KEY EVENTS TO WATCH FOR:

Tuesday, June 14, 2022 

6:00 AM ET. May NFIB Index of Small Business Optimism

                       Small Business Idx (previous 93.2)

8:30 AM ET. May PPI

                       PPI, M/M% (previous +0.5%)

                       Ex-Food & Energy PPI, M/M% (previous +0.4%)

                       Personal Consumption (previous +0.1%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y%

                       Latest Wk, Y/Y%

10:00 AM ET. June IBD/TIPP Economic Optimism Index

                       Economic Optimism Idx (previous 41.2)

                       6-Mo Economic Outlook (previous 33.2)

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls)

                       Gasoline Stocks, Net Chg (Bbls)

                       Distillate Stocks, Net Chg (Bbls)

  N/A              U.S. Federal Open Market Committee meeting

Wednesday, June 15, 2022  

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 288.4)

                       Composite Idx, W/W% (previous -6.5%)

                       Purchase Idx-SA (previous 208.2)

                       Purchase Idx-SA, W/W% (previous -7.1%)

                       Refinance Idx (previous 709.5)

                       Refinance Idx, W/W% (previous -5.6%)

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

                       Overall Sales-SA, M/M% (previous +0.9%)

                       Sales, Ex-Auto, M/M% (previous +0.6%)

                       Sales, Ex-Auto & Gas, M/M% (previous +1.0%)

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

                       Import Prices (previous +0%)

                       Non-Petroleum Prices (previous +0.4%)

                       Petroleum Prices (previous -2.9%)

8:30 AM ET. June Empire State Manufacturing Survey

                       Mfg Idx (previous -11.6)

                       Employment Idx (previous 14.0)

                       New Orders Idx (previous -8.8)

                       Prices Received (previous 45.6)

10:00 AM ET. June NAHB Housing Market Index

                       Housing Mkt Idx (previous 69)

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

                       Total Inventories (previous +2.0%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 416.758M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous +2.025M)

                       Gasoline Stocks (Bbl) (previous 218.184M)

                       Gasoline Stocks, Net Chg (Bbl) (previous -0.812M)

                       Distillate Stocks (Bbl) (previous 108.984M)

                       Distillate Stocks, Net Chg (Bbl) (previous +2.592M)

                       Refinery Usage (previous 94.2%)

                       Total Prod Supplied (Bbl/day) (previous 20.227M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous +0.715M)

2:00 PM ET. U.S. interest rate decision

                       Federal Funds Rate

                       Federal Funds Rate Change (Pts)

                       Fed Funds Rate-Range High (previous 1.00)

                       Fed Funds Rate-Range Low (previous 0.75)

                       FOMC Vote For Action (previous 10)

                       FOMC Vote Against Action (previous 0)

                       Discount Rate (previous 1.00)

                       Discount Rate Change (Pts) (previous +0.50)

                       Discount Rate-Range High

                       Discount Rate-Range Low

2:00 PM ET. Federal Reserve economic projections

                       Median Fed Funds Rate - 2022 (previous 1.9%)

                       Median Fed Funds Rate - 2023 (previous 2.8%)

                       Median Fed Funds Rate - 2024 (previous 2.8%)

4:00 PM ET. April Treasury International Capital Data

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The Dow gapped down and closed sharply lower for the third day in a row on Monday following last-Friday's release of the latest CPI data, which hit its highest level in 40-year. Investors are worried that that latest data regarding inflation will force the Federal Reserve to get even more aggressive than previously expected to help ease rising prices.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Today's new low opens the door for a possible test of the 38% retracement level of the 2020-2021 rally crossing at 29,814.73. Closes above the 50-day moving average crossing at 33,172.92 would signal that a short-term low has been posted. First resistance is today's gap crossing at 31,387.84. Second resistance is last-Friday's gap crossing at 32,267.78. First support is today's low crossing at 30,493.07. Second support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73.   

The June NASDAQ 100 gapped down and closed sharply lower on Monday as May's CPI data posted a new high for inflation this year, which triggered another round of long-liquidation by investors. Today's sell off saw the NASDAQ 100 posted a new low for the year. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June extends today's decline, weekly support crossing at 10,942.25 is the next downside target. Closes above the 10-day moving average 12,407.38 would signal that a short-term low has been posted. First resistance is today's gap crossing at 11,823.00. Second resistance is the 50-day moving average crossing at 13,014.00. First support is today's low crossing at 11,317.75. Second support is weekly support crossing at 10,942.25. 

The June S&P 500 gapped down and closed sharply lower on Monday as it posted a new contract low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, weekly support crossing at 3656.50 is the next downside target. Closes above the 10-day moving average crossing at 4059.05 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4059.05. Second resistance is the 50-day moving average crossing at 4179.56. First support is today's low crossing at 3749.00. Second support is weekly support crossing at 3656.50.

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June T-bonds closed down 3-02pts. at 133-19. 

June T-bonds closed sharply lower on Monday as it posted a new low for the year. The low-range close sets the stage for a steady to lower 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 May's high, the December-2013 low on the monthly continuation chartcrossing at 127-23 is the next downside target. Closes above the 50-day moving average crossing at 140-21 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 140-21. Second resistance is May's high crossing at 142-22. First support is today's low crossing at 133-19. Second support is the December-2013 low on the monthly continuation chart crossing at 127-23.

June T-notes closed down 1165 pts. at 115.255.

June T-notes gapped down and closed sharply lower on Monday as it posted a new low for the year. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If June extends the decline off May's high, the 62% retracement level of the 2000-2020 rally crossing at 111.233 is the next downside target. Closes above the 50-day moving average crossing at 119.147 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 119.147. Second resistance is May's high crossing at 120.310. Second resistance is the March 31^st high crossing at 123.040. First support is today's low crossing at 115.235. Second support is the 62% retracement level of the 2000-2020 rally crossing at 111.233. 

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July crude oil closed slightly lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 the rally off the April 25^th low, monthly resistance crossing at $130.50 is the next upside target. Closes below the 20-day moving average crossing at $114.82 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $123.18. Second resistance crossing at monthly resistance crossing at $130.50. First support is the 20-day moving average crossing at $114.82. Second support is the 50-day moving average crossing at $106.84.  

July heating oil closed lower on Monday as it consolidated some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the March-2022 high on the weekly continuation chart crossing at $4.6709 is the next upside target. Closes below the 20-day moving average crossing at $3.9868 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $4.5135. Second resistance is the March-2022 high on the weekly continuation chart crossing at $4.6709. First support is the 10-day moving average crossing at $4.2608. Second support is the 20-day moving average crossing at $3.9868.     

July unleaded gas closed lower on Monday marking a downside breakout of last-week's trading range. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.9422 would confirm that a short-term top has been posted. If July extends the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is last-Monday's high crossing at 4.3260. Second resistance is unknown. First support is the 20-day moving average crossing at $3.9422. Second support is the 50-day moving average crossing at $3.5605. 

July Henry natural gas closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 last-Thursday's low crossing at 8.016 would confirm that a top has been posted. If July extends the rally off May's low, the 62% retracement level of the 2005-2020 decline crossing at 10.299 is the next upside target. First resistance is last-Wednesday's high crossing at 9.664. Second resistance is the 62% retracement level of the 2005-2020 decline on the monthly continuation chart crossing at 10.299. First support is last-Thursday's low crossing at 8.016. Second support is the 50-day moving average crossing at 7.796.       

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

The June Dollar closed higher on Monday as it extends the rally off May's low. The high-range close sets the stage for a steady to higher opening when Tuesday's nights session begins trading. Stochastics and the RSI are neutral to bullish signaling sideways to higher prices are possible near-term. If June extends this week's rally, May's high crossing at $105.07 is the next upside target. Closes below the 50-day moving average crossing at $102.21 would open the door for a larger-degree decline. First resistance is today's high crossing at $104.83. Second resistance is May's high crossing at $105.07. First support is the 50-day moving average crossing at $102.21. Second support is May's low crossing at $101.30.   

The June Euro closed lower on Monday as it extends the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower 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 aforementioned decline, May's low crossing at $103615 is the next downside target. Closes above May's high crossing at $107.94 confirms that a low has been posted while opening the door for additional gains near-term. First resistance is May's high crossing at $107.94. Second resistance is the April 21^st high crossing at $109.59. First support is today's low crossing at $104.32. Second support is May's low crossing at $103.62. 

The June British Pound closed sharply lower for the second day in a row on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling sideways to lower prices are possible near-term. If June extends today's decline, May's low crossing at 1.2167 is the next downside target. If June renews the rally off May's low, the 50-day moving average crossing at 1.2638 is the next upside target. First resistance is the 50-day moving average crossing at 1.2638. Second resistance is the May high crossing at 1.2667. First support is the 87% retracement level of the 2020-2021-rallycrossing at 1.2232.  

The June Swiss Franc closed lower for the seventh-day in a row on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday'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 June extends the decline off May's high, May's low crossing at 0.99485 is the next downside target. Closes above the 50-day moving average crossing at 1.03808 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 1.03808. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.05683. First support is today's low crossing at 1.00455. Second support is May's low crossing at 0.99485.

The June Canadian Dollar closed lower for the fourth-day in a row on Monday as it extended the decline off last-Wednesday's low.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the May 18^th low crossing at 77.53 is the next downside target. Closes above the 20-day moving average crossing at 78.56 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.56. Second resistance is the 10-day moving average crossing at 79.09. First support is the May 18^th low crossing at 77.53. Second support is May's low crossing at 76.46.

The June Japanese Yen closed slightly higher on Monday as it consolidates some of the decline off May'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 May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. Closes above the 20-day moving average crossing at 0.077008 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.077008. Second resistance is the 50-day moving average crossing at 0.077932. First support is today's low crossing at 0.073985. Second support is the August-1998 low on the monthly continuation chart crossing at 0.068730.  

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August gold posted a key reversal down and closed sharply lower on Monday.The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below last-Friday's low crossing at $1826.50 would confirm today's downside breakout of the May-June trading range. Closes above the 50-day moving average crossing at $1889.60 would mark a resumption of the rally off May's low. First resistance is the 50-day moving average crossing at $1889.60. Second resistance is the 50% retracement level of the March-May decline crossing at $1938.80. First support is the 75% retracement level of the 2021-2022 rally crossing at $1789.90. Second support is the 87% retracement level of the 2021-2022 rally crossing at $1743.10.  

July silver closed sharply lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the June 1^st low crossing at 21.410 signals that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off May's low, the 50-day moving average crossing at 23.008 is the next upside target. First resistance is last-Monday's high crossing at 22.565. Second resistance is the 50-day moving average crossing at 23.008. First support is today's low crossing at 20.910. Second support is May's low crossing at 20.240. 

July copper gapped down and closed lower on Monday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the May 18^th low crossing at 4.1315 is the next downside target. Closes above the 50-day moving average crossing at 4.4380 would signal that a short-term low has been posted. First resistance is the 62% retracement level of the March-May decline crossing at 4.6394. Second resistance is the 75% retracement level of the March-May decline crossing at 4.7687. First support is the May 18^th low crossing at 4.1315. Second support is May's low crossing at 4.0370.

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July Corn closed down $0.04-cents at $7.69 1/4. 

July corn closed lower on Monday as it consolidated some of the rally off June's low. The mid-range close sets the stage for a steady to lower opening when Tuesday'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 50-day moving average crossing at $7.76 1/2 would signal that a short-term low has been posted. If July renews the decline off April's high, the 25% retracement of 2020-2022 rally crossing at$7.12 1/2. First resistance is the 50-day moving average crossing at $7.76 1/2. Second resistance is May's high crossing at $8.10 1/4. First support is June's low crossing at $7.20 1/2. Second support is the 25% retracement level of the 2020-2022 rally crossing at $7.12 1/2.    

July wheat closed up a $0.00 1/4-cents at $10.71.  

July wheat closed fractionally higher on Monday. The mid-range close sets the stage for a steady opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $11.29 3/4 would signal that a short-term low has been posted. If July renews the decline off May's low, the 50% retracement level of the January-May rally crossing at $10.10 1/4 is the next downside target. First resistance the 50-day moving average crossing at $11.02 1/4. Second resistance is the 20-day moving average crossing at $11.29 3/4. First support is the 50% retracement level of the January-May's rally crossing at $10.10 1/4. Second support is the 62% retracement level of the January-May's rally crossing at $9.45 1/2. 

July Kansas City Wheat closed down $0.00 3/4-cents at $11.61 3/4.

July Kansas City wheat closed fractionally lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $12.15 1/4 would signal that a short-term low has been posted. If July renews the decline off May's high, May's low crossing at $10.86 3/4 is the next downside target. First resistance is the May 27^th high crossing at $12.51. Second resistance is May's high crossing at $13.79 1/4. First support is May's low crossing at $10.86 3/4. Second support is the 50% retracement level of the January-May rallycrossing at $10.65.

July Minneapolis wheat closed up $0.00 1/4-cents at $12.21 1/2.

July Minneapolis wheat closed fractionally higher on Monday as it extends this month's trading range. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $12.69 1/4 would signal that a short-term low has been posted. Closes below June's low crossing at $11.90 would opening the door for additional weakness near-term. First resistance is the May 27^th high crossing at $13.20 1/4. Second resistance is May's high crossing at $14.12 3/4. First support is June's low crossing at $11.90. Second support is May's low crossing at $11.54 1/4. 

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

July soybeans closed down $0.38 at $17.07 1/2.

July soybeans closed sharply lower on Monday as it consolidates some of the rally off May's low. The low-range close sets the stage for a steady to lower opening when Tuesday'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 $17.05 would signal that a short-term top has been posted. Closes above the all-time high crossing at $17.89 would open the door into uncharted territory. First resistance is last-Thursday's high crossing at $17.84. Second resistance is the all-time high crossing at $17.89. First support is the 50-day moving average crossing at $16.71. Second support is May's low crossing at $15.78 1/4.  

July soybean meal closed down $14.00 at $415.10. 

July soybean meal closed sharply lower on Monday as it consolidated some of the rally off last-Tuesday's low. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at $430.70 would signal that a short-term low has been posted. If July resumes the decline off March's high, May's low crossing at $395.00 is the next downside target. First resistance is the 50-day moving average crossing at $430.70. Second resistance is the April 21^st high crossing at $467.80. First support is May's low crossing at $395.00. Second support is the 62% retracement level of the 2021-2022 rally crossing at $384.10.

July soybean oil closed down 130 pts. at 79.51. 

July soybean oil closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 79.41 would open the door for a larger-degree decline near-term. If July renews the rally off June's low, May's high crossing at 84.64 is the next upside target. First resistance is May's high crossing at 84.64. Second resistance is April's high crossing at 87.65. First support is June's low crossing at 76.61. Second support is the 38% retracement level of the December-May rally crossing at 73.75. 

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

July hogs closed up $1.20 at $106.68. 

July hogs closed higher due to short covering on Monday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the May 13^th gap crossing at $101.30 is the next downside target. Closes above the 50-day moving average crossing at $111.23 would confirm that a low has been posted. First resistance is the 50-day moving average crossing at $111.23. Second resistance is June's high crossing at $114.00. First support is today's low crossing at $103.53. Second support is the May 16^th gap crossing at $101.30. 

August cattle closed down $2.33 at $133.88 

August cattle gapped down and closed sharply lower on Monday as it extended the decline off last-Thursday's high.  The mid-range close sets the stage for a steady to lower opening on Tuesday. 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 $133.45 would confirm that a short-term top has been posted. If August extends the rally off May's low, the bottom of the April 25^th gap crossing at $138.75 is the next upside target. First resistance is the bottom of the April 25^th gap crossing at $138.75. Second resistance is the top of the April 25^th gap crossing at $140.27. First support is the 20-day moving average crossing at $133.45. Second support is May's low crossing at $129.97.    

August Feeder cattle closed down $3.15 at $171.33. 

August Feeder cattle gapped down and closed sharply lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's 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 $169.38 would signal that a short-term top has been posted. If August renews the rally off May's low, May's high crossing at $177.50 is the next upside target. First resistance is May's high crossing at $177.50. Second resistance is the April 22^nd high crossing at $178.23. First support is the 20-day moving average crossing at $169.38. Second support is the May 31^st low crossing at $164.75. Third support is May's low crossing at $162.80.    

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

July coffee closed lower on Monday. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. Today's close below the 50-day moving average crossing at 22.39 signals that a short-term top has been posted. If July resumes the rally off May's low, the 75% retracement level of the February-May decline crossing at 24.49 is the next upside target. First support is the May 24^th low crossing at 21.10. Second support is May's low crossing at 20.23.                   

July cocoa gapped down and close lower on Monday and posted a new low for the year. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If July extends the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target. Closes above the 20-day moving average crossing at 24.57 would signal that a short-term low has been posted. 

July sugar gapped down and closed lower on Monday as it extended the decline off May's high. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are oversold and remain 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 18.30 is the next downside target. Closes above last-Thursday's high crossing at 19.45 would confirm that a short-term low has been posted.                    

July cotton closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 month's rally, the May 17th high crossing at 151.95 is the next upside target. If July renews the decline off May's high, April's low crossing at 130.25 is the next downside target.