KEY EVENTS TO WATCH FOR:

Tuesday, June 13, 2023 \

N/A 3^rd Quarter Manpower U.S. Employment Outlook Survey

6:00 AM ET. May NFIB Index of Small Business Optimism

                       Small Business Idx (expected 88.3; previous 89.0)

8:30 AM ET. May Real Earnings

8:30 AM ET. May CPI

                       CPI, M/M% (expected +0.1%; previous +0.4%)

                       Core CPI, M/M% (expected +0.4%: previous +0.4%)

                       Energy Idx, M/M% (previous +0.6%)

                       Food Idx, M/M% (previous +0.0%)

                       Real Avg Wkly Pay-Infla Adj, M/M% (previous +0.1%)

                       CPI, Y/Y% (expected +4.0%; previous +4.9%)

                       Core Annual, Y/Y% (expected +5.3%; previous +5.5%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, Y/Y% (previous +0.6%)

                       Latest Wk, Y/Y% (previous +0.6%)

10:30 AM ET. U.S. Federal Open Market Committee meeting

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -1.7M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +2.4M)

                       Distillate Stocks, Net Chg (Bbls) (previous +4.5M)

Wednesday, June 14, 2023  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 194.7)

                       Composite Idx, W/W% (previous -1.4%)

                       Purchase Idx-SA (previous 151.7)

                       Purchase Idx-SA, W/W% (previous -1.7%)

                       Refinance Idx (previous 409.7)

                       Refinance Idx, W/W% (previous -0.7%)

8:30 AM ET. May PPI

                       PPI, M/M% (expected -0.1%; previous +0.2%)

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.2%)

                       Personal Consumption (previous +0.4%)

10:00 AM ET. SEC Small Business Advisory Committee

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 459.205M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -0.452M)

                       Gasoline Stocks (Bbl) (previous 218.815M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +2.745M)

                       Distillate Stocks (Bbl) (previous 111.731M)

                       Distillate Stocks, Net Chg (Bbl) (previous +5.074M)

                       Refinery Usage (previous 95.8%)

                       Total Prod Supplied (Bbl/day) (previous 19.221M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.221M)

2:00 PM ET. Federal Reserve economic projections

                       Median Fed Funds Rate - 2022

                       Median Fed Funds Rate - 2023 (previous 5.1%)

                       Median Fed Funds Rate - 2024 (previous 4.3%)

2:00 PM ET. U.S. interest rate decision

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 5.25)

                       Fed Funds Rate-Range Low (previous 5.00)

                       FOMC Vote For Action (previous 11)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 5.25

                       Discount Rate Change (Pts) (previous +0.25)

                       Discount Rate-Range High

                       Discount Rate-Range Low

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

The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it extends this year's rally. Overnight trading set the stage for a higher opening when the day session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's rally, the 75% retracement level of the 2021-2022-decline on the weekly continuation chart crossing at 15,202.41 is the next upside target. Closes below the 20-day moving average crossing at 14,389.50 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2021-2022-decline on the weekly continuation chart crossing at 15,202.41. Second resistance is the March-2022 high on the weekly continuation chart crossing at 15,268.75. First support is the 20-day moving average crossing at 14,389.50. Second support is the 50-day moving average crossing at 13,755.05.  

The September S&P 500 was steady to slightly higher overnight as it extends the rally off March'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 June extends the rally off March's low, the August-2022 high crossing at 4409.00 is the next upside target. Closes below the 20-day moving average crossing at 4273.55 would signal that a short-term top has been posted. First resistance the August-2022 high crossing at 4409.00. 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 4327.75. Second support is the 20-day moving average crossing at 4273.55.

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 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-Wednesday's high crossing at 128-16 would signal that a short-term low has been posted. If September renews the decline off April's high, the 87% retracement level of the March-April rally crossing at 124-19 is the next downside target. First resistance is the June 1^st high crossing at 129-16. Second resistance is the 50-day moving average crossing at 129-28. 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 slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 114.027 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 114.027. 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 higher overnight as it consolidates some of Monday's loss. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 31^st low crossing at $67.03 would open the door for a possible test of May's low crossing at $63.90. Closes above Monday's high crossing at $75.06 would mark an upside breakout of the May-June trading range and would signal the resumption of the rally off May's low. First resistance is the 20-day moving average crossing at $71.20. Second resistance is the June 5^th high crossing at $75.06. First support is the May 31^st low crossing at $67.03. Second support is the May low crossing at $63.90.    

July heating oil was slightly higher overnight and set 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. Closes below the May 31^st low crossing at 2.2268 would open the door for a possible test of May's low crossing at 2.1550. Closes above the 50-day moving average crossing at 2.4197 would open the door for additional gains and a possible test of the April 25^th high crossing at 2.5325. First resistance is the 50-day moving average crossing at 2.4197. Second resistance is the April 24^th high crossing at 2.5332. First support is the May 31^st low crossing at 2.2268. Second support is May's low crossing at 2.1550.

July unleaded gas was higher overnight as it consolidates some of Monday's loss and sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Thursday's high, the June 1^st low crossing at 2.4016 is the next downside target. If July renews the rally off May's low, the 87% retracement level of the April-May decline crossing at $2.6958 is the next upside target. 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 June 1^st low crossing at 2.4016. Second support is the May 15^th low crossing at 2.3565.        

July natural gas was slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 2.467 would signal that a short-term low has been posted. 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. First resistance is the 50-day moving average crossing at 2.467. Second resistance is the May 19^th high crossing at 2.816. 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 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 bearish signaling that sideways to lower prices are possible near-term. Closes below last-Thursday's low crossing at $102.875 would open the door for additional weakness near-term. If September renews the rally off May's low, the 38% retracement level of the 2022-2023 decline crossing at $104.932 is the next upside target. 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-Thursday's low crossing at $102.875. Second support is the 50-day moving average crossing at $102.042.

The September Euro was higher overnight as it extends the rally off May's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $1.08225 would signal 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 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 $1.08225. Second resistance is the 50-day moving average crossing at $1.09602. 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. 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 near-term. If September extends 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 Monday's high crossing at 1.2618. Second resistance is the May 10^th high crossing at 1.2705. First support is the 20-day moving average crossing at 1.2473. Second support is May's low crossing at 1.2333.      

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 signaling that sideways trading is possible near-term. If September extends the rally off May's low, the 50-day moving average crossing at 1.12848 is the next upside target. 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 1.12848. 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 higher overnight. 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, April's high crossing at $75.31 is the next upside target. Closes below the 50-day moving average crossing at $74.37 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 50-day moving average crossing at $74.37. Second support is April's low crossing at $73.39.

The September Japanese Yen was steady to slightly higher overnight as it extends the trading range of the past four-weeks. 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. Closes above the June 1^st high crossing at 0.073430 would signal that a short-term low has been posted. 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. First resistance is the June 1^st high crossing at 0.073430. Second resistance is the 50-day moving average crossing at 0.074946. 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"

Precious Metals: Augustgold was slightly higher overnight as it extends the trading range of the past five-weeks. Overnight trading sets the stage for a slightly higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $2015.40 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 $2015.40. 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 higher overnight and sets the stage for a higher 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 July extends the rally off May's low, the 50-day moving average crossing at $24.708 is the next upside target. Closes below last-Monday's low crossing at $23.320 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $24.620. Second resistance is the 50-day moving average crossing at $24.708. First support is the 20-day moving average crossing at 23.748. Second support is May's low crossing at $22.785.   

July copper was higher overnight and 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 July extends the rally off May's low, the 50-day moving average crossing at 3.8509 is the next upside target. Closes below the 20-day moving average crossing at 3.7102 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 3.8509. Second resistance is the May 8^th high crossing at 3.9595. First support is the 20-day moving average crossing at 3.7102. Second support is May's low crossing at 3.5450.  

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

Grains: July corn was higher overnight as it extends the rally off May's low. 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 87% retracement level of the April-May decline crossing at $6.34 3/4 is the next upside target. Closes below last-Thursday's low crossing at $5.95 1/4 would signal that a short-term top has been posted.First resistance is the 75% retracement level of the April-May decline crossing at $6.22 1/2. Second resistance is the 87% retracement level of the April-May decline crossing at $6.34 3/4. First support is last-Thursday's low crossing at $5.95 1/4. Second support is the May 31^st low crossing at $5.77 1/2.

July wheat was lower overnight and sets the stage for a slightly lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the 50-day moving average crossing at $6.45 1/2 is the next upside target. Closes below the 20-day moving average crossing at $6.17 1/4 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $6.45 1/2. Second resistance is May's high crossing at $6.69. First support is May'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 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. 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. Closes above the 50-day moving average crossing at $8.26 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $8.26 1/4. 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 lower overnight and sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $8.33 would open the door for additional gains and a possible test of May's high crossing at $8.88 1/2 later this month. If July renews last-Wednesday's decline, the May 31^st low crossing at $7.75 1/2 is the next downside target. First resistance is the 50-day moving average crossing at $8.33. Second resistance is May's high crossing at $8.88 1/2. First support is the May 31^st 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 were higher overnight as it extends the rally off May's low. Overnight trading sets the stage for a higher opening when the day session begins trading 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 July extends the aforementioned rally, the 50-day moving average crossing at $14.02 1/2  is the next upside target. Closes below the 20-day moving average crossing at $13.42 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at $14.02 1/2. Second resistance is May's high crossing at $14.46 3/4. First support is the 20-day moving average crossing at $13.42. Second support is May's low crossing at $12.70 3/4.  

July soybean meal was slightly higher overnight and sets the stage for a slightly higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $408.40 would signal that a short-term low has been posted while opening the door for additional gains near-term. 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 last-Thursday's high crossing at $408.40. Second resistance is the 50-day moving average crossing at $425.90. 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 higher overnight as it extends the rally off May's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are 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 April 18^th high crossing at 56.21 is the next upside target. Closes below the 20-day moving average crossing at 49.34 would signal that a short-term top has been posted. First resistance is May's high crossing at 55.12. Second resistance is the April 18^th high crossing at 56.21. First support is the 20-day moving average crossing at 49.34. Second support is May's low crossing at 44.53. 

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

July hogs closed up $1.43 at $91.05. 

July hogs closed higher on Monday as it extends the rally off May'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 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 March 27^th high crossing at $96.68 is the next upside target. Closes below the 20-day moving average crossing at $84.14 would signal that a short-term top has been posted. First resistance is the April 28^th high crossing at $94.00. Second resistance is the March 27^th high crossing at $96.68. First support is last-Monday's gap crossing at $85.00. Second support is the May 31^st gap crossing at $79.53.    

August cattle closed up $1.10 at $172.95. 

August cattle closed higher on Monday as it consolidated some of the decline off last-Wednesday's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews this year's rally unto uncharted territory, upside targets will be hard to project. If August extends the decline off last-Wednesday's high, the 25% retracement level of the 2022-2023 rally crossing at $169.57 is the next downside target. First resistance is last-Wednesday's high crossing at $178.10. Second resistance is unknown. First support is the 10-day moving average crossing at $171.92. Second support is the 25% retracement level of the 2022-2023 rally crossing at $169.57.     

August Feeder cattle closed down $0.10 at $238.90. 

August Feeder cattle posted an inside day with a lower close on Monday. The mid-range close sets the stage for a steady to slightly lower 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. Closes below the 20-day moving average crossing at $236.84 would signal that a short-term top has been posted. If August renews the rally off May's low, the October-2014 high on the monthly continuation chart crossing at $245.20 is the next upside target. First resistance is last-Wednesday's high crossing at $245.18. 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 $236.84. Second support is the 50-day moving average crossing at $230.13. 

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

July coffee closed lower on Monday and 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. Closes above last-Friday's high crossing at $19.66 would open the door for a possible test of April's high crossing at $20.49. Closes below the 10-day moving average crossing at $18.41 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $19.66. Second resistance is April's high crossing at $20.49. First support is the 10-day moving average crossing at $18.41. Second support is May's low crossing at $17.56.  

July cocoa posted a key reversal down as it closed lower on Monday consolidating some of this year's rally. The low-range close sets the stage for a steady to lower 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 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 30.40 would signal that a short-term top has been posted.    

July sugar closed lower on Monday, The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends last-week's rally, the May 23^rd high crossing at 26.22 is the next upside target. Multiple closes below last-Tuesday's low crossing at 24.23 would open the door for additional weakness near-term.          

July cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 82.72 would signal that a top has been posted. If July renews the rally off the May 25^th low crossing at 79.86, May's high crossing at 87.98 is the next upside target.