KEY EVENTS TO WATCH FOR:

Friday, June 11, 2021 

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

                       Mid-Mo Sentiment (previous 82.8)

                       Mid-Mo Expectations (previous 77.6)

                       Mid-Mo Current Idx (previous 90.8)

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

The Dow closed slightly higher on Thursday as it extends the trading range of the past two-weeks. The low-range close sets the stage for a steady to slightly higher opening when Friday'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 34,100.13 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If the Dow extends the rally off May's low, May's high crossing at 35,091.56 is the next upside target. First resistance is last-Tuesday's high crossing at 34,849.32. Second resistance is May's high crossing at 35,091.56. First support is the 50-day moving average crossing at 34,100.13. Second support is the May 19^th low crossing at 33,473.80. 

The June NASDAQ 100 closed higher on Thursday as it extended the rally off May's low. 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 June extends the rally off May's low, April's high crossing at 14,064.00 is the next upside target. Closes below the 20-day moving average crossing at 13,573.52 would signal that a short-term top has been posted. First resistance is today's high crossing at 13,964.75. Second resistance is the April 29^th high crossing at 14,064.00. First support is the 20-day moving average crossing at 13,573.52. Second support is the 62% retracement level of the March-April-rally crossing at 12,912.45. 

The June 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 June extends the rally off May's low above May's high crossing at 4238.25, upside targets will be hard to project. Closes below the 50-day moving average crossing at 4155.06 would confirm that a top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 4249.00. Second resistance is unknown. First support is the 20-day moving average crossing at 4184.23. Second support is the 50-day moving average crossing at 4155.06.  

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June T-bonds closed up 29/32's at 161-09. 

June T-bonds closed higher on Thursday as it extends the rally off May's low. 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 June extends the rally of May's low, the 38% retracement level of the 2020-2021-decline crossing at 160-15 is the next upside target. Closes below the 50-day moving average crossing at 157-18 would signal that a short-term top has been posted. First resistance is today's high crossing at 160-24. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 160-15. First support is the 50-day moving average crossing at 157-18. Second support is the May 13^th low crossing at 155-14.  

June T-notes closed up 95-pts. at 133.300.

June T-notes closed higher on Thursday as it extends the rally off May's low. 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 June extends the rally off April's low, the 38% retracement level of the 2020-2021-decline crossing at 134.053 is the next upside target. Closes below the 50-day moving average crossing at 132.123 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 133.250. Second resistance is the 38% retracement level of the 2020-2021-decline crossing at 134.053. First support is the 50-day moving average crossing at 132.123. Second support is May's low crossing at 131.270. 

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

July crude oil closed higher on Thursday as it extends this year's rally to a new high close.The high-range close sets the stage for a steady to higher opening when Friday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. First resistance is today's high crossing at $70.65. Second resistance is the October-2018 high on the monthly continuation chart crossing at $76.90.First support is the 20-day moving average crossing at $66.79. Second support is the May 21^st low crossing at $61.56. Third support is theApril 22^nd low crossing at $60.55. 

July heating oil closed higher on Thursday and above the 87% retracement level of the 2018-2020-decline crossing at $213.62 as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Friday's night trading session begins. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the October-2018 high crossing at $228.75 is the next upside target. Closes below the 20-day moving average crossing at $206.19 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the 2018-2020-decline crossing at $213.62. Second resistance is the October-2018 high crossing at $228.75. First support is the 20-day moving average crossing at $206.19. Second support is the 50-day moving average crossing at $196.57.   

July unleaded gas closed higher on Thursday as it extends this year's rally. 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 July 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 $208.02 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $223.65. 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 $215.17. Second support is the 50-day moving average crossing at $208.02.   

July Henry natural gas closed slightly higher on Thursday but well off session highs due to profit taking ahead of the close. 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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, May's high crossing at 3.204 is the next upside target. Closes below last-Friday's low crossing at 3.010 would signal that a short-term top has been posted. First resistance is today's high crossing at 3.200. Second resistance is May's high crossing at 3.204. First support is last-Friday's low crossing at 3.010. Second support is the 50-day moving average crossing at 2.939. 

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

The June Dollar 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 signaling that sideways trading is possible near-term. Closes above last-Friday's high crossing at 90.63 would signal that a short-term low has been posted. If June renews the decline off March's high, January's low crossing 89.15 is the next downside target. First resistance is last-Friday's high crossing at 90.63. Second resistance is the 50-day moving average crossing at 90.80. First support is May's low crossing 89.51. Second support is January's low crossing at 89.15.  

The June Euro closed lower on Thursday. The mid-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 June extends the decline off May's high, the 50-day moving average crossing at 120.83 is the next downside target. If June renews the rally off March's low, the 87% retracement level of the January-March-decline crossing at 123.08 is the next upside target. First resistance is May'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 last-Friday's low crossing at 121.06. Second support is the 50-day moving average crossing at 120.83. 

The June British Pound closed higher on Thursday as it extends the trading range of the past five-weeks. 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 bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off last-Tuesday's high, the 50-day moving average crossing at 1.3990 is the next downside target. If June resumes the rally off April's low, the 87% retracement level of the 2018-2020-decline crossing at 1.4602 is the next upside target. First resistance is last-Tuesday's high crossing at 1.4256. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 1.4602. First support is the May 13^th low crossing at 1.4081. Second support is the 50-day moving average crossing at 1.3990.

The June Swiss Franc 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 June renews 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 last-Friday's low crossing at 1.1047 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.1205. Second resistance is the 75% retracement level of the January-April-decline crossing at 1.1233. First support is last-Friday's low crossing at 1.1047. Second support is the 50-day moving average crossing at 1.0998.

The June Canadian Dollar closed higher on Thursday as extends the trading range of the past five-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 to bearish signaling that sideways to lower prices are possible near-term. Closes below the May 13^th low  crossing at 81.95 would confirm a downside breakout of the aforementioned trading range. If June renews 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 83.28. Second resistance is the May-2015 high on the monthly continuation chart crossing at 83.66. First support is the May 13^th low crossing at 81.95. Second support is the 50-day moving average crossing at 81.45. 

The June Japanese Yen closed slightly 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 signaling that sideways trading is possible near-term. Closes above the 50-day moving average crossing at 0.0091640 would signal that a short-term low has been posted. If June extends the decline off April's high, March's low crossing at 0.090180 is the next downside 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 last-Thursday's low crossing at 0.090740. Second support is March's low crossing at 0.090180.

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

August gold 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 bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $1855.60 would signal that a short-term top has been posted. If August renews the rally off April's low, the 62% retracement level of the August-March decline crossing at $1951.50 is the next upside target. First resistance is last-Tuesday's high crossing at $1919.20. Second resistance is the 62% retracement level of the August-March decline crossing at $1951.50. First support is last-Friday's low crossing at $1855.60. Second support is the 50-day moving average crossing at $1819.30.  

July silver 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 March's low, the 87% retracement level of the February-March-decline crossing at 28.451 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 26.814 is the next downside 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 last-Thursday's low crossing at 27.090. Second support is the 50-day moving average crossing at 26.814. 

July copper closed lower on Thursday as it the trading range of the past four-days. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are diverging but turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 443.19 would open the door for a possible test of the 25% retracement level of the 2020-2021-rally crossing at 418.88. Closes above last-Tuesday's high crossing at 470.70 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 470.70. Second resistance is the May 18^th high crossing at 478.20. Second support is the 50-day moving average crossing at 443.19. Second support is the 25% retracement level of the 2020-2021-rally crossing at 418.88.

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

July Corn closed up $0.08 1/4-cents at $6.99. 

July corn closed higher on Thursday as it extended the rally off May's low. The USDA cut 2021/22 corn ending stocks by 150 million bushels due to a bushel boost in ethanol demand of 75-million bushels along with an increase in export demand of another 75-million-bushels. The unexpected increase in demand caught the market by surprised as it lowered ending corn stocks to 1.357 billion bushels, well below the average trade guess of 1.423 billion bushels. Profit taking ahead of the close tempered early-session gains and the low-range close sets the stage for a steady to modestly higher opening when Friday's night sessions begins trading. Stochastics and the RSI are becoming 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, May's high crossing at $7.35 1/4 is the next upside target. Closes below the 20-day moving average crossing at $6.64 1/2 would signal that a short-term top has been posted. First resistance is today's high crossing at $7.17 1/2. Second resistance is May's high crossing at $7.35 1/4. First support is the 50-day moving average crossing at $6.39 3/4. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4.  

 July wheat closed up $0.01 1/2-cents at $6.83 3/4.  

July wheat closed higher on Thursday as it extends the trading range of the past seven-days. The USDA is expecting larger supplies and higher domestic use. Exports were left unchanged and ending stocks for 2021/22 decline from 774 million bushels in May down to 770 million bushels, which was below the average trade guess of 783 million bushels. TheUSDA raised all-wheat production  by 26 million bushels due to increases of HRW and SRW production for a total of 1.898 billion bushels this year.  All-wheat yield estimates came in at 50.7 bushels per acre, which is 0.7 bpa higher than May estimates. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $7.04 would confirm that a short-term low has been posted. If July resumes 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. First resistance is Monday's high crossing at $7.04. Second resistance is the May 18^th high crossing at $7.18 1/2. First support is May'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 up $0.04 1/2-cents at $6.40 1/4.

July Kansas City wheat closed higher on Thursday as it extends the trading range of the past seven-days. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above Monday's high crossing at $6.54 1/2 are needed to confirm that a short-term low has been posted. Closes below last-Thursday's low crossing at $6.17 1/2 would signal that a short-term top has been posted. First resistance Monday's high crossing at $6.54 1/2. Second resistance is the May 18^th high crossing at $7.70 1/2. First support is last-Thursday's low crossing at $6.17 1/2. Second support is May's low crossing at $5.88.

July Minneapolis wheat closed up $0.11 1/4-cents at $7.75 1/2. 

July Minneapolis wheat closed higher on Thursday as it extended as it consolidated some of this week's decline. 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 bearish signaling that sideways to lower prices are possible near-term. 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 renews this year's rally, the July-2017 high on the monthly continuation chart crossing at $8.68 1/2 is the next upside target. First resistance is Monday's high crossing at $8.43 1/2. Second resistance is the July-2017 high on the monthly continuation chart crossing at $8.68 1/2. First support is the 20-day moving average crossing at $7.36 3/4. Second support is the 50-day moving average crossing at $7.17. 

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

July soybeans closed down $0.18 1/2-cents at $15.44.

July soybeans closed lower on Thursday as the USDA raised soybean ending stocks for 2021/22 rose to 155 million bushels versus the average trade guess of 146 million bushels. This larger-than-expected in U.S. ending stocks widened out ending stocks to the second-tightest level on record due to the lower crush rates. This estimate is still historically tight stocks. World ending stocks for 2021/22 also came in above pre-report estimates of 3.347 billion bushels in May to 3.400 billion bushels for June.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 July extends today's decline, the 50-day moving average crossing at $15.09 3/4 is the next downside target. If July renews the rally off May's low, May's high crossing at $16.67 1/2 is the next upside target. 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 50-day moving average crossing at $15.09 3/4. Second support is the May 26^th low crossing at $14.89 1/4.

July soybean meal closed down $4.80 to $381.60. 

July soybean meal 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 July renews the decline off May's high, the 50% retracement level of the 2020-2021-rally crossing at $373.40 is the next downside target. Closes above the 50-day moving average crossing at $410.90 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $397.50. Second resistance is the 50-day moving average crossing at $410.90. First support is May'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 113-pts. at 70.46. 

July soybean oil closed lower on Thursday as it consolidated some of this year's rally. 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. Closes below the 20-day moving average crossing at 68.08 would signal that a short-term top has been posted. If July extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 73.74. Second resistance is unknown. First support is the 20-day moving average crossing at 68.08. Second support is the May 24^th low crossing at 64.23.      

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

July hogs closed down $0.18 at $121.33. 

July hogs closed lower on Thursday as it consolidated some of the rally off last-October's low. The mid-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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this year's rally, the July-2014 high on the monthly continuation chart crossing at $133.80 is the next upside target. Closes below the 20-day moving average crossing at $116.54 would signal that a short-term top has been posted. First resistance is Monday's high crossing at $123.60. Second resistance is the July-2014 high on the monthly continuation chart crossing at $133.80. First support is the 20-day moving average crossing at $116.54. Second support is the 50-day moving average crossing at $110.81.  

August cattle closed up $0.28 at $118.55. 

August cattle closed higher on Thursday.The mid-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 50-day moving average crossing at $119.49 would signal that a short-term low has been posted. If August renews the decline off May's high, January's low crossing at $111.92 is the next downside target. First resistance is the 50-day moving average crossing at $119.49. Second resistance is the May 25th high crossing at $121.23. First support is May's low crossing at $114.62. Second support is January's low crossing at $111.92. 

August Feeder cattle closed up $0.13 at $148.40. 

August Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher 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 decline off May's high, June's low crossing at $145.10 is the next downside target. Closes above the 50-day moving average crossing at $152.29 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $152.29. Second resistance is the 75% retracement level of the April-May-decline crossing at $157.20. First support is June's low crossing at $145.10. Second support is May's low crossing at $141.52.

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

July coffee 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 15.45 would signal that a short-term top has been posted. If July renews the rally off March's low, the November-2016 high on the monthly continuation chart crossing at 17.60 is the next upside target.              

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 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 23.17 is the next downside target. Closes above the 50-day moving average crossing at 24.31 would signal that a short-term low has been posted.                 

July sugar closed lower on Thursday as it extends the trading range of the past eight-days. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, May's high crossing at 18.25 is the next upside target. If July renews the decline off May's high, the 50-day moving average crossing at 16.78 is the next downside target.     

July cotton closed higher on Thursday as it extended the rally off May's low. The high-range close sets the stage for a steady to higher opening on Friday. 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, May's high crossing at 91.00 is the next upside target. Closes below the 20-day moving average crossing at 83.76 would signal that a short-term top has been posted.