KEY EVENTS TO WATCH FOR:

Friday, June 15, 2018 

8:30 AM ET. June Empire State Manufacturing Survey

                       Mfg Idx (expected 18.0; previous 20.1)

                       Employment Idx (previous 8.7)

                       New Orders Idx (previous 16.0)

                       Prices Received (previous 23.0)

9:15 AM ET. May Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (expected +0.2%; previous +0.7%)

                       Capacity Utilization % (expected 78.1%; previous 78.0%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.4)

10:00 AM ET. June University of Michigan Survey of Consumers – preliminary

                       Mid-Mo Sentiment (expected 98.3; previous 98.8)

                       Mid-Mo Expectations (previous 89.5)

                       Mid-Mo Current Idx (previous 113.3)

10:00 AM ET. May Regional & State Employment & Unemployment

4:00 PM ET. April Treasury International Capital Data

  N/A              Delaware Separation Day holiday

Monday, June 18, 2018 

10:00 AM ET. June NAHB Housing Market Index

                       Housing Mkt Idx (previous 70)

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

The September NASDAQ 100 closed higher on Thursday as it extends this year's rally into uncharted territory. 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 September extends the rally off April's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7085.79 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7321.00. Second resistance is unknown. First support is the 10-day moving average crossing at 7206.15. Second support is the 20-day moving average crossing at 7085.79. 

The September S&P 500 closed higher 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 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 2747.95 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 2795.50. Second resistance is March's high crossing at 2796.30. First support is the 20-day moving average crossing at 2747.95. Second support is the 50-day moving average crossing at 2704.47. 

The Dow closed lower on Thursday as it consolidates some of the rally off May's low. 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 overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 24,906.84 would confirm that a short-term top has been posted. If the Dow extends the rally off May's low, March's high crossing at 25,449.15 is the next upside target. First resistance is Monday's high crossing at 25,402.83. Second resistance is March's high crossing at 25,449.15. First support is the 20-day moving average crossing at 24,906.84. Second support is the late-May's low crossing at 24,247.84.      

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September T-bonds closed up 29/32's at 143-16.

September T-bonds closed higher on Thursday as it extends this month's trading range.The mid-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 bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 142-01 would confirm that a short-term top has been posted. If September resumes the rally off May's low, April's high crossing at 146-06 is the next upside target. First resistance is May's high crossing at 145-28. Second resistance is April's high crossing at 146-06. First support is the reaction low crossing at 142-01. Second support is May's low crossing at 139-11.     

September T-notes closed up 100-points at 119-160.

September T-notes 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. If September extends the decline off May's high, May's low crossing at 117.300 is the next downside target. Closes above the reaction high crossing at 120.005 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 120.005. Second resistance is May's high crossing at 121.030. First support is Wednesday's low crossing at 118.295. Second support is May's low crossing at 117.300.     

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

July crude oil closed higher on Thursday as it extends the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins. 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 67.93 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 20-day moving average crossing at 67.94. Second resistance is the reaction high crossing at 68.76.First support is last Tuesday's low crossing at 64.22. Second support is April's 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 are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 220.17 are needed to confirm that a short-term low has been posted. If July resumes 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 the 20-day moving average crossing at 220.17. Second resistance is May's high crossing at 229.87. First support is the 38% 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 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 turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 215.89 are needed to confirm that a short-term low has been posted. If July renews the decline off May's high, the 62% retracement level of the February-May-rally crossing at 200.25 is the next downside target. First resistance is the 20-day moving average crossing at 215.89. Second resistance is the reaction high crossing at 219.87. 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 closed higher 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 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 the 50-day moving average crossing at 2.853 are needed to 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 the 50-day moving average crossing at 2.853. Second support is the reaction low crossing at 2.804.  

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

The September Dollar closed sharply higher 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off February's low, weekly resistance crossing at 95.07 is the next upside target. Closes below last-Thursday's low crossing at 92.76 would open the door for additional weakness near-term. First resistance is May's high crossing at 94.50. Second resistance is weekly resistance crossing at 95.07. First support is the 50-day moving average crossing at 91.83. Second support is the reaction low crossing at 91.67.   

The September Euro closed sharply 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off April's high, the 62% retracement level of the 2016-2018 rally crossing at 115.36 is the next downside target. Closes above today's high crossing at 119.40 are needed to confirm that a low has been posted. First resistance is today's high crossing at 119.40. Second resistance is the 50-day moving average crossing at 120.85. 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 112.78.    

The September British Pound posted a key reversal down and 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 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 1.3533 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 closed sharply 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. Today's close below the 20-day moving average crossing at 1.0196 confirms that a short-term top has been posted while opening the door for a test of May's low crossing at 1.0057. Closes above the 50-day moving average crossing at 1.0263 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 1.0263. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431 is the next upside target. First support is today's low crossing at 1.0106. Second support is May's low crossing at 1.0057. 

The September Canadian Dollar closed sharply lower on Thursday and posted a new low close for the year. 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 September extends the decline off April's high, the 50% retracement level of the 2016-2017-rally crossing at 76.06 is the next downside target. Closes above the 50-day moving average crossing at 78.15 is needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 77.52. Second resistance is the 50-day moving average crossing at 78.15. First support is today's low crossing at 76.42. Second support is the 50% retracement level of the 2016-2017-rally crossing at 76.06.  

The September Japanese Yen 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 September extends the decline off May's high, May's low crossing at 0.8992 is the next downside target. Closes above the 50-day moving average crossing at 0.9251 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 0.9251. Second resistance is May's high crossing at 0.9320. First support is May's low crossing at 0.9051. Second support is the 87% retracement level of the October-March-rally crossing at 0.9006.   

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

August gold closed higher on Thursday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the reaction high crossing at 1312.60 are needed to confirm that a short-term low has been posted. 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. First resistance is the reaction high crossing at 1312.60. Second resistance is May's high crossing at 1332.40. 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 closed higher on Thursday as it extends the rally off May's low. The high-range close set 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 July extends the rally off May's low, April's high crossing at 17.425 is the next upside target. Closes below the 20-day moving average crossing at 16.635 would confirm that a short-term top has been posted. First resistance is today's high crossing at 17.350. Second resistance is April's high crossing at 17.425. First support is the 10-day moving average crossing at 16.771. Second support is the 20-day moving average crossing at 16.635.        

July 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 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 315.22 would confirm that a short-term top has been posted. If July extends the rally off March's low, 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 20-day moving average crossing at 315.22. Second support is the 50-day moving average crossing at 312.20.   

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

July Corn closed down 13-cents at 3.63 1/4. 

July corn closed sharply lower on Thursday as it extended the decline off May's high. Today's sell off was due to neutral to bearish weather forecast for the next two-weeks along with concerns over possible tariffs with China being enforced starting tomorrow. 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 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 3.89 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.77. Second resistance is the 20-day moving average crossing at 3.89. First support is today's low crossing at 3.62 1/2 Second support is January's low crossing at 3.62.  

July wheat closed down 14 1/4-cents at 5.02 1/4. 

July wheat closed lower on Thursday and below the 50-day moving average crossing at 5.08 confirming that a 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 are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, May's low crossing at 4.86 1/4 is the next downside target. Closes above Wednesday's high crossing at 5.38 3/4 are needed to confirm that a low has been posted. 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 May's low crossing at 4.86 1/4. Second support is the late-April low crossing at 4.67 3/4.       

July Kansas City Wheat closed down 16 3/4-cents at 5.22 1/4. 

July Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 May's high, May's low crossing at 5.02 1/2. Closes above Wednesday's high crossing at 5.88 would confirm that a short-term low has been posted. 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 June's low crossing at 5.18 1/2. Second support is May's low crossing at 5.02 18/2. 

July Minneapolis wheat closed down 7-cents at 5.77 1/2. 

July Minneapolis wheat closed lower on Thursday posting a new low for the year as it extends 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, last-April's low crossing at 5.70 1/4 is the next downside target. Closes above the 20-day moving average crossing at 6.11 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.09 3/4. Second resistance is May's high crossing at 6.51. First support is today's low crossing at 5.75. Second support is last-April's low crossing at 5.70 1/4.  

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

July soybeans closed down 9 3/4-cents at 9.26 1/4. 

July soybeans closed lower on Thursday as it extends the decline off March'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 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 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 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 10.02. Second resistance is the 50-day moving average crossing at 10.25. First support is today's low crossing at 9.24. Second support is the 87% retracement level of the 2015-2018-rally crossing at 9.03 3/4.

July soybean meal closed down $4.10 at 343.60. 

July soybean meal closed lower on Thursday as it extends 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 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 370.00 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 359.00. Second resistance is the 20-day moving average crossing at 368.30. First support is today's low crossing at 343.10. Second support is the 75% retracement level of the January-May-rally crossing at 339.30. 

July soybean oil closed down 1-point. At 30.07. 

July soybean oil closed slightly lower 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 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 87% retracement level of the 2015-2016-rally crossing at 29.35 is the next downside target. Closes above the 50-day moving average crossing at 31.13 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 31.13. Second resistance is May's high crossing at 32.05. First support is today's low crossing at 29.78. Second support is the 87% retracement level of the 2015-2016-rally crossing at 29.35.

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July hogs closed down $1.15 at $81.63. 

July hogs closed 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the late-February high crossing at 84.67 is the next upside target. Closes below the 50-day moving average crossing at 78.15 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 83.30. Second resistance is the late-February high crossing at 84.67. First support is the 10-day moving average crossing at 79.91. Second support is the 50-day moving average crossing at 78.15.  

October cattle closed down $2.13 at 104.80. 

October cattle closed sharply lower on Thursday and below the 20-day moving average crossing at 105.76 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 are neutral to bearish signaling that a short-term top is in or near. If October renews the rally off May's low, April's high crossing at 110.05 is the next upside target. First resistance is Monday's high crossing at 108.90. Second resistance is April's high crossing at 110.05. First support is the reaction low crossing at 104.40. Second support is May's low crossing at 101.50.

August Feeder cattle closed down $1.98 at $143.67. 

August Feeder cattle closed lower on Thursday and below the 50-day moving average crossing at 144.11 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 session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the rally off May's low, March's high crossing at 153.88 is the next upside target. First resistance is May's high crossing at 149.50. Second resistance is March's high crossing at 153.88. First support is the reaction low crossing at 142.67. Second support is May's low crossing at 136.25.    

FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 

July coffee 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 this month's decline, April's low crossing at 11.53 is the next downside target. Closes above the 50-day moving average crossing at 11.95 would confirm that a short-term top has been posted. 

July cocoa 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. Closes above the 20-day moving average crossing at 24.71 would confirm that a low has been posted. If July renews the decline off April's high, the 75% retracement level of the December-April-rally crossing at 21.02 is the next downside target.  

July sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the rally off April's low, the 25% retracement level of the 2016-2018-decline crossing at 13.03 is the next upside target. If July renews the decline off June's high, May's low crossing at 11.12 is the next downside target. 

July cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top is in or is near. Closes below the 20-day moving average crossing at 91.09 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.