KEY EVENTS TO WATCH FOR:

Thursday, May 27, 2021 

8:30 AM ET. 1^st Quarter 2nd estimate GDP

                       Annual Rate, Q/Q% (previous +6.4%)

                       Chain-Weighted Price Idx, Q/Q% (previous +4.1%)

                       Corporate Profits, Q/Q% (previous -1.7%)

                       PCE Price Idx, Q/Q% (previous +3.5%)

                       Purchase Price Idx, Q/Q% (previous +3.8%)

                       Real Final Sales, Q/Q% (previous +9.2%)

                       Core PCE Price Idx, Q/Q% (previous +2.3%)

                       Consumer Spending, Q/Q% (previous +10.7%)

8:30 AM ET. 1^st Quarter Preliminary Corporate Profits

8:30 AM ET. April Advance Report on Durable Goods

                       Durable Goods-SA, M/M% (previous +0.5%)

                       Dur Goods, Ex-Defense, M/M% (previous +0.5%)

                       Dur Goods, Ex-Transport, M/M% (previous +1.6%)

                       Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.9%)

                       Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +1.3%)

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

                       Jobless Claims (previous 444K)

                       Jobless Claims, Net Chg (previous -34K)

                       Continuing Claims (previous 3751000)

                       Continuing Claims, Net Chg (previous +111K)

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

                       Corn (Metric Tons) (previous 4339.4K)

                       Soybeans (Metric Tons) (previous 180.2K)

                       Wheat (Metric Tons) (previous 438.7K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. April Pending Home Sales Index

                       Pending Home Sales (previous 111.3)

                       Pending Home Sales Idx, M/M% (previous +1.9%)

                       Pending Home Sales Idx , Y/Y% (previous +23.3%)

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

                       Working Gas In Storage (Cbf) (previous 2100B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +71B)

11:00 AM ET. May Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

                       Mfg Activity Idx (previous 40)

                       6-Mo Exp Prod Idx (previous 45)

                       Mfg Composite Idx (previous 31)

                       6-Mo Exp Composite Idx (previous 34)

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

Friday, May 28, 2021 

8:30 AM ET. April Personal Income & Outlays

                       Personal Income, M/M% (previous +21.1%)

                       Consumer Spending, M/M% (previous +4.2%)

                       PCE Price Idx, M/M% (previous +0.5%)

                       PCE Price Idx, Y/Y% (previous +2.3%)

                       PCE Core Price Idx, M/M% (previous +0.4%)

                       PCE Core Price Idx, Y/Y% (previous +1.8%)

8:30 AM ET. April Advance Economic Indicators Report

9:45 AM ET. May Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

                       PMI-Adj (previous 72.1)

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

                       End-Mo Sentiment Idx (previous 88.3)

                       End-Mo Expectations Idx (previous 82.7)

                       12-Month Inflation Forecast (previous 3.4%)

                       5-Year Inflation Forecast (previous 2.7%)

                       End-Mo Current Idx (previous 97.2)

12:00 PM ET. Annual Industrial Production and Capacity Utilization annual revision

3:00 PM ET. April Agricultural Prices

                       Farm Prices, M/M% (previous +2.6%)

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

The Dow closed lower on Wednesday. The mid-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 bullish signaling that sideways to higher prices are possible near-term. Closes above the May 14^th high crossing at 34,454.05 would signal that a short-term low has been posted. Closes below the 50-day moving average crossing at 33,745.52 would signal that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is last-Tuesday's gap crossing at 34,741.57. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 33,745.52. Second support is the March 25^th low crossing at 32,071.41. 

The June NASDAQ 100 closed higher on Wednesday as it extended the rally off the May 13^th low crossing at 12,915.00. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, April's high crossing at 14,064.00 is the next upside target. If June renews the decline off April's high, the 75% retracement level of the March-April-rally crossing at 12,666.46 is the next downside target. First resistance is the May 7^th high crossing at 13,818.00. Second resistance is the April 29^th high crossing at 14,064.00. First support is the 62% retracement level of the March-April-rally crossing at 12,912.45. Second support is the 75% retracement level of the March-April-rally crossing at 12,666.46

The June S&P 500 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, May's high crossing at 4238.25 is the next upside target. Closes below the May 13^th low crossing at 4029.25 would confirm that a top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday's high crossing at 4212.75. Second resistance is May's high crossing at 4238.25. First support is the May 13^th low crossing at 4029.25. Second support is the March 25^th low crossing at 3843.25.  

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June T-bonds closed down 5/32's at 158-13. 

June T-bonds closed lower on Wednesday as it consolidated some of its recent gains. 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 bullish hinting that a low might be in or is near. If June extends the rally of May's low, the 25% retracement level of the 2020-2021-decline crossing at 159-19 is the next upside target. If June renews the decline off May's high, the March 30^th low crossing at 153-29 is the next downside target. First resistance is the 25% retracement level of the 2020-2021-decline crossing at 159-19. 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 30-pts. at 132.280.

June T-notes 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the March high crossing at 133.230 is the next upside target. Closes below the 50-day moving average crossing at 132.026 would signal that a short-term top has been posted. 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 ""

July crude oil closed slightly higher on Wednesday as it extended this week's breakout above the 20-day moving average crossing at $64.90 signaling that a short-term low has been posted.The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Tuesday's high crossing at $67.02 are needed to renew the rally off March's low. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is theApril 22^nd low crossing at $60.55. Second support is April's low crossing at $57.63.

July heating oil closed higher on Wednesday and above the 10-day moving average crossing at 202.23 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, the 87% retracement level of the 2018-2020-decline crossing at $213.62 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at $190.78 is the next downside target. First resistance is May's high crossing at $207.77. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.62. First support is the 50-day moving average crossing at $190.78. Second support is the April 26^th low crossing at $183.71. 

July unleaded gas closed higher on Wednesday as it extends the rally off last-Friday's low. 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. If July renews 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 $203.03 would signal that a short-term top has been posted. First resistance is May'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 50-day moving average crossing at $203.03. Second support is the April-26^th low crossing at $195.28.  

July Henry natural gas closed higher for the third day in a row on Wednesday as it consolidated some of the decline off Monday'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. If July renews the rally off March's low, the March-2020 high on the monthly continuation chart crossing at 3.396 is the next upside target. Closes below the May 11^th low crossing at 2.881 would confirm that a short-term top has been posted. First resistance is last-Monday's high crossing at 3.150. Second resistance is the March-2020 high on the monthly continuation chart crossing at 3.396. First support is Monday's low crossing at 2.903. Second support is the 50-day moving average crossing at 2.866. 

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

The June Dollar closed higher 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 Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off March's high, January's low crossing 89.15 is the next downside target. Closes above the 20-day moving average crossing at 90.40 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 90.40. Second resistance is May's high crossing at 91.44. First support is Tuesday's low crossing 89.51. Second support is January's low crossing at 89.15.  

The June Euro closed lower on Wednesday as it consolidated some of the decline 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 March's low, the 87% retracement level of the January-March-decline crossing at 123.08 is the next upside target. Closes below the 20-day moving average crossing at 121.41 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 122.71. Second resistance is the 87% retracement level of the January-March-decline crossing at 123.08. First support is the May 13^th low crossing at 120.58. Second support is the 50-day moving average crossing at 120.18. 

The June British Pound 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 1.4054 would confirm that a short-term top has been posted. If June renews this month's rally, February's high crossing at 1.4245 is the next upside target. First resistance is last-Friday's high crossing at 1.4235. Second resistance is February's high crossing at 1.4245. First support is the 20-day moving average crossing at 1.4054. Second support is the 50-day moving average crossing at 1.3919.

The June Swiss Franc 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 20-day moving average crossing at 1.1072 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.1203. 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 1.1072. Second support is the 50-day moving average crossing at 1.0918.

The June Canadian Dollar closed lower on Wednesday as extends the trading range of the past three-weeks. 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 signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 82.34 would signal that a short-term top has been posted. If June extends the rally off April's low, the May-2015 high on the monthly continuation chart crossing at 83.66 is the next upside target. First resistance is last-Tuesday's high crossing at 83.25. Second resistance is the May-2015 high on the monthly continuation chart crossing at 83.66. First support is the 20-day moving average crossing at 82.34. Second support is the 50-day moving average crossing at 80.83. 

The June Japanese Yen 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. If June renews the decline off April's high, the April-9^th low crossing at 0.090990 is the next downside target. If June renews the rally off March's low, April's high crossing at 0.093085 is the next upside target. First resistance is the 38% retracement level of the January-March-decline crossing at 0.093085. Second resistance is the 50% retracement level of the January-March-decline crossing at 0.093874. First support is the April-9^th low crossing at 0.090990. Second support is March's low crossing at 0.090180.

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

June gold 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 62% retracement level of the August-March decline crossing at $1945.50 is the next upside target. Closes below the 20-day moving average crossing at $1837.40 would signal that a short-term top has been posted. First resistance is today's high crossing at $1913.30. Second resistance is the 62% retracement level of the August-March decline crossing at $1945.50. First support is the 20-day moving average crossing at $1837.40. Second support is the 50-day moving average crossing at $1783.60.  

July silver 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 27.385 would signal that a short-term top has been posted. If July extends the rally off March's low, the 87% retracement level of the February-March-decline crossing at 28.451 is the next upside target.First resistance is the 75% retracement level of the February-March-decline crossing at 28.451. Second resistance is the 87% retracement level of the February-March-decline crossing at 29.199. First support is the 20-day moving average crossing at 27.385. Second support is the 50-day moving average crossing at 26.310. 

July copper closed higher due to short covering on Wednesday as it consolidated some of the decline off May's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50-day moving average crossing at 433.24 is the next downside target. Closes above the 20-day moving average crossing at 460.29 would signal that a short-term low has been posted. First resistance is the May 18^th high crossing at 478.20. Second resistance is May's high crossing at 488.80. First support is Monday's low crossing at 444.40. Second support is the 50-day moving average crossing at 433.24. 

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

July Corn closed up $0.04 1/4-cents at $6.24 1/2. 

July corn closed higher on Tuesday as it consolidated some of Tuesday's sharp decline. From the May high of $7.35 1/4, July corn has retraced just over 50% of this year's rally and spiked below the 50-day moving average crossing at $6.11 before turning higher into the close. The high-close sets the stage for a steady to slightly lower opening when Thursday's night sessions 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 renews the decline off May's high, the 62% retracement level of this year's rally crossing at $5.76 1/2 is the next downside target. Closes above the 20-day moving average crossing at $6.75 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.75 3/4. Second resistance is May's high crossing at $7.35 1/4. First support is the 50% retracement level of this year's rally crossing at $6.06 3/4. Second support is the 62% retracement level of this year's rally crossing at $5.76 1/2. 

July wheat closed down $0.08-cents at $6.48 1/2.  

July wheat closed lower on Wednesday as it extends this month's decline. The mid-range close sets the stage for a steady to lower opening when Thursday'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 March-April-rally crossing at $6.36 1/2 is the next downside target. Closes above the 20-day moving average crossing at $7.08 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.80 1/4. Second resistance is the 20-day moving average crossing at $7.08 1/2. First support is today's low crossing at $6.39 1/2. Second support is the 75% retracement level of the March-April-rally crossing at $6.36 1/2.

July Kansas City Wheat closed down $0.05 3/4-cents at $5.98 3/4.

July Kansas City wheat closed lower on Wednesday as it extends this month's decline. The high-range close sets the stage for a steady to slightly lower opening when Thursday'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 this month's decline, the 87% retracement level of the March-April-rally crossing at $5.83 is the next downside target. Closes above the 20-day moving average crossing at $6.69 1/2 are needed to confirm that a short-term low has been posted. First resistance the 10-day moving average crossing at $6.31 3/4. Second resistance is the 20-day moving average crossing at $7.69 1/2. First support is the 87% retracement level of the March-April-rally crossing at $5.83. Second support is March's low crossing at $5.59 1/2.

July Minneapolis wheat closed down $0.02-cents at $6.80 3/4. 

July Minneapolis wheat closed lower on Wednesday as it extended the decline off May's high. The mid-range close sets the stage for a steady to lower opening when Thursday'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 this month's decline, the 75% retracement level of the April-May-rally crossing at %6.55 3/4. Closes above the 20-day moving average crossing at $7.37 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.05 1/4. Second resistance is the 20-day moving average crossing at $7.37 1/4. First support is today's low crossing at $6.68 3/4. Second support is the 75% retracement level of the March-April-rally rally crossing at $6.55 3/4. 

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

July soybeans closed down $0.08 1/4-cents at $15.03 1/2.

July soybeans closed lower on Wednesday as it extended the decline off May's high.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 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 50-day moving average crossing at $14.78 is the next downside target. Closes above the 20-day moving average crossing at $15.55 1/2 would signal that a short-term low has been posted. First resistance is May's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the April 28^th low crossing at $14.90 1/2. Second support is the 50-day moving average crossing at $14.78.

July soybean meal closed down $2.50 to $383.80. 

July soybean meal closed lower on Wednesday as it extended the decline off May's high. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50% retracement level of the 2020-2021-rally crossing at $373.40 is the next downside target. Closes above the 20-day moving average crossing at $417.80 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $403.90. Second resistance is the 20-day moving average crossing at $417.80. First support is today's low crossing at $378.30. Second support is the 50% retracement level of the 2020-2021-rally crossing at $373.40.      

July soybean oil closed down 101-pts. at 65.68. 

July soybean oil 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 65.12 would signal that a short-term top has been posted. If July renews this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. First resistance is last-Tuesday's high crossing at 70.49. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 20-day moving average crossing at 65.12. Second support is the 50-day moving average crossing at 58.11.      

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

July hogs closed down $1.10 at $116.40. 

July hogs closed lower on Wednesday as it consolidated some of the rally off May'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 July extends this year's rally, the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70 is the next upside target. Closes below the 20-day moving average crossing at $112.50 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $117.98. Second resistance is the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70. First support is last-Monday's low crossing at $107.88. Second support is the 50-day moving average crossing at $107.21.  

August cattle closed down $0.78 at $119.32. 

August cattle closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off May's high, May's low crossing at $112.57 is the next downside target. If August extends last-week's rally, May's high crossing at $122.80 is the next upside target. First resistance is May's high crossing at $122.80. Second resistance is April's  high crossing at $124.45. First support is last-Monday's low crossing at $117.95. Second support is April's low crossing at $115.92. 

August Feeder cattle closed down $1.48 at $155.20. 

August Feeder cattle closed lower due to profit taking on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, the 87% retracement level of the April-May-decline crossing at $159.71 is the next upside target. Closes below the 20-day moving average crossing at $149.88 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the April-May-decline crossing at $157.20. Second resistance is the 87% retracement level of the April-May-decline crossing at $159.71. First support is the 50-day moving average crossing at $153.66. Second support is the 20-day moving average crossing at $149.88.           

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

July coffee closed sharply higher on Wednesday as it renewed the rally off March's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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 March's low, the November-2016 high crossing at 17.60 is the next upside target. Closes below the 20-day moving average crossing at 14.82 would signal that a short-term top has been posted.               

July cocoa closed higher on Wednesday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, May's low crossing at 23.17 is the next downside target. If July renews this month's rally, the March 11^th high crossing at 26.21 is the next upside target.               

July sugar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. 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 50-day moving average crossing at 16.31 is the next downside target. If July renews the rally off March's low, long-term resistance on the monthly continuation chart crossing at 18.42 is the next upside target.          

July cotton closed lower on Wednesday as it extended the trading range of the past two-weeks. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the April 13^th low crossing at 81.20 is the next downside target. Closes above the 20-day moving average crossing at 85.53 would signal that a short-term low has been posted.