KEY EVENTS TO WATCH FOR:

Friday, June 18, 2021  

10:00 AM ET. IMF Managing Director Kristalina Georgieva speaks atBrookings Institution event on

                        carbon price floors

Monday, June 21, 2021  

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

                       NAI (previous 0.24)

                       NAI, 3-mo Moving Avg (previous 0.07)

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The Dow closed lower on Thursday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month's decline, May's low crossing at 33,473.80 is the next downside target. Closes above the 20-day moving average crossing at 34,399.97 would signal that a short-term low has been posted. First resistance is June's high crossing at 34,849.32. Second resistance is May's high crossing at 35,091.56. First support is the May low crossing at 33,473.80. Second support is the March 25^th low crossing at 32,071.41.

The September NASDAQ 100 closed sharply higher on Thursday as it renewed the rally off May's low to a new contract high. 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 this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 50-day moving average crossing at 13,704.00 would signal that a short-term top has been posted. First resistance is today's high crossing at 14,191.50. Second resistance is unknown. First support is the 10-day moving average crossing at 13,936.00. Second support is the 50-day moving average crossing at 13,704.00. 

The September S&P 500 closed slightly lower on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 4165.33 would confirm that a top has been posted while opening the door for additional weakness near-term. If September extends this year's rally upside targets are hard to project. First resistance is Tuesday's high crossing at 4258.25. Second resistance is unknown. First support is the 50-day moving average crossing at 4165.33. Second support is May's low crossing at 4020.00.  

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September T-bonds closed up 1-30/32's at 159-24. 

September T-bonds 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally of May's low, the 50% retracement level of the 2020-2021-decline crossing at 162-05 is the next upside target. Closes below the 50-day moving average crossing at 156-14 would signal that a short-term top has been posted. First resistance is the 38% retracement level of the 2020-2021-decline crossing at 159-28. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at 162-05. First support is the 20-day moving average crossing at 157-11. Second support is the 50-day moving average crossing at 156-14.  

September T-notes closed up 75-pts. at 131.315.

September T-notes closed higher on Thursday as it consolidated some of the decline off last-Friday's high. 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 50-day moving average crossing at 131.224 would confirm that a short-term top has been posted. If September extends the rally off April's low, the 50% retracement level of the 2020-2021-decline crossing at 133.163 is the next upside target. First resistance is last-Friday's high crossing at 134.020. Second resistance is the 50% retracement level of the 2020-2021-decline crossing at 133.163. First support is the 50-day moving average crossing at 131.224. Second support is the May 13th low crossing at 130.315. 

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July crude oil closed lower due to profit taking on Thursday. The mid-range close sets the stage for a steady to lower 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. If July extends this year's rally, the October-2018 high on the monthly continuation chart crossing at $76.90 is the next upside target. Closes below the 20-day moving average crossing at $68.44 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $72.99. 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 $68.44. Second support is the 50-day moving average crossing at $65.40.  

July heating oil closed lower on Thursday and below the 20-day moving average crossing at $207.19 signaling that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. If July extends this week's decline, the 50-day moving average crossing at $199.60 is the next downside target. If July extends the rally off March's low, the October-2018 high crossing at $228.75 is the next upside target. 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 50-day moving average crossing at $199.60. Second support is the May 21^st low crossing at $194.71.   

July unleaded gas closed lower on Thursday as it extends this week's decline. 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 a short-term top might be in or is near. Closes below the 50-day moving average crossing at $210.12 would signal that a short-term top has been posted. 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. First resistance is last-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 50-day moving average crossing at $210.12. Second support is May's low crossing at $203.22.  

July Henry natural gas 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 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 3.103 would signal that a short-term top has been posted. If July extends the rally off May's low, the 25% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 3.848 is the next upside target. First resistance is Tuesday's high crossing at 3.369. Second resistance is the 25% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at 3.848. First support is the 20-day moving average crossing at 3.103. Second support is the 50-day moving average crossing at 2.998. 

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The September Dollar closed sharply higher for the second day in a row 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 becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off May's low, the 75% retracement level of the March-May-decline crossing at 92.46 is the next upside target. Closes below the 20-day moving average crossing 90.23 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the March-May-decline crossing at 91.94. Second resistance is the 75% retracement level of the March-May-decline crossing at 92.46. First support is the 50-day moving average crossing 90.63. Second support is the 20-day moving average crossing at 90.23.  

The September Euro closed sharply lower for the second day in a row on Thursday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the 75% retracement level of the March-May-rally crossing at 118.83 is the next downside target. Closes above the 20-day moving average crossing at 121.84 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 121.28. Second resistance is the 20-day moving average crossing at 121.83. First support is today's low crossing at 119.12. Second support is the 75% retracement level of the March-May-rally crossing at 118.83.

The September British Pound closed lower on Thursday and below the 50-day moving average crossing at 1.4015 confirm that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, May's low crossing at 1.3810 is the next downside target. Closes above the 20-day moving average crossing at 1.4133 would signal that a short-term low has been posted. First resistance is June's high crossing at 1.4253. Second resistance is the 87% retracement level of the 2018-2020-decline crossing at 1.4655. First support is today's low crossing at 1.3897. Second support is May's low crossing at 1.3810.

The September Swiss Franc closed sharply lower for the second day in a row on Thursday.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 62% retracement level of the March-May-rally crossing at 1.0854 is the next downside target. Closes above the 20-day moving average crossing at 1.1149 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.1061. Second resistance is the 20-day moving average crossing at 1.1149. First support is the 50% retracement level of the March-May-rally crossing at 1.0926. Second support is the 62% retracement level of the March-May-rally crossing at 1.0854.

The September Canadian Dollar closed lower on Thursday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the 25% retracement level of the 2020-2021-rally crossing at 79.62 is the next downside target. Closes above the 20-day moving average crossing at 82.56 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 81.68. Second resistance is the 20-day moving average crossing at 82.56. First support is today's low crossing at 80.79. Second support is the 25% retracement level of the 2020-2021-rally crossing at 79.62.

The September Japanese Yen closed higher on Thursday as it consolidated some of the decline off April's high. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 0.0091716 would signal that a short-term low has been posted. If September extends the decline off April's high, weekly support on the continuation chart crossing at 0.090180 is the next downside target. First resistance is the 20-day moving average crossing at 0.091349. Second resistance is the 50-day moving average crossing at 0.091716. First support is today's low crossing at 0.090290. Second support is weekly support crossing at 0.090180.

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August gold closed sharply lower on Thursday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at $1830.70 opens the door for a larger-degree decline near-term. Closes above the 20-day moving average crossing at $1883.00 would signal that a short-term low has been posted. First resistance is June'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 the April 29^th low crossing at $1756.80. Second support is the April 13^th low crossing at $1725.50.  

July silver closed sharply lower on Thursday marking a downside breakout of the trading range of the past four-weeks. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50-day moving average crossing at 27.050 is the next downside target. If July renews the rally off March's low, the April-13^th low crossing at 24.725 is the next downside target. Closes above the 20-day moving average crossing at 27.824 would signal that a short-term low has been posted. 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 today's low crossing at 25.820. Second support is the April-13^th low crossing at 24.725.  

July copper closed lower on Thursday as it extends the decline off May's high.The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the April 12^th low crossing at 399.50 is the next downside target. Closes above last-Friday's high crossing at 459.50 would signal that a short-term low has been posted. First resistance is June's high crossing at 470.70. Second resistance is the May 18^th high crossing at 478.20. Second support is today's low crossing at 415.45. Second support is the April 12^th low crossing at 399.50. 

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

July Corn closed down $0.40-cents at $6.33. 

July corn closed limit down on Thursday as it renewed the decline off last-Thursday's high. The limit down close sets the stage for a lower opening when Friday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Today's close below the 50-day moving average crossing at $6.51 3/4 confirms that a short-term top has been posted while opening the door for a test of May's low crossing at $6.02 3/4. Closes above last-Thursday's high crossing at $7.17 1/2 would confirm that a short-term low has been posted. First resistance is last-Thursday's high crossing at $7.17 1/2. Second resistance is May's high crossing at $7.35 1/4. First support is May's low crossing at $6.02 3/4. Second support is the 62% retracement level of this year's rally crossing at $5.76 1/2.  

July wheat closed down $0.23-cents at $6.39 3/4.  

July wheat closed lower on Thursday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday's high, the 87% retracement level of the March-April-rally crossing at $6.15 1/4 is the next downside target. Closes above the 50-day moving average crossing at $6.88 would confirm that a short-term low has been posted. First resistance is June's high crossing at $7.04. Second resistance is the May 18^th high crossing at $7.18 1/2. First support is the 75% retracement level of the March-April-rally crossing at $6.36 1/2. Second support is the 87% retracement level of the March-April-rally crossing at $6.15 1/4.

July Kansas City Wheat closed down $0.24 1/2-cents at $5.86 1/4.

July Kansas City wheat closed lower on Thursday as it extends the decline off last-Monday's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last-Monday's high, March's low crossing at $5.59 1/2 is the next downside target. Closes above last-Monday's high crossing at $6.54 1/2 are needed to confirm that a short-term low has been posted. First resistance last-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 today's low crossing at $5.83 3/4. Second support is March's low crossing at $5.59 1/2.

July Minneapolis wheat closed down $0.09-cents at $7.51 1/4. 

July Minneapolis wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $7.30 1/2 would confirm 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 last-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 $7.45. Second support is the 50-day moving average crossing at $7.30 1/2. 

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July soybeans closed down $1.18 3/4-cents at $13.29 3/4.

July soybeans closed sharply lower on Thursday as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the head-and-shoulder's top projects a decline to the $13.12 area. Closes above the 20-day moving average crossing at $15.18 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $15.18 3/4. Second resistance is June's high crossing at $16.23 1/2. First support is today's low crossing at $13.23 1/2. Second support is  the head-and-shoulder's top projects a decline to the $13.12 area.

July soybean meal closed down $17.70 to $361.50. 

July soybean meal closed sharply lower on Thursday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 62% retracement level of the 2020-2021-rally crossing at $353.50 is the next downside target. Closes above the 20-day moving average crossing at $387.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $387.60. Second resistance is the 50-day moving average crossing at $407.00. First support is today's low crossing at $360.20. Second support is the 62% retracement level of the 2020-2021-rally crossing at $353.50.      

July soybean oil closed down 550-pts. at 56.57. 

July soybean oil closed limit down on Thursday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the 38% retracement level of the 2020-2021-rally crossing at 55.85 is the next downside target. Closes above the 10-day moving average crossing at 67.34 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 62.88. Second resistance is the 10-day moving average crossing at 67.34. First support is today's low crossing at 56.57. Second support is the 38% retracement level of the 2020-2021-rally crossing at 55.85.     

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

July hogs closed down $4.50 at $111.00. 

July hogs gapped down and closed limit down on Thursday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. If July extends the decline off June's high, the May 17^th low crossing at $107.88 is the next downside target. Closes above the 10-day moving average crossing at $119.05 would signal that a short-term low has been posted. First resistance is today's gap crossing at $115.50. Second resistance is June's high crossing at $123.60. First support is today's low crossing at $111.00. Second support is the May 17^th low crossing at $107.88.  

August cattle closed down $3.83 at $121.10. 

August cattle closed sharply lower on Thursday as it consolidated some of the rally off June's low. The low-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $119.44 would signal that a top has been posted. If August extends this month's rally, the February-2021 high on the weekly continuation chart crossing at $126.70 is the next upside target. First resistance is Wednesday's high crossing at $125.78. Second resistance is the February-2021 high on the weekly continuation chart crossing at $126.70. First support is the 50-day moving average crossing at $119.44. Second support is June's low crossing at $114.62. 

August Feeder cattle closed down $0.30 at $157.40. 

August Feeder cattle closed lower on Thursday but not before spiking to a new high for the month. The low-range close sets the stage for a steady to lower opening when Friday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, April's high crossing at $162.40. Closes below Monday's gap crossing at $151.90 would signal that a short-term top has been posted. First resistance is today's high crossing at $160.15. Second resistance is April's high crossing at $162.40. First support is Monday's gap crossing at $151.90. Second support is last-Thursday's low crossing at $146.75. 

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

July coffee closed lower on Thursday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 50-day moving average crossing at 14.71 is the next downside target. 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 lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, last-November's low crossing at 22.51 is the next downside target. Closes above the 50-day moving average crossing at 24.27 would signal that a short-term low has been posted.                   

July sugar gapped down and closed below 50-day moving average crossing at 17.00 on Thursday confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The April-June head-and-shoulders top projects a decline to the 14.75 area later this summer. Closes above the 10-day moving average crossing at 17.37 would signal that a short-term low has been posted.      

July cotton closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 84.26 would signal that a short-term top has been posted. If July extends the rally off May's low, May's high crossing at 91.00 is the next upside target.