KEY EVENTS TO WATCH FOR:
Tuesday, May 29, 2018
9:00 AM ET. March S&P CoreLogic Case-Shiller Indices
10-City Idx, M/M% (previous +0.7%)
10-City Idx, Y/Y% (previous +6.5%)
20-City Idx, M/M% (previous +0.7%)
20-City Idx, Y/Y% (expected +6.7%; previous +6.8%)
National Idx, M/M% (previous +0.4%)
National Idx, Y/Y% (previous +6.3%)
10:00 AM ET. May Consumer Confidence Index
Cons Conf Idx (expected 128.0; previous 128.7)
Expectation Idx (previous 108.1)
Present Situation Idx (previous 159.6)
10:30 AM ET. May Texas Manufacturing Outlook Survey
Business Activity (expected 23.2; previous 21.8)
Mfg Production Idx (previous 25.3)
Wednesday, May 30, 2018
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 366.7)
Composite Idx, W/W% (previous -2.6%)
Purchase Idx-SA (previous 247.4)
Purchase Idx-SA, W/W% (previous -2.0%)
Refinance Idx (previous 1018.1)
Refinance Idx, W/W% (previous -3.7%)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.6%)
Chain Store Sales, M/M% (previous +4.1%)
8:15 AM ET. May ADP National Employment Report
Private Sector Jobs, Net Chg (expected +184000; previous +204000)
8:30 AM ET. April Advance Economic Indicators Report
8:30 AM ET. 1st Quarter 2nd estimate GDP
Annual Rate, Q/Q% (expected +2.3%; previous +2.3%)
Chain-Weighted Price Idx, Q/Q% (expected +2.0%; previous +2.0%)
Corporate Profits, Q/Q% (previous -9.6%)
PCE Price Idx, Q/Q% (previous +2.7%)
Purchase Price Idx, Q/Q% (previous +2.8%)
Real Final Sales, Q/Q% (previous +1.9%)
Core PCE Price Idx, Q/Q% (previous +2.5%)
Consumer Spending, Q/Q% (previous +1.1%)
8:30 AM ET. 1st Quarter Preliminary Corporate Profits
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous +0.0%)
Ret Sales Mo-to-Date, Y/Y% (previous +4.0%)
Latest Wk, Y/Y% (previous +3.2%)
10:00 AM ET. April Metropolitan Area Employment & Unemployment
10:00 AM ET. May Online Help Wanted Index
2:00 PM ET. U.S. Federal Reserve Beige Book
3:00 PM ET. May Agricultural Prices
Farm Prices, M/M% (previous +4.5%)
3:00 PM ET. Federal Reserve Board open meeting on 'Volcker rule' change
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -1.3M)
Gasoline Stocks, Net Chg (Bbls) (previous +1.0M)
Distillate Stocks, Net Chg (Bbls) (previous -1.3M)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The June NASDAQ 100 was lower overnight and points to a sizable drop at the open today as traders getting back to work after a three-day weekend were greeted by fresh Italian political drama. Another Italian election looks likely within a few months, and it might lead the eurozone’s third-largest economy toward ditching the shared currency, which would represent quite a shakeup to the status quo.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 6871.49 are needed to confirm that a short-term top has been posted. If June resumes the rally off the late-April low, the 87% retracement level of the March-April-decline crossing at 7098.50 is the next upside target. First resistance is the 75% retracement level of the March-April-decline crossing at 6987.87. Second resistance is the 87% retracement level of the March-April-decline crossing at 7098.50. First support is the 20-day moving average crossing at 6871.49. Second support is May's low crossing at 6538.00.
The June S&P 500 was sharply lower overnight and poised to breakout to the downside of the trading range of the past three-weeks.Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2673.15 are needed to confirm that a short-term top has been posted. If June resumes the rally off May's low, March's high crossing at 2806.00 is the next upside target. 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 2673.15. Second support is May's low crossing at 2592.50.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: June T-bonds were sharply higher overnight as it extends the rally off May's low. Stochastics and the RSI are neutral to bullish signaling that a short-term low might be in or is near. If June extends the aforementioned rally, April's high crossing at 147-03 is the next upside target. Closes below the 10-day moving average crossing at 142-04 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 146-02. Second resistance is April's high crossing at 147-03. First support is the 10-day moving average crossing at 142-03. Second resistance is May's low crossing at 140-05.
June T-notes were sharply higher overnight as it extends the rally off May's low. 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 May's low, the reaction high crossing at 121.035 is the next upside target. Closes below the 10-day moving average crossing at 119.058 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 121.035. Second resistance is April's high crossing at 121.120. First support is the 10-day moving average crossing at 119.058. Second support is May's low crossing at 118.105.
ENERGY MARKETS http://quotes.ino.com/ex changes/?c=energy"
ENERGY MARKETS: JulyNymex crude oil was lower overnight as it extends this week's decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 67.38 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 70.76 would confirm that a short-term low has been posted. First resistance is last Tuesday's high crossing at 72.90. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.19. First support is the 50-day moving average crossing at 67.38. Second support is the reaction low crossing at 65.38.
July heating oil was lower overnight as it extends the decline off May's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50-day moving average crossing at 211.06 is the next downside target. Closes above the 10-day moving average crossing at 225.27 would confirm that a short-term low has been posted. First resistance is May's high crossing at 229.87. Second resistance is the the contract high crossing at 235.75. First support is the overnight low crossing at 216.47. Second support is the 50-day moving average crossing at 211.06.
July unleaded gas was lower overnight as it extends the decline off May's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50-day moving average crossing at 209.32 is the next downside target. Closes above the 10-day moving average crossing at 222.23 would confirm that a short-term low has been posted. First resistance is May's high crossing at 228.04. Second support is monthly resistance crossing at 248.43. First support is the overnight low crossing at 212.33. Second support is the 50-day moving average crossing at 209.32.
July Henry natural gas was higher overnight as it extends the rally off May's low.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, January's high crossing at 3.010 is the next upside target. Closes below the 20-day moving average crossing at 2.851 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.000. Second resistance is January's high crossing at 3.010. First support is the 10-day moving average crossing at 2.909. Second support is the 20-day moving average crossing at 2.851.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The June Dollar was sharply higher overnight as it extends this year's rally. 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 April's low, the 87% retracement level of the June-2017/February-2018 decline crossing at 95.51 is the next upside target. Closes below the 20-day moving average crossing at 93.23 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 94.98. Second resistance is the 87% retracement level of the June-2017/February-2018-decline crossing at 95.51. First support is the 20-day moving average crossing at 93.23. Second support is the reaction low crossing at 92.12.
The June Euro was sharply lower overnight as it extends this year's decline. 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 118.62 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 118.62. Second resistance is the reaction high crossing at 120.25. First support is the 62% retracement level of the 2016-2018 rally crossing at 114.66. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.10.
The June British Pound was lower overnight as it extends the decline off April's high.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, November's low crossing at 1.3148 is the next downside target. Closes above the 20-day moving average crossing at 1.3502 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3502. Second resistance is the reaction high crossing at 1.3638. First support is the overnight low crossing at 1.3215. Second support is last October's low crossing at 1.3148.
The June Swiss Franc was lower overnight as it consolidates some of its recent gains. Stochastics and the RSI are poised to turned neutral to bearish signaling that a short-term top might be in or is near. If June extends the rally off May's low, the reaction high crossing at 1.0169 is the next upside target. If June resumes the decline off February's high, monthly 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 1.0281. First support is the reaction low crossing at 0.9972. Second support is monthly support crossing at 0.9833.
The June Canadian Dollar was lower overnight and has renewed the decline off April's high. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, March's low crossing at 76.33 is the next downside target. Closes above the 50-day moving averagecrossing at 78.09 is the next upside target. First resistance is the reaction high crossing at 78.62. Second resistance is April's high crossing at 79.92. First support is the overnight low crossing at 76.67. Second support is March's low crossing at 76.33.
The June Japanese Yen was higher overnight as it extends the rally off May's low. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. If June extends this month's rally, the 50-day moving average crossing at 0.9279 is the next upside target. Closes below the 10-day moving average crossing at 0.9091 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 0.9279. Second resistance is the reaction high crossing at 0.9393. First support is the 10-day moving average crossing at 0.9091. Second support is the 87% retracement level of the November-March-rally crossing at 0.8956.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: June gold was higher overnight. 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 1304.00 are needed to 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 1279.80 is the next downside target. First resistance is the 20-day moving average crossing at 1304.00. 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 was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above May's high crossing at 16.865 or below the reaction low crossing at 16.190 are needed to confirm a breakout of this month's trading range and point the direction of the next trending moving. First resistance is May's high crossing at 16.865. Second resistance is April's high crossing at 17.425. First support is the reaction low crossing at 16.190. Second support is May's low crossing at 16.070.
June copper was steady to slightly higher overnight while extending this month's trading range. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above last Tuesday's high crossing at 313.65 would confirm an upside breakout of the aforementioned trading range. If June resumes the decline off April's high, April's low crossing at 298.39 is the next downside target. First resistance is last Tuesday's high crossing at 313.65. 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 298.39.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was higher overnight. However, the low-range trade overnight sets the stage for a possible steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, 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 3/4 would open the door for a possible test of the late-April low crossing at 3.85 1/4. First resistance is last Thursday's high crossing at 4.12 1/4. Second resistance is the 75% retracement level of the July-January-decline crossing at 4.16 1/4. First support is the 20-day moving average crossing at 4.02 3/4. Second support is the 50-day moving average crossing at 3.95 3/4.
July wheat gapped up and was higher overnight as it extends the rally off May's low. 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 75% retracement level of the July-December-decline crossing at 5.66 1/4 is the next upside target. Closes below the 20-day moving average crossing at 5.17 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 5.54. Second resistance is the 75% retracement level of the July-December-decline crossing at 5.66 1/2. First support is the 20-day moving average crossing at 5.17. Second support is the 50-day moving average crossing at 4.96 1/4.
July Kansas City Wheat closed up 15-cents at 5.64.
July Kansas City wheat closed higher on Friday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening on Monday. 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, May's high crossing at 5.67 3/4 is the next upside target. Closes below the 50-day moving average crossing at 5.20 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 was higher overnight. The high-range overnight trade sets the stage for a steady to 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, last-November's high crossing at 6.69 3/4 is the next upside target. Closes below the 20-day moving average crossing at 6.21 3/4 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 6.51. Second resistance is last-November's high crossing at 6.69 3/4. First support is the 10-day moving average crossing at 6.28 1/2. Second support is the 20-day moving average crossing at 6.21 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans was higher overnight as it extends the rally off last Thursday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming 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 late-April high crossing at 10.67 1/2 is the next upside target. Closes below the 10-day moving average crossing at 10.21 3/4 would confirm that a short-term top has been posted. First resistance is the late-April high crossing at 10.67 1/2. Second resistance is April's high crossing at 10.78. First support is the 10-day moving average crossing at 10.21 3/4. Second support is May's low crossing at 9.92 1/2.
July soybean meal was higher overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 384.30 are needed to confirm that a short-term top has been posted. If July renews this month's decline, April's low crossing at 367.00 is the next downside target. First resistance is the reaction high crossing at 391.90. Second resistance is May's high crossing at 406.50. First support is the late-April low crossing at 373.80. Second support is April's low crossing at 367.00.
July soybean oil was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 20-day moving average crossing at 31.07 would confirm that a short-term top has been posted. If July extends the rally off May's low, the reaction high crossing at 32.19 is the next upside 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 reaction low crossing at 30.55. Second support is May's low crossing at 30.15.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
June hogs closed up $0.23 at $74.83.
June hogs closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off the late-April low, April's high crossing at 79.10 is the next upside target. If June renews the decline off April's high, April's low crossing at 70.25 is the next downside target. First resistance is May's high crossing at 77.48. Second resistance is April's high crossing at 79.10. First support is the late-April low crossing at 72.20. Second support is April's low crossing at 70.25.
June cattle closed down $1.05 at 104.40.
June cattle closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 down $0.05 at $143.30.
August Feeder cattle closed lower on Thursday but remains above the 50-day moving average crossing at 143.11 confirming that a short-term low has been posted. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, May's high crossing at 147.30 is the next upside target. Closes below the 10-day moving average crossing at 140.36 would confirm that a short-term top has been posted. 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 higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 27.41 would confirm that a low has been posted.
July sugar closed slightly higher on Thursday as it extends this month's rally. The mid-range close set the stage for a steady to higher opening on Friday. 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 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 11.66 are needed to confirm that a top has been posted.
July cotton closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. 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 83.77 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.
Thanks tallpine!