -0.8%; previous +2.2%)

                       Building Permits (expected 1.42M; previous 1.416M)

                       Building Permits, M/M% (expected +0.3%; previous -1.5%)

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 this year's rally. Overnight trading set the stage for a lower 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 87% retracement level of the 2021-2022-decline on the weekly continuation chart crossing at 15,957.86 is the next upside target. Closes below the 20-day moving average crossing at 14,670.30 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 15,475.50. Second resistance is the 87% retracement level of the 2021-2022-decline on the weekly continuation chart crossing at 15,957.86. First support is the 20-day moving average crossing at 14,670.30. Second support is the 50-day moving average crossing at 13,911.45.  

The September S&P 500 was lower overnight as it consolidates some of the rally off March's low. Overnight trading sets the stage for a lower 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 75% retracement level of the 2022 decline crossing at 4505.40 is the next upside target. Closes below the 20-day moving average crossing at 4320.38 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 4493.75. Second resistance is the 75% retracement level of the 2022 decline crossing at 4505.40. First support is the 10-day moving average crossing at 4392.60. Second support is the 20-day moving average crossing at 4320.38.

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

INTEREST RATES: September T-bonds were lower overnight. Overnight trading sets the stage for a lower 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 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. Closes above 50-day moving average crossing at 129-11 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 129-11. Second resistance is the June 1^st high crossing at 129-16. 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 and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If September extends the decline off May's high, the 87% retracement level of the March rally crossing at 111.243 is the next downside target. Closes above the 20-day moving average crossing at 113.208 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 113.208. Second resistance is the June 1^st high crossing at 115.000. 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 slightly higher overnight as it extends the rally off the June 12^th 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 the June 12^th low, the 20-day moving average crossing at $73.54 is the next upside target. Closes below the June 12^th low crossing at $66.80 would open the door for a possible test of May's low crossing at $63.90. First resistance is the 50-day moving average crossing at $73.54. Second resistance is the June 5^th crossing at $75.06. First support is the June 12^th low crossing at $66.80. Second support is the May low crossing at $63.90.    

July heating oil was lower overnight and set sets the stage for a lower 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, April's high crossing at 2.6760 is the next upside target. Closes below the 20-day moving average crossing at 2.3744 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 2.5562. Second resistance is April's high crossing at 2.6760. First support is the June 12^th low crossing at 2.2970. Second support is the May 31^st low crossing at 2.2839.

July unleaded gas was lower overnight as it consolidates some of last-week's rally. Overnight weakness sets the stage for a lower 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 87% retracement level of the April-May declinecrossing at $2.6958 is the next upside target. Closes below the 50-day moving average crossing at 2.5326 would signal that a short-term top has been posted. First resistance is the 87% retracement level of the April-May decline crossing at $2.6958. Second resistance is April's high crossing at $2.7675. First support is the 10-day moving average crossing at $2.5983. Second support is the 20-day moving average crossing at 2.5615.        

July natural gas was higher overnight and 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 June's low, the May 19^th high crossing at 2.816 is the next upside target. Closes below the 20-day moving average crossing at 2.382 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 3.118. First support is the June 1^st 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 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 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, May's low crossing at $100.340 is the next downside target. Closes above the 20-day moving average crossing at $103.092 would signal that a short-term low has been posted. First resistance is the May 31^st 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-Wednesday's low crossing at $101.585. Second support is May's low crossing at $100.340.

The September Euro was steady to slightly lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a slightly lower 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 May's low, May's high crossing at $1.11710 is the next upside target. Closes below the 20-day moving average crossing at 1.08370 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Friday's high crossing at $1.10225. Second resistance is May's high crossing at $1.11710. First support is May's low crossing at 1.07025. Second support is the 38% retracement level of the 2022-2023 rally crossing at 1.06472. 

The September British Pound was lower lower overnight as it consolidates some of the rally off May's low. Overnight weakness and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices near-term. If September extends the rally off May's low, the 75% retracement level of the 2022-2023 decline crossing at 1.3253 is the next upside target. Closes below the 50-day moving average crossing at 1.2524 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at 1.2863. Second resistance is the 75% retracement level of the 2022-2023 decline crossing at 1.3253. First support is the 10-day moving average crossing at 1.2633. Second support is the 50-day moving average crossing at 1.2524.       

The September Swiss Franc was lower overnight and sets the stage for a lower 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. Closes below the 20-day moving average crossing at 1.11942 would signal that a short-term top has been posted. If September extends the rally off May's low, May's high crossing at 1.14920 is the next upside target. First resistance is last-Friday's high crossing at 1.13410. Second resistance is May's high crossing at 1.14920. First support is May'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 lower overnight and sets the stage for a lower 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, the 38% retracement level of the 2022-2023 decline crossing at $76.28 is the next upside target. Closes below the 20-day moving average crossing at $74.66 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $75.99. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at $76.28. First support is the 10-day moving average crossing at $75.26. Second support is 20-day moving average crossing at $74.66.

The September Japanese Yen was slightly higher in late-overnight trading as it consolidates some of last-week's decline. Overnight trading sets the stage for a slightly 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 September extends 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 June 1^st high crossing at 0.073430 would signal that a short-term low has been posted. First resistance is the June 1^st high crossing at 0.073430. Second resistance is the 50-day moving average crossing at 0.074478. First support is the 87% retracement level of the 2022-2023 rally crossing at 0.070777. Second support is the October 21^st low crossing at 0.069270. 

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

Precious Metals: Augustgold was lower overnight as it extends the May-June trading range. Overnight trading sets the stage for a 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 $2009.00 would signal that a short-term low has been posted. If August extends the decline off May's high, the 50% retracement level of the September-May rally crossing at $1892.30 is the next downside target. First resistance is the 50-day moving average crossing at $2009.00. 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 lower overnight and sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $23.270 would signal that a short-term top has been posted. If July renews the rally off May's low, the 50-day moving average crossing at $24.618 is the next upside target. First resistance is the 50-day moving average crossing at $24.618. Second resistance is May's high crossing at $26.435. First support is the 50% retracement level of the March-April rally crossing at 23.295. Second support is May's low crossing at $22.785.   

July copper was slightly lower overnight and sets the stage for a slightly lower 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 May 8^th high crossing at 3.9595 is the next upside target. Closes below the 20-day moving average crossing at 3.7450 would temper the near-term friendly outlook. First resistance is the May 8^th high crossing at 3.9595. Second resistance is the May 1^st high crossing at 4.0050. First support is the 20-day moving average crossing at 3.7450. Second support is May's low crossing at 3.5450.  

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

Grains: December corn was lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a lower 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 December extends the rally off May's low, the 75% retracement level of the 2022-2023 decline crossing at $6.32 1/2 is the next upside target. Closes below the 20-day moving average crossing at $5.39 3/4 would signal that a short-term top has been posted.First resistance is the 62% retracement level of the 2022-2023 decline crossing at $6.07 1/2. Second resistance is the 75% retracement level of the 2022-2023 decline crossing at $6.32 1/2. First support is the 10-day moving average crossing at $5.54 1/2. Second support is the 20-day moving average crossing at $5.39 3/4.

September wheat was lower overnight and sets the stage for a lower 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 May's low, the 25% retracement level of the 2022-2023 decline crossing at $7.23 1/2 is the next upside target. Closes below the 20-day moving average crossing at $6.38 1/2 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2022-2023 decline crossing at $7.23 1/2. Second resistance is March's high crossing at $7.46. First support is the 10-day moving average crossing at $6.54 3/4. Second support is the 20-day moving average crossing at $6.38 1/2. 

September Kansas City wheat was lower overnight and sets the stage for a 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. If September extends last-week's rally, May's high crossing at $9.02 is the next upside target. Closes below the 10-day moving average crossing at $8.04 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $8.49. Second resistance is May's high crossing at $9.02. First support is the June 14^th low crossing at $7.76.3/4. Second support is the May 31^st low crossing at $7.61 3/4. 

September Minneapolis wheat was lower overnight and sets the stage for a lower 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 31^st low, May's high crossing at $8.89 1/2 is the next upside target. Closes below the June 14^th low crossing at $8.01 1/4 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $8.63 1/4. Second resistance is May's high crossing at $8.89 1/2. First support is the June 14^th low crossing at $8.01 1/4. Second support is the May 31^st low crossing at $7.78 1/4.       

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

November soybeans were lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the aforementioned rally, the 75% retracement level of the 2022-2023 decline crossing at $13.69 1/4 is the next upside target. Closes below the 50-day moving average crossing at $12.43 1/4 would temper the near-term friendly outlook. First resistance is the 75% retracement level of the 2022-2023 decline crossing at $13.69 1/4. Second resistance 87% retracement level of the 2022-2023 decline crossing at $14.07 1/2. First support is the 50-day moving average crossing at $12.43 1/4. Second support is the 20-day moving average crossing at $12.08 1/2.

December soybean meal was lower overnight and sets the stage for a lower 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 December extends the rally off May's low, the 75% retracement level of the 2022-2023 rally crossing at $418.80 is the next upside target. Closes below the 50-day moving average crossing at $391.70 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the 2022-2023 decline crossing at $408.70. Second resistance is the 75% retracement level of the 2022-2023 rally crossing at $418.80. First support is the 50-day moving average crossing at $391.70. Second support is the 20-day moving average crossing at $375.10.

July soybean oil was lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a lower 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 February 22^nd high crossing at 60.52 is the next upside target. Closes below the 20-day moving average crossing at 50.40 would signal that a short-term top has been posted. First resistance is February 22^nd high crossing at 60.52. Second resistance is the December 30^th high crossing at 63.57. First support is the 10-day moving average crossing at 53.09. Second support is the 20-day moving average crossing at 50.40.