KEY EVENTS TO WATCH FOR:

Monday, June 26, 2023 

10:30 AM ET. June Texas Manufacturing Outlook Survey

                       Business Activity (previous -29.1)

                       Mfg Production Idx (previous -1.3)

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

The Dow closed lower on Friday as it extends the decline off last-Friday's high. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 33,618.67 would signal that a short-term top has been posted. If the Dow renews the rally off May's low, the December-2022 high crossing at 34,712.28 is the next upside target. First resistance is last-Friday's high crossing at 34,588.68. Second resistance is the December-2022 high crossing at 34,712.28. First support is the 50-day moving average crossing at 33,618.67. Second support is the June 6^th low crossing at 33,399.69. 

The September NASDAQ 100 closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible. Closes below the 20-day moving average crossing at 14,850.95 would signal that a short-term top has been posted. If September resumes 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. First resistance is last-Friday's high crossing at 15,475.50. Second resistance is the 87% retracement level of the 2020-2022-decline on the weekly continuation chart crossing at 15,957.86. First support is the 20-day moving average crossing at 14,850.95. Second support is June's low crossing at 14,420.00.  

The September S&P 500 closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night 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 4350.76 would signal that a short-term top has been posted. If September renews the rally off March's low, the 75% retracement level of the 2022 decline on the weekly chart crossing at 4505.40 is the next upside target. First resistance is last-Friday's high crossing at 4493.75. Second resistance is the 75% retracement level of the 2022 decline on the weekly chart crossing at 4505.40. First support is the 20-day moving average crossing at 4350.76. Second support is the June 8^th low crossing at 4305.75.      

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September T-bonds closed up 1-00/32's at 128-00. 

September T-bonds closed higher on Friday as it extends June's trading range. The mid-range close sets the stage for a steady to higher opening when Monday'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 129-03 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 the 50-day moving average crossing at 129-03. Second resistance is the May 11^th high crossing at 132-13. 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 down 110-pts. at 113.025.

September T-notes closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's 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 March's rally crossing at 111.243 is the next downside target. Closes above last-Tuesday's high crossing at 114.000 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 114.000. Second resistance is June's high crossing at 115.000. 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 ""

August crude oil closed lower on Friday as it extends the decline off Wednesday's high. The high-range close sets the stage for a steady to slightly lower opening when Monday's day session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 12^th low crossing at $66.96 would open the door for a possible test of May's low crossing at $63.90. Closes above the 50-day moving average crossing at $72.76 would signal that a short-term low has been posted while opening the door for additional short-term gains. First resistance is the 50-day moving average crossing at $72.76. Second resistance is June's high crossing at $75.70. First support is the June 12^thlow crossing at $66.96. Second support is May's low crossing at $64.41.  

August heating oil closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's day trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Monday's low crossing at 2.2876 would confirm that a short-term top has been posted. If August renews the rally off May's low, the 38% retracement level of the 2022-2023 decline crossing at 2.6107 is the next upside target. First resistance is the April 24^th high crossing at 2.5349. Second resistance is the 38% retracement level of the 2022-2023 decline crossing at 2.6107. First support is last-Monday's low crossing at $2.2876. Second support is the May 31^st low crossing at $2.2301.  

August unleaded gas closed lower on Friday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the June 12^th low crossing at 2.3901 would open the door for a possible test of June's low crossing at 2.3394. Closes above the 10-day moving average crossing at 2.4902 would signal that a short-term low has been posted. First resistance June's high crossing at 2.5905. Second resistance is the 87% retracement level of the April-May decline crossing at 2.6394. First support is the June 12^th low crossing at 2.3901. Second support is June's low crossing at 2.3394. 

August Henry natural gas closed higher on Friday as it extended the rally off June's low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, the May 19^th high crossing at 2.885 is the next upside target. Closes below the 20-day moving average crossing at 2.481 is the next downside target.First resistance is the May 19^th high crossing at 2.885. Second resistance is the 25% retracement level of the 2022-2023 decline crossing at 3.193. First support is the 20-day moving average crossing at 2.481. Second support is the June 1^st low crossing at 2.244. 

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

The September Dollar closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 102.861 would signal that a short-term low has been posted. If September renews the decline off May's high, May's low crossing at 100.340 is the next downside target. First resistance is the 20-day moving average crossing at 102.861. Second resistance is May's high crossing at 104.205. First support is Thursday's low crossing at 101.485. Second support is May's low crossing at 100.340.   

The September Euro closed lower on Friday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices is possible near-term. Closes below the 20-day moving average crossing at $1.08579 would signal that a short-term top has been posted. If September extends the rally off May's low, May's high crossing at 1.11710. First resistance is Thursday's high crossing at $1.10615. Second resistance is May's high crossing at 1.11710. First support is the 20-day moving average crossing at 1.08579. Second support is May's low crossing at $1.07025. 

The September British Pound closed slightly lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.2541 is the next downside target. 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. First resistance is Thursday's high crossing at 1.2874. Second resistance is the 75% retracement level of the 2022-2023 decline crossing at 1.3253. First support is the 50-day moving average crossing at 1.2541. Second support is June's low crossing at 1.2390.  

The September Swiss Franc closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 September resumes the decline off May's high, the 38% retracement level of 2022-2023 rally crossing at 1.10197 is the next downside target. 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 the 20-day moving average crossing at 1.11984. Second support is May's low crossing at 1.10700. Third support is the 38% retracement level of 2022-2023 rally crossing at 1.010197. 

The September Canadian Dollar closed lower on Friday as it consolidates some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Monday'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 September extends the rally off May's low, the 38% retracement level of the 2021-2022 decline crossing at 76.28 is the next upside target. Closes below the 20-day moving average crossing at 74.96 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 76.22. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 76.28. First support is the 10-day moving average crossing at 75.60. Second support is the 20-day moving average crossing at 74.96.  

The September Japanese Yen closed lower on Friday as it extends this year's decline. The low-range close sets the stage for a steady to lower opening when Monday’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 September extends the decline off March's high, the October-2022 low crossing at 0.069270 is the next downside target. Closes above the 20-day moving average crossing at 0.072349 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.072349. Second resistance is the June 1^st high crossing at 0.073430. First support is today's low crossing at 0.070420. Second support is the October-2022 low crossing at 0.069270.  

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

August gold closed higher on Friday 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 Monday'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 August extends the decline off May's high, the 50% retracement level of the 2022-2023 rally crossing at $1892.30. Closes above the 20-day moving average crossing at $1965.30 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $1965.30. Second resistance is the 50-day moving average crossing at $2002.60. First support is today's low crossing at $1919.50. Second support is the 50% retracement level of the 2022-2023 rally crossing at $1892.30.  

July silver closed lower for the fourth day in a row on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 May's high, the 75% retracement level of the March-May rally crossing at 21.708 is the next downside target. Closes above the 50-day moving average crossing at 24.436 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at 24.436. Second resistance is the May 10^th high crossing at 26,200. First support is the 62% retracement level of the March-May rally crossing at 22.546. Second support is the 75% retracement level of the March-May rally crossing at 21.708.  

July copper closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.7810 would signal that a short-term top has been posted. If July extends the rally off May's low, May's high crossing at 4.0050 is the next upside target. First resistance is Thursday's high crossing at 3.9670. Second resistance is May's high crossing at 4.0050. First support is the 20-day moving average crossing at 3.7810. Second support is May's low crossing at 3.5450.

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

September Corn closed down $0.32 1/4-cents at $5.84 3/4. 

September corn closed sharply lower on Friday as it consolidates some of the rally off May's low. The sell off, which began on Thursday was triggered by a bearish shift in weather forecast for the Midwest by this weekend. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading if the forecast weekend rain event for the Midwest proves to be accurate. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing at $5.73 1/2 would signal that a short-term top has been posted. If September extends the rally off May's low, the 75% retracement level of the 2022-2023-decline crossing at $6.47 1/2 is the next upside target. First resistance is the December 26^th high crossing at $6.31 1/4. Second resistance is the 75% retracement level of the 2022-2023 decline crossing at $6.47 1/2. First support is the 10-day moving average crossing at $5.73 1/2. Second support is the 20-day moving average crossing at $5.49 1/2. 

September wheat closed down $0.06 3/4-cents at $7.46 1/2.  

September wheat closed lower on Friday as it consolidated some of the rally off May's low. The high-range close sets the stage for a steady to slightly lower opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 38% retracement level of the 2022-2023 crossing at $7.95 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.58 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $7.60 3/4. Second resistance is the 38% retracement level of the 2022-2023 crossing at $7.95 1/4. First support is the 10-day moving average crossing at $6.90 1/4. Second support is the 20-day moving average crossing at $6.58.  

September Kansas City Wheat closed down $0.10 3/4-cents at $8.61 3/4.

September Kansas City wheat closed lower on Friday as it consolidates some of the rally off the May 31^st low. The low-range close sets the stage for a steady to lower opening when Monday'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 September extends the aforementioned rally, May's high crossing at $9.02 is the next upside target. Closes below the 20-day moving average crossing at $8.13 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $8.89 1/2. Second resistance is May's high crossing at $9.02. First support is the 50-day moving average crossing at $8.19. Second support is the 20-day moving average crossing at $8.13.

September Minneapolis wheat closed up $0.10 3/4-cents crossing at $8.73 3/4.

September Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 September the rally off the May 31^st low, April's high crossing at $9.10 1/2 is the next upside target. Closes below the 20-day moving average crossing at $8.24 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $8.94 1/2. Second resistance is April's high crossing at $9.10 1/2. First support is the 10-day moving average crossing at $8.42 1/2. Second support is the 50-day moving average crossing at $8.31 1/2.   

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

November soybeans closed down $0.29 1/2-cents at $13.10.

November soybeans close sharply lower on Friday due to bearish weather forecast for the Midwest this weekend. The low-range close sets the stage for a steady to lower opening when Monday's day session begins trading should the bearish weather forecast for the Midwest prove to be accurate. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing at $12.89 would signal that a short-term top has been posted. If November extends the rally off May's low, February's high crossing at $14.02 is the next upside target. First resistance is Wednesday's high crossing at $13.78. Second resistance is February's high crossing at $14.02. First support is the 10-day moving average crossing at $12.89. Second support is the 50-day moving average crossing at $12.45 1/2.  

August soybean meal closed down $14.40 at $407.40. 

August soybean meal closed sharply lower on Friday 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 Monday's day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at $413.50 signal that a short-term top has been posted. If August renews this month's rally, April's high crossing at $456.00 is the next upside target. First resistance is Wednesday's high crossing at $438.90. Second resistance is April's high crossing at $456.00. First support is the 10-day moving average crossing at $403.50. Second support is the 20-day moving average crossing at $398.10. 

August soybean oil closed up 174-pts. at 56.57. 

August soybean oil closed higher on Friday.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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 51.73 would signal that a short-term top has been posted. If August resumes the rally off May's low, March's high crossing at 61.83 is the next upside target. First resistance is last-Friday's high crossing at 60.24. Second resistance is March's high crossing at 61.83. First support is the 50-day moving average crossing at 51.73. Second support is May's low crossing at 44.68. 

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

August hogs closed up $0.25 at $90.23. 

August hogs closed slightly higher on Friday. The mid-range close sets the stage for a steady to slightly higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $85.06 would signal that a short-term top has been posted. If August extends the rally off May's low, the 62% retracement level of the 2022-2023 decline crossing at $95.45 is the next upside target. First resistance is the 62% retracement level of the 2022-2023 decline crossing at $95.45. Second resistance is the 75% retracement level of the 2022-2023 decline crossing at $100.14. First support is the 10-day moving average crossing at $89.56. Second support is the 20-day moving average crossing at $85.06.    

August cattle closed down $0.23 at $170.93. 

August cattle closed slightly lower on Friday. The mid-range close sets the stage for a steady to slightly lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 50-day moving average crossing at $165.88 is the next downside target. Closes above the June 14^th high crossing at $174.40 would confirm that a low has been posted. First resistance is the June 14^th high crossing at $174.40. Second resistance is June's high crossing at $178.10. First support is Wednesday's low crossing at $168.10. Second support is the 50-day moving average crossing at $165.88.      

August Feeder cattle closed up $3.28 at $233.95. 

August Feeder cattle gapped up and closed sharply higher on Friday leaving a two-day island bottom on the daily chart. 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 oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $237.05 would signal that a short-term low has been posted. If August extends the decline off June's high, May's low crossing at $221.15 is the next downside target. First resistance is the 20-day moving average crossing at $237.05. Second resistance is the June 14^th high crossing at $241.90. First support is Wednesday's low crossing at $226.70. Second support is May's low crossing at $221.15. 

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

September coffee closed lower on Friday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off June's high, the 75% retracement level of the January-April rally crossing at $15.88 is the next downside target. Closes above last-Friday's high crossing at $18.42 would signal that a short-term low has been posted. First resistance is last-Friday's high crossing at $18.42. Second resistance is June's high crossing at $19.17. First support is today's low crossing at $16.41. Second support is the 75% retracement level of the January-April rally crossing at $15.88.  

September cocoa closed slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 31.16 would signal that a short-term top has been posted. If September extends the rally off March's low, monthly resistance crossing at 34.29 is the next upside target.     

October sugar closed sharply lower for the second day in a row on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the June 6^th low crossing at 24.01 would mark a downside breakout of the April-June trading range while opening the door for a larger degree decline into July. Closes above the 10-day moving average crossing at 25.32 would signal that a short-term low has been posted. 

December cotton closed sharply lower on Friday and is poised to test the bottom of the March-June trading range crossing at 77.56. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If December extends the decline off May's high, the March 24^th low crossing at 77.56 is the next upside target. Closes above the 50-day moving average crossing at 81.26 would signal that a low has been posted.