Morning Markets Report
Prepared on Friday, June 28, 2013
Copyright 2013 INO.com. All Rights Reserved.
Summary
The Dow Future has gained 31 points to 14967. The US Dollar Index edged lower 0.058 points to 82.896. Gold has eased 1.02 dollars to 1202.48. Silver 0.0164 dollars to 18.8145. The Dow Industrials edged higher by 114.35 points, at 15024.49, while the S&P 500 moved up 9.94 points, last seen at 1613.20. The Nasdaq Composite rose 26.04 points to 3402.26. Streaming charts of these markets are available 24/7 at MarketClub
Key Events for Friday
8:30 AM ET. 1st. Quarter State Quarterly Personal Income
9:45 AM ET. June ISM-Chicago Business Survey – Chicago PMI
Employment Index (previous 56.9)
New Orders Index (previous 58.1)
Prices Paid Index (previous 55.3)
Purchasing Managers Index (Adjusted) (expected 55; previous 58.7)
Supplier Deliveries Index (previous 52.3)
9:55 AM ET. June Thomson Reuters / University of Michigan Survey of Consumers – final
Sentiment Index End month (expected 83; previous 84.5)
Expectations Index End Month (previous 75.8)
12-Month Inflation Forecast (previous 3.1%)
5-Year Inflation Forecast (previous 2.9%)
Value (Current Period) End Month (previous 98)
11:00 AM ET. USDA Quarterly Grain Stoc ks and Planted Acreage Reports
The September Dollar closed lower due to profit taking on Thursday as it consolidates some of the rally off June’s low. The low-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 75% retracement level of the May-June decline crossing at 83.78 is the next upside target. Closes below the 10-day moving average crossing at 82.05 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 83.43. Second resistance is the 75% retracement level of the May-June decline crossing at 83.78. First support is the 20-day moving average crossing at 82.11. Second support is the 10-day moving averag e crossing at 82.05.
The September Euro closed higher due to short covering on Thursday as it consolidates some of the decline off June’s high. The high-range close sets the stage for a steady to higher opening when Friday’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 September extends the aforementioned decline, June’s low crossing at 129.63 is the next downside target. Closes above the 20-day moving average crossing at 132.01 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 132.01. Second resistance is June’s high crossing at 134.24. First support is Wednesday’s low crossing at 129.88. Second support is June’s low crossing at 129.63.
The September British Pound closed lower on Thursday as it extended the decline off June’s high. The mid-range close sets the stage for a steady to lower openi ng when Friday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June’s high, May’s low crossing at 1.4999 is the next downside target. Closes above the 20-day moving average crossing at 1.5483 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.5483. Second resistance is June’s high crossing at 1.5743. First support is today’s low crossing at 1.5193. Second support is May’s low crossing at 1.4999.
The September Swiss Franc closed lower on Thursday as it extended the decline off June’s high. The mid-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are 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 May-June rally cross ing at .10484 is the next downside target. Closes above the 10-day moving average crossing at .10742 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at .10742. Second resistance is June’s high crossing at .10962. First support is the 50% retracement level of the May-June rally crossing at .10576. Second support is the 62% retracement level of the May-June rally crossing at .10484.
The September Canadian Dollar closed higher due to short covering on Thursday as it consolidates some of this year’s decline. The low-range close sets the stage for a steady to lower opening when Friday’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 renews this year’s decline, weekly support crossing at 93.67 is the next downside target. Closes above the 20-day moving average crossing at 96.75 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 96.75. Second resistance is June’s high crossing at 98.46. First support is Monday’s low crossing at 94.53. Second support is weekly support crossing at 93.67.
The September Japanese Yen closed lower on Thursday and the low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below Monday’s low crossing at .10136 are needed to confirm that a short-term top has been posted and would open the door for additional weakness near-term. If September renews the rally off May’s low, April’s high crossing at .10810 is the next upside target. First resistance is this month’s high crossing at .10669. Second resistance is April’s high crossing at .10810. First support is Monday’s low crossing at .10136. Second support is the reaction low crossing at .1007 8.
August crude oil closed higher on Thursday and above the 10-day moving average crossing at 96.51 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below Monday’s low crossing at 92.67 would renew the decline off June’s high. First resistance is today’s high crossing at 97.41. Second resistance is June’s high crossing at 99.21. First support is Monday’s low crossing at 92.67. Second support is June’s low crossing at 91.50.
August heating oil closed higher due to short covering on Thursday as it consolidated some of the decline off last week’s high. The high-range close sets the stage for a steady to higher open ing on Friday. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 10-day moving average crossing at 290.24 are needed to confirm that a short-term low has been posted. If August renews the decline off June’s high, June’s low crossing at 277.45 is the next downside target. First resistance is the 10-day moving average crossing at 290.24. Second resistance is the 50% retracement level of the February-April decline crossing at 297.16. First support is Monday’s low crossing at 282.10. Second support is June’s low crossing at 277.45.
August unleaded gas closed higher on Thursday as it consolidated some of decline off June’s high. The high-range close sets the stage for a steady to higher opening when Friday’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 this month’s decline, May’s low crossing at 265.60 is the next downside target. Closes above the 20-day moving average crossing at 279.96 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 279.96. Second resistance is June’s high crossing at 290.27. First support is Wednesday’s low crossing at 267.64. Second support is May’s low crossing at 265.60.
August Henry natural gas closed sharply lower on Thursday and below the 75% retracement level of this year’s rally crossing at 3.656 as it extends the decline off May’s high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off May’s high, the 87% retracement level of this year’s rally crossing at 3.508 is the next downside target. Closes above the 20-day moving average crossing at 3.847 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.847. Second resistance is the reaction high crossing at 4.003. First support is the 87% retracement level of this year’s rally crossing at 3.508. Second support is January’s low crossing at 3.365.
September coffee closed higher on Thursday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 12.51 are needed to confirm that a short-term low has been posted. If September extends the decline off May’s high, weekly support crossing at 11.33 is the next downside target.
September cocoa closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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, March’s low crossing at 20.59 is the next downside t arget. Closes above the 20-day moving average crossing at 22.51 would confirm that a low has been posted.
October sugar closed lower on Thursday. The low-range close set the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. If October extends this week’s rally, May’s high crossing at 18.21 is the next upside target. If October renews this year’s decline, the contract low crossing at 16.15 is the next downside target.
July cotton closed lower on Thursday and the low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If July renews Monday’s decline, June’s low crossing at 79.32 is the next downside target. Closes above the 20-day moving average crossing at 85.50 would confirm that a short-term low has been posted.
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July Corn closed up 2 3/4-cents at 6.67 3/4.
July corn closed higher on Thursday as it extends this week’s rally. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Friday’s quarterly grain stocks and acreage report will hold the keys to near-term direction in the market. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. If July renews the rally off April’s low, the 38% retracement level of the August-April decline crossing at 6.91 1/2 is the next upside target. If July renews the decline off last week’s high, the reaction low crossing at 6.40 1/2 is the next downside target. First resistance is last week’s high crossing at 6.83 1/2. Second resistance is the 38% retracement level of the August-April decline cro ssing at 6.91 1/2. First support is the reaction low crossing at 6.40 1/2. Second support is the reaction low crossing at 6.32 1/2.
July wheat closed down 3 1/2-cents at 6.63 1/2.
July wheat closed lower on Thursday as it extends this week’s decline due to harvest related pressure. The low-range close sets the stage for a steady to lower opening when Friday’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 this week’s decline, last July’s low crossing at 6.47 1/2 is the next downside target. Closes above the 20-day moving average crossing at 7.05 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.05 3/4. Second resistance is the reaction high crossing at 7.40 1/2. First support is today’s low crossing at 6.62 1/2. Second support is last July’s low crossing at 6.47 1/2.
July Kansas C ity Wheat closed down 7 3/4-cents at 6.86 1/2.
July Kansas City wheat closed lower on Thursday extending the decline off April’s high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April’s high, the May 2012-low crossing at 6.83 is the next downside target. Closes above the 20-day moving average crossing at 7.47 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.39. Second resistance is the 20-day moving average crossing at 7.47 1/2. First support is today’s low crossing at 6.85 1/2. Second support is last May’s low crossing at 6.83.
July Minneapolis wheat closed down 12 1/2-cents at 7.86 1/2.
July Minneapolis wheat closed lower on Thursday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible nea r-term. If July extends today’s decline, April’s low crossing at 7.60 is the next downside target. 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. 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 today’s low crossing at 7.86 1/2. Second support is April’s low crossing at 7.60.
July soybeans closed up 14 1/4-cents at 15.48 1/2.
July soybeans closed higher on Thursday as it extends the rally off Monday’s low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible. If July extends this w eek’s rally, June’s high crossing at 15.58 3/4 is the next upside target. If July renews the decline off June’s high, the reaction low crossing at 14.71 1/4 is the next downside target. First resistance is June’s high crossing at 15.58 3/4. Second resistance is the 87% retracement level of the aforementioned decline crossing at 15.72. First support is Monday’s low crossing at 14.85 1/2. Second support is the reaction low crossing at 14.71 1/4.
July soybean meal closed up $16.30 at 479.60.
July soybean meal closed sharply higher on Thursday renewing the rally off April’s low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, weekly resistance crossing at 489.90 is the next upside target. Closes below the 20-day moving average crossing at 454.60 would confirm that a short-term top ha s been posted. First resistance is today’s high crossing at 480.10. Second resistance is monthly resistance crossing at 489.90. First support is the 20-day moving average crossing at 454.60. Second support is last Friday’s low crossing at 443.30.
July soybean oil closed down 23 pts. at 46.40.
July soybean closed lower on Thursday as it extends this year’s decline. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends this year’s decline, weekly support crossing at 44.90 is the next downside target. Closes above the 20-day moving average crossing at 48.11 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 48.11. Second resistance is last Wednesday’s high crossing at 49.59. First support is today’s low crossing at 46.24. Second support is weekly s upport crossing at 44.90.
The September NASDAQ 100 closed higher on Thursday as it extends the rebound off Monday’s low. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 2933.32 are needed to confirm that a low has been posted. If September renews the decline off May’s high, the 50% retracement level of the November-May rally crossing at 2774.12 is the next downside target. First resistance is the 10-day moving average crossing at 2907.90. Second resistance is the 20-day moving average crossing at 2933.32. First support is the 38% retracement level of the November-May rally crossing at 2838.86. Second support is the 50% retracement level of the November-May r ally crossing at 2774.87.
The September S&P 500 closed higher on Thursday and above the 10-day moving average crossing at 1604.11 signaling that a short-term low might be in or is near. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1613.11 would confirm that a short-term low has been posted. If September renews the decline off May’s high, the 38% retracement level of the November-May rally crossing at 1546.27 is the next downside target. First resistance is the 20-day moving average crossing at 1613.11. Second resistance is last Wednesday’s high crossing at 1648.70. First support is Monday’s low crossing at 1553.80. Second support is the 38% retracement level of the November-May rally crossing at 1546.27.
The Dow closed higher on Thursday as it exte nded the short covering rebound off Monday’s low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 15,046 are needed to confirm that a short-term low has been posted. If the Dow renews the decline off May’s high, the 38% retracement level of the November-May rally crossing at 14,376 is the next downside target. First resistance is the 20-day moving average crossing at 15,046. Second resistance is last Tuesday’s high crossing at 15,340. First support is Monday’s low crossing at 14,688. Second support is the 38% retracement level of the November-May rally crossing at 14,370.
September T-bonds closed up 24/32 at 135-23.
September T-bonds closed higher due to short covering on Thursday as it consolidated some of this year’s decline. The high-range close sets the stage for a steady to higher opening on Friday. 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 138-11 are needed to confirm that a short-term low has been posted. If September renews the decline off May’s high, weekly support crossing at 130-25 is the next downside target. First resistance is the 10-day moving average crossing at 136-26. Second resistance is the 20-day moving average crossing at 138-11. First support is Monday’s low crossing at 133-04. Second support is monthly support crossing at 130-25.
July hogs closed up $2.02 at $101.97.
July hog gapped up and closed higher on Thursday as it extends this year’s rally. The high-range close sets the stage for a steady to higher opening when Friday’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 July extends the rally off March’s low, weekly resistance crossing at 104.20 is the next upside target. Closes below gap support crossing at 99.15 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 102.15. Second resistance is weekly resistance crossing at 104.20. First support is the 10-day moving average crossing at 99.76. Second support is the gap crossing at 99.15.
August cattle closed up $0.75 at 122.92.
August cattle gapped up and closed higher on Thursday as it extended the rally off June’s low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June’s low, May’s high crossing at 124.10 is the next upside target. Closes below the 20-day moving average crossing at 120.06 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 123.10. Second resistance is May’s high crossing at 12410. First support is the 20-day moving average crossing at 120.06. Second support is May’s low crossing at 117.90.
August feeder cattle closed up $0.77 at $149.70.
August Feeder cattle gapped up and closed higher on Thursday as it extends the rally off May’s low. The high-range close sets the stage for a steady to higher op ening when Friday’s night session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, the reaction high crossing at 152.17 is the next upside target. Closes below the 20-day moving average crossing at 145.43 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 149.90. Second resistance is the reaction high crossing at 152.17. First support is the 20-day moving average crossing at 145.43. Second support is May’s low crossing at 142.50.
August gold closed lower on Thursday as it extends this year’s decline. The low-range close sets the stage for a steady to lower opening when Friday’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 this year’s decline, monthly support crossing at 1155.60 is the next downside target. Closes above the 20-day moving average crossing at 1350.02 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1307.30. Second resistance is the 20-day moving average crossing at 1350.20. First support is today’s low crossing at 1196.10. Second support is monthly support crossing at 1155.60.
July silver closed lower on Thursday as it extends this year’s dec line. The low-range close set the stage for a steady to lower opening when Friday’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 year’s decline, monthly support crossing at 17.080 is the next downside target. Closes above the 20-day moving average crossing at 21.208 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 21.208. Second resistance is the reaction high crossing at 23.060. First support is today’s low crossing at 18.335. Second support is monthly support crossing at 17.080.
July copper closed higher on Thursday as it extends the trading range of the past four days. The low-range close sets the stage for a steady to lower opening when Friday’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 the decline off June’s high, monthly support crossing at 295.40 is the next downside target. Closes above the 20-day moving average crossing at 319.14 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 310.31. Second resistance is the 20-day moving average crossing at 319.14. First support is Tuesday’s low crossing at 298.35. Second support is monthly support crossing at 295.40.
|
| Top Stocks |
| # |
symbol |
name |
last |
net |
% |
volume |
score |
triangles |
|
| 1. |
BBRY |
RESEARCH IN MOTION |
14.53 |
-0.38 |
-2.62% |
36,122,365 |
+90 |
   |
Entry Signal |
| 2. |
NWSA |
NEWS CORP |
32.705 |
+0.555 |
+1.70% |
24,502,978 |
+90 |
|
Entry Signal |
| 3. |
NOK |
NOKIA |
3.810 |
-0.100 |
-2.62% |
23,467,991 |
+90 |
|
Entry Signal |
| 4. |
WFC |
WELLS FARGO |
41.565 |
+0.545 |
+1.31% |
17,160,764 |
+90 |
|
Entry Signal |
| 5. |
HBAN |
HUNTINGTON BANCSHARES |
7.875 |
+0.015 |
+0.19% |
12,088,129 |
+90 |
|
Entry Signal |
| 6. |
CVC |
CABLEVISION SYSTEMS |
16.26 |
+0.84 |
+5.16% |
9,496,060 |
+100 |
|
Entry Signal |
| 7. |
KEY |
KEYCORP |
11.07 |
+0.19 |
+1.71% |
9,004,539 |
+100 |
|
Entry Signal |
| 8. |
JNJ |
JOHNSON & JOHNSON |
86.7050 |
-0.2850 |
-0.33% |
8,132,450 |
+90 |
|
Entry Signal |
| 9. |
TWC |
TIME WARNER CABLE |
108.18 |
+4.54 |
+4.20% |
8,071,427 |
+100 |
|
Entry Signal |
| 10. |
HIG |
HARTFORD FINANCIAL |
31.23 |
+1.24 |
+3.97% |
7,110,462 |
+100 |
|
Entry Signal |
|
|
| Top Futures |
| # |
symbol |
name |
last |
net |
% |
volume |
score |
triangles |
|
| 1. |
CL.Q13.E |
CRUDE OIL Aug 2013 |
97.37 |
+0.32 |
+0.33% |
30,278 |
+100 |
|
Entry Signal |
| 2. |
CLT.N13.E |
CRUDE OIL (TAS) Jul 2013 |
0.00 |
-0.01 |
-0.50% |
27,489 |
+90 |
|
Entry Signal |
| 3. |
CL.N13 |
CRUDE OIL Jul 2013 |
95.40 |
+0.15 |
+0.16% |
26,731 |
+85 |
 |
Entry Signal |
| 4. |
LH.Q13 |
LEAN HOGS Aug 2013 |
99.40 |
+1.75 |
+1.76% |
23,659 |
+100 |
|
Entry Signal |
| 5. |
CL.X13.E |
CRUDE OIL Nov 2013 |
95.61 |
+1.40 |
+1.47% |
16,869 |
+100 |
|
Entry Signal |
| 6. |
LH.N13 |
LEAN HOGS Jul 2013 |
101.975 |
+2.025 |
+1.99% |
11,226 |
+100 |
|
Entry Signal |
| 7. |
LH.V13 |
LEAN HOGS Oct 2013 |
87.00 |
+1.45 |
+1.67% |
9,423 |
+100 |
|
Entry Signal |
| 8. |
LH.Z13 |
LEAN HOGS Dec 2013 |
83.700 |
+1.100 |
+1.31% |
8,718 |
+100 |
|
Entry Signal |
| 9. |
HE.Z13.E |
LEAN HOGS Dec 2013 |
83.70 |
+1.10 |
+1.33% |
7,772 |
+90 |
|
Entry Signal |
| 10. |
CLT.Q13.E |
CRUDE OIL (TAS) Aug 2013 |
0.00 |
-0.01 |
-0.33% |
7,369 |
+90 |
|
Entry Signal |
|
3.35 
3.30 
3.25 
3.15 
Pelias' views 