W E D N E S D A Y M O R N I N G E X T R E M E M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )
KEY EVENTS TO WATCH FOR:
Wednesday, May 22, 2013
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Market Composite Index (previous 876.6)
Market Composite Index Cur Chg (previous -7.3%)
Purchase Index (S.A.) (previous 211.6)
Purchase Index (S.A.) Cur Chg (previous -4.1%)
Refinance Index (previous 4805.8)
Refinance Index Cur Chg (previous -8.1%)
10:00 AM ET. April Mass Layoffs
10:00 AM ET. April Existing Home Sales
Total Sales (expected 4.99M; previous 4.92M)
Percent Change (expected +1.4%; previous -0.6%)
Month’s Supply (previous 4.7)
Median Price (previous 184300)
Median Price – Yearly % Chg (previous +11.8%)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (previous 394.89M)
Crude Oil Stocks (Net Change) (previous -0.62M)
Gasoline Stocks (previous 217.66M)
Gasoline Stocks (Net Change) (expected -0.1M; previous +2.59M)
Distillate Stocks (previous 119.86M)
Distillate Stocks (Net Change) (expected -0.3M; previous +2.3M)
Refinery Usage (expected 87.8%; previous 88%)
Total Products Supplied (previous 18.52M)
Total Products Supplied (Net Change) (previous -0.58M)
2:00 PM ET. Federal Open Market Committee meeting minutes published
Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)
U.S. STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes
The June NASDAQ 100 closed higher on Tuesday as it extends the rally off
April’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 June extends the aforementioned rally, weekly
resistance crossing at 3084.00 is the next upside target. Closes below the
20-day moving average crossing at 2938.82 would confirm that a short-term top
has been posted. First resistance is today’s high crossing at 3036.75. Second
resistance is weekly resistance crossing near 3084.00. First support is the
10-day moving average crossing at 2994.45. Second support is the 20-day moving
average crossing at 2938.82.
The June S&P 500 closed higher on Tuesday as it extends the rally off
November’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 June extends this year’s rally into uncharted
territory, upside targets will be hard to project. Closes below the 20-day
moving average crossing at 1619.31 would confirm that a short-term top has been
posted. First resistance is today’s high crossing at 1673.00. Second resistance
is will be hard to project with June extending this year’s rally into uncharted
territory. First support is the 10-day moving average crossing at 1646.15.
Second support is the 20-day moving average crossing at 1619.31.
The Dow closed higher on Tuesday posting a new all-time high as it extends
this year’s rally. Stochastics and the RSI are overbought but remain neutral to
bullish signaling that sideways to higher prices are possible near-term. The
high-range close sets the stage for a steady to higher opening on Wednesday. If
the Dow extends the rally off November’s low into uncharted territory, upside
targets will be hard to project. Closes below the 20-day moving average
crossing at 15,025 would confirm that a short-term top has been posted. First
resistance is today’s high crossing at 15,434. Second resistance will be hard
to project with the Dow trading into uncharted territory. First support is the
10-day moving average crossing at 15,222. Second support is the 20-day moving
average crossing at 15,025.
______________________________
June T-bonds closed up 20/32′s at 144-12.
June T-bonds closed higher due to short covering on Tuesday as it
consolidated some of this month’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 that sideways to lower prices
are possible near-term. If June extends the decline off May’s high, the 75%
retracement level of the March-May rally crossing at 142-24 is the next
downside target. Closes above the 20-day moving average crossing at 146-14
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 144-27. Second resistance is the 20-day
moving average crossing at 146-14. First support is today’s low crossing at
143-08. Second support is the 75% retracement level of the March-May rally
crossing at 142-24.
NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy
June crude oil posted an inside day with a lower close on Tuesday as it
consolidated some of the rally off last Wednesday’s low. The mid-range close
sets the stage for a steady opening when Wednesday’s night session begins.
Stochastics and the RSI have turned bullish signaling that sideways to higher
prices are possible near-term. If June extends renews the rally off April’s
low, April’s high crossing at 98.06 is the next upside target. Closes below
last Wednesday’s low crossing at 92.13 would confirm that a short-term top has
been posted. First resistance is May’s high crossing at 97.17. Second
resistance is April’s high crossing at 98.06. First support is last Wednesday’s
low crossing at 92.13. Second support is the reaction low crossing at 90.11.
June heating oil posted an inside day with a lower close on Tuesday due to
profit taking. 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
diverging but are bullish signaling that sideways to higher prices are possible
near-term. If June extends the rally off April’s low, the 50% retracement level
of the February-April decline crossing at 298.06 is the next upside target.
Closes below last Wednesday’s low crossing at 281.93 are needed to confirm that
a top has been posted. First resistance is the 50% retracement level of the
February-April decline crossing at 298.06. Second resistance is 62% retracement
level of the February-April decline crossing at 304.20. First support is last
Wednesday’s low crossing at 281.93. Second support is the reaction low crossing
at 275.97.
June unleaded gas closed lower on Tuesday and below the 10-day moving
average crossing at 286.60 thereby increasing the odds that a short-term top
might be in or is near. 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, diverging but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If June extends the rally off
May’s low, the 50% retracement level of the February-May decline crossing at
296.45 is the next upside target. Closes below the 20-day moving average
crossing at 282.85 would signal that a low has been posted. First resistance is
last Friday’s high crossing at 292.76. Second resistance is 50% retracement
level of the February-May decline crossing at 296.67. First support is the
20-day moving average crossing at 283.48. Second support is last Wednesday’s
low crossing at 277.04.
June Henry natural gas closed higher on Tuesday and above the 20-day moving
average crossing at 4.092 confirming that a low has been posted. The high-range
close sets the stage for a steady to higher opening on Wednesday. Stochastics
and the RSI are bullish signaling that sideways to higher prices are possible
near-term. If June extends the rally off last week’s low, the reaction high
crossing at 4.444 is the next upside target. If June renews the decline off
May’s high, the 50% retracement level of this year’s rally crossing at 3.831 is
the next downside target. First resistance is today’s high crossing at 4.210.
Second resistance is May’s high crossing at 4.444. First support is the 50%
retracement level of this year’s rally crossing at 3.831. Second support is the
62% retracement level of this year’s rally crossing at 3.683.
CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies
The June Dollar closed higher on Tuesday as it consolidates below the 87%
retracement level of the 2012-2013-decline crossing at 84.52.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 remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. If June extends this month’s rally, the July 2012 high crossing at
85.29 is the next upside target. Closes below the 20-day moving average
crossing at 82.90 would confirm that a short-term top has been posted. First
resistance is last Friday’s high crossing at 84.52. Second resistance is the
July 2012 high crossing at 85.29. First support is the 10-day moving average
crossing at 83.49. Second support is the 20-day moving average crossing at
82.90.
The June Euro closed higher due to short covering on Tuesday as it
consolidated some of this month’s decline. 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 oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-term. If June extends the
decline off May’s high, April’s low crossing at 127.51 is the next downside
target. Closes above the 20-day moving average crossing at 130.20 are needed to
confirm that a low has been posted. First resistance is the 20-day moving
average crossing at 130.20. Second resistance is the reaction high crossing at
131.98. First support is last Friday’s low crossing at 127.98. Second support
is April’s low crossing at 127.51.
The June British Pound closed lower on Tuesday as it extended this month’s
decline. 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
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If June extends this month’s decline, the reaction low
crossing at 1.5027 is the next downside target. Closes above the 20-day moving
average crossing at 1.5391 are needed to confirm that a low has been posted.
First resistance is the 20-day moving average crossing at 1.5391. Second
resistance is May’s high crossing at 1.5603. First support is today’s low
crossing at 1.5110. Second support is the reaction low crossing at 1.5027.
The June Swiss Franc closed lower on Tuesday. The mid-range close sets the
stage for a steady 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 June extends the
decline off last week’s high, the July 2012 low crossing at .10148 is the next
downside target. Closes above the 20-day moving average crossing at .10545
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at .10419. Second resistance is the 20-day
moving average crossing at .10545. First support is last Friday’s low crossing
at .10245. Second support is the July 2012 low crossing at .10148.
The June Canadian Dollar closed lower on Tuesday but remains above the
March-April uptrend line. The high-range close sets the stage for a steady to
higher opening when Wednesday’s night session begins trading. Stochastics and
the RSI remain neutral to bearish signaling that additional weakness is
possible near-term. If June extends the decline off last September’s high, the
87% retracement level of 2012′s rally crossing at 96.20 is the next downside
target. Closes above the 20-day moving average crossing at 98.54 are needed to
confirm that a low has been posted. First resistance is the 20-day moving
average crossing at 98.54. Second resistance is May’s high crossing at 99.77.
First support is last Friday’s low crossing at 96.73. Second support is the 87%
retracement level of 2012′s rally crossing at 96.20.
The June Japanese Yen closed lower on Tuesday as it extends the trading
range of the past six days. The mid-range close sets the stage for a steady
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 June extends this year’s decline, monthly
support crossing at .9421 is the next downside target. Closes above the 20-day
moving average crossing at .9991 would confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at .9831. Second
resistance is the 20-day moving average crossing at .9991. First support is
last Friday’s low crossing at .9681. Second support is monthly support crossing
at .9421.
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
June gold closed lower on Tuesday as it consolidated some of Monday’s rally.
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 June extends this month’s decline, April’s low crossing
at 1321.50 is the next downside target. Closes above the 20-day moving average
crossing at 1435.70 are needed to confirm that a short-term low has been
posted. First resistance is the 20-day moving average crossing at 1435.70.
Second resistance is May’s high crossing at 1487.20. First support is Monday’s
low crossing at 1336.30. Second support is April’s low crossing at 1321.50.
July silver closed lower on Tuesday and the low-range close set the stage
for a steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI are oversold, diverging and are turning bullish
signaling that a low might be in or is near. Closes above the 20-day moving
average crossing at 23.462 are needed to confirm that a low has been posted. If
July extends this month’s decline, the 75% retracement level of the
2008-2011-rally crossing at 19.316 is the next downside target. First
resistance is the 20-day moving average crossing at 23.462. Second resistance
is the reaction high crossing at 24.835. First support is Monday’s low crossing
at 20.250. Second support is monthly support crossing at 18.756.
July copper 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 have turned bullish signaling that sideways to higher
prices are possible near-term. If July renews the rally off this month’s low,
April’s high crossing at 345.95 is the next upside target. Closes below the
20-day moving average crossing at 327.04 would confirm that a short-term top
has been posted. First resistance is the reaction high crossing at 339.40.
Second resistance is April’s high crossing at 345.95. First support is the
20-day moving average crossing at 327.04. Second support is this month’s low
crossing at 304.65.
FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food
July coffee closed lower on Tuesday as it extended the decline off May’s
high. The low-range close set the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. If July extends the aforementioned
decline, weekly support crossing at 11.33 is the next downside target. Closes
above the 10-day moving average crossing at 14.11 would confirm that a
short-term low has been posted.
July cocoa closed higher on Tuesday. The high-range close sets the stage for
a steady to higher opening on Wednesday. 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, the 50% retracement level of the March-May rally
crossing at 22.41 is July’s next downside target. Closes above the 20-day
moving average crossing at 23.54 are needed to confirm that a low has been
posted.
July sugar closed slightly higher on Tuesday as it consolidates some of this
month’s decline. The high-range close set the stage for a steady to higher
opening on Wednesday. Stochastics and the RSI are oversold but remain neutral
to bearish signaling that sideways to lower prices are possible. If July
extends this year’s decline, the 87% retracement level of the 2010-2011-rally
crossing at 16.29 is the next downside target. Closes above the 20-day moving
average crossing at 17.30 are needed to confirm that a short-term low has been
posted.
July cotton closed lower on Tuesday and the low-range close sets the stage
for a steady to lower opening on Wednesday. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term. Today’s
close below the reaction low crossing at 85.00 confirms that a short-term top
has been posted. If July extends today’s decline, April’s low crossing at 82.84
is the next downside target. Closes above the 10-day moving average crossing at
86.35 are needed to confirm that a low has been posted.
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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains
July Corn closed down 9 1/2-cents at 6.40.
July corn closed lower on Tuesday following Monday’s bearish planting
progress report. The mid-range close sets the stage for a steady opening when
Wednesday’s night session begins trading. Closes below the reaction low
crossing at 6.26 1/2 would confirm that the rebound off April’s low has ended.
If July renews the rally off April’s low, the April 1st gap crossing at 6.76 is
the next upside target. First resistance is the reaction high crossing at 6.69.
Second resistance is the April 1st gap crossing at 7.76. First support is the
reaction low crossing at 6.25. Second support is April’s low crossing at 6.10.
July wheat closed down 4 3/4-cents at 6.80 1/2.
July wheat closed lower on Tuesday as it extended this month’s decline. 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 oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If July extends this month’s decline, April’s low crossing at 6.64
3/4 is the next downside target. Closes above the 20-day moving average
crossing at 7.05 would confirm that a low has been posted. First resistance is
the 20-day moving average crossing at 7.05. Second resistance is April’s high
crossing at 7.36 3/4. First support is today’s low crossing at 6.74. Second
support is April’s low crossing at 6.64 3/4.
July Kansas City Wheat closed down 6 1/2-cents at 7.38 1/2.
July Kansas City wheat closed lower on Tuesday. 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 that sideways to lower
prices are possible near-term. If July extends this month’s decline, April’s
low crossing at 7.16 1/2 is the next downside target. Closes above the 20-day
moving average crossing at 7.61 1/4 are needed to confirm that a low has been
posted. First resistance is the 20-day moving average crossing at 7.61 1/4.
Second resistance is April’s high crossing at 7.96 3/4. First support is
Monday’s low crossing at 7.32 1/2. Second support is April’s low crossing at
7.16 1/2.
July Minneapolis wheat closed up 2 1/4-cents at 8.13 1/2.
July Minneapolis wheat closed higher on Tuesday. Stochastics and the RSI are
oversold but are turning neutral to bullish signaling that sideways to higher
prices are possible near-term. If July renews the rally off April’s low, the
38% retracement level of the July-April decline crossing at 8.53 1/4 is the
next upside target. Closes below the reaction low crossing at 8.02 would
confirm that a short-term top has been posted while opening the door for
additional weakness near-term. First resistance is April’s high crossing at
8.34 1/2. Second support is the 38% retracement level of the July-April decline
crossing at 8.53 1/4. First support is the reaction low crossing at 8.02.
Second support is April’s low crossing at 7.60.
SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains
July soybeans closed up 13 3/4-cents at 14.78 1/4.
July soybeans closed higher on Tuesday as it extends the rally off April’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 bullish signaling that sideways to higher prices are
possible. If July extends the rally off April’s low, the 62% retracement level
of the aforementioned decline crossing at 15.01 is the next upside target.
Closes below the 20-day moving average crossing at 14.02 3/4 would confirm that
a short-term top has been posted. First resistance is today’s high crossing at
14.79 1/4. Second resistance is the 62% retracement level of the aforementioned
decline crossing at 15.01. First support is the 10-day moving average crossing
at 14.26 1/4. Second support is the 20-day moving average crossing at 14.02
3/4.
July soybean meal closed up $3.40 at $438.70.
July soybean meal closed higher on Tuesday and above February’s high
crossing at 437.80 as it extended the rally off April’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 remain bullish signaling that
sideways to higher prices are possible near-term. If July extends the rally off
April’s low, the 75% retracement level of the September-January decline
crossing at 445.90 is the next upside target. Closes below the 20-day moving
average crossing at 411.30 are needed to confirm that a short-term top has been
posted. First resistance is today’s high crossing at 439.20. Second resistance
is the 75% retracement level of the September-January decline crossing at
445.90. First support is the 10-day moving average crossing at 417.90. Second
support is the 20-day moving average crossing at 411.30.
July soybean oil closed up 28 pts. at 49.48.
July soybean posted an inside day with a higher close on Tuesday 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
the reaction high crossing at 50.23 are needed to confirm that a low has been
posted. Closes below the 20-day moving average crossing at 49.24 would temper
the near-term friendly outlook. First resistance is the reaction high crossing
at 50.23. Second resistance is March’s high crossing at 51.03. First support is
the 20-day moving average crossing at 49.24. Second support is April’s low
crossing at 48.08.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
June hogs closed up $0.32 at $92.40.
June hogs closed higher due to short covering on Tuesday. 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 turning neutral to bearish
hinting that sideways to lower prices are possible near-term. Closes below the
reaction low crossing at 90.00 would confirm that a short-term top has been
posted. If June extends the rally off March’s low, the 50% retracement level of
the December-March decline crossing at 94.46 is the next upside target. First
resistance is last Friday’s high crossing at 93.60. Second resistance is the
50% retracement level of the December-March decline crossing at 94.46. First
support is the reaction low crossing at 90.00. Second support is April’s low
crossing at 88.22.
June cattle closed up $0.97 at 121.10.
June cattle closed higher due to short covering on Tuesday as it
consolidated some of the decline off December’s high. 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 oversold and are turning neutral to
bullish signaling that a low might be in or is near. Closes above the 20-day
moving average crossing at 121.24 would confirm that a short-term low has been
posted. If June extends this month’s decline, weekly support crossing at 115.44
is the next downside target. First resistance is the 20-day moving average
crossing at 121.24. Second resistance is the reaction high crossing at 121.40.
First support is last Friday’s low crossing at 118.80. Second support is weekly
support crossing at 115.44.
August feeder cattle closed up $2.00 at $146.47.
August Feeder cattle gapped up and closed higher on Tuesday confirming
yesterday’s key reversal up. 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 oversold and are turning neutral to bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at
147.39 would confirm that a low has been posted. If August extends this year’s
decline, weekly support crossing at 132.45 is the next downside target. First
resistance is the 20-day moving average crossing at 147.39. Second resistance
is the reaction high crossing at 149.80. First support is Monday’s low crossing
at 142.50. Second support is weekly support crossing at 132.45.
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T H A N K Y O U
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