KEY EVENTS TO WATCH FOR:
Thursday, May 24, 2018
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 1114.9K)
Soybeans (Metric Tons) (previous 506.6K)
Wheat (Metric Tons) (previous 194.8K)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (expected 220K: previous 222K)
Jobless Claims, Net Chg (previous +11K)
Continuing Claims (previous 1707000)
Continuing Claims, Net Chg (previous -87K)
9:00 AM ET. 1st Quarter U.S. Quarterly House Price Index
9:00 AM ET. March U.S. Monthly House Price Index
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. April Existing Home Sales
Existing Sales (expected 5.59M; previous 5.60M)
Existing Sales, M/M% (expected -0.2%; previous +1.1%)
Unsold Homes Month's Supply (previous 3.6)
Median Price (USD) (previous 250400)
Median Home Price, Y/Y% (previous +5.8%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 1538B)
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 33)
6-Mo Exp Prod Idx (previous 44)
Mfg Composite Idx (previous 26)
6-Mo Exp Composite Idx (previous 31)
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 25, 2018
8:30 AM ET. April Advance Report on Durable Goods
Durable Goods-SA, M/M% (expected -1.5%: previous +2.6%)
Dur Goods, Ex-Defense, M/M% (previous +2.8%)
Dur Goods, Ex-Transport, M/M% (previous +0.0%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.1%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous -0.7%)
10:00 AM ET. May University of Michigan Survey of Consumers – final
End-Mo Sentiment Idx (expected 98.8; previous 98.8)
End-Mo Expectations (previous 88.4)
12-Month Inflation Forecast (previous 2.7%)
5-Year Inflation Forecast (previous 2.5%)
End-Mo Current Idx (previous 114.9)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""
The June NASDAQ 100 closed higher on Wednesday due to a late-session turnaround. The high-range close sets the stage for a steady to higher opening when Thursday'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 the 20-day moving average crossing at 6830.48 would confirm that a short-term top has been posted. If June renews the rally off April's low, the 87% retracement level of the March-April-decline crossing at 7099.43 is the next upside target. First resistance is the 75% retracement level of the March-April-decline crossing at 6989.66. Second resistance is the 87% retracement level of the March-April-decline crossing at 7099.43. First support is the 20-day moving average crossing at 6830.48. Second support is May's low crossing at 6538.00.
The June S&P 500 closed slightly higher on Wednesday while extending the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Thursday'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 renews the rally off May's low, March's high crossing at 2806.00 is the next upside target. Closes below the 50-day moving average crossing at 2675.49 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2741.00. Second resistance is March's high crossing at 2806.00. First support is the 50-day moving average crossing at 2675.49. Second support is May's low crossing at 2592.50.
The Dow closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 the Dow extends the rally off May's low, March's high crossing at 25,449.15 is the next upside target. Closes below the 50-day moving average crossing at 24,401.52 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 25,086.49. Second resistance is March's high crossing at 25,449.15. First support is the 50-day moving average crossing at 24,401.52. Second support is May's low crossing at 23,531.31.
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June T-bonds closed up 31/32's at 142-08.
June T-bonds closed higher on Wednesday as it extends the rally off last Friday's low.The high-range close sets the stage for a steady to higher opening when Thursday'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 142-16 would confirm that a short-term low has been posted. If June renews the decline off April's high, February's low crossing at 141-14 is the next downside target. First resistance is the 20-day moving average crossing at 142-16. Second resistance is the 50-day moving average crossing at 143-29. First support is last Friday's low crossing at 140-05. Second support is weekly support crossing at 140-03.
June T-notes closed up 145-points at 119-105.
June T-notes closed higher on Wednesday and above the 20-day moving average crossing at 119-072 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday'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 today's rally, the 50-day moving average crossing at 119.298 is the next upside target. If June renews the decline off April's high, weekly support crossing at 117.180 is the next downside target. First resistance the 50-day moving average crossing at 119.298. Second resistance is the reaction high crossing at 120.180. First support is last Thursday's low crossing at 118.105. Second support is weekly support crossing at 117.180.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
June crude oil closed lower on Wednesday after testing the 50% retracement level of the 2014-2016-decline crossing at 72.85. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. 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 February's low, the 62% retracement level of the 2014-2016-decline crossing at 80.83 is the next upside target. Closes below the 20-day moving average crossing at 70.04 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the 2014-2016-decline crossing at 72.85. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 80.83.First support is the 20-day moving average crossing at 70.04. Second support is the 50-day moving average crossing at 66.91.
June heating oil closed higher on Wednesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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 February's low, the contract high crossing at 235.70 is the next upside target. Closes below the 20-day moving average crossing at 220.52 are needed to confirm that a short-term top has been posted.First resistance is last Thursday's high crossing at 230.69. Second resistance is the contract high crossing at 235.70. First support is the 20-day moving average crossing at 220.52. Second support is the 50-day moving average crossing at 209.36.
June unleaded gas closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 the rally off February's low, monthly resistance crossing at 248.43 is the next upside target. Closes below the 20-day moving average crossing at 217.20 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 226.25. Second resistance is monthly resistance crossing at 248.43. First support is the 20-day moving average crossing at 217.20. Second support is the 50-day moving average crossing at 208.09.
June Henry natural gas closed slightly higher on Wednesday as it extends the rally off May's low. The low-range close sets the stage for a steady to lower opening when Thursday'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, January's high crossing at 2.975, is the next upside target. Closes below the 20-day moving average crossing at 2.800 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2.939. Second resistance is January's high crossing at 2.975. First support is the 10-day moving average crossing at 2.844. Second support is the 20-day moving average crossing at 2.800.
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The June Dollar closed higher on Wednesday as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 February's low, the 75% retracement level of the 2017-2018-decline crossing at 94.46. Closes below the 20-day moving average crossing at 92.71 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2017-2018-decline crossing at 94.46. Second resistance is the 87% retracement level of the 2017-2018-decline crossing at 95.52. First support is the 10-day moving average crossing at 93.18. Second support is the 20-day moving average crossing at 92.71.
The June Euro closed lower on Wednesday as it extended this year's decline and tested the 50% retracement level of the 2016-2018 rally crossing at 116.95. The low-range close sets the stage for a steady to lower prices are possible when Thursday'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 April's high, the 62% retracement level of the 2016-2018 rally crossing at 114.66 is the next downside target. Closes above the 20-day moving average crossing at 119.37 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 119.37. Second resistance is the reaction high crossing at 120.25. First support is the 50% retracement level of the 2016-2018 rally crossing at 116.95. Second support is the 62% retracement level of the 2016-2018 rally crossing at 114.66.
The June British Pound closed lower on Wednesday as it renewed the decline off April's high. The low-range close sets the stage for a steady to lower opening when Thursday'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 aforementioned decline, last November's low crossing at 1.3148 is the next downside target. Closes above the 20-day moving average crossing at 1.3582 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3582. Second resistance is the 50-day moving average crossing at 1.3913. First support is today's low crossing at 1.3319. Second support is last November's low crossing at 1.3148.
The June Swiss Franc closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI remain 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 1.0169 is the next upside target. If June renews the decline off February's high, weekly support crossing at 0.9833 is the next downside target. First resistance is the reaction high crossing at 1.0169. Second resistance is the 50-day moving average crossing at 1.0312. First support is May's low crossing at 0.9972. Second support is weekly support crossing at 0.9833.
The June Canadian Dollar closed slightly lower on Wednesday as it extends the trading range of the past five-weeks. The high-range close sets the stage for a steady to higher opening when Thursday'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 May's low, April's high crossing at 79.92 is the next upside target. If June renews the decline off April's high, March's low crossing at 76.33 is the next downside target. First resistance is the reaction high crossing at 78.62. Second resistance is April's high crossing at 79.92. First support is May's low crossing at 76.99. Second support is March's low crossing at 76.33.
The June Japanese Yen closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday’s night 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 20-day moving average crossing at 0.9127 would confirm that a short-term low has been posted. If June renews the decline off March's high, the 87% retracement level of the October-March-rally crossing at 0.8956 is the next downside target. First resistance is the 20-day moving average crossing at 0.9127. Second resistance is the reaction high crossing at 0.9229. First support is Monday's low crossing at 0.8992. Second support is the 87% retracement level of the October-March-rally crossing at 0.8956.
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June gold closed higher on Wednesday as it extends the trading range of the past five-days. The mid-range close sets the stage for a steady opening when Thursday'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 1306.50 would confirm that a short-term low has been posted. If June resumes the decline off April's high, the 75% retracement level of the December-January-rally crossing at 1279.20 is the next downside target. First resistance is the 20-day moving average crossing at 1306.50. Second resistance is May's high crossing at 1326.30. First support is the 75% retracement level of the December-January-rally crossing at 1279.20. Second support is the 87% retracement level of the December-January-rally crossing at 1263.70.
July silver closed lower on Wednesday. The mid-range close set the stage for a steady to lower opening when Thursday'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 renews the decline off April's high, December's low crossing at 15.705 is the next downside target. If July extends this month's rally, the reaction high crossing at 16.950 is the next upside target. First resistance is the reaction high crossing at 16.950. Second resistance is April's high crossing at 17.360. First support is last Tuesday's low crossing at 16.335. Second support is May's low crossing at 16.070.
June copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 May's low, April's high crossing at 320.00 is the next upside target. If June renews the decline off April's high, April's low crossing at 298.35 is the next downside target. First resistance is the reaction high crossing at 315.65. Second resistance is April's high crossing at 320.00. First support is May's low crossing at 300.50. Second support is April's low crossing at 298.35.
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July Corn closed up 3 1/2-cents at 4.08 1/4.
July corn closed higher on Wednesday as it extended the rally off January's low. The high-range close sets the stage for a steady to higher opening when Thursday'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 year's rally, the 75% retracement level of the July-January-decline crossing at 4.16 1/4 is the next upside target. Closes below the 50-day moving average crossing at 3.95 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 4.09. Second resistance is the 75% retracement level of the July-January-decline crossing at 4.16 1/4. First support is the 50-day moving average crossing at 3.95. Second support is the late-April low crossing at 3.85 1/4.
July wheat closed up 10-cents at 5.31 1/2.
July wheat closed higher on Wednesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Thursday'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, May's high crossing at 5.38 1/2 is the next upside target. Closes below the 50-day moving average crossing at 4.93 1/2 would confirm that a short-term top has been posted. First resistance is May's high crossing at 5.38 1/2. Second resistance is the 62% retracement level of the July-December-decline crossing at 5.43 3/4. First support is May's low crossing at 4.90 1/4. Second support is the late-April low crossing at 4.67 3/4.
July Kansas City Wheat closed up 11 1/4-cents at 5.51 3/4.
July Kansas City wheat closed higher on Wednesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, May's high crossing at 5.57 3/4 is the next upside target. Closes below the 50-day moving average crossing at 5.18 1/4 would confirm that a short-term top has been posted. First resistance is May's high crossing at 5.67 3/4. Second resistance isthe 75% retracement level of the July-December-decline crossing at 5.77. First support is May's low crossing at 5.02 1/2. Second support is the reaction low crossing at 4.94 3/4.
July Minneapolis wheat closed up 9-cents at 6.42.
July Minneapolis wheat closed higher on Wednesday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, the reaction high crossing at 6.57 1/4 is the next upside target. Closes below the 50-day moving average crossing at 6.13 would confirm that a short-term top has been posted. First resistance is today's high crossing at 6.45 3/4. Second resistance is the reaction high crossing at 6.57 1/4. First support is the 50-day moving average crossing at 6.13. Second support is May's low crossing at 5.99 1/2.
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July soybeans closed up 8 1/4-cents at 10.38 3/4.
July soybeans closed higher on Wednesday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening with Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 10.37 3/4 would confirm that a short-term low has been posted. Closes below the 10-day moving average crossing at 10.13 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 10.39 3/4. Second resistance is the late-April's high crossing at 10.67 1/2. First support is April's low crossing at 9.94 1/2. Second support is last Thursday's low crossing at 9.92 1/2.
July soybean meal closed up $2.50 at 380.00.
July soybean meal closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 20-day moving average crossing at 385.90 would confirm that a short-term low has been posted. If July extends this month's decline, the reaction low crossing at 373.80 is the next downside target. First resistance is May's high crossing at 406.50. Second resistance is weekly resistance crossing at 414.20. First support is the late-April low crossing at 373.80. Second support is April's low crossing at 367.00.
July soybean oil closed up 16 pts. At 31.67.
July soybean oil closed higher on Wednesday and above the 50-day moving average crossing at 31.52 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday'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 reaction high crossing at 32.19 is the next upside target. If July renews the decline off January's high, the 87% retracement level of the 2015-2016-rally crossing at 29.35 is the next downside target. First resistance is the reaction high crossing at 32.19. Second resistance is the reaction high crossing at 33.00. First support is the 20-day moving average crossing at 30.98. Second support is the reaction low crossing at 30.55.
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June hogs closed up $1.48 at $74.60.
June hogs closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off April's high, April's low crossing at 70.25 is the next downside target. If June renews the rally off the late-April low, April's high crossing at 79.10 is the next upside target. First resistance is April's high crossing at 79.10. Second resistance is the reaction high crossing at 79.60. First support is the late-April low crossing at 72.20. Second support is April's low crossing at 70.25.
June cattle closed up $0.55 at 105.45.
June cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 this week's rally, the reaction high crossing at 108.10 is the next upside target. If June resumes the decline off May's high, April's low crossing at 97.07 is the next downside target. First resistance is the reaction high crossing at 108.10. Second resistance is the reaction high crossing at 114.80. First support is the 87% retracement level of 2017's rally crossing at 99.63. Second support is the March 2017 low crossing at 96.40.
August Feeder cattle closed up $2.63 at $143.35.
August Feeder cattle closed sharply higher on Wednesday and above the 50-day moving average crossing at 143.22 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off April's high, the reaction low crossing at 140.08 is the next downside target. First resistance is April's high crossing at 149.08. Second resistance is March's high crossing at 153.88. First support is May's low crossing at 136.25. Second support is April's low crossing at 128.88.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
July coffee closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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, May's high crossing at 12.60 is the next upside target. If July renews the decline off May's high, April's low crossing at 11.53 is the next downside target.
July cocoa closed higher on Wednesday. The mid-range close sets the stage for a steady opening on Thursday. 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, April's low crossing at 24.74 is the next downside target. Closes above the 20-day moving average crossing at 27.50 would confirm that a low has been posted.
July sugar closed higher on Wednesday as it extends this month's rally. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's rally, the 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. Closes below the 20-day moving average crossing at 11.62 are needed to confirm that a top has been posted.
July cotton closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 83.33 would confirm that a short-term top has been posted. If July resumes this year's rally, weekly resistance crossing at 95.10 is the next upside target.