KEY EVENTS TO WATCH FOR:
Friday, June 24, 2022
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons) (previous 279.8K)
Soybeans (Metric Tons) (previous 724.8K)
Wheat (Metric Tons) (previous 236.9K)
10:00 AM ET. May New Residential Sales
New Home Sales (expected 600K; previous 591K)
New Home Sales, M/M% (expected +1.5%; previous -16.6%)
New Home Sales Months Supply (previous 9.0)
10:00 AM ET. June University of Michigan Survey of Consumers - final
End-Mo Sentiment Idx (expected 50.2; previous 58.4)
End-Mo Expectations Idx (previous 55.2)
12-Month Inflation Forecast (previous 5.3%)
5-Year Inflation Forecast (previous 3.0%)
End-Mo Current Idx (previous 63.3)
Monday, June 27, 2022
8:30 AM ET. May Advance Report on Durable Goods
Durable Goods-SA, M/M% (previous +0.4%)
Dur Goods, Ex-Defense, M/M% (previous +0.3%)
Dur Goods, Ex-Transport, M/M% (previous +0.3%)
Orders: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.3%)
Shipmnts: Cap Gds, Non-Def, Ex-Air, M/M% (previous +0.8%)
10:00 AM ET. May Pending Home Sales Index
Pending Home Sales (previous 99.3)
Pending Home Sales Idx, M/M% (previous -3.9%)
Pending Home Sales Idx , Y/Y% (previous -9.1%)
10:30 AM ET. June Texas Manufacturing Outlook Survey
Business Activity (previous -7.3)
Mfg Production Idx (previous 18.8)
The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes
The STOCK INDEXES: The September NASDAQ 100 was higher overnight as it extends the rally off last-Thursday's low.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 12,073.46 would signal that a short-term low has been posted. If September resumes this year's decline, the November-2020 low on the weekly continuation chart crossing at 10,942.25 is the next downside target. First resistance is the 20-day moving average crossing at 12,073.46. Second resistance is the 50-day moving average crossing at 12,560.08. First support is last-Thursday's low crossing at 11,068.50. 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 extends the rally off last-Thursday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the June 13th gap crossing at 3896.50 would signal that a short-term low has been posted. If September resumes this year's decline the 50% retracement level of the 2020-2022 rally on the monthly continuation chart crossing at 3491.65 is the next downside target. First resistance is the June 13th gap crossing at 3896.50. Second resistance is the 20-day moving average crossing at 3942.68. First support is last-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.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: September T-bonds were lower overnight as they consolidate some of the rally off June's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 138-03 would open the door for a possible test of May's high crossing at 141-21. Closes below the 10-day moving average crossing at 134-09 would temper the near-term friendly outlook. If September resumes the decline off May's high, the December-2013 low on the monthly continuation chart crossing at 127-23 is the next downside target. First resistance is the 50-day moving average crossing at 138-03. Second resistance is May's high crossing at 141-21. First support is the 10-day moving average crossing at 134-09 Second support is last-Thursday's low crossing at 131-01.
September T-notes was steady to lower overnight as it consolidates some of the rally off June's low. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 118.101 would open the door for a larger-degree rebound and possible test of May's high crossing at 120.195. Closes below the 10-day moving average crossing at 116.048 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 118.101. Second resistance is May's high crossing at 120.195. First support is the 10-day moving average crossing at 116.048. Second support is June's low crossing at 114.075. Third 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:August crude oil was higher overnight as it consolidates some of the decline off June's high but remains below broken support marked by the 50-day moving average crossing at $107.10. 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 August extends this month's decline, May's low crossing at $95.47 is the next downside target. Closes above the 20-day moving average crossing at $113.27 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $107.10. Second resistance is the 20-day moving average crossing at $113.27. First support is May's low crossing at $95.47. Second support is April's low crossing at $91.66.
August heating oil was steady to slightly higher overnight as it extends the trading range of the past three-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 13th low crossing at $4.0924 would mark a potential downside breakout of the aforementioned trading range. If August renews the rally off May's low, monthly resistance on the continuation chart crossing at $4.7817 is the next upside target. First resistance is last-Friday's high crossing at $4.4898. Second resistance is monthly resistance on the continuation chart crossing at $4.7817. First support is the June 13th low crossing at $4.0924. Second support is is the 50-day moving average crossing at $3.7804.
August unleaded gas was slightly higher overnight as it consolidates some of the decline off June's high. Overnight trading sets the stage for a steady to slightly 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 50-day moving average crossing at $3.5592 would open the door for a larger-degree decline and possible test of the May 19th low crossing at 3.2904. Closes above the 20-day moving average crossing at 3.8465 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.8465. Second resistance is June's high crossing at $4.1237. First support is the 50-day moving average crossing at $3.5592. Second support is the May 19th low crossing at $3.2904.
August Henry natural gas was slightly higher in late-overnight trading. Overnight trading sets the stage for a steady to slightly 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 August extends the decline off June's high, the 50% retracement level of 2020-2022 rally crossing at 5.947 is the next downside target. Closes above the 20-day moving average crossing at 8.015 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.266. Second resistance is the 50-day moving average crossing at 7.880. First support is the 50% retracement level of the 2020-2022 rally crossing at 5.947. Second support is the March 30th low crossing at 5.385.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The September Dollar was slightly lower overnight as it appears to be forming a symmetrical triangle. Overnight trading sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $102.856 would signal that a short-term top has been posted. If September resumes this year's rally, 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 last-Wednesday's high crossing at $105.565. 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 $103.329. Second support is the 50-day moving average crossing at $102.856.
The September Euro was slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $1.06865 would signal that a short-term low has been posted. If September renews the decline off May's high, May's low crossing at $1.04255 is the next downside target. First resistance is the 50-day moving average crossing at $1.06865. Second resistance is May's high crossing at $1.08530. First support is last-Wednesday's low crossing at $1.04280. Second support is May's low crossing at $1.04255.
The September British Pound was steady to higher overnight. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to higher signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.2401 would signal that a short-term low has been posted. If September renews 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. First resistance is the 20-day moving average crossing at 1.2401. Second resistance is the 50-day moving average crossing at 1.2515. First support is last-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 extends the rally off June's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Wednesday's low, May's high crossing at 1.05470 is the next upside target. Closes below the 10-day moving average crossing at 1.03051 would signal that a short-term top has been posted. First resistance is May's high crossing at 1.05470. Second resistance is the 38% retracement level of this year's decline crossing at 1.06242. First support is the 10-day moving average crossing at 1.03051. Second support is June's low crossing at 1.00235.
The September Canadian Dollar was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at $78.24 would signal that a short-term low has been posted. If September extends the decline off June's high, the 50% retracement level of the 2020-2021 rally crossing at $75.79 is the next downside target. First resistance is the 20-day moving average crossing at $78.24. 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 was lower overnight. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold and 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 50-day moving average crossing at 0.077285 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 0.075804. Second resistance is the 50-day moving average crossing at 0.077285. First support is Wednesday's low crossing at 0.073580. Second support is the September-1990 low on the monthly continuation chart crossing at 0.072160.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: Augustgold was steady to slightly lower overnight and sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, May's low crossing at $1792.00 is the next downside target. Closes above the 50-day moving average $1871.60 would signal that a short-term low has been posted. First resistance is the 50-day moving average $1871.60. Second is June's high crossing at $1882.50. First support is last-Tuesday's low crossing at $1806.10. Second support is May's low crossing at $1792.00.
July silver was lower overnight. The low-range trade sets the stage for a lower 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 50-day moving average crossing at $22.446 would signal that a short-term low has been posted. First resistance is June's high crossing at $22.565. Second resistance is the 38% retracement level of the March-May decline crossing at 23.102. First support is the overnight low crossing at $20.735. Second support is May's low crossing at $20.420.
July copper was lower overnight as it extends the decline off June's high. Overnight trading sets the stage for a steady to lower 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, the 50% retracement level of the 2020-2022 rally crossing at 3.5861 is the next downside target. Closes above the 20-day moving average crossing at 4.2160 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.0400. Second resistance is the 20-day moving average crossing at 4.2160. First support is the 50% retracement level of the 2020-2022 rally crossing at 3.5861. Second support is the 62% retracement level of the 2020-2022 rally crossing at 3.2491.
GRAINS http://quotes.ino.com/ex changes/?c=grains
July corn was lower overnight and poised to extend the decline off last-Friday's high. Overnight trading sets the stage for a steady to fractionally lower opening when the day sessions 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, June's low crossing at $7.20 1/2 is the next downside target. Closes above the 50-day moving average crossing at $7.79 1/4 would signal that a short-term low has been posted. First resistance is June's high crossing at $8.00. Second resistance is the May 16th high crossing at $8.10 1/4. First support is Thursday's low crossing at $7.34 1/2. Second support is June's low crossing at $7.20 1/2.
July wheat 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 and remain neutral signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 75% retracement level of the January-May high crossing at $8.73 is the next downside target. Closes above the 20-day moving average crossing at $10.51 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.20. Second resistance is the 20-day moving average crossing at $10.51 3/4. First support is the 62% retracement level of the January-May rally crossing at $9.45 1/2. Second support is the 75% retracement level of the January-May high crossing at $8.73.
July Kansas City wheat 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 later this morning. Stochastics and the RSI are oversold but remain neutral signaling that sideways trading is possible near-term. If July extends the decline off May's high, the 62% retracement level of this year's rally crossing at $9.91 the next downside target. Closes above the 20-day moving average crossing at $11.30 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.95 1/4. Second resistance is the 20-day moving average crossing at $11.30. First support is the 62% retracement level of the January-May rally crossing at $9.91. Second support is the 75% retracement level of the January-May rally crossing at $9.08.
July Minneapolis wheat was higher overnight as it bounces off support marked by the 62% retracement level of the January-May rally crossing at $10.76. 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 aforementioned decline, the 75% retracement level of the January-May rally crossing at $10.04 is the next downside target. Closes above the 50-day moving average crossing at $12.17 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $11.62. Second resistance is the 20-day moving average crossing at $11.98 1/2. First support is the 62% retracement level of the January-May rally crossing at $10.76. Second support is the 75% retracement level of the January-May high crossing at $10.04.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
July soybeans were higher overnight as they consolidate 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 $15.78 is the next downside target. Closes above the 20-day moving average crossing at $16.98 3/4 would temper the near-term bearish outlook. First resistance is the 50-day moving average crossing at $16.78. Second resistance is last-Friday's high crossing at $17.24 1/2. First support is May's low crossing at $15.78. Second support is April's low crossing at $15.60 1/2.
July soybean meal was steady to higher overnight. Overnight trading sets the stage for a steady to higher 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 $421.90 would signal that a short-term top has been posted. If July renews last-week's rally, the April 21st high crossing at $467.80 is the next upside target. First resistance is Tuesday's high crossing at $440.00. Second resistance is the April 21st high crossing at $467.80. First support is the 20-day moving average crossing at $421.90. Second support is the 50% retracement level of the June 7th low crossing at $404.00.
July soybean oil was higher overnight as it consolidates some of the decline off June's high. The high-range overnight trade sets the stage for a steady to slightly 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 this month's decline, the 62% retracement level of the December-April rally crossing at 65.16 is the next downside target. Closes above the 20-day moving average crossing at 77.69 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 74.63. Second resistance is the 20-day moving average crossing at 77.69. First support is the overnight low crossing at 67.00. Second support is the 62% retracement level of the December-April rally crossing at 65.16.
Thanks tallpine!!!