KEY EVENTS TO WATCH FOR:

Wednesday, May 22, 2019 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 415.7)

                       Composite Idx, W/W% (previous -0.6%)

                       Purchase Idx-SA (previous 268.5)

                       Purchase Idx-SA, W/W% (previous -0.6%)

                       Refinance Idx (previous 1232.6)

                       Refinance Idx, W/W% (previous -0.5%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 472.035M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +5.431M)

                       Gasoline Stocks (Bbl) (previous 225.024M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -1.123M)

                       Distillate Stocks (Bbl) (previous 125.647M)

                       Distillate Stocks, Net Chg (Bbl) (previous +0.084M)

                       Refinery Usage (previous 90.5%)

                       Total Prod Supplied (Bbl/day) (previous 19.477M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.931M)

2:00 PM ET. Federal Open Market Committee meeting minutes published

Thursday, May 23, 2019 

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 634.1K)

                       Soybeans (Metric Tons) (previous 674.3K)

                       Wheat (Metric Tons) (previous 533.9K)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 215K; previous 212K)

                       Jobless Claims, Net Chg (previous -16K)

                       Continuing Claims (previous 1660000)

                       Continuing Claims, Net Chg (previous -28K)

9:45 AM ET. May US Flash Services PMI

                       PMI, Services (previous 52.9)

9:45 AM ET. May US Flash Manufacturing PMI

                       PMI, Mfg (expected 52.5; previous 52.4)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. April New Residential Sales

                       New Home Sales (expected 680K; previous 692K)

                       New Home Sales, M/M% (expected -1.7%; previous +4.5%)

                       New Home Sales Months Supply (previous 6.0)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1653B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +106B)

11:00 AM ET. May Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 12)

                       6-Mo Exp Prod Idx (previous 14)

                       Mfg Composite Idx (previous 5)

                       6-Mo Exp Composite Idx (previous 11)

2:00 PM ET. SEC Closed Meeting

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

Friday, May 24, 2019 

8:30 AM ET. April Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (expected -2.0%; previous +2.7%)

                       Dur Goods, Ex-Defense, M/M% (previous +0.3%)

                       Dur Goods, Ex-Transport, M/M% (previous +0.4%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.3%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.2%)

Monday, May 27, 2019  

  N/A              U.S.: Memorial Day. Financial markets closed

  N/A              U.S: Jefferson Davis' Birthday holiday in Mississippi

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

The June NASDAQ 100 closed higher on Tuesday.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews this month's decline, the 38% retracement level of the December-April-rally crossing at 7103.16 is the next downside target. Closes above the 20-day moving average crossing at 7630.70 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7630.70. Second resistance is April's high crossing at 7879.50. First support is last-Monday's low crossing at 7318.50. Second support is the 38% retracement level of the December-April-rally crossing at 7103.16.  

The June S&P 500 closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. If June renews the decline off May's high, the 38% retracement level of the December-April-rally rally crossing at 2723.23 is the next downside target. Closes above the 20-day moving average crossing at 2893.68 are needed to confirm that a short-term low has been posted. If June renews the decline off May's high, the 38% retracement level of the December-April-rally crossing at 2723.23 is the next downside target. First resistance is the 20-day moving average crossing at 2893.68. Second resistance is May's high crossing at 2957.30. First support is the 25% retracement level of the December-April-rally crossing at 2804.09. Second support is the 38% retracement level of the December-April-rally crossing at 2723.23.  

The Dow closing higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 26,091.16 are needed to confirm that a short-term low has been posted. If the Dow resumes the decline off May's high, the 38% retracement level of the December-May-rally crossing at 24,795.46 is the next downside target. First resistance is the 20-day moving average crossing at 26, 91.16. Second resistance is April's high crossing at 26,695.96. First support is last-Monday's low crossing at 25,222.51. Second support is the 38% retracement level of the December-May-rally crossing at 24,795.46.

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

June T-bonds closed down 4/32's at 149-06.

June T-bonds closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 147-29 would confirm that a short-term top has been posted. If June resumes the rally off April's low, March's high high crossing at 150-21 is the next upside target.First resistance is last-Thursday's high crossing at 150-10. Second resistance is March's high crossing at 150-21. First support is the reaction low crossing at 146-21. Second support is April's low crossing at 145-31.          

June T-notes closed down 45-pts. At 124.045.

June T-notes closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 123.212 would confirm that a short-term top has been posted. If June extends the rally off April's low, March's high crossing at 124.310 is the next upside target. First resistance is last-Thursday's high crossing at 124.270. Second resistance is March's high crossing at 124.310. First support is May's low crossing at 122.300. Second support is April's low crossing at 122.205.       

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

June crude oil closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the reaction high crossing at 64.75 is the next upside target. Multiple closes below the reaction low crossing at 60.04 would open the door for additional weakness near-term. First resistance is April's high crossing at 66.60. Second resistance is the 75% retracement level of the October-December-decline crossing at 67.73. First support is the reaction low crossing at 60.04. Second support is the reaction low crossing at 58.41.  

June heating oil closed slightly higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 202.09 would confirm that a short-term top has been posted. If June extends the rally off December's low, the 75% retracement level of the October-December-decline crossing at 222.16 is the next upside target. First resistance is last-Thursday's high crossing at 213.77. Second resistance is the 75% retracement level of the October-December-decline crossing at 222.16. First support is the reaction low crossing at 202.09. Second support is the reaction lowcrossing at 194.17. 

June unleaded gas closed slightly higher on Tuesday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Closes below the 50-day moving average crossing at 196.19 would open the door for a possible test of the March 28^th reaction low crossing at 180.31. If June extends this month's rally, the 75% retracement level of the October-December-decline crossing at 211.35 is the next upside target. First resistance is April's high crossing at 209.69. Second resistance is the 75% retracement level of the October-December-decline crossing at 211.35. First support is the 50-day moving average crossing at 196.19. Second support is the March 28^th reaction low crossing at 180.31.

June Henry natural gas closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2.587 would confirm that a short-term top has been posted. Closes above the 50-day moving average crossing at 2.681 would open the door for additional gains near-term. If June extends the rally off April's low, the reaction high crossing at 2.768 the next upside target. First resistance is the 50-day moving average crossing at 2.681. Second resistance is the reaction high crossing at 2.768. First support is May's low crossing at 2.516. Second support is April's low crossing at 2.477.        

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

The June Dollar closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, weekly resistance crossing at 99.90 is the next upside target. Closes below last-Monday's low crossing at 96.81 would confirm that a short-term top has been posted. First resistance is April's high crossing at 98.09. Second resistance is weekly resistance crossing at 99.90. First support is the last-Monday's low crossing at 96.81. Second support is April's low crossing at 96.36.

The June Euro closed lower on Tuesday.The mid-range close sets the stage for a steady opening when Wednesday's night 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 June resumes the decline off March's high, the January 2017 low crossing at 110.16 is the next downside target. Closes above the 50-day moving average crossing at 112.95 are needed to temper the bearish outlook. First resistance is the 50-day moving average crossing at 112.95. Second resistance is March's high crossing at 115.33. First support is April's low crossing at 111.56. Second support is the January 2017 low crossing at 110.16.      

The June British Pound closed lower on Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 June extends the decline off May's high, the 87% retracement level of the January-April-rally crossing at 1.2701 is the next downside target. Close above the 20-day moving average crossing at 1.2965 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2965. Second resistance is the 50-day moving average crossing at 1.3087. First support is the 87% retracement level of the January-April-rally crossing at 1.2701. Second support is January's low crossing at 1.2591.   

The June Swiss Franc closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday'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 0.9892 would confirm that a short-term top has been posted. If June resumes the rally off April's low, the 50-day moving average crossing at 0.9987 is the next upside target. First resistance is last-Monday's high crossing at 0.9983. Second resistance is the 50-day moving average crossing at 0.9987. First support is April's low crossing at 0.9814. Second support is weekly support crossing at 0.9713.

The June Canadian Dollar closed higher on Tuesday while extending the trading range of the past five-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 74.77 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high, December's low crossing at 74.48 is the next downside target. First resistance is the 50-day moving average crossing at 74.77. Second resistance is the reaction high crossing at 76.46. First support is April's low crossing at 74.04. Second support is December's low crossing at 73.47.  

The June Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’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 0.0907 would confirm that a short-term top has been posted. If June resumes the rally off April's low, the 50% retracement level of the November-January-rally crossing at 0.0921 is the next upside target. First resistance is last-Monday's high crossing at 0.0920. Second resistance is the 50% retracement level of the November-January-rally crossing at 0.0921. First support is the 20-day moving average crossing at 0.0907. Second support is the 50-day moving average crossing at 0.0905.  

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

June gold closed lower on Tuesday due to a stronger US Dollar. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June resumes the decline off February's high, the 62% retracement level of the August-February-rally crossing at 1252.70 is the next downside target. Closes above the 50-day moving average crossing at 1293.40 would confirm that a short-term low has been posted. First resistance is May's high crossing at 1302.60. Second resistance is April's high crossing at 1314.70. First support is the 50% retracement level of the August-February-rally crossing at 1272.30. Second support is the 62% retracement level of the August-February-rally crossing at 1252.70.

July silver closed slightly lower on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night 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 extends the decline off February's high, last-November's low crossing at 14.175 is the next downside target. Multiple closes above the 20-day moving average crossing at 14.784 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 14.784. Second resistance is the 50-day moving average crossing at 15.073. First support is today's low crossing at 14.350. Second support is last-November's low crossing at 14.175.          

July copper closed lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 extends the decline off April's high, the 75% retracement level of the December-April-rally crossing at 267.05 is the next downside target. Closes above the 20-day moving average crossing at 278.61 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 273.76. Second resistance is the 20-day moving average crossing at 278.61. First support is today's low crossing at 270.55. Second support is the 75% retracement level of the January-April rally crossing at 267.05.

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

July Corn closed up 5 1/4-cents at 3.94 1/4. 

July corn closed higher on Tuesday following Monday's friendly planting intentions report that showed only 49% of this year's corn crop has been planted. Profit taking ahead of the close tempered early-session losses and the mid-range close sets the stage for a steady opening when Wednesday's night 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 this month's rally, the 62% retracement level of the 2018-2019-decline crossing at 4.06 is the next upside target. Closes below the 20-day moving average crossing at 3.67 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3.99. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 4.06. First support is the 50-day moving average crossing at 3.71 1/2. Second support is the 20-day moving average crossing at 3.67.   

July wheat closed down 2 1/4-cents at 4.76. 

July wheat posted a downside reversal on Tuesday with today's lower close. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If July extends this month's rally, the 38% retracement level of the 2018-2019-decline crossing at 4.95 is the next upside target. Closes below the 20-day moving average crossing at 4.44 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.92 3/4. Second resistance is the 38% retracement level of the 2018-2019-decline crossing at 4.95. First support is the 50-day moving average crossing at 4.56. Second support is the 20-day moving average crossing at 4.44 3/4.      

July Kansas City Wheat closed up 1 1/2-cents at 4.36.

July Kansas City wheat closed higher on Tuesday and above the 50-day moving average crossing at 4.27 1/2 confirming that a short-term low has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, March's high crossing at 4.61 1/2 is the next upside target. Closes below the 20-day moving average crossing at 4.06 3/4. First resistance is the 25% retracement level of the 2018-2019-decline crossing at 4.46 1/4. Second resistance is the 38% retracement level of the 2018-2019-decline crossing at 4.80 1/4. First support is the 20-day moving average crossing at 4.06 3/4. Second support is May's low crossing at 3.82.  

July Minneapolis wheat closed down a 1/2-cents at 5.43. 

July Minneapolis wheat closed fractionally lower on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night 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 aforementioned rally the 38% retracement level of the 2018-2019-decline crossing at 5.70 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.19 1/4 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the 2018-2019-decline crossing at 5.48 1/4. Second resistance is the 38% retracement level of the 2018-2019-decline crossing at 5.70 1/2. First support is the 50-day moving average crossing at 5.36 1/2. Second support is the 20-day moving average crossing at 5.19 1/4.    

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

July soybeans closed down 10 1/2-cents at 8.21 1/4.

July soybeans posted a key reversal down and closed lower on Tuesday despite Monday's bullish planting progress report and a wet weather forecast for much of the Midwest this week. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 8.48 1/4 are needed to confirm that a short-term low has been posted.If July resumes the decline off February's high, monthly support crossing at 7.75 is the next downside target. First resistance is the reaction high crossing at 8.48 1/4. Second resistance is the 50-day moving average crossing at 8.80 1/2. First support is last-Monday's low crossing at 7.91. Second support is monthly support crossing at 7.75.

July soybean meal closed down $2.70 at 294.60. 

July soybean meal posted a key reversal down on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 294.00 are needed to confirm that a short-term top has been posted. If July extends this month's rally, the 50-day moving average crossing at 306.10 is the next upside target. First resistance is the 50-day moving average crossing at 306.10. Second resistance is the reaction high crossing at 309.90. First support is the 10-day moving average crossing at 294.00. Second support is last-Monday's low crossing at 283.10.    

July soybean oil closed down 37-pts. at 27.13. 

July soybean oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 50-day moving average crossing at 28.52 is the next upside target. Closes below the 10-day moving average crossing at 27.06 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 28.52. Second resistance is April's high crossing at 29.72. First support is last-Monday's low crossing at 26.21. Second support is weekly support crossing at 25.94.    

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

June hogs closed down $1.65 at $90.10. 

June hogs closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below May's low crossing at 85.37 would renew the rally off April's high. If June extends the rally off May's low, the reaction high crossing at 93.83 is the next upside target. First resistance is the reaction high crossing at 93.83. Second resistance is April's high crossing at 99.83. First support is May's low crossing at 85.37. Second support is the 62% retracement level of the February-April-rally crossing at 82.73. 

June cattle closed down $0.50 at 110.85. 

June cattle closed lower on Tuesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above 20-day moving average crossing at 112.59 are needed to confirm that a short-term low has been posted. If June extends the decline off March's high, the 87% retracement level of the 2018-2019-rally crossing at 107.37 is the next downside target. First resistance is the 20-day moving average crossing at 112.59. Second resistance is the 50-day moving average crossing at 117.65. First support is the 75% retracement level of the 2018-2019-rally crossing at 109.79. Second support is  the 87% retracement level of the 2018-2019-rally crossing at 107.37.

August Feeder cattle closed down $1.78 at $143.00. 

August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 146.81 are needed to confirm that a low has been posted. If August renews the decline off March's high, weekly support crossing at 132.22 is the next downside target. First resistance is the 20-day moving average crossing at crossing at 146.81. Second resistance is the 50-day moving average crossing at 152.82. First support is last-Friday's low crossing at 140.50. Second support is weekly support crossing at 132.22.  

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

July coffee closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 9.41 are needed to confirm that a low has been posted. If July resumes this year's decline, weekly support crossing at 8.32 is the next downside target. 

July cocoa closed sharply higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If July extends the rally off April's low, January's high crossing at 24.76 is the next upside target. Closes below the 50-day moving average crossing at 23.14 would confirm that a short-term top has been posted.           

July sugar posted a key reversal up and closed higher on Tuesday. Additional gains on Wednesday would confirm today's key reversal up. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 12.04 would confirm that a short-term low has been posted. If July extends this spring's decline, weekly support crossing at 11.10 is the next downside target. 

July cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 10-day moving average crossing at 67.76 would confirm that a short-term low has been posted. If July extends this spring's decline, monthly support crossing at 59.85 is the next downside target.