KEY EVENTS TO WATCH FOR:

Friday, July 1, 2022   

9:45 AM ET. June US Manufacturing PMI

                       PMI, Mfg (expected 52.0; previous 57.0)

10:00 AM ET. June ISM Report On Business Manufacturing PMI

                       Manufacturing PMI (expected 54.3; previous 56.1)

                       Prices Idx (previous 82.2)

                       Employment Idx (previous 49.6)

                       Inventories (previous 55.9)

                       New Orders Idx (previous 55.1)

                       Production Idx (previous 54.2)

10:00 AM ET. May Construction Spending - Construction Put in Place

                       New Construction (expected +0.3%; previous +0.2%)

                       Residential Construction

11:00 AM ET. June Global Manufacturing PMI

                       PMI, Mfg (previous 52.4)

1600/2000  Jun      Domestic Auto Industry Sales

Monday, July 4, 2022  

N/A               U.S. Independence Day. Financial markets closed

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

The STOCK INDEXES: The September NASDAQ 100 was lower overnight as it extends the decline off Monday's high.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 September extends this week's decline, June's low crossing at 11,068.50 is the next downside target. If September renews the rally off June's low, the 50-day moving average crossing at 12,325.53 is the next upside target. First resistance is the 50-day moving average crossing at 12,325.53. Second resistance is June's high crossing at 12,973.75. First support is Thursday's low crossing at 11,351.00. Second support is June's low crossing at 11,068.50.  

The September S&P 500 was lower overnight as it extends the decline off Tuesday's high. Overnight trading sets the stage for a lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the decline off Tuesday's high, June's low crossing at 3642.00 is the next downside target. Closes above Tuesday's high crossing at 3950.00 would open the door for a possible test of the 50-day moving average crossing at 4005.85. First resistance is Tuesday's high crossing at 3950.00. Second resistance is the 50-day moving average crossing at 4005.85. First support is Thursday's low crossing at 3741.25. Second support is June's low crossing at 3642.00.  

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

INTEREST RATES: September T-bonds were steady to slightly lower overnight. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 141-21 is the next upside target. Closes below the 20-day moving average crossing at 135-22 would signal that a short-term top has been posted. First resistance is the 25% retracement level of the 2021-2022 decline crossing at 139-13. Second resistance is May's high crossing at 141-21. First support is the 20-day moving average crossing at 135-22. Second support is June's low crossing at 131-01.

September T-notes was higher overnight as it extends the rally off June's low. Overnight trading sets the stage for a steady to higher 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 September extends the aforementioned rally, May's high crossing at 120.195 is the next upside target. Closes below the 20-day moving average crossing at 117.012 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 118.295. Second resistance is May's high crossing at 120.195. First support is the 20-day moving average crossing at 117.012. Second support is June's low crossing at 114.075.  

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

ENERGIES:August crude oil was 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 bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at $112.50 would signal that a short-term low has been posted. If August resumes the decline off June's high, May's low crossing at $95.47 is the next downside target. First resistance is the 20-day moving average crossing at $112.50. Second resistance is June's high crossing at $120.88. First support is June's low crossing at $101.53. Second support is May's low crossing at $95.47. Third support is April's low crossing at $91.66.

August heating oil was steady to 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. Closes below the 50-day moving average crossing at $3.8447 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 4.1906 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.1906. Second resistance is June's high crossing at $4.4898. First support is the 50-day moving average crossing at $3.8447. Second support is the May's low crossing at $3.3578.

August unleaded gas was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the May 19^th low crossing at 3.2904 is the next downside target. Closes above the 20-day moving average crossing at 3.8222 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.8222. Second resistance is June's high crossing at $4.1237. First support is the 25% retracement level of the 2020-2022 rally crossing at $3.3471. Second support is the May 19^th low crossing at $3.2904.    

August Henry natural gas was higher overnight as it consolidates some of Thursday's sharp decline. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bearish signaling that sideways to higher prices are possible near-term. If August extends the decline off June's high, the 62% retracement level of 2020-2022 rally crossing at 5.067 is the next downside target. Closes above the 20-day moving average crossing at 7.404 would signal that a short-term low has been posted. First resistance is Wednesday's high crossing at 6.883 Second resistance is the 20-day moving average crossing at 7.404. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.067. Second support is the 75% retracement level of the 2020-2022 rally crossing at 4.083.    

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

CURRENCIES:The September Dollar was 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 bullish signaling that sideways to higher prices are possible near-term. 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. Closes below the 50-day moving average crossing at $103.243 would signal that a short-term top has been posted. First resistance is June'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 $104.001. Second support is the 50-day moving average crossing at $103.243.  

The September Euro was steady to lower overnight. The low-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 September renews the decline off May's high, May's low crossing at $1.04255 is the next downside target. Closes above the 50-day moving average crossing at $1.06510 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $1.06510. Second resistance is May's high crossing at $1.08530. First support is June's low crossing at $1.04280. Second support is May's low crossing at $1.04255.  

The September British Pound was lower overnight and 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. If September extends this week's decline, June's low crossing at 1.1952 is the next downside target. Closes above the 20-day moving average crossing at 1.2298 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2298. Second resistance is the 50-day moving average crossing at 1.2426. First support is June'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 lower overnight as it consolidates 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 38% retracement level of this year's decline crossing at 1.06242 is the next upside target. Closes below the 50-day moving average crossing at 1.03516 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at 1.05910. Second resistance is the 38% retracement level of this year's decline crossing at 1.06242. First support is the 50-day moving average crossing at 1.03516. Second support is June's low crossing at 1.00235. 

The September Canadian Dollar was lower overnight as it consolidates 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 are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $77.96 would signal that a short-term low has been posted. If September renews 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 50-day moving average crossing at $77.96. Second resistance is June's high crossing at $79.84. First support is June'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 steady to higher overnight. Overnight trading sets the stage for a steady to slightly higher opening when the day 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 0.074756 would signal that a short-term low has been posted. If September resumes 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 0.074756. Second resistance is the 50-day moving average crossing at 0.076762. First support is Wednesday's low crossing at 0.073390. 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 lower overnight and posted a new low for the year. Overnight trading sets the stage for a 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 August extends the decline off June's high, the December-2021 low crossing at $1764.10 is the next downside target. Closes above the 20-day moving average $1834.10 would signal that a short-term low has been posted. First resistance is the 20-day moving average $1834.10. Second is the 50-day moving average crossing at $1854.90. First support is the overnight low crossing at $1784.20. Second support is the December-2021 low crossing at $1764.10.

September silver was sharply lower overnight as it extends this week's decline to a new low for the year. The low-range trade sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 month's decline, the 62% retracement level of the 2020-2021 rally on the weekly continuation chart crossing at $18.789 is the next downside target. Closes above the 20-day moving average crossing at $21.419 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $20.993. Second resistance is the 20-day moving average crossing at 21.419. First support is the overnight low crossing at $19.480. Second support is the 62% retracement level of the 2020-2021 rally on the weekly continuation chart crossing at $18.789. 

September copper 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the February-2021 low crossing at 3.4940 is the next downside target. Closes above the 20-day moving average crossing at 4.0692 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.8124. Second resistance is the 20-day moving average crossing at 4.0692. First support is the 50% retracement level of the 2020-2022 rally crossing at 3.5830. Second support is the February-2021 low crossing at 3.4940.  

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

September corn was higher overnight as it consolidated some of the decline decline off June's high. Overnight trading sets the stage for a higher opening when the day sessions 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 June's high, the February 25^th low crossing at $5.89 1/4 is the next downside target. Closes above the 20-day moving average crossing at $7.00 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.75 3/4. Second resistance is the 20-day moving average crossing at $7.00 3/4. First support is the 38% retracement level of the 2020-2022 rally crossing at $6.23 1/2. Second support is the February 25^th low crossing at $5.89 1/4.   

September wheat was higher overnight as it consolidates some of this week's decline. Overnight trading sets the stage for a steady to higher 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 62% retracement level of the January-May high crossing at $8.22 3/4 is the next downside target. Closes above the 20-day moving average crossing at $10.13 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.46 1/2. Second resistance is the 20-day moving average crossing at $10.13 1/4. First support is the February 25^th low crossing at $8.39. Second support is the 62% retracement level of the January-May high crossing at $8.22 3/4. 

September Kansas City wheat was higher overnight as it consolidates some of the decline off May's high. Overnight trading sets the stage for a steady to 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 September extends the decline off May's high, the February 25^th low crossing at $8.74 3/4 the next downside target. Closes above the 20-day moving average crossing at $10.82 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.08 1/4. Second resistance is the 20-day moving average crossing at $10.82 1/2. First support is the 50% retracement level of the January-May rally crossing at $9.37 3/4. Second support is the February 25^th low crossing at $8.74 3/4.

September Minneapolis wheat was steady to higher overnight as it consolidated some of the decline off May'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 September extends the aforementioned decline, the 62% retracement level of the January-May rally crossing at $9.17 1/4 is the next downside target. Closes above the 20-day moving average crossing at $11.40 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.64. Second resistance is the 20-day moving average crossing at $11.40 1/4. First support is the overnight low crossing at $9.88. Second support is the 62% retracement level of the January-May high crossing at $9.17 1/4. 

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

August soybeans were lower overnight as they consolidate 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. If August extends this week's rally, the 50-day moving average crossing at $16.08 1/2 is the next upside target. If August renews this month's decline, the 25% retracement level of the 2020-2022 rally crossing at $14.78 is the next downside target. First resistance is the 20-day moving average crossing at $16.00. Second resistance is the 50-day moving average crossing at $16.08 1/2. First support is June's low crossing at $14.94 3/4. Second support is the 25% retracement level of the 2020-2022 rally crossing at $14.78.

September soybean meal was 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, April's high crossing at $444.50 is the next upside target. Closes below the 20-day moving average crossing at $403.40 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at $425.00. Second resistance is April's high crossing at $444.50. First support is the 20-day moving average crossing at $403.40. Second support is June's low crossing at $387.40. 

September soybean oil was steady to slightly lower overnight. The high-range overnight trade sets the stage for a steady to slightly lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to lower prices are possible near-term. If September renews this month's decline, the 38% retracement level of the  rally crossing at 60.69 is the next downside target. Closes above the 20-day moving average crossing at 72.31 would signal that a short-term low has been posted. First resistance is Wednesday's high crossing at 68.88. Second resistance is the 20-day moving average crossing at 72.31. First support is the overnight low crossing at 63.75. Second support is the 38% retracement level of the 2020-2022 rally crossing at 60.69.