KEY EVENTS TO WATCH FOR:

Wednesday, July 6, 2022 

7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 322.7)

                       Composite Idx, W/W% (previous +0.7%)

                       Purchase Idx-SA (previous 243.1)

                       Purchase Idx-SA, W/W% (previous +0.1%)

                       Refinance Idx (previous 726.1)

                       Refinance Idx, W/W% (previous +1.9%)

8:55 AM ET. Johnson Redbook Retail Sales Index

                       Ret Sales Mo-to-Date, M/M%

                       Ret Sales Mo-to-Date, Y/Y% (previous +12.1%)

                       Latest Wk, Y/Y% (previous +11.7%)

9:45 AM ET. June US Services PMI

                       PMI, Services (expected 51.5: previous 53.4)

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

                       Services PMI (expected 54.9; previous 55.9)

                       Business Activity Idx (previous 54.5)

                       Prices Idx (previous 82.1)

                       Employment Idx (previous 50.2)

                       New Orders Idx (previous 57.6)

10:00 AM ET. May Job Openings & Labor Turnover Survey

11:00 AM ET. June Global Services PMI

                       PMI, Services (previous 52.2)

2:00 AM ET. Federal Open Market Committee meeting minutes and economic forecast

4:30 PM ET. API Weekly Statistical Bulletin

                       Crude Stocks, Net Chg (Bbls) (previous -3.8M)

                       Gasoline Stocks, Net Chg (Bbls) (previous +2.9M)

                       Distillate Stocks, Net Chg (Bbls) (previous +2.6M)

Thursday, July 7, 2022 

7:30 AM ET. June Challenger Job-Cut Report

                       Job Cuts, M/M% (previous -14.7%)

8:15 AM ET. June CANCELLED: ADP National Employment Report

                       Private Sector Jobs, Net Chg (previous +128000)

8:30 AM ET. May U.S. International Trade in Goods & Services

                       Trade Balance (USD) (expected -84.9B; previous -87.08B)

                       Exports (USD) (previous 252.62B)

                       Exports, M/M% (previous +3.5%)

                       Imports (USD) (previous 339.70B)

                       Imports, M/M% (previous -3.4%)

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

                       Jobless Claims (expected 233K; previous 231K)

                       Jobless Claims, Net Chg (previous -2K)

                       Continuing Claims (previous 1328000)

                       Continuing Claims, Net Chg (previous -3K)

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

                       Working Gas In Storage (Cbf) (previous 2251B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +82B)

11:00 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 415.6M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -2.8M)

                       Gasoline Stocks (Bbl) (previous 221.6M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +2.6M)

                       Distillate Stocks (Bbl) (previous 112.4M)

                       Distillate Stocks, Net Chg (Bbl) (previous +2.6M)

                       Refinery Usage

                       Total Prod Supplied (Bbl/day)

                       Total Prod Supplied, Net Chg (Bbl/day)

12:00 PM ET. June Monthly U.S. Retail Chain Store Sales Index

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

Friday, July 8, 2022 

8:30 AM ET. June U.S. Employment Report

                       Non-Farm Payrolls (expected +250K: previous +390K)

                       Unemployment Rate (expected 3.6%: previous 3.6%)

                       Avg Hourly Earnings (USD) (previous 31.95)

                       Avg Hourly Earnings-Net Chg (USD) (previous +0.1)

                       Avg Hourly Earnings, M/M% (expected +0.3%; previous +0.31%)

                       Avg Hourly Earnings, Y/Y% (expected +5.0%: previous +5.24%)

                       Overall Workweek (previous 34.6)

                       Overall Workweek Net Chg (previous +0)

                       Government Payrolls (previous +57K)

                       Private Payroll (previous +333K)

                       Participation Rate (previous 62.3%)

                       Non-Farm Payrolls Bench Net Chg

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

                       Corn (Metric Tons) (previous 208.1K)

                       Soybeans (Metric Tons) (previous 7.5K)

                       Wheat (Metric Tons) (previous 496.7K)

10:00 AM ET. May Monthly Wholesale Trade

                       Inventories, M/M% (expected +2.0%: previous +2.2%)

3:00 PM ET. May Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +30.0B; previous +38.0B)

Monday, July 11, 2022  

10:00 AM ET. June Employment Trends Index

                       ETI (previous 119.77)

                       ETI, Y/Y%

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

The Dow closed sharply lower on Tuesday as it extends the decline off last-Tuesday's high. A short covering rally ahead of the close tempered some of the Dow's early losses and the high-range close sets the stage for a steady to higher opening when Wednesday'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-Tuesday's high crossing at 31,885.09 are needed to confirm that a short-term low has been posted. If the Dow extends last-week's decline, June's low crossing at 29,653.29 is the next downside target. First resistance is last-Tuesday's high crossing at 31,885.09. Second resistance is the 50-day moving average crossing at 32,071.39. First support is June's low crossing at 29.653.29. Second support is the 38% retracement level of the 2020-2021 rally crossing at 29,814.73. 

The September NASDAQ 100 closed higher on Tuesday as it consolidated some of the decline off last-Monday's high. Today's high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, the 50-day moving average 12,288.50 is the next upside target. If September extends the decline off May's high, June's low crossing at 11,092.50 is the next downside target. First resistance is last-Monday's high crossing at 12,262.00. Second resistance is the 50-day moving average crossing at 12,288.50. First support is June's low crossing at 11,092.50. Second support is weekly support crossing at 10,942.25. 

The September S&P 500 closed slightly lower on Tuesday. The high-range close sets the stage for a steady to lower opening when Wednesday'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-Tuesday's high crossing at 3950.00 would open the door for additional gains near-term. If September renews the decline off May's high, the 50% retracement level of the 2020-2022 rally on the weekly continuation chart crossing at 3491.65 is the next downside target. First resistance is last-Tuesday's high crossing at 3950.0. Second resistance is the 50-day moving average crossing at 3995.39. First support is last-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 ""

September T-bonds closed up 1-19. at 140-30. 

September T-bonds closed higher on Tuesday as it extended the rally off June's low.The high-range close sets the stage for a steady to higher opening when Wednesday'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 September extends the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 143-28 is the next upside target. Closes below the 20-day moving average crossing at 135-27 would signal that a short-term top has been posted. First resistance is May's high crossing at 141-21. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-28. First support is the 20-day moving average crossing at 135-27. Second support is last-Monday's low crossing at 134-08. Third support is June's low crossing at 131-01. 

September T-notes closed up 190 pts. at 119.275.

September T-notes closed higher on Tuesday and is poised to test of May's high crossing at 120.195. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to lower prices are possible near-term. If September extends the rally off June's low, May's high crossing at 120.195 is the next upside target. Closes below last-Monday's low crossing at 116.110 would signal that a short-term top has been posted. First resistance is today's high crossing at 120.070. Second resistance is May's high crossing at 120.195. First support is last-Monday's low crossing at 116.110. Second support is June's low crossing at 114.075.  

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

August crude oil closed sharply lower on Tuesday renewing the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. 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 May 11^th low crossing at $95.47 is the next downside target. Closes above the 20-day moving average crossing at 111.69 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.69. Second resistance is June's high crossing at $123.68. First support is the May 11^th low crossing at $95.47. Second support is the April 25^thlowcrossing at $93.45.  

August heating oil closed sharply lower on Tuesday and below the 50-day moving average as it extends the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. 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, May's low crossing at 3.3578 is the next downside target. Closes above the 20-day moving average crossing at 4.1604 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.1604. Second resistance is June's high crossing at $4.4898. First support is May's low crossing at 3.3578. Second support is the 38% retracement level of the 2021-2022 rally crossing at 3.2689.   

August unleaded gas closed sharply lower on Tuesday as it renewed the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the aforementioned decline, May's low crossing at 3.1835 is the next downside target. Closes above the 20-day moving average crossing at $3.7938 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $3.7938. Second resistance is June's high crossing at $4.1237. First support is today's low crossing at $3.2726. Second support is May's low crossing at $3.1835.

August Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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, the 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. Closes above the 20-day moving average crossing at 7.259 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.252. Second resistance is the 20-day moving average crossing at 7.259. First support is the 62% retracement level of the 2020-2022 rally crossing at 5.067 is the next downside target. Second support is the 75% retracement level of 2021-2022 rally crossing at 4.083.      

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

The September Dollar closed sharply higher on Tuesday as it renewed this year's rally. The high-range close sets the stage for a steady to higher opening when Wednesday's nights session begins trading. Stochastics and the RSI are 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 $103.397 would open the door for a larger-degree decline. First resistance is today's high crossing at $106.580. 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 $104.341. Second support is the 50-day moving average crossing at $103.397.   

The September Euro closed sharply lower on Tuesday as it renewed this year's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, the 75% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $1.02474 is the next downside target. Closes above the 50-day moving average crossing at $1.06385 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at $1.05502. Second resistance is the 20-day moving average crossing at $1.05871. First support is today's low crossing at $1.02895. Second support is the 75% retracement level of the 2000-2008 rally on the monthly continuation chart crossing at $1.02474. 

The September British Pound closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling sideways to lower prices are possible near-term. If September extends today's decline, the 87% retracement level of 2020-2021 rally on the monthly continuation chart crossing at 1.1802 is the next downside target. Closes above the 20-day moving average crossing at 1.2274 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2274. Second resistance is the 50-day moving average crossing at 1.2406. First support is today's low crossing at 1.1915. Second support is the 87% retracement level of 2020-2021 rally on the monthly continuation chart crossing at 1.1802.  

The September Swiss Franc closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.03476 would signal that a short-term top has been posted. If September renews the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 1.06242 is the next upside target. First resistance is last-Wednesday's high crossing at 1.05910. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 1.06242. First support is the 50-day moving average crossing at 1.03561. Second support is June's low crossing at 1.00235. 

The September Canadian Dollar closed sharply lower on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday'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 September renews the decline off June's high, the 50% retracement level of the 2020-2022 rally crossing at 75.79 is the next downside target. Closes above the 50-day moving average crossing at 77.91 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 77.91. Second resistance is June's high crossing at 79.84. First support is today's low crossing at 76.43. Second support is the 50% retracement level of the 2020-2022 rally crossing at 75.79.

The September Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’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 0.074614 would signal that a short-term low has been posted. 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. First resistance is the 20-day moving average crossing at 0.074614. Second resistance is the 50-day moving average crossing at 0.076672. First support is last-Wednesday's low crossing at 0.073390. 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 sharply lower on Tuesday as it renewed the decline off March's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 decline off June's high, the 87% retracement of the 2021-2022 rally crossing at $1744.60 is the next downside target. Closes above the 50-day moving average crossing at $1858.40 would confirm that a low has been posted while opening the door for additional gains near-term. First resistance is the 20-day moving average crossing at $1830.60. Second resistance is the 50-day moving average crossing at $1851.40. First support is today's low crossing at $1763.00. Second support is the 87% retracement of the 2021-2022 rally crossing at $1744.60.  

September silver closed lower on Tuesday and posted a new low for the year. The low-range close sets the stage for a steady to lower opening when Wednesday'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 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 21.286 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 20.759. Second resistance is the 20-day moving average crossing at 21.286. First support is today's low crossing at 18.970. Second support is the 62% retracement level of the 2020-2021 rally on the weekly continuation chart  crossing at 18.789 . 

September copper closed sharply lower on Tuesday as it posted a new low close for the month. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the decline off June's high, the 62% retracement level of the 2020-2021 rally crossing at 3.2498 is the next downside target. Closes above the 20-day moving average crossing at 4.0185 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.7566. Second resistance is the 20-day moving average crossing at 4.0185. First support is today's low crossing at 3.4000. Second support is the 62% retracement level of the 2020-2021 rally crossing at 3.2498.

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

September Corn closed down $0.27 1/2-cents at $5.92 1/4. 

September corn gapped down and closed sharply lower on Tuesday as it extended the decline off May's high. Weekend rains across portions of the Midwest along with a bearish weather forecast pressured the  corn market today. Long-liquidation by funds added to the selling pressure. The low-range close sets the stage for a steady to lower opening when Wednesday'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 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.94 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.59 1/4. Second resistance is the 20-day moving average crossing at $6.94 1/2. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Second support is the 62% retracement level of the 2020-2022 rally crossing at $5.26 1/4.    

September wheat closed down $0.39-cents at $8.07.  

September wheat closed sharply lower on Tuesday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 75% retracement level of the January-May rally crossing at $7.23 is the next downside target. Closes above the 20-day moving average crossing at $9.98 3/4 would signal that a short-term low has been posted. First resistance the 10-day moving average crossing at $9.18. Second resistance is the 20-day moving average crossing at $9.98 3/4. First support is today's low crossing at $8.04 1/2. Second support is the 75% retracement level of the January-May's rally crossing at $7.23.

September Kansas City Wheat closed down $0.51 1/2-cent at $8.62.

September Kansas City wheat closed sharply lower for the third day in a row on Tuesday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 62% retracement level of the January-May rally crossing at $8.32 3/4 is the next downside target. Closes above the 20-day moving average crossing at $10.67 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.79. Second resistance is the 20-day moving average crossing at $10.67. First support is the 62% retracement level of the January-May rallycrossing at $8.32 3/4. Second support is the 75% retracement level of the January-May rallycrossing at $7.15.

September Minneapolis wheat closed down $0.58-cents at $8.90.

September Minneapolis wheat closed sharply lower on Tuesday as it extends the decline off May's low. The low-range close sets the stage for a steady to lower opening when Wednesday'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 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. Closes above the 10-day moving average crossing at $10.31 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $10.31 1/2. Second resistance is the 20-day moving average crossing at $11.22 3/4. First support is today's low crossing at $8.88. Second support is the 75% retracement level of the January-May rally crossing at $8.12 3/4.

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

November soybeans closed down $0.79 1/4 at $13.16.

November soybeans gapped down and closed sharply lower on Tuesday extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the aforementioned decline, the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4 is the next downside target. Closes above the 20-day moving average crossing at $14.91 3/4 would temper the near-term bearish outlook. First resistance is today's gap crossing at $13.91 1/4. Second resistance is the 20-day moving average crossing at $14.91 3/4. First support is the 38% retracement level of the 2020-2022 rally crossing at $12.99 1/4. Second support is January's low crossing at $12.76.

December soybean meal closed up $11.60 at $377.60. 

December soybean meal closed sharply lower on Tuesday as it extends the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off May's low, the 50% retracement level of the 2020-2022 rally crossing at $365.40 is the next downside target. Closes above the 50-day moving average crossing at $400.10 would signal that a short-term low has been posted. First resistance is today's low crossing at $375.30. Second resistance is the April 21^st high crossing at $429.60. First support is today's low crossing at $375.30. Second support is the 50% retracement level of the 2020-2022 rally crossing at $365.40.  

December soybean oil closed down 496-pts. at 57.42. 

December soybean oil gapped down and closed sharply lower on Tuesday as it extended the decline off June's high. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December extends the aforementioned decline, the 50% retracement level of the 2020-2022 rally crossing at 53.93 is the next downside target. Closes above last-Wednesday's high crossing at 67.76 would signal that a short-term low has been posted. First resistance today's gap crossing at 62.02. Second resistance is the 10-day moving average crossing at 65.03. First support is today's low crossing at 57.38. Second support is the 50% retracement level of the 2020-2022 rally crossing at 53.93.

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

August hogs closed up $3.00 at $105.97. 

August hogs closed limit up on Tuesday 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 Wednesday's session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the June 21^st high crossing at $110.23 would open the door for additional gains near-term. If August extends the decline off June's high, May's low crossing at $98.65 is the next downside target. First resistance is June's high crossing at $111.05. Second resistance is the April 28^th high crossing at $114.30. First support is May's low crossing at $98.65. Second support is last-November's low crossing at $95.67. 

August cattle closed down $1.48 at $132.58 

August cattle closed lower on Tuesday as it consolidated some of last-Friday's rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the decline off June's high, May's low crossing at $129.97 is the next downside target. Closes above the 20-day moving average crossing at $134.63 would temper the near-term bearish outlook. 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 last-Thursday's low crossing at $131.70. Second support is May's low crossing at $129.97.    

August Feeder cattle closed down $1.93 at $172.57. 

August Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off May's low, May's high crossing at $177.50 is the next upside target. Close below the June 13^th low crossing at $169.40 would open the door for a possible test of the May 31^st low crossing at $164.75 is the next downside 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 June 13^th low crossing at $169.40. 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 

September coffee closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible. If September resumes the decline off June's high, the May 24^th low crossing at $21.14 is the next downside target. Closes above the reaction high crossing at $23.71 would temper the bearish outlook. First resistance is the reaction high crossing at $23.71. Second resistance is June's high crossing at 24.18. First support is the May 24^th low crossing at $21.14. Second support is May's low crossing at $20.24.                    

September cocoa close lower on Tuesday as it extended this year's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 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 24.14 would signal that a short-term low has been posted.  

October sugar closed lower on Tuesday as it extended the decline off May's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the decline off May's high, the February 28^th low crossing at 17.57 is the next downside target. Closes above the 20-day moving average crossing at 18.70 would confirm that a short-term low has been posted.                      

October cotton closed limit down on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off May's high, the 50% retracement level of the 2020-2022 rally crossing at 97.77 is the next downside target. Closes above the June 23^rd gap crossing at 114.66 would signal that a short-term low has been posted.