KEY EVENTS TO WATCH FOR:

Monday, May 27, 2019  

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

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

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The June NASDAQ 100 closed slightly higher on Friday as it consolidated some of the decline off April's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 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 7579.18 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7579.18. Second resistance is April's high crossing at 7879.50. First support is Thursday's low crossing at 7604.7. Second support is the 38% retracement level of the December-April-rally crossing at 7103.16.  

The June S&P 500 closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday'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 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 2879.49 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2879.49. 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 closed higher on Friday as trade-war fears receded somewhat following reports President Donald Trump may ease up on restrictions against Huawei Technologies Inc. as part of a bigger trade deal with China. The mid-range close sets the stage for a steady opening when Tuesday'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 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. Closes above the 20-day moving average crossing at 25,953.35 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 25,953.35. 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.

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June T-bonds closed up 1/32's at 151-01.

June T-bonds closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this year's rally, weekly resistance crossing at 152-01 is the next upside target. Closes below the 50-day moving average crossing at 148-04 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 151-15. Second resistance is weekly resistance crossing at 152-01. First support is the 20-day moving average crossing at 148-29. Second support is the 50-day moving average crossing at 148-04.          

June T-notes closed down 5-pts. At 124.300.

June T-notes closed slightly lower on Friday as it consolidated some of Thursday's rally. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, weekly resistance crossing at 125.265 is the next upside target. Closes below the 50-day moving average crossing at 123.243 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 125.070. Second resistance is weekly resistance crossing at 125.265. First support is the 20-day moving average crossing at 124.036. Second support is the 50-day moving average crossing at 123.243.       

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July crude oil posted an inside day with a higher close on Friday as it consolidated some of this week's decline.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to higher prices are possible near-term. If July extends this week's decline, the 50% retracement level of the December-April-rally crossing at 55.32 is the next downside target. Closes above the 50-day moving average crossing at 62.29 would confirm that a short-term low has been posted. First resistance is May's high crossing at 63.96. Second resistance is April's high crossing at 66.60. First support is the 38% retracement level of the December-April-rally crossing at 57.97. Second support is the 50% retracement level of the December-April-rally crossing at 55.32. 

July heating oil closed higher on Friday as it consolidates some of Thursday's decline. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the 50% retracement level of the December-April-rally rally crossing at 188.58 is the next downside target. Closes above the 20-day moving average crossing at 205.91 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 213.81. Second resistance is the 75% retracement level of the October-December-decline crossing at 222.16. First support is the 38% retracement level of the December-April-rally crossing at 194.63. Second support is the 50% retracement level of the December-April-rally rally crossing at 188.58. 

July unleaded gas closed higher on Friday as it consolidates some of this week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 38% retracement level of the December-April-rally crossing at 182.82 is the next downside target. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Closes above the 20-day moving average crossing at 197.06 would temper the near-term bearish outlook. First resistance is May's high crossing at 208.54. Second resistance is April's high crossing at 209.69. First support is Thursday's low crossing at 187.72. Second support is the 38% retracement level of the December-April-rally crossing at 182.82.

July Henry natural gas closed higher on Friday as it consolidated some of this week's decline.The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, May's low crossing at 2.551 is the next downside target. Closes above the 50-day moving average crossing at 2.714 would open the door for a possible test of the reaction high crossing at 2.824. First resistance is the 50-day moving average crossing at 2.714. Second resistance is the reaction high crossing at 2.824. First support is May's low crossing at 2.551. Second support is April's low crossing at 2.534.        

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The June Dollar closed lower on Friday following confirming yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 97.48 would confirm that a short-term top has been posted. If June renews this month's rally, weekly resistance crossing at 99.90 is the next upside target. First resistance is Thursday's high crossing at 98.26. Second resistance is weekly resistance crossing at 99.90. First support is the 20-day moving average crossing at 97.48. Second support is the 50-day moving average crossing at 96.99.

The June Euro closed higher on Friday following yesterday's key reversal up and closes above the 50-day moving average crossing at 112.87 confirming that a short-term low.The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher 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. First resistance is the 50-day moving average crossing at 112.87. Second resistance is March's high crossing at 115.33. First support is Thursday's low crossing at 111.26. Second support is the January 2017 low crossing at 110.16.      

The June British Pound closed higher on Friday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening when Tuesday'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, January's low crossing at 1.2591 is the next downside target. Close above the 20-day moving average crossing at 1.2928 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2787. Second resistance is the 20-day moving average crossing at 1.2928. First support is Thursday's low crossing at 1.2618. Second support is January's low crossing at 1.2591.   

The June Swiss Franc closed higher on Friday and above the 50-day moving average crossing at 0.9985. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 2017-2019 downtrend line crossing near 1.0093 is the next upside target. Closes below the 20-day moving average crossing at 0.9907 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0013. Second resistance is the the 2017-2019 downtrend line crossing near 1.0093. First support is the 20-day moving average crossing at 0.9907. Second support is April's low crossing at 0.9814. 

The June Canadian Dollar closed higher on Friday while extending the trading range of the past five-weeks. The high-range close sets the stage for a steady to higher opening when Tuesday'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 resumes the decline off February's high, December's low crossing at 74.48 is the next downside target. Closes above the 50-day moving average crossing at 74.71 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 74.71. 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 higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at 0.0905 would confirm that a short-term top has been posted. First resistance is May'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 50-day moving average crossing at 0.0905. Second support is the reaction low crossing at 0.0898.  

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June gold closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 1292.40 would confirm that a short-term low has been posted. 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. 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 lower on Friday. The low-range close set the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 14.707 are needed to confirm that a low has been posted. If July extends the decline off February's high, last-November's low crossing at 14.175 is the next downside target.First resistance is the 20-day moving average crossing at 14.707. Second resistance is the 50-day moving average crossing at 15.017. First support is Wednesday's low crossing at 14.350. Second support is last-November's low crossing at 14.175.          

July copper closed higher due to short covering on Friday.The high-range close sets the stage for a steady to higher opening when Tuesday'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, January's low crossing at 256.10 is the next downside target. Closes above the 20-day moving average crossing at 276.53 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 271.75. Second resistance is the 20-day moving average crossing at 276.53. First support is Thursday's low crossing at 265.45. Second support is January's low crossing at 256.10.

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July Corn closed up 15-cents at 4.04 3/4. 

July corn closed higher on Friday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday'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 3.73 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.04 3/4. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 4.06. First support is the 10-day moving average crossing at 3.82 3/4. Second support is the 20-day moving average crossing at 3.73.   

July wheat closed up 20-cents at 4.90 1/4. 

July wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that 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 4.50 1/4 would confirm that a short-term top has been posted. First resistance is Wednesday'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 10-day moving average crossing at 4.65 1/2. Second support is the 20-day moving average crossing at 4.50 1/4.      

July Kansas City Wheat closed up 16 3/4-cents at 4.42.

July Kansas City wheat closed higher on Friday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening when Tuesday night session begins trading. Stochastics and the RSI are turning 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 4.10 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 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 4.10 1/4. Second support is May's low crossing at 3.82.  

July Minneapolis wheat closed down 9 1/2-cents at 5.34 1/4. 

July Minneapolis wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, 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 5.23 3/4 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 10-day moving average crossing at 5.32 1/4. Second support is the 20-day moving average crossing at 5.23 3/4.    

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July soybeans closed up 7 3/4-cents at 8.29 1/4.

July soybeans closed higher on Friday.The high-range close sets the stage for a steady to higher opening when Tuesday'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 8.75 1/4. First support is May's low crossing at 7.91. Second support is monthly support crossing at 7.75.

July soybean meal closed up $3.30 at 300.50. 

July soybean meal closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to higher signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the 50-day moving average crossing at 305.50 is the next upside target. Closes below the reaction low crossing at 293.10 are needed to confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 305.50. Second resistance is the reaction high crossing at 309.90. First support is the reaction low crossing at 293.10. Second support is May's low crossing at 283.10.    

July soybean oil closed up 23-pts. at 27.01. 

July soybean oil closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday'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 July extends this week's decline, May's low crossing at crossing at 26.21 is the next downside target. If July renews this month's rally, the 50-day moving average crossing at 28.33 is the next upside target. First resistance is the 50-day moving average crossing at 28.33. Second resistance is April's high crossing at 29.72. First support is May's low crossing at 26.21. Second support is weekly support crossing at 25.94.    

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June hogs closed down $3.00 at $86.42. 

June hogs closed limit down on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 May's low crossing at 85.37 would renew the rally off April's high. If June resumes 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 up $0.38 at 111.18. 

June cattle closed higher on Friday. 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 111.79 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 111.79. Second resistance is the 50-day moving average crossing at 117.13. 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 up $0.20 at $143.23. 

August Feeder cattle closed higher on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 145.11 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 145.11. Second resistance is the 50-day moving average crossing at 152.30. 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 lower on Friday. 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. Closes above the 50-day moving average crossing at 9.37 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 higher on Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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, last-July's high crossing at 25.84 is the next upside target. Closes below the 20-day moving average crossing at 23.55 would confirm that a short-term top has been posted.           

July sugar closed higher on Friday. The mid-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 11.87 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 higher on Friday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 70.42 would confirm that a short-term low has been posted. If July resumes this spring's decline, monthly support crossing at 59.85 is the next downside target.