KEY EVENTS TO WATCH FOR:

Wednesday, June 20, 2018  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 365.3)

                       Composite Idx, W/W% (previous -1.5%)

                       Purchase Idx-SA (previous 249.0)

                       Purchase Idx-SA, W/W% (previous -1.5%)

                       Refinance Idx (previous 992.2)

                       Refinance Idx, W/W% (previous -1.5%)

8:30 AM ET. 1^st Quarter International Transactions

                       Current Account (USD) (expected -130.0B; previous -128.16B)

10:00 AM ET. May Existing Home Sales

                       Existing Sales (expected 5.54M; previous 5.46M)

                       Existing Sales, M/M% (expected +1.5%; previous -2.5%)

                       Unsold Homes Month's Supply (previous 4.0)

                       Median Price (USD) (previous 257900)

                       Median Home Price, Y/Y% (previous +5.3%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 432.441M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -4.143M)

                       Gasoline Stocks (Bbl) (previous 236.763M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -2.271M)

                       Distillate Stocks (Bbl) (previous 114.693M)

                       Distillate Stocks, Net Chg (Bbl) (previous -2.101M)

                       Refinery Usage (previous 95.7%)

                       Total Prod Supplied (Bbl/day) (previous 21.801M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +3.345M)

Thursday, June 21, 2018 

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 220K; previous 218K)

                       Jobless Claims, Net Chg (previous -4K)

                       Continuing Claims (previous 1697000)

                       Continuing Claims, Net Chg (previous -49K)

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

                       Corn (Metric Tons) (previous 1176.6K)

                       Soybeans (Metric Tons) (previous 810.6K)

                       Wheat (Metric Tons) (previous 302.4K)

8:30 AM ET. 1^st Quarter State Quarterly Personal Income

8:30 AM ET. June Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 28.5; previous 34.4)

                       Prices Paid (previous 52.6)

                       Employment (previous 30.2)

                       New Orders (previous 40.6)

                       Prices Received (previous 36.4)

                       Delivery Times (previous 18.5)

                       Inventories (previous 8.1)

                       Shipments 25.8)

9:00 AM ET. April U.S. Monthly House Price Index

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. May Leading Indicators

                       Leading Index (expected +0.3%; previous +0.4%)

                       Coincident Index (previous +0.3%)

                       Lagging Index (previous +0.3%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1913B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +96B)

11:00 AM ET. ABA Economic Advisory Committee economic forecast

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Federal Reserve Board releases latest supervisory stress test results

4:30 PM ET. Money Stock Measures

Friday, June 22, 2018 

9:45 AM ET. June US Flash Services PMI

                       PMI, Services (expected 56.5; previous 55.7)

9:45 AM ET. June US Flash Manufacturing PMI

                       PMI, Mfg (expected 56.5; previous 56.6)

Monday, June 25, 2018

8:30 AM ET. May CFNAI Chicago Fed National Activity Index

                       NAI (previous 0.34)

                       NAI, 3-mo Moving Avg (previous 0.46)

10:00 AM ET. May New Residential Sales

                       New Home Sales (previous 662K)

                       New Home Sales, M/M% (previous -1.5%)

                       New Home Sales Months Supply (previous 5.4)

10:30 AM ET. June Texas Manufacturing Outlook Survey

                       Business Activity (previous 26.8)

                       Mfg Production Idx (previous 35.2)

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

The September NASDAQ 100 closed lower on Tuesday after President Donald Trump threatened to slap up to $400 billion more in tariffs on China goods, the latest escalation in a trade dispute that has been unsettling investors for months. The high-range close sets the stage for a steady to higher opening when Wednesday'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 7137.46 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 7321.00. Second resistance is unknown. First support is the 20-day moving average crossing at 7137.41. Second support is the 50-day moving average crossing at 6927.65. 

The September S&P 500 closed lower on Tuesday however, a short-covering rally in the afternoon session tempered early losses and the high-range close sets the stage for a steady to higher opening when Wednesday'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 2755.59 would confirm that a short-term top has been posted. If September resumes the rally off May's low, March's high crossing at 2796.30 is the next upside target. First resistance is last 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 2755.59. Second support is the 50-day moving average crossing at 2713.12. 

The Dow gapped down and closed lower on Tuesday as it extends the decline off June's high. A short covering rally in the afternoon session tempered early-session losses and the high-range close sets the stage for a steady to higher opening when Wednesday'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 50-day moving average crossing at 24,647.44 would open the door for a possible test of the late-May low crossing at 24,247.84 is the next downside target. Closes above the 10-day moving average crossing at 25,149.92 would confirm that a short-term low has been posted. First resistance is today's gap crossing at 24,825.77. Second resistance is the 10-day moving average crossing at 25,149.92. First support is the 50-day moving average crossing at 24,647.57. Second support is the late-May's low crossing at 24,247.84.      

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

September T-bonds closed up 16/32's at 144-02.

September T-bonds closed higher on Tuesday as it extends this month's trading range.The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off May's low, April's high crossing at 146-06 is the next upside target. Closes below the reaction low crossing at 142-01 would confirm that a short-term top has been posted. 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 75-points at 119-265.

September T-notes closed higher on Tuesday. However, the mid-range close sets the stage for a steady to higher opening when Wednesday'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 reaction high crossing at 120.005 would confirm that a short-term low has been posted. If September renews the decline off May's high, May's low crossing at 117.300 is the next downside target. First resistance is the reaction high crossing at 120.005. Second resistance is May's high crossing at 121.030. First support is last 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 lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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, April's low crossing at 61.73 is the next downside target. Closes above the 50-day moving average crossing at 68.07 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 68.07. Second resistance is the reaction high crossing at 68.76.First support is Monday's low crossing at 63.59. Second support is April's low crossing at 61.73. 

July heating oil closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading 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 50% retracement level of the February-May-rally crossing at 205.38 is the next downside target. Closes above the 20-day moving average crossing at 217.75 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 217.75. Second resistance is May's high crossing at 229.87. First support is Monday's low crossing at 206.58. Second support isthe 50% retracement level of the February-May-rally crossing at 205.38. 

July unleaded gas closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday'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, the 75% retracement level of the February-May-rally crossing at 194.27 is the next downside target. Closes above the 20-day moving average crossing at 212.75 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 212.75. Second resistance is the reaction high crossing at 219.87. First support is the 62% retracement level of the February-May-rally crossing at 200.25. Second support is the 75% retracement level of the February-May-rally crossing at 194.27.

July Henry natural gas closed lower on Tuesday following Monday's key reversal down. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. 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 2.863 are needed to confirm that a short-term top has been posted. If July resumes the rally off May's low, monthly resistance crossing at 3.111, is the next upside target. First resistance is Monday's high crossing at 3.052. Second resistance is monthly resistance crossing at 3.111. First support is the 50-day moving average crossing at 2.863. Second support is the reaction low crossing at 2.804.  

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

The September Dollar closed higher on Tuesday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends 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 92.82 would confirm that a short-term top has been posted. First resistance is today's high crossing at 94.95. Second resistance is weekly resistance crossing at 95.07. First support is last-Thursday's low crossing at 92.82. Second support is the 50-day moving average crossing at 91.94.    

The September Euro closed lower on Tuesday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends 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 last-Thursday's high crossing at 119.40 are needed to confirm that a low has been posted. First resistance is last-Thursday's high crossing at 119.40. Second resistance is the 50-day moving average crossing at 120.39. 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 closed lower on Tuesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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, last November's low crossing at 1.3194 is the next downside target. Closes above the reaction high crossing at 1.3533 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 1.3533. Second resistance is the 50-day moving average crossing at 1.3692. First support is today's low crossing at 1.3204. Second support is last November's low crossing at 1.3194. 

The September Swiss Franc closed slightly higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 September extends this month's decline, a test of May's low crossing at 1.0057 is the next downside target. Closes above the 50-day moving average crossing at 1.0236 would open the door for additional gains near-term. First resistance is the 50-day moving average crossing at 1.0236. Second resistance is the 38% retracement level of the February-May-decline crossing at 1.0431 is the next upside target. First support is Monday's low crossing at 1.0088. Second support is May's low crossing at 1.0057. 

The September Canadian Dollar closed lower on Tuesday as it extends this year's decline to a new low close for the year. The low-range close sets the stage for a steady to lower opening when Wednesday'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 September extends the decline off April's high, the 62% retracement level of the 2016-2017-rally crossing at 74.54 is the next downside target. Closes above the 20-day moving average crossing at 77.15 is needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 77.15. Second resistance is the 50-day moving average crossing at 77.96. First support is today's low crossing at 75.36. Second support is the 62% retracement level of the 2016-2017-rally crossing at 74.54.  

The September Japanese Yen closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 0.9231 would confirm that a short-term low has been posted. If September extends the decline off May's high, May's low crossing at 0.8992 is the next downside target. First resistance is the 50-day moving average crossing at 0.9231. 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 lower on Tuesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 August extends the decline off April's high, the 87% retracement level of the December-January-rally crossing at 1268.40 is the next downside target. Closes above last-Thursday's high crossing at 1313.00 are needed to confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 1313.00. Second resistance is May's high crossing at 1332.40. First support is the 87% retracement level of the December-January-rally crossing at 1268.40. Second support is last-December's low crossing at 1251.90.

July silver closed lower for the third day in a row on Tuesday as it extends the decline off June's high. The low-range close set the stage for a steady to lower opening when Wednesday'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 aforementioned decline, the reaction low crossing at 16.190 is the next downside target. Closes above the 10-day moving average crossing at 16.770 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at 17.350. 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.        

July copper closed sharply lower on Tuesday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday'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 aforementioned decline, May's low crossing at 301.00 is the next downside target. Closes above the 10-day moving average crossing at 320.85 are needed to confirm that a low has been posted. First resistance is June's high crossing at 331.55. Second resistance is last-December's high crossing at 334.20.First support is today's low crossing at 303.65. Second support is May's low crossing at 301.00.   

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

July Corn closed down 2 1/4-cents at 3.53 3/4. 

July corn closed lower on Tuesday as it extended the decline off May's high. Early-session trading saw July collapse to a new contract low triggered by additional bearish news regarding the trade war with China. However, a short covering rally ahead of the close tempered most of today's losses. The high-range close sets the stage for a steady to higher opening when Wednesday'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, monthly support crossing at 3.35 1/2 is the next downside target. Closes above the 10-day moving average crossing at 3.68 3/4 are needed to temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 3.68 3/4. Second resistance is the 20-day moving average crossing at 3.82 1/2. First support is today's low crossing at 3.38 3/4 Second support is monthly support crossing at 3.35 1/2.  

July wheat closed down 10-cents at 4.80. 

July wheat closed lower on Tuesday as it extended this week's decline, The mid-range close sets the stage for a steady to lower opening when Wednesday'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 this year's uptrend line would confirm that the decline off May's high has likely turned into a major downtrend. Closes above the 20-day moving average crossing at 5.18 1/4 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 5.08. Second resistance is the 20-day moving average crossing at 5.18 1/4. First support is this year's uptrend line crossing near 4.79 1/2. Second support is April's low crossing at 4.59.        

July Kansas City Wheat closed down 16 1/2-cents at 4.8. 

July Kansas City wheat closed lower on Tuesday as it extends the decline off May's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 4.50 1/4. Closes above the 20-day moving average crossing at 5.35 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.35 1/2. Second resistance is last-Wednesday's high crossing at 5.88. First support is today's low crossing at 4.71 3/4. Second support is January's low crossing at 4.50 1/4. 

July Minneapolis wheat closed down 14 1/4-cents at 5.49 1/2. 

July Minneapolis wheat closed lower on Tuesday as it extends the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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, monthly support crossing at 5.15 1/4 is the next downside target. Closes above the 10-day moving average crossing at 5.81 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.81 1/2. Second resistance is the 20-day moving average crossing at 6.00 3/4. First support is today's low crossing at 5.41 3/4. Second support is monthly support crossing at 5.15 1/2.  

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

July soybeans closed down 19 1/4-cents at 8.89 1/4. 

July soybeans closed lower on Tuesday as it extends the decline off March's high. However, a short covering rally ahead of the close tempered early-session losses and the high-range close sets the stage for a steady to higher opening when Wednesday'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 March-2009 low crossing at 8.38 1/4 is the next downside target. Closes above the 10-day moving average crossing at 9.40 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 9.40 3/4. Second resistance is the 20-day moving average crossing at 9.82 3/4. First support is today's low crossing at 8.41 1/2. Second support is the March-2009 low crossing at 8.38 1/4.

July soybean meal closed down $0.10 at 335.40. 

July soybean meal closed slightly lower on Tuesday after trading sharply lower during the session. The high-range close sets the stage for a steady to higher opening when Wednesday'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 317.00 is the next downside target. Closes above the 20-day moving average crossing at 362.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 348.80. Second resistance is the 20-day moving average crossing at 362.40. First support is today's low crossing at 320.30. Second support is January's low crossing at 317.00. 

July soybean oil closed down 68-point. At 28.89. 

July soybean oil closed sharply lower on Tuesday but well off session lows. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 November-2015 low crossing at 26.99 is the next downside target. Closes above the 20-day moving average crossing at 30.67 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 30.04. Second resistance is the 20-day moving average crossing at 30.67. First support is today's low crossing at 27.79. Second support is the November-2015 crossing at 26.99.

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

July hogs closed down $1.85 at $81.88. 

July hogs closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 20-day moving average crossing at 79.46 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 83.83. Second resistance is the late-February high crossing at 84.67. First support is the 10-day moving average crossing at 81.27. Second support is the 20-day moving average crossing at 79.46.  

October cattle closed up $0.92 at 105.50. 

October cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off May's low, April's high crossing at 110.05 is the next upside target. First resistance is last Monday's high crossing at 108.90. Second resistance is April's high crossing at 110.05. First support is last Friday's low crossing at 103.50. Second support is May's low crossing at 101.50.

August Feeder cattle closed up $0.65 at $149.63. 

August Feeder cattle closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday'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 renews the rally off May's low, March's high crossing at 153.88 is the next upside target. Closes below last Friday's low crossing at 142.17 would confirm that a short-term top has been posted. First resistance is today's high crossing at 149.93. Second resistance is March's high crossing at 153.88. First support is last Friday's low crossing at 142.18. Second support is May's low crossing at 136.25.    

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

July coffee closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. 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, monthly support crossing at 11.10 is the next downside target. Closes above the 50-day moving average crossing at 11.92 would confirm that a short-term low has been posted. 

July cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off June's low, the 50-day moving average crossing at 26.23 is the next upside target. 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 Tuesday. The mid-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off June's high, May's low crossing at 11.12 is the next downside target. 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. 

July cotton closed limit down on Tuesday and below May's low crossing at 83.36 as it extends this month's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. 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, the late-April low crossing at 81.36 is the next downside target. Closes above the 10-day moving average crossing at 91.82 would confirm that a low has been posted.