KEY EVENTS TO WATCH FOR:

Wednesday, June 13, 2018   

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 370.8)

                       Composite Idx, W/W% (previous +4.1%)

                       Purchase Idx-SA (previous 252.8)

                       Purchase Idx-SA, W/W% (previous +4.2%)

                       Refinance Idx (previous 1007.3)

                       Refinance Idx, W/W% (previous +3.8%)

8:30 AM ET. May PPI

                       PPI, M/M% (expected +0.3%; previous +0.1%)

                       Ex-Food & Energy PPI, M/M% (expected +0.2%; previous +0.2%)

                       Personal Consumption (previous -0.1%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 436.584M)

                       Crude Oil Stocks, Net Chg (Bbl) (expected -1.6M; previous +2.072M)

                       Gasoline Stocks (Bbl) (previous 239.034M)

                       Gasoline Stocks, Net Chg (Bbl) (expected +0.7M; previous +4.603M)

                       Distillate Stocks (Bbl) (previous 116.794M)

                       Distillate Stocks, Net Chg (Bbl) (expected +0.4M; previous +2.165M)

                       Refinery Usage (expected 95.4%; previous 95.4%)

                       Total Prod Supplied (Bbl/day) (previous 18.456M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -2.431M)

12:00 PM ET. SEC Closed Meeting

2:00 PM ET. U.S. interest rate decision, followed by Jerome Powell press briefing

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 1.75)

                       Fed Funds Rate-Range Low (previous 1.50)

                       FOMC Vote For Action (previous 8)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 2.25)

                       Discount Rate Change (Pts) (previous +0)

                       Discount Rate-Range High

                       Discount Rate-Range Low

2:00 PM ET. Federal Reserve economic projections

                       Median Fed Funds Rate - 2018 (previous 2.100%)

                       Median Fed Funds Rate - 2019 (previous 2.900%)

                       Median Fed Funds Rate - 2020 (previous 3.400%)

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

The STOCK INDEXES:The September NASDAQ 100 was higher overnight as the countdown began for investors to a decision from the Federal Reserve, which is widely expected to increase rates by a quarter of a percentage point and offer details on path forward for monetary policy. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off the late-April low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7069.67 are needed to confirm that a short-term top has been posted. First resistance is last-Thursday's high crossing at 7258.00. Second resistance is unknown. First support is the 10-day moving average crossing at 7178.40. Second support is the 20-day moving average crossing at 7069.67.    

The September S&P 500 was slightly higher overnight as it extends the rally off April's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, March's high crossing at 2796.30 is the next upside target. Closes below the 20-day moving average crossing at 2745.72 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2795.00. Second resistance is March's high crossing at 2796.30. First support is the 10-day moving average crossing at 2766.13. Second support is the 20-day moving average crossing at 2745.72.      

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

INTEREST RATES: September T-bonds were higher overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 142-16 are needed to confirm that a short-term top has been posted. If September renews the rally off May's low, May's high crossing at 145-28 is the next upside target. First resistance is May's high crossing at 145-28. Second resistance is April's high crossing at 146-03. First support is the 20-day moving average crossing at 142-16. Second resistance is May's low crossing at 139-11.  

September T-notes were slightly higher overnight. 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 119.103 would confirm that a short-term top has been posted. If September renews the rally off May's low, May's high crossing at 121.030 is the next upside target. First resistance is May's high crossing at 121.030. Second resistance is the reaction high crossing at 121.165. First support is the 20-day moving average crossing at 119.103. Second support is May's low crossing at 117.300.   

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

ENERGY MARKETS: JulyNymex crude oil was slightly lower overnight. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 68.13 would confirm that a short-term low has been posted. If July renews the decline off May's high, April's low crossing at 61.73 is the next downside target.First resistance is the 50-day moving average crossing at 67.85. Second resistance is the 20-day moving average crossing at 68.13. First support is last-Tuesday's low crossing at 64.22. Second support is April's low crossing at 61.73.  

July heating oil was slightly lower overnight. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 220.56 are needed to confirm that a short-term low has been posted. If July renews the decline off May's high, the 50% retracement level of the February-May-rally crossing at 205.38 is the next downside target. 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 38% retracement level of the February-May-rally crossing at 211.14. Second support is  the 50% retracement level of the February-May-rally crossing at 205.38.

July unleaded gas was steady to slightly higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July resumes the decline off May's high, the 62% retracement level of the February-May-rally crossing at 200.25 is the next downside target. Closes above the 20-day moving average crossing at 216.46 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 216.46. Second resistance is May's high crossing at 228.04. First support is the 50% retracement level of the February-May-rally crossing at 205.59. Second support is the 62% retracement level of the February-May-rally crossing at 200.25.

July Henry natural gas was steady to slightly higher overnight.Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off May's low, last-October's high crossing at 3.043 is the next upside target. Closes below last-Wednesday's low crossing at 2.873 would confirm that a short-term top has been posted. First resistance is May's high crossing at 3.000. Second resistance is last-October's high crossing at 3.043. First support is last-Wednesday's low crossing at 2.873. Second support is the 50-day moving average crossing at 2.849.  

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

CURRENCIES:The September Dollar was steady to slightly higher overnight. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off April's low, weekly resistance crossing at 95.07 is the next upside target. If September extends the decline off May's high, the 50-day moving average crossing at 91.74 is the next downside target. First resistance is May's high crossing at 94.50. Second resistance is weekly resistance crossing at 95.07. First support is last-Thursday's low crossing at 92.76. Second support is the 50-day moving average crossing at 91.74.

The September Euro was steady to slightly higher overnight. 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 118.28 would temper the near-term friendly outlook. If September extends the rally off May's low, the reaction high crossing at 121.08 is the next upside target. First resistance is last-Thursday's high crossing at 119.32. Second resistance is the reaction high crossing at 121.08. First support is the 62% retracement level of the 2016-2018 rally crossing at 115.36. Second support is the 75% retracement level of the 2016-2018 rally crossing at 112.79.

The September British Pound was lower overnight.Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off April's high, last-November's low crossing at 1.3194 is the next downside target. Closes above last-Thursday's high crossing at 1.3536 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 1.3533. Second resistance is the reaction high crossing at 1.3695. First support is May's low crossing at 1.3280. Second support is last November's low crossing at 1.3194.  

The September Swiss Franc was steady to slightly lower overnight. 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 1.0194 would confirm that a short-term top has been posted. If September extends the rally off May's low, the 38% retracement level of the February-May-decline crossing at 1.0431 is the next upside target. First resistance is the 50-day moving average crossing at 1.0271. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431. First support is the reaction low crossing at 1.0116. Second support is May's low crossing at 1.0099. 

The September Canadian Dollar was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off April's high, March's low crossing at 76.50 is the next downside target. Closes above the 50-day moving averagecrossing at 78.21 are needed to confirm that a short-term low has been posted. First resistance is May's high crossing at 78.75. Second resistance is April's high crossing at 80.00. First support is last-Tuesday's low crossing at 76.70. Second support is March's low crossing at 76.50.  

The September Japanese Yen was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, May's low crossing at 0.9051 is the next downside target. If September renews the rally off May's low, the 50-day moving average crossing at 0.9258 is the next upside target. First resistance is May's high crossing at 0.9320. Second resistance is the reaction high crossing at 0.9450. First support is the overnight low crossing at 0.9091. Second support is May's low crossing at 0.9051. 

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

PRECIOUS METALS: August gold was lower overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If August resumes the decline off April's high, the 75% retracement level of the December-January-rally crossing at 1283.70 is the next downside target. Closes above the reaction high crossing at 1312.60 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1312.60. Second resistance is the 50-day moving average crossing at 1320.50. First support is the 75% retracement level of the December-January-rally crossing at 1283.70. Second support is the 87% retracement level of the December-January-rally crossing at 1268.40.

July silver was steady to slightly higher overnight. 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, April's high crossing at 17.425 is the next upside target. First resistance is Tuesday's high crossing at 16.980. Second resistance is April's high crossing at 17.425. Closes below the 20-day moving average crossing at 16.587 would confirm that a short-term top has been posted. First support is the 20-day moving average crossing at 16.587. Second support is the reaction low crossing at 16.190. 

July copper was slightly lower overnight as it consolidates some of the rally off May's low. The high-range trade sets the stage for a steady to higher opening when the day 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 314.50 would confirm that a short-term top has been posted. If July renews this month's rally, last-December's high crossing at 334.20 is the next upside target. First resistance is last-Thursday's high crossing at 331.55. Second resistance is last-December's high crossing at 334.20. First support is the 10-day moving average crossing at 320.81. Second support is the 20-day moving average crossing at 314.50. 

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

July corn was lower overnight as it consolidates some of Tuesday's rally, which was triggered by a bullish monthly supply-demand report. The low-range trade overnight sets the stage for a steady to lower opening when the day 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 May's high, January's low crossing at 3.62 is the next downside target. Closes above the 20-day moving average crossing at 3.90 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.80. Second resistance is the 20-day moving average crossing at 3.90 3/4. First support is Monday's low crossing at 3.66 3/4. Second support is January's low crossing at 3.62. 

July wheat was lower overnight as it consolidated some of Tuesday's rally following a friendly monthly supply-demand report. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If July renews this month's rally, May's high crossing at 5.54 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 5.07 1/2 is the next downside target. First resistance is May's 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 50-day moving average crossing at 5.07 1/2. Second support is May's low crossing at 4.86 1/4.      

July Kansas City Wheat closed up 18 3/4-cents at 5.53 1/2. 

July Kansas City wheat closed sharply higher on Tuesday following a friendly monthly supply-demand report. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. 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. If July renews the decline off May's high, May's low crossing at 5.02 1/2. First resistance is May's high crossing at 5.74 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 lower 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 are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, April's low crossing at 5.81 is the next downside target. Closes above the 20-day moving average crossing at 6.11 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.96 1/2. Second resistance is the 20-day moving average crossing at 6.11 3/4. First support is Tuesday's low crossing at 5.88. Second support is April's low crossing at 5.81.   

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

July soybeans was lower overnight as it extends the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 75% retracement level of the 2015-2018-rally crossing at 9.29 1/2 is the next downside target. Closes above the 20-day moving average crossing at 10.02 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 9.83 3/4. Second resistance is the 20-day moving average crossing at 10.02 1/2. First support is the overnight low crossing at 9.42. Second support is the 75% retracement level of the 2015-2018-rally crossing at 9.29 1/2. 

July soybean meal was lower overnight as it extends the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 75% retracement level of the January-May-rally crossing at 339.30 is the next downside target. Closes above the 20-day moving average crossing at 370.10 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 362.40. Second resistance is the 20-day moving average crossing at 370.10. First support is the 62% retracement level of the January-May-rally crossing at 351.20. Second support is the 75% retracement level of the January-May-rally crossing at 339.30.

July soybean oil was higher overnight as it consolidates some of the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, weekly support crossing at 29.35 is the next downside target. Closes above the 50-day moving average crossing at 31.17 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 31.17. Second resistance is May's high crossing at 32.05. First support is the overnight low crossing at 30.01. Second support is weekly support crossing at 29.35.