KEY EVENTS TO WATCH FOR:
Monday, July 12, 2021
12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)
Corn, End Stocks (Bushels)
Soybeans, End Stocks (Bushels)
Wheat, End Stocks (Bushels)
Cotton, End Stocks (Bales)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it extends the rally off May's low. The high-range trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 14,423.89 would signal that a short-term top has been posted. If September extends the rally off May's low into uncharted territory, upside targets will be hard to project. First resistance is last-Wednesday's high crossing at 14,883.75. Second resistance is unknown. First support is the 20-day moving average crossing at 14,423.89. Second support is the 50-day moving average crossing at 13,905.86.
The September S&P 500 was lower overnight as it consolidates some of Friday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning.Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 4273.88 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 4365.25. Second resistance is unknown. First support is the 20-day moving average crossing at 4273.88. Second support is the 50-day moving average crossing at 4211.90.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were higher overnight as they consolidates some of last-Friday's rally. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 160-17 would signal that a short-term top has been posted. If September extends the rally off May's low, the 75% retracement level of the 2020-2021-decline crossing at 167-00 is the next upside target. First resistance is the 62% retracement level of the 2020-2021-decline crossing at 164-14. Second resistance is the 75% retracement level of the 2020-2021-decline crossing at 167-00. First support is the 10-day moving average crossing at 161-21. Second support is the 20-day moving average crossing at 160-17.
September T-notes was higher overnight as it consolidates some of last-Friday's decline. The mid-range overnight trade sets the stage for a steady to higher opening with the day 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 132.184 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September extends its rally off March's low, the 62% retracement level of the 2020-2021-decline crossing at 134.125 is the next upside target. First resistance is the 62% retracement level of the 2020-2021-decline crossing at 134.125. Second resistance is the 75% retracement level of the 2020-2021-decline crossing at 135.121. First support is the 20-day moving average crossing at 132.184. Second support is the 50-day moving average crossing at 132.037.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
August crude oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off last-Tuesday's high, the 50-day moving average crossing at 68.89 is the next downside target. If August resumes this year's rally, the November-2014 high on the monthly continuation chart crossing at $80.98 is the next upside target. First resistance is last-Tuesday's high crossing at $76.98. Second resistance is the November-2014 high on the monthly continuation chart crossing at $80.98. First support is the 50-day moving average crossing at $68.89. Second support is May's low crossing at $61.36.
August heating oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 $2.0794 would signal that a short-term top has been posted. If August renews this year's rally, the October-2018 high crossing at $2.2875 is the next upside target. First resistance is last-Tuesday's high crossing at $2.2101. Second resistance is the October-2018 high crossing at $2.2806. First support the 50-day moving average crossing at $2.0794. Second support is the May 21st low crossing at $1.9490.
August unleaded gas was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off May's low, the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3876 is the next upside target. Closes below the 50-day moving average crossing at $2.1707 would confirm that a short-term top has been posted. First resistance is last-Tuesday's high crossing at $2.3302. Second resistance is the 62% retracement level of the 2008-2020-decline on the monthly continuation chart crossing at $2.3876. First support is the 50-day moving average crossing at $2.1707. Second support is the June 17th low crossing at $2.1044.
August Henry natural gas was lower overnight as it extends the trading range of the past two-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading.Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at 3.483 would signal that a short-term top has been posted. If August resumes the rally off March's low, monthly resistance crossing at 3.994 is the next upside target. First resistance resistance is last-Tuesday's high crossing at 3.822. Second resistance is monthly resistance crossing at 3.994. First support is the 20-day moving average crossing at 3.483. Second support is the 50-day moving average crossing at 3.226.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day 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 20-day moving average crossing at $92.03 would signal that a short-term top has been posted. If September renews the rally off May's low, the 87% retracement level of the March-May-decline crossing at $92.93 is the next upside target. First resistance is the 87% retracement level of the March-May-decline crossing at $92.93. Second resistance is March's high crossing at $93.43. First support is the 20-day moving average crossing at $92.03. Second support is the June 23rd low crossing at $91.51.
The September Euro was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $119.30 would signal that a short-term low has been posted. If September extends the decline off June's high, March's low crossing at $117.47 is the next downside target. First resistance is the 20-day moving average crossing at $119.30. Second resistance is the June 25th high crossing at $119.95. First support is the 87% retracement level of the March-May-rally crossing at $118.17. Second support is March's low crossing at $117.97.
The September British Pound was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1.3891 are needed to confirm that a short-term low has been posted. If September resumes the decline off June's high, April's low crossing at 1.3678 is the next downside target. First resistance is the 20-day moving average crossing at 1.3891. Second resistance is the 50-day moving average crossing at 1.4015. First support is July's low crossing at 1.3733. Second support is April's low crossing at 1.3678.
The September Swiss Franc was lower overnight as it consolidates some of the rally off July's low. The low-range overnight trade sets the stage for a steady to lower opening when the day 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 July's low, the 50-day moving average crossing at 1.1044 is the next upside target. If September resumes the decline off June's high, the 75% retracement level of the March-June-rally crossing at 1.0774 is the next downside target. First resistance is the 50-day moving average crossing at 1.1044. Second resistance is June's high crossing at 1.1231. First support is July's low crossing at 1.0801. Second support is the 75% retracement level of the March-June-rally crossing at 1.0774.
The September Canadian Dollar was lower overnight as it consolidates some of last-Friday's rally. The low-range trade sets the stage for a steady to lower opening when the day 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 $80.86 would signal that a short-term low has been posted. If September extends the decline off June's high, April's low crossing at $79.06 is the next downside target. First resistance is the 20-day moving average crossing at $80.86. Second resistance is the 50-day moving average crossing at $81.85. First support is the 25% retracement level of the 2020-2021-rally crossing at $79.62. Second support is April's low crossing at $79.06.
The September Japanese Yen was slightly lower overnight as it consolidates some of last-Thursday's rally. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. 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 0.091168 would open the door for additional gains near-term. If September renews the decline off April's high, weekly support on the continuation chart crossing at 0.089205 is the next downside target. First resistance is the 50-day moving average crossing at 0.091168. Second resistance is the 25% retracement level of the January-July-decline crossing at 0.091615. First support is July's low crossing at 0.089605. Second support is weekly support on the continuation chart crossing at 0.089205.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: August gold was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 50-day moving average crossing at $1835.70 is the next upside target. If August renews the decline off June's high, the April-13th low crossing at $1725.50 is the next downside target. First resistance is the 50-day moving average crossing at $1835.70. Second resistance is June's high crossing at $1919.20. First support is June's low crossing at $1750.10. Second support is the April-13th low crossing at $1725.50.
September silver was lower overnight as it extends the trading range of the past four-weeks. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 $27.149 would signal that a short-term low has been posted. If September renews the decline off May's high, the April 13th low crossing at $24.800 is the next downside target. First resistance is the 50-day moving average crossing at $27.149. Second resistance is the June 11th high crossing at $28.465. First support is June's low crossing at $25.580. Second support is the April 13th low crossing at $24.800.
September copper was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. 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 4.4025 would signal that a short-term low has been posted. If September renews the decline off May's high, the April 12th low crossing at 4.0000 is the next downside target. First resistance is last-Tuesday's high crossing at 4.4025. Second resistance is the 50-day moving average crossing at 4.4730. First support is June's low crossing at 4.0940. Second support is the April 12th low crossing at 4.0000.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was higher overnight. The high-range close sets the stage for a steady to higher opening when the day 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 December extends the decline off July's high, May's low crossing at $5.00 1/4 is the next downside target. Closes above last-Tuesday's gap crossing at $5.73 1/2 would signal that a short-term low has been posted. First resistance is last-Tuesday's gap crossing at $5.73 1/2. Second resistance is July's high crossing at $6.11 1/4. First support is last-Friday's low crossing at $5.07. Second support is May's low crossing at $5.00 1/4.
September wheat was steady to higher overnight as it consolidates some of last-week's decline. The high-range close sets the stage for a steady to higher opening when the day 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 last-week's decline, March's low crossing at $5.94 is the next downside target. Closes above last-Tuesday's gap crossing at $6.48 1/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.49 1/2. Second resistance is the 50-day moving average crossing at $6.79 3/4. First support is the 87% retracement level of the March-April-rally crossing at $6.16 1/2. Second support is March's low crossing at $5.94.
September Kansas City wheat was higher overnight as it consolidates some last-Tuesday's sharp decline. The high-range close sets the stage for a steady to higher opening when the day 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 renews the decline off July's high, March's low crossing at $5.66 1/4 is the next downside target. Closes above last-Tuesday's gap crossing at $6.46 3/4 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $6.13. Second resistance is the 50-day moving average crossing at $6.41 3/4. First support is last-Wednesday's low crossing at $5.78 1/4. Second support is March's low crossing at $5.66 1/4.
September Minneapolis wheat was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, the July-2017 high on the monthly continuation chart crossing at $8.68 1/2 is the next upside target. Closes below the 20-day moving average crossing at $7.99 would signal that a short-term top has been posted. First resistance is last-Tuesday's gap crossing at $8.26 1/2. Second resistance is June's high crossing at $8.59 3/4. First support is the 20-day moving average crossing at $7.99. Second support is the 50-day moving average crossing at $7.71 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were steady to higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off July's high, June's low crossing at $12.40 is the next downside target. If November renews the rally off June's low, July's high crossing at $14.23 is the next upside target. First resistance is July's high crossing at $14.23. Second resistance is June's high crossing at $14.80. First support is June's low crossing at $12.40 1/2. Second support is the 38% retracement level of the 2020-2021-rally crossing at $12.30.
December soybean meal was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If December extends last-week's decline, June's low crossing at $347.00 is the next downside target. Closes above the 50-day moving average crossing at $387.10 would open the door for a larger-degree rally during July. First resistance is the 50-day moving average crossing at $387.10. Second resistance is June's high crossing at $404.30. First support is last-Friday's low crossing at $355.50. Second support is June's low crossing at $347.00.
December soybean oil was higher overnight as it consolidated some of the decline off July's high. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 June 25th low crossing at 56.66 would signal that a short-term top has been posted. If December renews the rally off June's low, June's high crossing at 67.04 is the next upside target. First resistance is July's high crossing at 64.76. Second resistance is June's high crossing at 67.04. First support is the 38% retracement level of the 2020-2021-rally crossing at 52.08. Second support is the 50% retracement level of the 2020-2021-rally crossing at 47.44.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
August cattle closed down $0.05 at $119.23.
August cattle closed lower on Friday and below the 50-day moving average crossing at $120.18. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the June 8th low crossing at $117.23 is the next downside target. Closes above the 20-day moving average crossing at $121.93 would signal that a short-term low has been posted. If August renews the rally off June's low, the February-2021 high on the weekly continuation chart crossing at $126.70 is the next upside target. First resistance is June'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 June 8th low at $117.23. Second support is June's low crossing at $114.63.
August Feeder cattle closed up $1.85 at $159.18.
Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If August extends the rally off May's low, April's high crossing at $162.40 is the next upside target. Closes below the 20-day moving average crossing at $156.83 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $161.10. Second resistance is April's high crossing at $162.40. First support is the June 14th gap crossing at $151.90. Second support is the June 10th low crossing at $146.75.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
September coffee closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 15.52 would signal that a short-term low has been posted. If September extends the decline off July's high, May's low crossing at 14.15 is the next downside target.
September cocoa closed sharply higher on Friday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening on Monday. 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 23.69 are needed to confirm that a short-term low has been posted. If September extends the decline off May's high, last-November's low crossing at 22.54 is the next downside target.
October sugar closed lower on Friday as it extends this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 50-day moving average crossing at 17.37 signals that a short-term top has been posted and opens the door for a possible test of June's low crossing at 16.44. If October renews the rally off June's low, weekly resistance crossing at 19.47 is the next upside target.
December cotton closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If December renews the rally off May's low, February's high crossing at 89.28 is the next upside target. Closes below the June 17th low crossing at 83.37 would confirm that a short-term top has been posted.