Morning Markets Report
Prepared on Friday, May 30, 2014
Copyright 2014 INO.com. All Rights Reserved.
Summary
The Dow Future is falling 3 points to 16678. The US Dollar Index slipped 0.061 points to 80.439. Gold is dropping 5.415 dollars to 1252.830. Silver is lower 0.0350 dollars to 19.0100. The Dow Industrials climbed 65.56 points, at 16698.74, while the S&P 500 rose 10.25 points, last seen at 1920.03. The Nasdaq Composite moved higher by 20.77 points to 4245.84. Streaming charts of these markets are available 24/7 at MarketClub
|
Key Events for Friday
8:30 AM ET. U.S. Weekly Export Sales
Corn, In Metric Tons (previous 1001.8K)
Soybeans, In Metric Tons (previous 120K)
Wheat, In Metric Tons (previous 610.8K)
8:30 AM ET. April Personal Income & Outlays
Personal Income (previous +0.5%)
Personal Spending (previous +0.9%)
PCE Price Index Monthly (previous +0.2%)
PCE Price Index Yearly (previous +1.1%)
PCE Core Price Index Monthly (previous +0.2%)
PCE Core Price Index Yearly (previous +1.2%)
9:45 AM ET. May ISM-Chicago Business Survey – Chicago PMI
Employment Index (previous 57.8)
New Orders Index (previous 68.7)
Prices Paid Index (previous 55.2)
Purchasing Managers Index (Adjusted) (previous 63)
Supplier Deliveries Index (previous 50.6)
9:55 AM ET. May Thomson Reuters / University of Michigan Survey of Consumers – final
Sentiment Index End month (previous 84.1)
Expectations Index End Month (previous 74.7)
12-Month Inflation Forecast (previous 3.2%)
5-Year Inflation Forecast (previous 2.9%)
Value (Current Period) End Month (previous 98.7)
3:00 PM ET. May Agricultural Prices
Farm Prices, M/M (previous +3.6%)
|
CURRENCIES
The June Dollar postged an inside day with a lower close on Thursday as it consolidates some of this month’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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May’s low, April’s high crossing at 80.77. Closes below the 20-day moving average crossing at 79.97 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 80.63. Second resistance is April’s high crossing at 80.77. First support is the 10-day moving average crossing at 80.27. Second support is the 20-day moving average crossing at 79.97.
The June Euro closed higher due to short covering on Thursday as it consolidates some of the decline off May’s high. The mid-range close sets the stage for a steady opening when Friday’s night session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 38% retracement level of the 2013-2014-rally crossing at 135.45 is the next downside target. Closes above the 20-day moving average crossing at 137.40 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 136.60. Second resistance is the 20-day moving average crossing at 137.40. First support is Wednesday’s low crossing at 135.89. Second support is the 38% retracement level of the 2013-2014-rally crossing at 135.45.
The June British Pound closed slightly higher on Thursday as it consolidated some of Wednesday’s decline but remains below the November-February uptrend line thereby confirming that the short-term trend has turned bearish. The mid-range close sets the stage for a steady 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 June extends this month’s decline, the reaction low crossing at 1.6640 is the next downside target. Closes above the 20-day moving average crossing at 1.6842 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 1.6842. Second resistance is May’s high crossing at 1.6992. First support is the reaction low crossing at 1.6640. Second support is the reaction low crossing at 1.6545.
The June Swiss Franc closed slightly higher on Thursday. 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 additional weakness is possible near-term. If June extends this month’s decline, the 75% retracement level of the January-March-rally crossing at 1.1086 is the next downside target. Closes above the 20-day moving average crossing at 1.1263 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.1263 . Second resistance is May’s high crossing at .11493. First support is Wednesday’s low crossing at 1.1124. Second support is the 75% retracement level of the January-March-rally crossing at 1.1086.
The June Canadian Dollar closed higher on Thursday. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews this spring’s rally, the 38% retracement level of the 2013-2014-decline crossing at 92.96 is the next upside target. Closes below the 20-day moving average crossing at 91.74 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 92.40. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is the 20-day moving average crossing at 91.74. Second support is April’s low crossing at 88.45.
The June Japanese Yen closed slightly higher on Thursday. Today’s low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews this month’s rally, February’s high crossing at .9930 is the next upside target. If June resumes this week’s decline, the reaction low crossing at .9771 is the next downside target. First resistance is last week’s high crossing at .9920. Second resistance is February’s high crossing at .9930. First support is the reaction low crossing at .9771. Second support is May’s low crossing at .9687.
|
ENERGIES
July crude oil closed higher on Thursday. 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 bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 101.32 are needed to confirm that a short-term top has been posted. If July extends this month’s rally, weekly resistance crossing at 105.22 is the next upside target. First resistance is Tuesday’s high crossing at 104.50. Second resistance is weekly resistance crossing at 105.22. First support is the 10-day moving average crossing at 102.98. Second support is the 20-day moving average crossing at 101.32.
July heating oil closed lower on Thursday and below the 20-day moving average crossing at 292.95 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Friday’s night trading begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends this week’s decline, May’s low crossing at 288.19 is the next downside target. If July renews the rally off May’s low, April’s high crossing at 300.98 is the next upside target. First resistance is Tuesday’s high crossing at 296.81. Second resistance is April’s high crossing at 300.98. First support is today’s low crossing at 291.82. Second support is May’s low crossing at 288.19.
July unleaded gas closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a double top with April’s high might be forming. Closes below the 20-day moving average crossing at 293.73 would confirm that a short-term top has been posted. If July extends this week’s rally, April’s high crosing at 301.72 is the next upside target. First resistance is today’s high crossing at 301.65. Second resistance is April’s high crossing at 301.72. First support is the 10-day moving average crossing at 296.43. Second support is the 20-day moving average crossing at 293.73.
July Henry natural gas closed lower on Thursday but remains above the 20-day moving average crossing at 4.545 confirming that a short-term low has been posted. Today’s low-range close sets the stage for a steady to lower opening when Friday’s session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, May’s high crossing at 4.844 is the next upside target. If July resumes this month’s decline, the 50% retracement level of the November-February rally crossing at 4.251 is the next downside target. First resistance is today’s high crossing at 4.665. Second resistance is May’s high crossing at 4.844. First support is the 50% retracement level of the November-February rally crossing at 4.251. Second support is the 62% retracement level of the November-February rally crossing at 4.092.
|
FOOD & FIBER
July coffee closed higher due to short covering on Thursday. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 18.94 would confirm that a short-term low has been posted. If July extends this month’s decline, the 50% retracement level of this winter’s rally crossing at 16.82 is the next downside target.
July cocoa closed higher on Thursday as it extends this month’s rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month’s rally, weekly resistance crossing at 30.89 is the next upside target. Close below the 20-day moving average crossing at 29.41 are needed to confirm that a top has been posted.
July sugar closed sharply higher due to short covering on Thursday as it consolidates some of this week’s decline. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 17.53 would confirm that a short-term top has been posted. If July extends month’s decline, the 62% retracement level of the January-March-rally crossing at 16.51 is the next downside target.
July cotton closed higher due to short covering on Thursday as it consolidates some of this month’s decline. The high-range close sets the stage for a steady to higher 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 July extends this month’s decline, the 75% retracement level of the November-March-rally crossing at 82.52 is the next downside target. Closes above the 20-day moving average crossing at 90.29 would confirm that a short-term low has been posted.
This Medical Marijuana Stock PLPL Shot up 481% This stock started 2014 at 0.22 a share before rocketing up to $3.12 at the peak on February 3rd enough to turn a $500 investment into over $6,000. Then it settled at around $1.28 a share (481%) enough to hand investors $2,405 in profits on a $500 investment. Here’s a string of small stocks like this that are “about to go big.” Click here to sign up for FREE to get alerts on hot stocks |
|
GRAINS
July Corn closed down 3-cents at 4.69 1/2.
July corn closed lower on Thursday and below the 50% retracement level of this year’s rally crossing at 4.73 1/2. Today’s mid-range close sets the stage for a steady 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 week’s decline, the 62% retracement level of this year’s rally crossing at 4.47 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.91 1/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 4.76. Second resistance is the 20-day moving average crossing at 4.91 1/4. First support is Wednesday’s low crossing at 4.66 1/2. Second support is the 62% retracement level of this year’s rally crossing at 4.47 3/4.
July wheat closed down 6 1/4-cents at 6.32 1/2.
July wheat closed lower on Thursday as it extended this month’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. If July extends this month’s decline, the 62% retracement level of this year’s rally crossing at 6.28 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.89 1/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.58 1/2. Second resistance is the 20-day moving average crossing at 6.32 1/2. First support is today’s low crossing at 6.29 3/4. Second support is the 62% retracement level of this year’s rally crossing at 6.28 1/2.
July Kansas City Wheat closed down 5 1/4-cents at 7.30 1/2.
July Kansas City wheat closed lower on Thursday as it extended this month’s decline. Today’s 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 July extends this week’s decline, April’s low crossing at 7.26 is the next downside target. Closes above the 10-day moving average crossing at 7.54 1/2 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 7.54 1/2. Second resistance is the 20-day moving average crossing at 7.90 3/4. First support is today’s low crossing at 7.30 1/2. Second support is April’s low crossing at 7.26.
July Minneapolis wheat closed down 3 1/2-cents at 7.14 1/2.
July Minneapolis wheat close lower on Thursday as it extends this month’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 July extends this month’s decline, the 62% retracement level of this year’s rally crossing at 6.83 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.61 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 7.31 3/4. Second resistance is the 20-day moving average crossing at 7.61. First support is Wednesday’s low crossing at 7.10 1/2. Second support is the 62% retracement level of this year’s rally crossing at 6.83 3/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains ”
July soybeans closed up 1 1/4-cents at 14.99.
July soybeans closed higher on Thursday. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 14.80 1/4 would confirm that a short-term top has been posted. If July renews this year’s rally, weekly resistance crossing at 15.61 is the next upside target. First resistance is last Thursday’s high crossing at 15.36 3/4. Second resistance is weekly resistance crossing at 15.61. First support is the 20-day moving average crossing at 14.80 1/4. Second support is the reaction low crossing at 14.56 1/4.
July soybean meal closed down $0.10 at 498.40.
July soybean meal closed slightly lower on Thursday. 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 neutral to bearish signaling that a short-term top might be in or is near. Multiple closes below the 20-day moving average cossing at 486.90 would confirm that a short-term top has been posted. If July renews this year’s rally, weekly resistance crossing at 527.70 is the next upside target. First resistance is last Thursday’s high crossing at 508.00. Second resistance is weekly resistance crossing at 527.70. First support is the 20-day moving average cossing at 486.90. Second support is the reaction low crossing at 471.00.
July soybean oil closed down 22-pts. At 39.41.
July soybean oil closed lower on Thursday as it extends the decline off April’s high. 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 April’s high, the 87% retracement level of this winter’s rally crossing at 38.46 is the next downside target. Closes above the 20-day moving average crossing at 40.73 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 40.73. Second resistance is the reaction high crossing at 40.33. First support is today’s low crossing at 39.28. Second support is the 87% retracement level of this winter’s rally crossing at 38.46.
|
U.S. STOCK INDEXES
The June NASDAQ 100 closed higher on Thursday as it extends this month’s rally. Today’s 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 but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April’s low, March’s high crossing at 3733.25 is the next upside target. Closes below the 20-day moving average crossing at 3611.22 are needed to confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 3730.25. Second resistance is March’s high crossing at 3733.25. First support is the 10-day moving average crossing at 3647.82. Second support is the 20-day moving average crossing at 3611.22.
The June S&P 500 posted a new all-time high on Thursday as it extends this month’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 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. First resistance is today’s high crossing at 1915.80. Second resistance is unknown. First support is the 20-day moving average crossing at 1884.15. Second support is the reaction low crossing at 1855.00.
The Dow closed higher on Thursday as it extends this week’s rally. The high-range close sets 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 near-term. If the Dow renews this year’s rally, upside targets will be hard to project. Closes below the reaction low crossing at 16,341.30 are needed to confirm that a short-term top has been posted. First resistance the reaction high crossing at 16,735.51. Second resistance is unknown. First support is the reaction low crossing at 16,341.30. Second support is April’s low crossing at 16,015.32.
|
INTEREST RATES
June T-bonds closed down 15/32’s at 138-06.
June T-bonds closed lower due to profit taking on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’s night trading begins. 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, weekly resistance crossing at 140-16 is the next upside target. Closes below the 20-day moving average crossing at 136-22 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 139-03. Second resistance is weekly resistance crossing at 140-16. First support is the 20-day moving average crossing at 136-22. Second support is the reaction low crossing at 136-06.
|
LIVESTOCK
July hogs closed down $0.68 at $120.60.
July hogs closed lower on Thursday as it extended this month’s decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April’s high, the 25% retracement level of the 2013-2014-rally crossing at 118.10 is the next downside target. Closes above the 10-day moving average crossing at 124.26 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 124.26. Second resistance is the reaction high crossing at 128.30. First support is the 25% retracement level of the 2013-2014-rally crossing at 118.10. Second support is April’s low crossing at 114.65.
August cattle closed up $2.07 at 139.17.
August cattle gapped up and closed above the 10-day moving average crossing at 138.52 on Thursday confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Friday’s session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews this week’s decline, the 38% retracement level of the 2013-2014-rally crossing at 134.65 is the next downside target. First resistance is today’s high crossing at 139.55. Second resistance is May’s high crossing at 140.82. First support is the 25% retracement level of the 2013-2014-rally crossing at 136.81. Second support is the 38% retracement level of the 2013-2014-rally crossing at 134.65.
August feeder cattle closed up $1.48 at $197.05.
August Feeder cattle gapped up and closed higher on Thursday posting a new high for the year. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 192.94 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 197.77. Second resistance is unknown. First support is the 20-day moving average crossing at 192.94. Second support is the May 2nd gap crossing at 187.75.
|
PRECIOUS METALS
June gold closed lower on Thursday as it extends this week’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 June extends the decline off March’s high, the 75% retracement level of the January-March-rally crossing at 1237.80 is the next downside target. Closes above the 20-day moving average crossing at 1289.70 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 1289.70. Second resistance is the reaction high crossing at 1306.60. First support is the 75% retracement level of the January-March-rally crossing at 1237.80. Second support is the 87% retracement level of the January-March-rally crossing at 1213.00.
July silver closed lower on Thursday. The high-range close set 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 July extends this week’s decline, May’s low crossing at 18.685 is the next downside target. Closes above the reaction high crossing at 19.825 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 19.825. Second resistance is May’s high crossing at 20.005. First support is today’s low crossing at 18.780. Second support is May’s low crossing at 18.685.
July copper closed lower on Thursday. 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 overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 311.79 would confirm that a short-term top has been posted. If July extends this spring’s rally, the 62% retracement level of the January-March decline crossing at 319.64 is the next upside target. First resistance is Tuesday’s high crossing at 319.25. Second resistance is the 62% retracement level of the December-March-decline crossing at 320.90. First support is the 20-day moving average crossing at 311.79. Second support is the reaction low crossing at 301.55.
|
|