KEY EVENTS TO WATCH FOR:

Thursday, May 13, 2021 

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

                       Jobless Claims (previous 498K)

                       Jobless Claims, Net Chg (previous -92K)

                       Continuing Claims (previous 3690000)

                       Continuing Claims, Net Chg (previous +37K)

8:30 AM ET. April PPI

                       PPI, M/M% (previous +1.0%)

                       Ex-Food & Energy PPI, M/M% (previous +0.7%)

                       Personal Consumption (previous +0.7%)

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

                       Corn (Metric Tons) (previous 243.6K)

                       Soybeans (Metric Tons) (previous 358.2K)

                       Wheat (Metric Tons) (previous 304.1K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

                       Working Gas In Storage (Cbf) (previous 1958B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +60B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, May 14, 2021 

8:30 AM ET. April Advance Monthly Sales for Retail & Food Services

                       Overall Sales-SA, M/M% (previous +9.8%)

                       Sales, Ex-Auto, M/M% (previous +8.4%)

                       Sales, Ex-Auto & Gas, M/M% (previous +8.2%)

8:30 AM ET. April Import & Export Price Indexes

                       Import Prices (previous +1.2%)

                       Non-Petroleum Prices (previous +0.9%)

                       Petroleum Prices (previous +6.7%)

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

                       Industrial Production, M/M% (previous +1.4%)

                       Capacity Utilization % (previous 74.4%)

                       Capacity Utilization, Net Chg (Pts) (previous +1)

10:00 AM ET. March Manufacturing & Trade: Inventories & Sales

                       Total Inventories (previous +0.5%)

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

                       Mid-Mo Sentiment (previous 86.5)

                       Mid-Mo Expectations (previous 79.7)

                       Mid-Mo Current Idx (previous 97.2)

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

The Dow closed sharply lower for the second day in a row on Wednesday after inflation for the year  climbed 4.2%, the highest rate in nearly 13 years, which reigniting fears that the Federal Reserve may need to dial back its easy money policies earlier than expected. The low-range close sets the stage for a steady to lower opening when Thursday'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 April-20^th low crossing at 33,687.01 would confirm that a short-term top has been posted. If the Dow renews the rally off January's low into uncharted territory, upside targets hard to project. First resistance is Monday's high crossing at 35,091.56. Second resistance is unknown. First support is the April-20^th low crossing at 33,687.01. Second support is the 50-day moving average crossing at 33,323.36. 

The June NASDAQ 100 closed sharply lower on Wednesday as it extended Tuesday's breakout below the 50-day moving average crossing at 13,363.97 has opened the door for a larger-degree decline near-term. The low-range close sets the stage for a lower opening when Thursday'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 this week's decline, the 62% retracement level of the March-April-rally crossing at 12,912.45 is the next downside target. Closes above the 20-day moving average crossing at 13,743.62 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,743.62. Second resistance is the April 16^thhigh crossing at 14,059.50. First support is today's low crossing at 12,980.. Second support is the 62% retracement level of the March-April-rally crossing at 12,912.45.

The June S&P 500 closed sharply lower on Wednesday as it extended the decline off Monday's high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Tuesday's low crossing at 4120.50 signals that a short-term top has been posted while opening the door for additional weakness near-term. If June resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 4238.25. Second resistance is unknown. First support is the 50-day moving average crossing at 4041.14. Second support is the March 25^th low crossing at 3843.25.  

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

June T-bonds closed down 1-12/32's at 155-18. 

June T-bonds closed lower on Wednesday and below the 50-day moving average crossing at 156-26 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, the March 30^th low crossing at 153-29 is the next downside target. If June renews the rally off March's low, the 38% retracement level of the 2020-2021-decline crossing at 162-31 is the next upside target. First resistance is last-Friday's high crossing at 160-15. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the March 30^th low crossing at 153-29. Second support is the March 18th low crossing at 153-07. 

June T-notes closed down 180-points at 131.285.

June T-notes closed sharply lower on Wednesday and below the 50-day moving average crossing at 132.008 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the April-29^th low crossing at 131.185 is the next downside target. If June renews the rally off April's low, the 38% retracement level of the 2020-2021-decline crossing at 134.054 is the next upside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 133.001. Second resistance is March's high crossing at 133.230. First support is the April 29th low crossing at 131.185. Second support is April's low crossing at 130.255. 

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

June crude oil closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, March's high crossing at $67.99. Closes below the 50-day moving average crossing at $62.55 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $66.67. Second resistance is March's high crossing at $67.98. First support is the 50-day moving average crossing at $62.55. Second support is the March 23^rd low crossing at $57.25. 

June heating oil closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. 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 March's low, the 87% retracement level of the 2018-2020-decline crossing at $213.75 is the next upside target. Closes below the 50-day moving average crossing at $188.52 would signal that a short-term top has been posted. First resistance is today's high crossing at $208.10. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.75. First support is the 10-day moving average crossing at $199.61. Second support is the 20-day moving average crossing at $194.29. 

June unleaded gas closed higher on Wednesday. The mid-range close sets the stage for a steady to higher opening when Thursday'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 June extends the rally off March's low, the May-2018 high on the monthly continuation chart crossing at $228.55 is the next upside target. Closes below the 50-day moving average crossing at $202.51 would signal that a short-term top has likely been posted. First resistance is Monday's high crossing at $221.70. Second resistance is the May-2018 high on the monthly continuation chart crossing at $228.55. First support is the 20-day moving average crossing at $207.43. Second support is the 50-day moving average crossing at $202.51.   

June Henry natural gas closed higher on Wednesday as it extended the trading range of the past two-week's. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 3.011. Closes below the 20-day moving average crossing at 2.889 would signal that a short-term top has been posted. First resistance is last-Tuesday's high crossing at 3.001. Second resistance is the 87% retracement level of the February-March-decline crossing at 3.011. First support is the 20-day moving average crossing at 2.889. Second support is the 50-day moving average crossing at 2.761. 

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

The June Dollar closed higher due to short covering on Wednesday as it consolidates some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 90.93 would signal that a short-term low has been posted. If June extends the decline off March's high, the 87% retracement level of the February-March-rally crossing 89.71 is the next downside target. First resistance is the 20-day moving average crossing at 90.93. Second resistance is the 50-day moving average crossing at 91.67. First support is Tuesday's low crossing 89.96. Second support is the 87% retracement level of the February-March-rally crossing 89.71.   

The June Euro closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 50-day moving average crossing at 119.73 would signal that a short-term top has been posted. If June extends the rally off March's low, the 75% retracement level of the January-March-decline crossing at 122.27 is the next upside target. First resistance is Tuesday's high crossing at 121.90. Second resistance is the 75% retracement level of the January-March-decline crossing at 122.27. First support is the 20-day moving average crossing at 120.75. Second support is the 50-day moving average crossing at 119.73. 

The June British Pound closed lower on Wednesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 this week's rally, February's high crossing at 1.4245 is the next upside target. Closes below the 50-day moving average crossing at 1.3874 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.4167. Second resistance is February's high crossing at 1.4245. First support is the 10-day moving average crossing at 1.3971. Second support is the 20-day moving average crossing at 1.3933.

The June Swiss Franc closed lower on Thursday as it consolidated some of the rally off April's low.The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0977 would signal that a short-term top has been posted. If June extends the rally off April's low, the 75% retracement level of the January-April-decline crossing at 1.1233 is the next upside target.First resistance is the 62% retracement level of the January-April-decline crossing at 1.1117. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1233. First support is the 20-day moving average crossing at 1.0977. Second support is the 50-day moving average crossing at 1.0854.

The June Canadian Dollar closed lower as it posted a key reversal down on Wednesday as it consolidated some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 aforementioned rally, the May-2015 high crossing at 83.66 on the monthly continuation chart is the next upside target. Closes below the 20-day moving average crossing at 81.04 would signal that a short-term top has been posted.First resistance is today's high crossing at 83.02. Second resistance is the May-2015 high crossing at 83.66. First support is the 10-day moving average crossing at 81.94. Second support is the 20-day moving average crossing at 81.04. 

The June Japanese Yen closed sharply lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’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 June extends the decline off April's high, the April-9^th low crossing at 0.0910 is the next downside target. If June renews the rally off March's low, the 50% retracement level of the January-March-decline crossing at 0.0939 is the next upside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.0930. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.0939. First support is the April-9^th low crossing at 0.0910. Second support is March's low crossing at 0.0918.

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

June gold closed lower on Wednesday as it consolidated some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Thursday'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 the 50% retracement level of the August-March decline crossing at $1894.10 is the next upside target. Closes below the 20-day moving average crossing at $1790.50 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the August-March-decline crossing at $1842.70. Second resistance is the 50% retracement level of the August-March decline crossing at $1894.10. First support is the 20-day moving average crossing at $1790.50. Second support is the 50-day moving average crossing at $1752.40.  

July silver closed lower on Wednesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought, diverging and 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 26.545 would signal that a short-term top has been posted. If July extends the rally off March's low, the 75% retracement level of the February-March-decline crossing at 28.451 is the next upside target. First resistance is the 62% retracement level of the February-March-decline crossing at 27.628. Second resistance is the 75% retracement level of the February-March-decline crossing at 28.451. First support is the 20-day moving average crossing at 26.545. Second support is the April-29^th low crossing at 24.745. 

July copper closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 446.34 would confirm that a short-term top has been posted. If July extends the rally off the March 19^th, 2020 low, upside targets will be hard to project. First resistance is Monday's high crossing at 488.80. Second resistance isunknown. First support is the 10-day moving average crossing at 460.67. Second support is the 20-day moving average crossing at 446.34. 

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

July Corn closed down $0.07 1/2-cents at $7.14 3/4. 

July corn closed lower on Wednesday but remains above broken monthly resistance crossing at $7.07 3/4. Corn prices fell due to technical selling after today's WASDE report showed that the USDA’s ending stocks came in above analyst estimates. The USDA’s made the assumption that trendline yields of 179.50 bushels per acre will be posted this year with a total production of 15.0 billion bushels. Exports were lowered by 325 million bushels during the 2021/22 marketing year. Ending stocks should increase by 250 million bushels year-over-year to 1.507 billion bushels, which was well above the average trade guess of 1.344 billion bushels. The mid-range close sets the stage for a steady to lower opening when Thursday's night sessions 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 aforementioned rally, the 87% retracement level of the 2012-2020-decline crossing at $7.73 is the next upside target. Closes below the 20-day moving average crossing at $6.57 3/4 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $7.35 1/4. Second resistance is the 87% retracement level of the 2012-2020-decline crossing at $7.73. First support is the 10-day moving average crossing at $7.00 1/2. Second support is the 20-day moving average crossing at $6.57 3/4. 

July wheat closed down $0.12-cents at $7.29 3/4.  

July wheat closed lower on Wednesday as it extends the trading range of the past three-weeks. TheUSDA predicts smaller supplies, higher domestic use, lower exports and reduced stocks for the 2021/22 marketing year. All-wheat yield estimates rose 0.3 bushels higher year-over-year to 50.0 bushels per acre. Domestic use is expected to rise 6%, primarily due to higher feed, residual and food use. Food use could rise another 3 million bushels to 963 million bushels, and annual feed and residual use is projected at 170 million bushels, which would be the highest level in eight years. The low-range close sets the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at $7.14 1/4 would signal that a short-term top has been posted. If July renews this year's rally, psychological resistance crossing at $8.00 is the next upside target. First resistance is April's high crossing at $7.15 1/4. Second resistance is psychological resistance crossing at $8.00. First support is the 20-day moving averagecrossing at $7.14 1/4. Second support is the 50-day moving average crossing at $6.62.

July Kansas City Wheat closed down $0.19 3/4-cents at $6.90 3/4.

July Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 20-day moving average crossing at $6.82 3/4 would signal that a short-term top has been posted. If July resumes the rally off March's low, the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4 is the next upside target. First resistance is last-Friday's high crossing at $7.41 1/2. Second resistance is the 38% retracement level of the 2008-2019-decline on the monthly continuation chart crossing at $7.64 1/4. First support is the April-30^th low crossing at $6.82 3/4. Second support is the 38% retracement level of the March-April-rally crossing at $6.71 3/4.

July Minneapolis wheat closed down $0.05-cents at $7.65 1/2. 

July Minneapolis wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $7.36 3/4 would signal that a short-term top has been posted. If July extends the rally off April's low, the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2 is the next upside target. First resistance is last-Friday's high crossing at $8.07 1/4. Second resistance is the 87% retracement level of the 2017-2020 decline on the monthly continuation chart crossing at $8.18 1/2. First support is the 20-day moving average crossing at $7.36 3/4. Second support is the April 28^th low crossing at $7.23 3/4.   

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

July soybeans closed up $0.27 3/4-cents at $16.42 1/2.

July soybeans closed higher and posted a new contract high on Wednesday due to technical buying supported by strong supply and demand fundamentals. A decline in Argentine sales added to today's strength. The USDA pegged this year’s soybean production at 4.4 million bushels due to increased acres and trendline yields. The mid-range close sets the stage for a steady to higher opening when Thursday'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 last-April's low, psychological resistance crossing at $17.00 is the next upside target. Closes below the 20-day moving average crossing at $15.22 3/4 would signal that a short-term top has been posted.First resistance is today's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the 10-day moving average crossing at $15.64 1/2. Second support is the 20-day moving average crossing at $15.22 3/4.

July soybean meal closed up $4.70 to $447.00. 

July soybean meal closed higher on Wednesday as it extended the rally off March's low. The mid-range close sets the stage for a steady to higher opening when Thursday'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 March's low, January's high crossing at $458.20 is the next upside target. Closes below the 50-day moving average crossing at $414.30 would signal that a short-term top has been posted. First resistance is today's high crossing at $457.20. Second resistance is January's high crossing at $458.20. First support is the 10-day moving average crossing at $431.90. Second support is the 20-day moving average crossing at $425.20.       

July soybean oil closed up 160-pts. at 66.40. 

July soybean oil closed sharply higher on Wednesday and posted a new high close for the year. The high-range close sets the stage for a steady to higher opening when Thursday'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 this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. Closes below the 20-day moving average crossing at 60.49 would signal that a short-term top has been posted. First resistance is today's high crossing at 66.31. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 10-day moving average crossing at 63.62. Second support is the 20-day moving average crossing at 60.49.      

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

June hogs closed up $0.85 at $112.03. 

June hogs closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at $108.66 would signal that a short-term top has likely been posted. If June extends the rally off November's low, the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70 is the next upside target. First resistance is last-Thursday's high crossing at $115.00. Second resistance is the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70. First support is the 20-day moving average crossing at $108.66. Second support is the 50-day moving average crossing at $104.82. 

June cattle closed down $0.08 at $118.55. 

June cattle closed lower on Wednesday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $119.34 is the next upside target. Closes below the 10-day moving average crossing at $116.23 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $119.34. Second resistance is the April 20^th high crossing at $119.83. First support is the 10-day moving average crossing at $116.23. Second support is May's low crossing at $112.57.

August Feeder cattle closed up $2.10 at $150.95. 

August Feeder cattle closed higher on Wednesday as it extended the rally off last-Thursday's low. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Today's close above the 20-day moving average crossing at $149.25 signals that a short-term low has been posted. If August renews the decline off April's high, the 87% retracement level of the October-April-rally crossing at $138.45 is the next downside target. First resistance is the 50-day moving average crossing at $154.05. Second resistance is the April 21^st high crossing at $154.93. First support is the 75% retracement level of the October-April-rally crossing at $141.77. Second support is the 87% retracement level of the October-April-rally crossing at $138.45.          

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

July coffee closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.22 would signal that a short-term top has been posted. If July extends the rally off March's low, the November-2016 high crossing at 17.60 is the next upside target.            

July cocoa closed higher on Wednesday as it extended this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, the March 11^th high crossing at 26.21 is the next upside target. Closes below the 10-day moving average crossing at 24.34 would signal that a short-term top has been posted.               

July sugar closed lower on Wednesday due to profit taking but not before posting a new contract high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term.  If July extends the rally off March's low, long-term resistance on the monthly continuation chart crossing at 18.42 is the next upside target. Closes below the 20-day moving average crossing at 17.11 would signal that a short-term top has been posted.         

July cotton closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 87.70 would signal that a short-term top has been posted. If July renews the rally off March's low, February's high crossing at 96.22 is the next upside target.