KEY EVENTS TO WATCH FOR:

Thursday, June 16, 2022 

8:30 AM ET. June Philadelphia Fed Business Outlook Survey

                       Business Activity (expected 4.8; previous 2.6)

                       Prices Paid (previous 78.9)

                       Employment (previous 25.5)

                       New Orders (previous 22.1)

                       Prices Received (previous 51.7)

                       Delivery Times (previous 17.5)

                       Inventories (previous 3.2)

                       Shipments (previous 35.3)

8:30 AM ET. May New Residential Construction - Housing Starts and Building Permits

                       Total Starts (expected (expected 1.68M; previous 1.724M)

                       Housing Starts, M/M% (expected -2.6%; previous -0.2%)

                       Building Permits (expected 1.78M; previous 1.819M)

                       Building Permits, M/M% (expected -2.1%; previous -3.2%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 220K; previous 229K)

                       Jobless Claims, Net Chg (previous +27K)

                       Continuing Claims (previous 1306000)

                       Continuing Claims, Net Chg (previous +0K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 354K)

                       Soybeans (Metric Tons) (previous 1025.2K)

                       Wheat (Metric Tons) (previous 712.9K)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1999B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +97B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, June 17, 2022 

9:15 AM ET. May Industrial Production & Capacity Utilization

                       Industrial Production, M/M% (expected +0.4%; previous +1.1%)

                       Capacity Utilization % (expected 79.2%; previous 79.0%)

                       Capacity Utilization, Net Chg (Pts) (previous +0.8)

10:00 AM ET. May Leading Indicators

                       Leading Index, M/M% (expected -0.4%; previous -0.3%)

                       Leading Index (previous 119.2)

                       Coincident Index, M/M% (previous +0.4%)

                       Lagging Index, M/M% (previous +0.4%)

10:00 AM ET. May State Employment and Unemployment

Monday, June 20, 2022 

  N/A              U.S.: Juneteenth observed. Financial markets closed

Tuesday, June 21, 2022  

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

                       NAI (previous 0.47)

                       NAI, 3-mo Moving Avg (previous 0.48)

10:00 AM ET. May Existing Home Sales

                       Existing Sales (previous 5.61M)

                       Existing Sales, M/M% (previous -2.4%)

                       Unsold Homes Month's Supply (previous 2.2)

                       Median Price (USD) (previous 391200)

                       Median Home Price, Y/Y% (previous +14.8%)

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

The Dow closed higher on Wednesday as it consolidated some of the decline off May's high.The mid-range close sets the stage for a steady to higher opening when Thursday'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 the Dow extends this year's decline, the 38% retracement level of the 2020-2021 rally crossing at 29,814.73 is the next downside target. Closes above the 20-day moving average crossing at 32,097.91 would signal that a short-term low has been posted. First resistance is Monday'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 30,247.17. Second support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73.   

The September NASDAQ 100 closed higher on Wednesday. Today's mid-range close sets the stage for a steady to higher opening when Thursday'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 September extends the decline off May's high, weekly support crossing at 10,942.25 is the next downside target. Closes above the 10-day moving average 12,197.17 would signal that a short-term low has been posted. First resistance is Tuesday's gap crossing at 11,849.25. Second resistance is the 50-day moving average crossing at 12,902.89. First support is Tuesday's low crossing at 11,236.00. Second support is weekly support crossing at 10,942.25. 

The September S&P 500 closed higher on Wednesday as it consolidated some of the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 the aforementioned decline, weekly support crossing at 3656.50 is the next downside target. Closes above the 20-day moving average crossing at 3998.12 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3998.12. Second resistance is the 50-day moving average crossing at 4150.50. First support is Tuesday's low crossing at 3708.50. Second support is weekly support crossing at 3656.50. 

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September T-bonds closed up 2-15pts. at 133-26. 

September T-bonds posted an inside day with a higher close on Wednesday as it consolidated some of the decline off May's high. The Federal Reserve Board announce that it would raise interest rates by 75-basis points in an effort to slow inflation. The mid-range close sets the stage for a steady to higher opening when Thursday'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 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 139-00 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 135-22. Second resistance is the 20-day moving average crossing at 137-28. First support is today'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 closed up 1165 pts. at 115.290.

September T-notes closed higher on Wednesday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 September extends the decline off May's high, the 62% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 111.233 is the next downside target. Closes above the 50-day moving average crossing at 118.238 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 117.047. Second resistance is the 50-day moving average crossing at 118.238. First support is Tuesday's low crossing at 114.075. Second support is the 62% retracement level of the 2000-2020 rally on the monthly continuation chart crossing at 111.233. 

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

July crude oil closed lower on Wednesday following yesterday's key reversal down. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $115.53 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off the April 25^th low, monthly resistance crossing at $130.50 is the next upside target. First resistance is last-Wednesday's high crossing at $123.18. Second resistance crossing at monthly resistance crossing at $130.50. First support isthe 20-day moving average crossing at $115.53. Second support is the 50-day moving average crossing at $107.60.  

July heating oil closed higher on Wednesday as it extended this year's rally to a new contract high. The high-range close sets the stage for a steady to higher opening when Thursday'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 $4.0607 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.6070. Second resistance is the March-2022 high on the weekly continuation chart crossing at $4.6709. First support is the 20-day moving average crossing at $4.0607. Second support is the 50-day moving average crossing at $3.7489.     

July unleaded gas closed lower on Wednesday as it extended the decline off last-Friday's high. Today's close below the 20-day moving average crossing at $3.9565 confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off June's high, the 50-day moving average crossing at $3.5955 is the next downside target. Closes above the 10-day moving average crossing at $4.1370 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $4.1370. Second resistance is June's high crossing at $4.3260. First support is the 50-day moving average crossing at $3.5955. Second support is the May 19^th low crossing at $3.4236. 

July Henry natural gas posted an inside day with a higher close on Wednesday as it consolidated some of the decline off June's high but remains below broken support marked by the 50-day moving average crossing at 7.853 confirming that a short-term top has been posted. The mid-range close sets the stage for a steady to higher opening when Thursday's night 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 the aforementioned decline, May's low crossing at 6.521 is the next downside target. Closes above last-Friday's high crossing at 9.149 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 8.574. Second resistance is June's high crossing at 9.664. 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 is the next downside target.      

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

The September Dollar closed lower on Wednesday as it consolidated some of the rally off May's low. The mid-range close sets the stage for a steady to lower opening when Thursday's nights session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term.If September extends the rally off May's low, 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 $102.23 would open the door for a larger-degree decline. First resistance is today's high crossing at $105.57. 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 $103.28. Second support is the 50-day moving average crossing at $102.23.   

The September Euro closed slightly higher on Wednesday as it consolidates some of the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Thursday'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 the decline, May's low crossing at $1.04255 is the next downside target. Closes above May's high crossing at $1.08530 confirms that a low has been posted while opening the door for additional gains near-term. First resistance is May's high crossing at $1.08530. Second resistance is the April 21^st high crossing at $1.10200. First support is today's low crossing at $1.04280. Second support is May's low crossing at $1.04255. 

The September British Pound posted an inside day with a higher close on Wednesday as it consolidated some of the decline off May's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling sideways to lower prices are possible near-term. If September extends the aforementioned decline, the March-2020 low crossing at 1.1575 is the next downside target. Closes above the 20-day moving average crossing at 1.2467 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2467. Second resistance is the 50-day moving average crossing at 1.2606. First support is Tuesday's low crossing at 1.1952. Second support is the March-2020 low crossing at 1.2484.  

The September Swiss Franc closed higher on Wednesday as it consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 September extends the decline off May's high, May's low crossing at 1.00170 is the next downside target. Closes above the 20-day moving average crossing at 1.03479 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.03479. Second resistance is the 50-day moving average crossing at 1.04157. First support is today's low crossing at 1.00235. Second support is May's low crossing at 1.00170.

The September Canadian Dollar closed higher on Wednesday as it consolidated some of the decline off June's high.The high-range close sets the stage for a steady to higher opening when Thursday'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 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 20-day moving average crossing at 78.49 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 78.49. Second resistance is the 10-day moving average crossing at 78.72. 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 posted an outside day up as it closed higher on Wednesday to consolidated some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Thursday’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 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 0.077103 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.077103. Second resistance is the 50-day moving average crossing at 0.078056. First support is today's low crossing at 0.074210. Second support is the August-1998 low on the monthly continuation chart crossing at 0.068730.    

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

August gold closed higher on Wednesday as it consolidated some of the decline off Monday's high. The high-range close sets the stage for a steady to higher opening when Thursday's night 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 50-day moving average crossing at $1885.40 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is the 50-day moving average crossing at $1885.40. Second resistance is the 38% retracement level of the March-May decline crossing at $1905.00. First support is May's low crossing at $1792.00. Second support is the 87% retracement level of the 2021-2022 rally crossing at $1743.10.  

July silver closed higher on Wednesday as it consolidated some of this month's decline. The high-range close sets the stage for a steady to higher opening when Thursday'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 July renews the rally off May's low, the 50-day moving average crossing at 22.878 is the next upside target. If July extends this month's decline, May's low crossing at 20.420. First resistance is June's high crossing at 22.565. Second resistance is the 50-day moving average crossing at 22.878. First support is Tuesday's low crossing at 20.845. Second support is May's low crossing at 20.420. 

July copper posted an inside day with a higher close on Wednesday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Thursday'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 July extends this month's decline, May's low crossing at 4.0370 is the next downside target. Closes above the 50-day moving average crossing at 4.4155 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 4.3203. Second resistance is the 10-day moving average crossing at 4.3576. 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 closed up $0.05 3/4-cents at $7.74. 

July corn closed higher on Wednesday as it extends the trading range of the past five-days. The high-range close sets the stage for a steady to higher opening when Thursday'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 last-Thursday's high crossing at $7.82 3/4 are needed to renew the rally off June's low. 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 last-Thursday's high crossing at $7.82 3/4. 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 down a $0.00 1/4-cents at $10.50.  

July wheat closed fractionally lower on Wednesday as it extends this month's trading range. The mid-range close sets the stage for a steady opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's low, the 50% retracement level of the January-May rally crossing at $10.10 1/4 is the next downside target. Closes above the 20-day moving average crossing at $11.08 1/2 would signal that a short-term low has been posted. First resistance the 50-day moving average crossing at $11.04 1/2. Second resistance is the 20-day moving average crossing at $11.08 1/2. 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 $0.09-cents at $11.33 1/4.

July Kansas City wheat closed lower on Wednesday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off May's high, May's low crossing at $10.86 3/4 is the next downside target. Closes above the 20-day moving average crossing at $11.93 1/4 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 $13.79 1/4. First support is June's low crossing at $11.12 1/2. Second support is May's lowcrossing at $10.86 3/4. Third support is the 50% retracement level of the January-May rallycrossing at $10.65.

July Minneapolis wheat closed down $0.07 1/4-cents at $12.01 1/4.

July Minneapolis wheat closed lower on Wednesday as it extends this month's trading range. The mid-range close sets the stage for a steady to lower opening when Thursday'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 June's low crossing at $11.90 would opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at $12.51 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 May's low crossing at $11.54 1/4. 

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

July soybeans closed down $0.04 3/4 at $16.93 3/4.

July soybeans closed lower for the fourth-day in a row on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $16.75 1/2 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at $17.20 3/4 would temper the near-term bearish outlook. Closes above  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 1/4.  

July soybean meal closed up $6.50 at $417.50. 

July soybean meal closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 resumes the decline off March's high, May's low crossing at $395.00 is the next downside target. Multiple closes above the 50-day moving average crossing at $429.50 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $429.50. 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 61-pts. at 77.65. 

July soybean oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below June's low crossing at 76.61 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 $1.48 at $108.10. 

July hogs closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday'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 $110.77 would confirm that a low has been posted. If July renews 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 $110.77. 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 $2.73 at $136.80 

August cattle gapped up and closed higher on Wednesday filling Monday's gap crossing at $136.03.  The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the decline off May's low, the top of the April 25^th gap crossing at $140.27 is the next upside gap. Closes below Monday's low crossing at $132.45 would confirm that a short-term top has 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 $133.62. Second support is May's low crossing at $129.97.   

August Feeder cattle closed up $2.30 at $173.60. 

August Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $169.91 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 $169.91. 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 Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain 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 resistance is the 10-day moving average crossing at $23.15. Second resistance is June's high crossing at 24.20. 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 slightly higher on Wednesday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Thursday. 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 24.39 would signal that a short-term low has been posted. 

July sugar closed lower on Wednesday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, May's low crossing at 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 Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 141.65 would signal that a short-term top has been posted. If July renews the decline off May's high, April's low crossing at 130.25 is the next downside target. If July renews this month's rally, the May 17th high crossing at 151.95 is the next upside target.