Morning Markets Report
Prepared on Monday, June 9, 2014
Copyright 2014 INO.com. All Rights Reserved.
Summary
The Dow Future is declining 12 points to 16920. The US Dollar Index trended higher 0.133 points to 80.556. Gold has gained 2.605 dollars to 1255.650. Silver has gained 0.068 dollars to 19.106. The Dow Industrials edged higher by 88.17 points, at 16924.28, while the S&P 500 gained 8.98 points, last seen at 1949.44. The Nasdaq Composite rose 23.55 points to 4319.78. Streaming charts of these markets are available 24/7 at MarketClub
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Key Events for Monday
10:00 AM ET. 1st Quarter Quarterly Financial Report – Industry
10:00 AM ET. May Employment Trends Index
US Employment Trends Index (ETI) (previous 118)
US Employment Trends Index (ETI) MoM Change (previous +5.5%)
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CURRENCIES
The June Dollar was higher due to short covering overnight as it consolidates some of last Thursday’s decline. 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 80.34 are needed to confirm that a short-term top has been posted. If June renews the rally off May’s low, the 87% retracement level of the January-May-decline crossing at 81.29 is the next upside target. First resistance is last Thursday’s high crossing at 81.06. Second resistance is the 87% retracement level of the January-May-decline crossing at 81.29. First support is the 20-day moving average crossing at 80.34. Second support is the reaction low crossing at 79.93.
The June Euro was lower overnight as it consolidates some of last Thursday’s rally. Stochastics and the RSI are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 136.57 are needed to confirm that a low has been posted. If June renews the decline off May’s high, the 50% retracement level of the 2013-2014-rally crossing at 134.06 is the next downside target. First resistance is the 20-day moving average crossing at 136.57. Second resistance is the reaction high crossing at 137.34. First support is last Thursday’s low crossing at 135.02. Second support is the 50% retracement level of the 2013-2014-rally crossing at 134.06.
The June British Pound was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends last week’s rally, the reaction high crossing at 1.6919 is the next upside target. If June renews the decline off May’s high, the reaction low crossing at 1.6640 is the next downside target. First resistance is the reaction high crossing at 1.6919. 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 was lower overnight as it consolidates some of last Thursday’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends last Thursday’s rally, the reaction high crossing at 1.1260 is the next upside target. If June extends the decline off May’s high, the 87% retracement level of the January-March-rally crossing at 1.1018 is the next downside target. First resistance is last Thursday’s high crossing at 1.1226. Second resistance is the reaction high crossing at 1.1260. First support is last Thursday’s low crossing at 1.1065. Second support is the 87% retracement level of the January-March-rally crossing at 1.1018.
The June Canadian Dollar was slightly higher due to short covering overnight as it consolidates some of last week’s decline. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 91.77 are needed to confirm that a short-term low has been posted. If June extends last week’s decline, May’s low crossing at 90.66 is the next downside target. 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 last Thursday’s low crossing at 91.20. Second support is the reaction low crossing at 90.66.
The June Japanese Yen was slightly higher due to short covering overnight as it consolidates some of last week’s decline. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at .9808 would confirm that a short-term low has been posted. From a broad perspective, June needs to close above .9930 or below .9598 to confirm a breakout of a four-month old trading range. First resistance is May’s high crossing at .9920. Second resistance is February’s high crossing at .9930. First support is Wednesday’s low crossing at .9728. Second support is May’s low crossing at .9687.
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ENERGIES
July Nymex crude oil was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 102.37 would confirm that a short-term top has been posted. If July renews May’s rally, the April 2011 high crossing at 107.17 is the next upside target. First resistance is May’s high crossing at 104.50. Second resistance is the April-2011 high crossing at 107.17. First support is the 20-day moving average crossing at 102.37. Second support is the reaction low crossing at 100.82.
July heating oil was higher due to short covering overnight as it consolidates some of the decline off May’s high. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 291.67 would confirm that a short-term low has been posted. If July renews the decline off May’s high, April’s low crossing at 284.20 is the next downside target. First resistance is the 20-day moving average crossing at 291.67. Second resistance is May’s high crossing at 296.81. First support is last Thursday’s low crossing at 284.55. Second support is April’s low crossing at 284.20.
July unleaded gas was higher due to short covering overnight as it consolidates some of the decline off May’s high. 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 296.20 would confirm that a low has been posted. If July extends the aforementioned decline, May’s low crossing at 285.36 is the next downside target. First resistance is April’s high crossing at 301.72. Second resistance is monthly resistance crossing at 316.32. First support is last Thursday’s low crossing at 292.02. Second support is May’s low crossing at 285.36.
July Henry natural gas was slightly higher overnight as it extends the rally off May’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May’s low, May’s high crossing at 4.844 is the next upside target. Closes below the 20-day moving average crossing at 4.529 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 4.743. Second resistance is May’s high crossing at 4.844. First support is May’s low crossing at 4.297. Second support is the 50% retracement level of the November-February rally crossing at 4.251.
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FOOD & FIBER
July coffee closed higher due to short covering on Friday. The high-range close set the stage for a steady to higher opening on Monday. 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 winter’s rally crossing at 15.61 is the next downside target. Closes above the 20-day moving average crossing at 18.05 would confirm that a short-term low has been posted.
July cocoa posted a downside reversal due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Close below the 20-day moving average crossing at 29.90 are needed to confirm that a top has been posted. If July extends this year’s rally, weekly resistance crossing at 32.48 is the next upside target.
July sugar closed higher due to short covering on Friday as it consolidated some of the decline off May’s high. The high-range close set the stage for a steady to higher opening on Monday. 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 May’s high, the 62% retracement level of the January-March-rally crossing at 16.51 is the next downside target. Closes above the 20-day moving average crossing at 17.42 would confirm that a short-term top has been posted.
July cotton closed lower on Friday as it extends this week’s decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off March’s high, 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 87.97 are needed to confirm that a short-term low has been posted.
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GRAINS
July corn was lower overnight leaving last Friday’s key reversal up unconfirmed. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 4.73 1/4 are needed to confirm that a short-term low has been posted. If July extends this spring’s decline, the 87% retracement level of this year’s rally crossing at 4.35 1/2 is the next downside target. First resistance is the 10-day moving average crossing at 4.62. Second resistance is the 20-day moving average crossing at 4.73 1/4. First support is the 75% retracement level of this year’s rally crossing at 4.47 1/2. Second support is the 87% retracement level of this year’s rally crossing at 4.35 1/2.
July wheat was lower overnight after testing minor resistance marked by the 10-day moving average crossing at 6.22 1/2. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 6.50 3/4 are needed to confirm that a low has been posted. If July extends the decline off May’s high, the 87% retracement level of this year’s rally crossing at 5.81 1/4 is the next downside target. First resistance is the 10-day moving average crossing at 6.22 3/4. Second resistance is the 20-day moving average crossing at 6.50 3/4. First support is the 75% retracement level of this year’s rally crossing at 6.03 3/4. Second support is the 87% retracement level of this year’s rally crossing at 5.81 1/4.
July Kansas City Wheat closed up 22-cents at 7.36.
July Kansas City wheat closed higher due to short covering on Friday. Today’s high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.57 1/4 are needed to confirm that a low has been posted. If July extends this week’s decline, the 62% retracement level of this year’s rally crossing at 6.95 is the next downside target. First resistance is today’s high crossing at 7.36. Second resistance is the 20-day moving average crossing at 7.57 1/4. First support is Tuesday’s low crossing at 7.07 3/4. Second support is the 62% retracement level of this year’s rally crossing at 6.95.
July Minneapolis wheat was fractionally higher due to short covering overnight as it consolidates some of the decline off May’s high. However, the low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 7.28 1/4 would confirm that a short-term low has been posted. If July extends this spring’s decline, the 75% retracement level of the January-May rally crossing at 6.56 is the next downside target. First resistance is the 20-day moving average crossing at 7.28 1/4. Second resistance is the reaction high crossing at 7.53 3/4. First support is the 62% retracement level of the January-May rally crossing at 6.83 3/4. Second support is the 75% retracement level of the January-May rally crossing at 6.56.
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July soybeans were lower overnight as it extends the decline off May’s high. The low-range close sets the stage for a steady to lower 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 July extends the decline off May’s high, May’s low crossing at 14.41 3/4 is the next downside target. Closes above the 20-day moving average crossing at 14.84 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 14.84. Second resistance is May’s high crossing at 15.36 3/4. First support is the overnight low crossing at 14.52. Second support is May’s low crossing at 14.41 3/4.
July soybean meal was lower overnight as it extends the decline off last week’s high. The low-range close 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. If July extends the aforementioned decline, May’s low crossing at 471.00 is the next downside target. If July renews this year’s rally, weekly resistance crossing at 527.70 is the next upside target. First resistance is last Monday’s high crossing at 509.40. Second resistance is weekly resistance crossing at 527.70. First support is the overnight low crossing at 480.00. Second support is May’s low crossing at 471.00.
July soybean oil was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 39.90 would confirm that a short-term low has been posted. If July renews the decline off April’s high, February’s low crossing at 37.47 is the next downside target. First resistance is the 20-day moving average crossing at 39.90. Second resistance is the reaction high crossing at 41.39. First support is last Tuesday’s low crossing at 37.76. Second support is February’s low crossing at 37.47.
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U.S. STOCK INDEXES
The June NASDAQ 100 was slightly lower overnight as it consolidates some of the rally off April’s low. 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, monthly resistance crossing at 3862.37 is the next upside target. Closes below the 20-day moving average crossing at 3680.31 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 3800.00. Second resistance is monthly resistance crossing at 3862.37. First support is the 10-day moving average crossing at 3748.13. Second support is the 20-day moving average crossing at 3680.31.
The June S&P 500 was slightly lower overnight as it consolidates some of the rally off April’s low. 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 1904.98 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1949.80. Second resistance is unknown. First support is the 10-day moving average crossing at 1926.27. Second support is the 20-day moving average crossing at 1904.98.
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INTEREST RATES
June T-bonds were lower overnight. 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 38% retracement level of the January-May-rally crossing at 134-12 is the next downside target. Closes above the 10-day moving average crossing at 137-02 are needed to confirm that a short-term low has been posted. First resistance is May’s high crossing at 139-03. Second resistance is weekly resistance crossing at 140-16. First support is the 25% retracement level of the January-May-rally crossing at 136-00. Second support is the 38% retracement level of the January-May-rally crossing at 134-12.
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LIVESTOCK
July hogs closed up $0.68 at $122.17.
July hogs 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 123.77 are needed to confirm that a short-term low has been posted. If July renews the decline off April’s high, the 25% retracement level of the 2013-2014-rally crossing at 118.10 is the next downside target. First resistance is the 20-day moving average crossing at 123.77. Second resistance is the reaction high crossing at 127.20. 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 $1.15 at 141.32.
August cattle closed higher on Thursday and posted a new contract high as it extends this year’s rally. The high-range close sets the stage for a steady to higher 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 August extends the rally off last week’s low, weekly resistance crossing at 142.60 is the next upside target. Closes below the 20-day moving average crossing at 138.73 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 141.40. Second resistance is weekly resistance crossing at 142.60. First support is the 20-day moving average crossing at 138.73. Second support is the reaction low crossing at 136.50.
August feeder cattle closed up $1.05 at $199.82.
August Feeder cattle closed higher on Thursday and posted a new contract 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 overbought but remain 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 194.89 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 199.85. Second resistance is unknown. First support is the 10-day moving average crossing at 196.58. Second support is the 20-day moving average crossing at 194.89.
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PRECIOUS METALS
August gold was higher overnight. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1273.60 are needed to confirm that a short-term low has been posted. If August extends the decline off April’s high, the 75% retracement level of the January-March-rally crossing at 1237.50 is the next downside target. First resistance is the 10-day moving average crossing at 1252.40. Second resistance is the 20-day moving average crossing at 1273.60. First support is the 75% retracement level of the January-March-rally crossing at 1237.50. Second support is the 87% retracement level of the January-March-rally crossing at 1212.80.
July silver was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 19.200 would confirm that a low has been posted. If July renews the decline off May’s high, monthly support crossing at 15.34 is the next downside target. First resistance is the 20-day moving average crossing at 19.200. Second resistance is the reaction high crossing at 20.005. First support is the reaction low crossing at 18.61. Second support is monthly support crossing at 15.34.
July copper was lower overnight as it extends the decline off May’s high. 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 aforementioned decline, May’s low crossing at 300.30 is the next downside target. Closes above the 20-day moving average crossing at 313.34 are needed to confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 313.34. Second resistance is May’s high crossing at 319.25. First support is the overnight low crossing at 301.85. Second support is May’s low crossing at 300.30.
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