INO Evening Market Comments
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Started by tallpine - May 31, 2018, 3:52 p.m.

KEY EVENTS TO WATCH FOR:



Friday, June 1, 2018  



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



                       Corn (Metric Tons) (previous 1127.7K)



                       Soybeans (Metric Tons) (previous -132.5K)



                       Wheat (Metric Tons) (previous 452.3K)



8:30 AM ET. May U.S. Employment Report



                       Non-Farm Payrolls (expected +190K; previous +164K)



                       Unemployment Rate (expected 3.9%; previous 3.9%)



                       Avg Hourly Earnings (USD) (previous 26.84)



                       Avg Hourly Earnings-Net Chg (USD) (previous +0.04)



                       Avg Hourly Earnings, M/M% (expected +0.2%; previous +0.15%)



                       Avg Hourly Earnings, Y/Y% (previous +2.6%)



                       Overall Workweek (previous 34.5)



                       Overall Workweek Net Chg (previous +0)



                       Government Payrolls (previous -4K)



                       Private Payroll (previous +168K)



                       Participation Rate (previous 62.8%)



                       Non-Farm Payrolls Bench Net Chg



9:45 AM ET. May US Manufacturing PMI



                       PMI, Mfg (expected 56.8; previous 56.5)



10:00 AM ET. April Construction Spending - Construction Put in Place



                       New Construction (expected +0.8%; previous -1.7%)



                       Residential Construction



10:00 AM ET. May ISM Manufacturing Report on Business



                       Manufacturing PMI (expected 58.1; previous 57.3)



                       Prices Idx (previous 79.3)



                       Employment Idx (previous 54.2)



                       Inventories (previous 52.9)



                       New Orders Idx (previous 61.2)



                       Production Idx (previous 57.2)



11:00 AM ET. May Global Manufacturing PMI



                       PMI, Mfg (previous 53.5)



4:00 PM ET. May Domestic Auto Industry Sales



                       Auto Sales Annualized (expected 16.8M; previous 17.15M)


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



The June NASDAQ 100 closed slightly lower on Thursday while extending the trading range of the past three-weeks. 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 diverging and are neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 6829.75 would confirm a downside breakout of the aforementioned trading range. 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 reaction low crossing at 6829.75. Second support is May's low crossing at 6538.00.  



The June S&P 500 closed lower on Thursday while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 2672.60 would confirm that a short-term top has been posted. If June renews 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 2672.60. Second support is May's low crossing at 2592.50. 



The Dow closed lower on Thursday as the U.S. decision to impose tariffs on steel and aluminum imports from the European Union, Canada and Mexico reigniting trade-war worries. Crude oil, which helped drive a rally for stocks Wednesday, remained under pressure after weekly supply data. 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 bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 24,383.19 would confirm that a short-term top has been posted. If the Dow renews the rally off May's low, March's high crossing at 25,449.15 is the next upside target. First resistance is May's high crossing at 25,086.49. Second resistance is March's high crossing at 25,449.15. First support is Tuesday's low crossing at 24,247.84. Second support is May's low crossing at 23,531.31.      



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



June T-bonds closed up 9/32's at 145-23.



June T-bonds posted an inside day with a higher close on Thursday.The high-range close sets the stage for a steady to higher opening when Friday'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 May's low, April's high crossing at 147-03 is the next upside target. Closes below the 20-day moving average crossing at 142-30 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 146-23. Second resistance is April's high crossing at 147-03. First support is the 20-day moving average crossing at 142-30. Second support is May's low crossing at 140-05.      



June T-notes closed up 10-points at 120-205.



June T-notes closed higher on Thursday and the high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a double top with April's high could have been posted with Wednesday's high. Closes below the 20-day moving average crossing at 119.145 would confirm that a short-term top has been posted. If June extends the rally off May's low, February's high crossing at 122.020 is the next upside target. First resistance April's high crossing at 121.120. Second resistance is February's high crossing at 122.020. First support is the 20-day moving average crossing at 119.145. Second support is May's low crossing at 118.105.     



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



July crude oil closed lower on Thursday on bearish inventory data. The low-range close sets the stage for a steady to lower opening when Friday's night session begins. 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 reaction low crossing at 65.38 is the next downside target. Closes above the 20-day moving average crossing at 70.24 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 70.24. Second resistance is May's high crossing at 72.90.First support is the reaction low crossing at 65.38. Second support is the late-April low crossing at 61.73. 



July heating oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI remain 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 212.14 is the next downside target. Closes above the 10-day moving average crossing at 224.49 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 229.87. Second resistance is the contract high crossing at 235.75. First support is the 50-day moving average crossing at 212.14. Second support is May's low crossing at 208.77.  



July unleaded gas 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50-day moving average crossing at 210.16 is the next downside target. Closes above the 10-day moving average crossing at 221.11 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 226.25. Second resistance is monthly resistance crossing at 248.43. First support is the 50-day moving average crossing at 210.16. Second support is May's low crossing at 205.47.



July Henry natural gas closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 2.857 would confirm that a short-term top has been posted. If July renews the rally off May's low, January's high crossing at 3.010, is the next upside target. First resistance is Tuesday's high crossing at 3.000. Second resistance is January's high crossing at 3.010. First support is the 20-day moving average crossing at 2.857. Second support is the 50-day moving average crossing at 2.825.  



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



The June Dollar closed lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 93.38 would confirm that a short-term top has been posted. If June extends the rally off February's low, the 87% retracement level of the 2017-2018-decline crossing at 95.52. 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 20-day moving average crossing at 93.38. Second support is the reaction low crossing at 92.11.  



The June Euro closed higher on Thursday as it consolidated some of this spring's decline. The mid-range close sets the stage for a steady to high prices are possible when Friday'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 118.30 are needed to confirm that a short-term low has been posted. If June resumes the decline off April's high, the 62% retracement level of the 2016-2018 rally crossing at 114.66 is the next downside target. First resistance is the 10-day moving average crossing at 117.28. Second resistance is the 20-day moving average crossing at 118.30. 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 closed higher on Thursday as it consolidated some of May's decline. 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 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 1.3471 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.3471. Second resistance is the reaction high crossing at 1.3638. First support is Tuesday's low crossing at 1.3215. Second support is last November's low crossing at 1.3148. 



The June Swiss Franc closed higher on Thursday as it extends the rally off May's 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 50-day moving average crossing at 1.0265 is the next upside target. Closes below the 20-day moving average crossing at 1.0052 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0189. Second resistance is the 50-day moving average crossing at 1.0265. First support is May's low crossing at 0.9972. Second support is weekly support crossing at 0.9833.



The June Canadian Dollar 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 bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, March's low crossing at 76.33 is the next downside target. Closes above the 50-day moving average crossing at 78.13 is needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 78.62. Second resistance is April's high crossing at 79.92. First support is Tuesday's low crossing at 76.67. Second support is March's low crossing at 76.33.  



The June Japanese Yen closed higher on Thursday. The mid-range close sets the stage for a steady to higher 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 the rally off May's low, the 50-day moving average crossing at 0.9268 is the next upside target. Closes below the 10-day moving average crossing at 0.9117 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 0.9268. Second resistance is the reaction high crossing at 0.9393. First support is May's low crossing at 0.8992. Second support is the 87% retracement level of the October-March-rally crossing at 0.8956.   



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



June gold closed lower on Thursday marking a second straight monthly decline as pressure from the U.S. dollar index’s gains in May outweighed concerns about a global trade war. 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. Closes above the 20-day moving average crossing at 1303.30 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 1279.20 is the next downside target. First resistance is the 20-day moving average crossing at 1303.30. 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 Thursday while extending this month's trading range. The low-range close set the stage for a steady to lower opening when Friday'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 renews the decline off April's high, December's low crossing at 15.705 is the next downside target. If July extends the rally off May's low, May's high crossing at 16.865 is the next upside target. First resistance is May's high crossing at 16.865. Second resistance is April's high crossing at 17.360. First support is the reaction low crossing at 16.335. Second support is May's low crossing at 16.070.      



June copper 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 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 298.35 is the next downside target. Closes above the 50-day moving average crossing at 307.54 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 315.65. Second resistance is April's high crossing at 320.00. First support is Wednesday's low crossing at 300.00. Second support is April's low crossing at 298.35.   



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



July Corn closed unchanged at 3.93 1/2. 



July corn posted an inside day with a steady close on Thursday as it consolidates some of the decline off May's high. 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 becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the late-April low crossing at 3.85 1/4 is the next downside target. Closes above the 20-day moving average crossing at 4.01 1/4 are needed to confirm that a short-term low has been posted. First resistance is May'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 Wednesday's low crossing at 3.90 3/4. Second support is the late-April low crossing at 3.85 1/4. 



July wheat closed up 2 3/4-cents at 5.24 3/4. 



July wheat closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday'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 5.16 would confirm that a short-term top has been posted. If July renews this spring's rally, the 75% retracement level of 2017's decline crossing at 5.66 1/4 is the next upside target. First resistance is the 62% retracement level of the July-December-decline crossing at 5.43 3/4. Second resistance is the 75% retracement level of 2017's decline crossing at 5.66 1/4. First support is the 20-day moving average crossing at 5.16. Second support is May's low crossing at 4.86 1/4.       



July Kansas City Wheat closed up 1 3/4-cents at 5.42 1/2. 



July Kansas City wheat closed higher on Thursday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 5.22 would confirm that a short-term top has been posted. If July renews the rally off May's low, the 75% retracement level of the July-December-decline decline crossing at 5.77 is the next upside target. First resistance is Tuesday's high crossing at 5.74 3/4. Second resistance is the 75% retracement level of the July-December-decline crossing at 5.77. First support is the 50-day moving average crossing at 5.22. Second support is May's low crossing at 5.02 1/2.  



July Minneapolis wheat closed up a 1/2-cent at 6.12. 



July Minneapolis wheat closed fractionally higher on Thursday and below the 50-day moving average crossing at 6.14 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain 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 5.99 1/2 is the next downside target. Closes above the 10-day moving average crossing at 6.27 would confirm that a short-term low has been posted. First resistance is May's high crossing at 6.51. Second resistance is last November's high crossing at 6.69 3/4. First support is May's low crossing at 5.99 1/2. Second support is the late-April low crossing at 5.91 1/4.  



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



July soybeans closed down 3 3/4-cents at 10.19 1/4. 



July soybeans closed lower on Thursday as it extends this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at 10.23 1/4 confirms that a short-term top has been posted. If July renews the rally off May's low, the late-April high crossing at 10.67 1/2 is the next upside target. First resistance is May's high crossing at 10.50 3/4. Second resistance is the late-April's high crossing at 10.67 1/2. First support is the May 21st gap crossing at 9.92 3/4. Second support is May's low crossing at 9.92 1/2.



July soybean meal closed down $1.90 at 375.00. 



July soybean meal 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 have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, the reaction low crossing at 373.80 is the next downside target. Closes above Tuesday's high crossing at 387.60 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 406.50. Second resistance is weekly resistance crossing at 414.20. First support is Wednesday's low crossing at 373.00. Second support is April's low crossing at 367.00.  



July soybean oil closed down 33 pts. At 31.15. 



July soybean oil posted a key reversal down 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 bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, the reaction low crossing at 30.55 is the next downside target. If July renews 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 20-day moving average crossing at 31.15. Second support is the reaction low crossing at 30.55.



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



July hogs closed down $2.08 at $78.05. 



July hogs closed sharply lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's 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, April's low crossing at 72.52 is the next downside target. If July extends the rally off the late-April low, April's high crossing at 79.10 is the next upside target. First resistance is May's high crossing at 80.25. Second resistance is April's high crossing at 81.32. First support is May's low crossing at 74.97. Second support is April's low crossing at 72.52. 



June cattle closed down $1.08 at 105.05. 



June cattle closed lower on Thursday. The mid-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 the rally off May's low, May's 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 May's 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 $1.15 at $147.40. 



August Feeder cattle closed lower on Thursday as it consolidates some of the rally off May's low. The mid-range close sets the stage for a steady opening when Friday's 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 August extends the rally off May's low, March's high crossing at 153.88 is the next upside target. Closes below the 20-day moving average crossing at 142.82 would confirm that a short-term top has been posted. First resistance is today's high crossing at 149.50. Second resistance is March's high crossing at 153.88. First support is the 20-day moving average crossing at 142.82. Second support is May's low crossing at 136.25.   



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. Closes below the 20-day moving average crossing at 11.99 would confirm that a short-term top has been posted. 



July cocoa closed lower on Thursday as it extends the decline off April's high. 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, the 50% retracement level of the December-April-rally crossing at 23.84 is the next downside target. Closes above the 20-day moving average crossing at 26.75 would confirm that a low has been posted.  



July sugar closed higher on Thursday as it extends the rally off April's low. The high-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 the aforementioned 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 11.84 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 86.97 would confirm that a short-term top has been posted. If July extends this year's rally, weekly resistance crossing at 97.35 is the next upside target. 

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