KEY EVENTS TO WATCH FOR:
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 STOCK INDEXES: The September NASDAQ 100 was steady to higher overnight as it extends this week's rally.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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, the 50-day moving average crossing at 12,225.75 is the next upside target. If September resumes the decline off the June 27th high, June's low crossing at 11,068.50 is the next downside target. First resistance is the 50-day moving average crossing at 12,225.75. Second resistance is June's high crossing at 12,973.75. First support is last-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 steady to slightly 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. Closes above last-Tuesday's high crossing at 3950.00 would open the door for a possible test of the 50-day moving average crossing at 3978.43. If September renews the decline off last-Tuesday's high, June's low crossing at 3642.00 is the next downside target. First resistance is last-Tuesday's high crossing at 3950.00. Second resistance is the 50-day moving average crossing at 3978.43. 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"
INTEREST RATES: September T-bonds were lower overnight following Wednesday's downside reversal 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 and are poised to turn neutral to bearish with additional weakness that would signal that a double top with May's high might have been posted with Wednesday's high. Closes below the 20-day moving average crossing at 136-03 would signal that a short-term top has been posted. If September extends the rally off June's low, the 38% retracement level of the 2021-2022 decline crossing at 143-25 is the next upside target. First resistance is May's high crossing at 141-21. Second resistance is the 38% retracement level of the 2021-2022 decline crossing at 143-25. First support is the 20-day moving average crossing at 136-03. Second support is June's low crossing at 131-01.
September T-notes was steady to lower overnight following Wednesday's downside reversal 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 overbought but are turning neutral to bearish signaling that a double top with May's high might have been posted with Wednesday's high. Closes below the 20-day moving average crossing at 117.062 would temper the near-term friendly outlook. If September extends the rally off June's low, the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next upside target. First resistance is May's high crossing at 120.195. Second resistance is the 50% retracement level of the 2021-2022 decline crossing at 122.204 is the next downside target. First support is the 20-day moving average crossing at 117.062. 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 steady to 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 oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the April 25th low crossing at $93.45 is the next downside target. Closes above the 20-day moving average crossing at $109.90 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $105.44. Second resistance is the 20-day moving average crossing at $109.90. First support is May's low crossing at $95.47. Second support is the April 25th low crossing at $93.45.
August heating oil was steady to 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 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 38% retracement level of the 2020-2022 rally crossing at 3.2689 is the next downside target. Closes above the 20-day moving average crossing at 4.0806 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 3.8515. Second resistance is the 20-day moving average crossing at $4.0806. First support is the May's low crossing at $3.3578. Second support is the 38% retracement level of the 2020-2022 rally crossing at 3.2689.
August unleaded gas was steady to slightly higher overnight as it consolidates some of the decline off June's high. 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 April 25th low crossing at 2.9974 is the next downside target. Closes above the 20-day moving average crossing at 3.7193 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.5804. Second resistance is the 20-day moving average crossing at $3.7192. First support is May's low crossing at $3.1835. Second support is the April 25th low crossing at 2.9974.
August Henry natural gas 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 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 6.884 would signal that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 6.883 Second resistance is the 50-day moving average crossing at 7.667. 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 lower overnight as it consolidates some of this week's rally. Overnight trading 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 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 20-day moving average crossing at $104.750 would signal that a short-term top has been posted. First resistance is Wednesday's high crossing at $107.070. 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 $104.750. Second support is the 50-day moving average crossing at $103.549.
The September Euro was steady to slightly higher overnight as it consolidates some of this week's decline. The low-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 September extends the decline off May's high, the December 2002 low on the monthly continuation chart crossing at $0.98540 is the next downside target. Closes above the 50-day moving average crossing at $1.06144 would signal that a short-term low has been posted. First resistance is the June 27th high crossing at $1.06785. Second resistance is June's high crossing at $1.08365. First support is Wednesday's low crossing at $1.02150. Second support is the December 2002 low on the monthly continuation chart crossing at $0.98540.
The September British Pound was steady to 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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the 87% retracement level of the 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 1.2213 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.2213. Second resistance is the 50-day moving average crossing at 1.2373. First support is Wednesday's low crossing at 1.1892. Second support is the 87% retracement level of the 2020-2021 rally on the monthly continuation chart crossing at 1.1802.
The September Swiss Franc was lower overnight as it extends the decline off last-Wednesday's high. 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. Closes below the 50-day moving average crossing at 1.03978 would signal that a short-term top has been posted. If September renews the rally off June's low, the 38% retracement level of this year's 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 this year's decline crossing at 1.06242. First support is the 50-day moving average crossing at 1.03978. Second support is June's low crossing at 1.00235.
The September Canadian Dollar was higher overnight as it consolidates some of the Tuesday's sharp decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. 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. Closes above the 50-day moving average crossing at $77.84 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at $77.84. Second resistance is June's high crossing at $79.84. First support is Tuesday's low crossing at $76.43. Second support is the 50% retracement level of the 2020-2021 rally crossing at $75.79.
The September Japanese Yen 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 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 50-day moving average crossing at 0.076492 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 0.074412. Second resistance is the 50-day moving average crossing at 0.076492. First support is last-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 steady to 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 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 August-2021 low crossing at $1710.20 is the next downside target. Closes above the 20-day moving average $1819.60 would signal that a short-term low has been posted. First resistance is the 10-day moving average $1797.50. Second is the 20-day moving average crossing at $1819.60. First support is Wednesday's low crossing at $1730.70. Second support is the August-2021 low crossing at $1710.20.
September silver was steady to higher overnight as it consolidates some of this year's decline. The high-range trade 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 to bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the June-2020 low on the weekly continuation chart crossing at $17.015 is the next downside target. Closes above the 20-day moving average crossing at $20.984 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $20.265. Second resistance is the 20-day moving average crossing at 20.984. First support is Wednesday's low crossing at $18.705. Second support is the June-2020 low on the weekly continuation chart crossing at $17.015.
September copper was higher overnight as it consolidates some of the decline off June's high. Overnight trading sets the stage for a 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 decline off June's high, the 62% retracement level of the 2020-2022 rally crossing at 3.2498 is the next downside target. Closes above last-Tuesday's high crossing at 3.8500 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.6483. Second resistance is last-Tuesday's high crossing at 3.8500. First support is the 62% retracement level of the 2020-2022 rally crossing at 3.2498. Second support is the 75% retracement level of the 2020-2022 rally crossing at 2.8770.
GRAINS http://quotes.ino.com/ex changes/?c=grains
December corn was higher overnight as it consolidates some of the decline off June's high and 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 December extends the decline off June's high, the 62% retracement level of the 2020-2022 rally crossing at $5.20 3/4 is the next downside target. Closes above the 20-day moving average crossing at $6.73 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.28. Second resistance is the 20-day moving average crossing at $6.73. First support is the 50% retracement level of the 2020-2022 rally crossing at $5.74 3/4. Second support is the January low crossing at $5.42 1/2.
September wheat was higher overnight as it consolidates some of the decline. Overnight trading sets the stage for a 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 75% retracement level of the January-May high crossing at $7.23 is the next downside target. Closes above the 20-day moving average crossing at $9.71 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $8.84 3/4. Second resistance is the 20-day moving average crossing at $9.71 1/2. First support is the February 16th low crossing at $7.77 1/2. Second support is the 75% retracement level of the January-May high crossing at $7.23.
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, February's low crossing at $7.64 1/2 the next downside target. Closes above the 20-day moving average crossing at $10.37 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.42 3/4. Second resistance is the 20-day moving average crossing at $10.37. First support is the 62% retracement level of the January-May rally crossing at $8.32 3/4. Second support is the February's low crossing at $7.64 1/2.
September Minneapolis wheat was higher overnight as it consolidated 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 but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 75% retracement level of the January-May rally crossing at $8.12 3/4 is the next downside target. Closes above the 20-day moving average crossing at $10.90 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $9.89 1/2. Second resistance is the 20-day moving average crossing at $10.90 1/4. First support is Wednesday's low crossing at $8.70 1/2. Second support is the 75% retracement level of the January-May high crossing at $8.12 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
November soybeans were higher overnight as they consolidate some of the decline off June's high. Overnight trading sets the stage for a 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 November extends the decline off June's high, the 38% retracement level of the crossing at $12.99 1/4 is the next downside target. Closes above Tuesday's gap crossing at $13.91 1/4 would signal that a short-term low has been posted. First resistance is Tuesday's gap crossing at $13.91 1/4. Second resistance is the 10-day moving average crossing at $14.06. 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 $12.74.
December soybean meal was higher overnight as it consolidates some of the decline off last-Thursday's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to higher prices are possible near-term. If December extends the decline off last-Thursday's high, 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 $398.90 would signal that a short-term low has been posted. First resistance is last-Thursday's high crossing at $418.00. Second resistance is April's high crossing at $419.10. First support is Tuesday'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 was higher overnight due to short covering as it consolidates some of the decline off June's high. The high-range overnight trade sets the stage for a 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 December renews this month's decline, the 50% retracement level of the 2020-2022 rally crossing at 53.93 is the next downside target. Closes above Tuesday's gap crossing at 62.01 would signal that a short-term low has been posted. First resistance is Tuesday's gap crossing at 62.01. Second resistance is last-Wednesday's high crossing at 67.76. First support is Wednesday's low crossing at 55.69. Second support is the 50% retracement level of the 2020-2022 rally crossing at 53.93.
Thanks tallpine!
lows are in for grains!