KEY EVENTS TO WATCH FOR:

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

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

The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it consolidated some of this month's decline.The high-range overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September extends this year's decline, the November-2020 low on the weekly continuation chart crossing at 10,942.25 is the next downside target. Closes above the 20-day moving average crossing at 12,183.44 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 12,183.44. Second resistance is the 50-day moving average crossing at 12,899.33. First support is Tuesday's low crossing at 11,236.00. Second support is the November-2020 low on the weekly continuation chart crossing at 10,942.25.

The September S&P 500 was higher overnight as it consolidated some of the decline off January's high. Overnight trading sets the stage for a 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 this year's decline the February-2021 low on the weekly continuation chart crossing at 3656.50 is the next downside target. Closes above Monday's gap crossing at 3896.50 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3996.66. Second resistance is the 50-day moving average crossing at 4149.88. First support is Tuesday's low crossing at 3708.50. Second support is the February-2021 low on the weekly continuation chart crossing at 3656.50. 

INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"

INTEREST RATES: September T-bonds were higher overnight as it consolidates some of the decline off May's high. The high-range overnight trade sets the stage for a 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 the decline off May's high, the December-2013 low on the monthly continuation chart crossing at 127-23 is the next downside target. Closes above the 50-day moving average crossing at 139-01 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 135-23. Second resistance is the 20-day moving average crossing at 137-28. First support is Tuesday's low crossing at 131-03. Second support is the December-2013 low on the monthly continuation chart crossing at 127-23.

September T-notes was higher overnight as it consolidated some of the decline off May's high. Overnight strength sets the stage for a 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 the decline off May's high, the June-2009 low on the monthly continuation chart crossing at 112.255 is the next downside target. Closes above the 50-day moving average crossing at 118.236 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 117.044. Second resistance is the 20-day moving average crossing at 118-116. First support is Tuesday's low crossing at 114.075. Second support is the June-2009 low on the monthly continuation chart crossing at 112.255. 

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

ENERGIES:July crude oil was lower overnight as it consolidates some of its recent gains. Overnight trading sets the stage for a lower opening when 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 $115.61 would signal that a short-term top has been posted. If July extends the rally off the April 25^th low, monthly resistance crossing at $130.50 is the next upside target. First resistance is Tuesday's high crossing at $123.68. Second resistance is monthly resistance crossing at $130.50. First support the 20-day moving average crossing at $115.61. Second support is June's low crossing at $111.20.  

July heating oil was lower overnight as it extends the trading range of the past two-weeks. Overnight trading sets the stage for a steady to slightly lower 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. If July extends the rally off May's low, monthly resistance on the continuation chart crossing at $4.7817 is the next upside target. Closes below the 20-day moving average crossing at $4.0521 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $4.5135. Second resistance is monthly resistance on the continuation chart crossing at $4.7817. First support is the 20-day moving average crossing at $4.0521. Second support is is the 50-day moving average crossing at $3.7455.

July unleaded gas was lower overnight as it extends the decline off June's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $3.9594 would signal that a short-term top has been posted. If July renews the rally off May's low into uncharted territory, upside targets will be hard to project. First resistance is June's high crossing at $4.3260. Second resistance is unknown.First support is the 20-day moving average crossing at $3.9594. Second support is the 50-day moving average crossing at $3.5968.    

July Henry natural gas was slightly higher overnight as it consolidated some of Tuesday's huge decline. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends Tuesday's decline, May's low crossing at 6.521 is the next downside target. Closes above the 20-day moving average crossing at 8.570 would signal that a short-term low has been posted. 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 May's low crossing at 6.521. Second support is the 50% retracement level of the 2020-2022 rally crossing at 5.980.      

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

CURRENCIES:The September Dollar was lower overnight as it consolidates some of the rally off May's low. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717 is the next upside target. Closes below the 50-day moving average crossing at $102.228 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at $105.475. Second resistance is the 75% retracement level of the 2001-2008 decline on the monthly continuation chart crossing at $108.717. First support is the 10-day moving average crossing at $103.247. Second support is the 50-day moving average crossing at $102.228.  

The September Euro was higher overnight as it consolidates some of the decline off last-Thursday's high. The high-range overnight trade sets the stage for a 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 the decline off last-Thursday's high, May's low crossing at $1.04255 is the next downside target. Closes above the 50-day moving average crossing at $1.07322 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1.07322. Second resistance is the May 31^st high crossing at $1.08530. First support is Tuesday's low crossing at $1.04640. Second support is May's low crossing at $1.04255.  

The September British Pound was higher overnight as it consolidates some of the decline off May's high. Overnight trading sets the stage for a 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 this year's decline, the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1914 is the next downside target. Closes above the 20-day moving average crossing at 1.2465 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2387. Second resistance is the 50-day moving average crossing at 1.2605. First support is Tuesday's low crossing at 1.1952. Second support is the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1914.

The September Swiss Franc was higher overnight as it consolidated some of the decline off May's high. The high-range overnight trade sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May's high, May's low crossing at 1.00170 is the next downside target. Closes above the 50-day moving average crossing at 1.04153 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.02652. Second resistance is the 20-day moving average crossing at 1.03468. First support is Tuesday's low crossing at 1.00355. Second support is May's low crossing at 1.00170. 

The September Canadian Dollar was higher overnight as it consolidates some of the decline off last-Tuesday's high. The high-range overnight trade sets the stage for a 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 the aforementioned decline, the 87% retracement level of the May-June rally crossing at $76.89 is the next downside target. Closes above the 10-day moving average crossing at $78.70 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $78.48. Second resistance is the 10-day moving average crossing at $78.70. First support is the 87% retracement level of the May-June rally crossing at $76.89. Second support is May's low crossing at $76.46.

The September Japanese Yen was higher overnight as it consolidates some of the decline off May's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September 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 0.077088 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 0.075506. Second resistance is the 20-day moving average crossing at 0.077088. First support is the overnight low crossing at 0.074210. Second support is the 2002 low on the monthly continuation chart crossing at 0.074150.  

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

PRECIOUS METALS: Augustgold was higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a 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 August extends this week's decline, May's low crossing at $1792.00 is the next downside target. Closes above the 20-day moving average $1848.90 would temper the near-term bearish outlook. First resistance is the 20-day moving average $1848.90. Second is the 50-day moving average crossing at $1885.20. First support is Tuesday's low crossing at $1806.10. Second support is May's low crossing at $1792.00.

July silver was higher overnight as it consolidates some of the decline off June's high. The high-range trade sets the stage for a higher opening when the day session begins trading later this morning. 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, May's low crossing at $20.420 is the next downside target. Closes above the 20-day moving average crossing at $21.821 would temper the near-term bearish outlook. First resistance is June's high crossing at $22.565. Second resistance is the 50-day moving average crossing at 22.872. First support is Tuesday's low crossing at $20.845. Second support is May's low crossing at $20.420. 

July copper was steady to slightly higher overnight as it consolidates some of the decline off June's high. Overnight trading 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 July extends the decline off June's high, May's low crossing at 4.0370 is the next downside target. Closes above the 50-day moving average crossing at 4.4152 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.3198. Second resistance is the 10-day moving average crossing at 4.3565. First support is Tuesday's low crossing at 4.1160. Second support is May's low crossing at 4.0370.  

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

July corn was lower overnight as it extends the trading range of the past five-days. Overnight trading sets the stage for a lower opening when the day sessions begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last-Thursday's high crossing at $7.82 3/4 would open the door for a possible test of the May 16^th high crossing at $8.10 1/4. Closes below the 10-day moving average crossing at $7.57 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $7.82 3/4. Second resistance is the May 16^th 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 was lower overnight as it extends this month's trading range. Overnight trading 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 above the 20-day moving average crossing at $11.08 1/2 would signal that a short-term low has been posted. If July resumes the decline off May's high, the 50% retracement level of the January-May high crossing at $10.10 1/4 is the next downside target. First resistance is the 20-day moving average crossing at $11.08 1/2. Second resistance is the May 27^th high crossing at $11.70 1/4. First support is the 50% retracement level of the January-May rally crossing at $10.10 1/4. Second support is March's low crossing at $9.67 1/4.  

July Kansas City wheat was lower overnight as it extends this month's trading range. Overnight trading sets the stage for a steady to lower opening when the day session begins trading later this morning. 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, May's low crossing at $10.86 3/4 the next downside target. Closes above the 20-day moving average crossing at $11.93 1/2 would signal that a short-term low has been posted. First resistance is the May 27^th high crossing at $12.51. Second resistance is May's high crossing at $13.52. First support is June's low crossing at $11.12 1/2. Second support is May's low crossing at $10.86 3/4. Third support is the 50% retracement level of the January-May rally crossing at $10.65.

July Minneapolis wheat was lower overnight as it extends this month's trading range. Overnight trading sets the stage for a steady to lower opening when 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 June's low crossing at $11.90 would renew the decline off May's high while opening the door for a possible test of the 50% retracement level of the January-May rally crossing at $11.40 1/2. Closes above the 20-day moving average crossing at $12.50 3/4 would signal that a short-term low has been posted. 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 the 50% retracement level of the January-May rally crossing at $11.40 1/2. 

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

July soybeans were lower overnight as it extended the decline off last-Thursday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that the market is vulnerable to a downside correction near-term. Closes below the 50-day moving average crossing at $16.75 3/4 would open the door for a larger-degree decline near-term. 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 $16.75 1/2. Second support is May's low crossing at $15.78.  

July soybean meal was higher overnight as it extends the trading range of the past four-weeks. Overnight trading 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. Closes below the June 7^th low crossing at $404.00 or above the May 31^st high crossing at $436.50 are needed to mark a breakout of the aforementioned trading range. First resistance is the 50-day moving average crossing at $430.20. Second resistance is the May 31^st high crossing at $436.50. First support is the 50% retracement level of the June 7^th low crossing at $404.00. Second support is May's low crossing at $395.00.

July soybean oil was lower overnight as it extends the May-June trading range. The mid-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 July renews the decline off April's high, the 38% retracement level of the December-April rally crossing at 73.75 is the next downside target. If July renews the rally off May's low, the May 16^th high crossing at 84.64 is the next upside target. Closes above the May 16^th high crossing at 84.64 or below June's low crossing at 76.61 would mark a breakout of the aforementioned trading range and point the direction of the next trending move. First resistance is the May 16^th 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-April rally crossing at 73.75.   

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

July hogs closed down $0.08 at $106.60. 

July hogs closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 50-day moving average crossing at $110.94 would confirm that a low has been posted. If July extends this month's decline, the May 13^th gap crossing at $101.30 is the next downside target. First resistance is the 50-day moving average crossing at $110.94. Second resistance is June's high crossing at $114.00. First support is Monday's low crossing at $103.53. Second support is the May 16^th gap crossing at $101.30. 

August cattle closed up $0.43 at $134.30 

August cattle posted an inside day with a higher close on Tuesday as it consolidated some of the decline off last-Thursday's high.  The mid-range close sets the stage for a steady to higher opening on Wednesday. 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 $133.47 would confirm that a short-term top has been posted. Closes above Monday's gap crossing at $136.03 would signal that a low has likely been posted. 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 $133.47. Second support is May's low crossing at $129.97.    

August Feeder cattle closed up $0.03 at $171.35. 

August Feeder cattle closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's 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 $169.57 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 $169.57. 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 higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible. If July extends the decline off June's high, the May 24^th low crossing at 21.10 is the next downside target. Closes above last-Thursday's high crossing at 23.57 would temper the near-term bearish outlook. First support is the May 24^th low crossing at 21.10. Second support is May's low crossing at 20.23.                  

July cocoa close lower on Tuesday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 24.48 would signal that a short-term low has been posted. 

July sugar closed lower on Tuesday as it extended the decline off May's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, April's low crossing at 130.25 is the next downside target. If July extends this month's rally, the May 17th high crossing at 151.95 is the next upside target.