KEY EVENTS TO WATCH FOR:

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 slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 50% retracement level of the 2020-2021 rally crossing at 27,601.58 is the next downside target. Closes above the 20-day moving average crossing at 31,951.54 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 the 38% retracement level of the 2020-2021 rally crossing at 29,814.73. Second support is the 50% retracement level of the 2020-2021 rally crossing at 27,601.58.   

The September NASDAQ 100 closed higher on Friday as it consolidated some of the decline off May's high. Today's high-range close sets the stage for a steady to higher opening when Monday'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 20-day moving average 12,123.71 would signal that a short-term low has been posted. First resistance is Monday's gap crossing at 11,849.25. Second resistance is the 20-day moving average crossing at 12,123.55. First support is Thursday's low crossing at 11,092.50. Second support is weekly support crossing at 10,942.25. 

The September S&P 500 closed 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 when Monday'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, the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65 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 Monday's gap crossing at 3896.50. Second resistance is the 20-day moving average crossing at 3975.30. First support is Thursday's low crossing at 3642.00. Second support is the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65.   

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September T-bonds closed up 1-09. at 134-22. 

September T-bonds closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher 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 138-19 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 134-27. Second resistance is the 20-day moving average crossing at 137-11. First support is Thursday's low crossing at 131-01. Second support is the December-2013 low on the monthly continuation chart crossing at 127-23.

September T-notes closed up 100 pts. at 116.040.

September T-notes closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 118.177 would signal that a short-term low has been posted. If September renews he 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. First resistance is the 10-day moving average crossing at 116.192. Second resistance is the 50-day moving average crossing at 118.177. 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. 

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August crude oil closed sharply lower on Friday as it extended the decline off Tuesday's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins. 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 $106.24 would open the door for a possible test of May's low crossing at $95.47. If August renews 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 crossing at monthly resistance crossing at $130.50.First support is the 50-day moving average crossing at $106.24. Second support is May's low crossing at $95.47.  

August heating oil posted a key reversal down as it closed lower on Friday as it consolidated some of this year's rally. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are overbought, diverging but remains neutral to bullish signaling that sideways to higher prices are possible near-term. If August 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 $4.0401 would signal that a short-term top has been posted. First resistance is today's high crossing at $4.4898. 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 $4.0401. Second support is the 50-day moving average crossing at $3.6891.     

August unleaded gas closed lower on Friday as it extends the decline off June's high. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 50-day moving average crossing at $3.5013 is the next downside target. Closes above the 10-day moving average crossing at $3.9124 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $3.9124. Second resistance is June's high crossing at $4.1237. First support is the 50-day moving average crossing at $3.5013. Second support is the May 19^th low crossing at $3.2904.

August Henry natural gas closed lower on Friday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Monday'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 August extends the aforementioned decline, May's low crossing at 6.507 is the next downside target. Closes above the 20-day moving average crossing at 8.444 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 8.444. Second resistance is June's high crossing at 9.645. First support is May's low crossing at 6.507. Second support is the 50% retracement level of the 2020-2022 rally crossing at 5.947 is the next downside target.      

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

The September Dollar posted an inside day with a higher close on Friday as it consolidates some of Thursday's decline. The high-range close sets the stage for a steady to higher opening when Monday's nights session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $102.42 would open the door for a larger-degree decline. If September resumes 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. First resistance is Wednesday'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 20-day moving average crossing at $102.71. Second support is the 50-day moving average crossing at $102.42.   

The September Euro posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 50-day moving average crossing at $1.07152 would confirm that a low has been posted while opening the door for additional gains near-term. If September resumes the decline, May's low crossing at $1.04255 is the next downside target. 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 Wednesday'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 lower close on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2453 would signal that a short-term low has been posted. If September renews this year's decline, the March-2020 low crossing at 1.1575 is the next downside target. First resistance is the 20-day moving average crossing at 1.2453. Second resistance is the 50-day moving average crossing at 1.2575. 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 lower on Friday as it consolidated some of Thursday's huge rally. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, May's high crossing at 1.05470 is the next upside target. Closes below the 10-day moving average crossing at 1.02502 would signal that a short-term top has been posted. First resistance is today's high crossing at 1.04615. Second resistance is May's high crossing at 1.05470. First support is Tuesday's low crossing at 1.00235. Second support is May's low crossing at 1.00170.

The September Canadian Dollar closed lower on Friday as it extended the decline off June's high and tested May's low crossing at 76.46.The mid-range close sets the stage for a steady to lower opening when Monday'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 50% retracement level of the 2020-2021 rally crossing at 75.79 is the next downside target. Closes above the 50-day moving average crossing at 78.31 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 78.31. Second resistance is June's high crossing at 79.84. First support is May's low crossing at 76.46. Second support is the 50% retracement level of the 2020-2021 rally crossing at 75.79.

The September Japanese Yen closed lower on Friday and is poised to resume the decline off May's high. The low-range close sets the stage for a steady to lower opening when Monday’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 0.076769 would signal that a short-term low has been posted. If September renews the decline off May's high, the August-1998 low on the monthly continuation chart crossing at 0.068730 is the next downside target. First resistance is the 20-day moving average crossing at 0.076769. Second resistance is the 50-day moving average crossing at 0.077813. First support is Tuesday'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 lower on Friday as it extended the May-June trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 50-day moving average crossing at $1881.60 would confirm that a low has been posted while opening the door for additional gains near-term. If August extends the decline off June's high, May's low crossing at $1792.00 is the next downside target. First resistance is the 50-day moving average crossing at $1881.60. Second resistance is the 38% retracement level of the March-May decline crossing at $1905.00. First support is Tuesday's low crossing at $1806.10. Second support is May's low crossing at $1792.00.  

July silver closed lower on Friday as it consolidated some of this week's rally. The low-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are 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 22.758 is the next upside target. If July resumes 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 22.758. First support is Tuesday's low crossing at 20.845. Second support is May's low crossing at 20.420. 

July copper closed lower on Friday and posted a new low as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Monday'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, the 38% retracement level of the 2020-2021 rally crossing at 3.9344 is the next downside target. Closes above the 20-day moving average crossing at 4.3025 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.3025. Second resistance is the 50-day moving average crossing at 4.3866. First support is today's low crossing at 3.9900. Second support is the 38% retracement level of the 2020-2021 rally crossing at 3.9344.

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

July Corn closed up $0.03 3/4-cents at $7.84 1/2. 

July corn closed lower on Friday due to profit taking ahead of a three-day weekend. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the aforementioned rally, May's high crossing at $8.10 1/4 is the next upside target. Closes below the 20-day moving average crossing at $7.64 1/4 would signal that a short-term top has been posted. First resistance is May's high crossing at $8.10 1/4. Second resistance is April's high crossing at $8.24 1/2. First support is the 20-day moving average crossing at $7.64 1/4. Second support is June's low crossing at $7.20 1/2.     

July wheat closed down $0.44-cents at $10.34 1/4.  

July wheat closed sharply lower on Friday as it extends this month's trading range. The low-range close sets the stage for a steady to lower opening when Monday'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 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 50-day moving average crossing at $11.05 signaling that a short-term low has been posted. First resistance the 50-day moving average crossing at $11.05. 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'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 $0.43 1/2-cents at $11.05.

July Kansas City wheat closed sharply lower on Friday and marked a downside breakout of this month's trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50% retracement level of the January-May rally crossing at $10.65 is the next downside target. Closes above the 50-day moving average crossing at $11.79 1/4 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $11.79 1/4. Second resistance is the May 27^th high crossing at $12.51. Third resistance is May's high crossing at $13.79 1/4. First support is today's low crossing at $11.02 1/2. Second support is the 50% retracement level of the January-May rally crossing at $10.65.

July Minneapolis wheat closed down $0.39 1/2-cents at $11.69 1/2.

July Minneapolis wheat closed sharply lower on Friday marking a downside breakout of this month's trading range. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50% retracement level of the January-May rally crossing at $11.40 1/2 is the next downside target. Closes above the 20-day moving average crossing at $12.35 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 today's low crossing at $11.67 3/4. 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 closed down $0.07 1/2 at $17.02.

July soybeans closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $16.79 1/2 would open the door for a larger-degree decline near-term. Closes above the 10-day moving average crossing at $17.19 1/4 would temper the near-term bearish outlook. First resistance is June'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 $16.79 1/2. Second support is May's low crossing at $15.78 1/4.  

July soybean meal closed up $8.40 at $438.10. 

July soybean meal closed higher on Friday and above the 50-day moving average crossing at $428.60 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May's low, the April 21^st high crossing at $467.80 is the next upside target. Closes below Wednesday's low crossing at $408.00 would signal that a short-term top has been posted. First resistance is today's high crossing at $439.80. Second resistance is the April 21^st high crossing at $467.80. First support is June's low crossing at $404.00. Second support is May's low crossing at $395.00. 

July soybean oil closed down 257-pts. at 73.77. 

July soybean oil closed lower on Friday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Monday'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, the 50% retracement level of the December-May rally crossing at 69.46 is the next downside target. Closes above the 20-day moving average crossing at 79.90 would signal that a short-term low has been posted. First resistance June's high crossing at 83.44. Second resistance is May's high crossing at 84.64. First support is the 38% retracement level of the December-May rally crossing at 73.75. Second support is the 50% retracement level of the December-May rally crossing at 69.46.

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

July hogs closed up $1.30 at $110.88. 

July hogs closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Tuesday's session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at $110.58 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 $110.58. 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 $0.20 at $136.50 

August cattle closed higher on Friday.  The mid-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends Wednesday's rally, the bottom of the April 25^th gap crossing at $138.75 is the next upside target. Closes below Monday's low crossing at $132.45 would confirm that a short-term top has been posted. First resistance is the June 9^th high crossing at $137.95. Second resistance is the bottom of the April 25^th gap crossing at $138.75. Third resistance is the top of the April 25^th gap crossing at $140.27. First support is Monday's low crossing at $132.45. Second support is May's low crossing at $129.97.    

August Feeder cattle closed up $1.78 at $173.08. 

August Feeder cattle closed higher on Friday. 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 signaling that sideways trading is possible near-term. Closes below the 20-day moving average crossing at $170.56 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 $170.56. 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 Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are turning neutral signaling that sideways trading is possible. Closes above last-Thursday's high crossing at 23.57 would temper the bearish outlook. If July renews the decline off June's high, the May 24^th low crossing at 21.10 is the next downside target. First resistance is last-Thursday's high crossing at $23.57. 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 higher on Friday 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 Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 24.28 would signal that a short-term low has been posted. If July extends the decline off April's high, the November-2020 low crossing at 22.75 is the next downside target. 

July sugar closed slightly higher on Friday as it consolidated some of the decline off May's high. The low-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 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 slightly lower on Friday. The low-range close sets the stage for a steady to slightly 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 141.51 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.