Key Market Reports and Commentary for Friday 24/05/2013

F R I D A Y   M O R N I N G   E X T R E M E   M A R K E T S
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KEY EVENTS TO WATCH FOR:
Friday, May 24, 2013
8:30 AM ET. April Advance Report on Durable Goods

Total Orders (expected +1.3%; previous -5.7%)

Orders, Ex-Defense (previous -4.7%)

Orders, Ex-Transportation (previous -1.4%)

Monday, May 27, 2013
N/A                Memorial Day in U.S.

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 lower on Thursday following yesterday’s key
reversal down. A short covering rally tempered early session losses and 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 and are
turning bearish hinting that a short-term top might be in or is near. Closes
below the 20-day moving average crossing at 2955.00 would confirm that a
short-term top has been posted. If June extends the aforementioned rally,
weekly resistance crossing at 3084.00 is the next upside target. First
resistance is Tuesday’s high crossing at 3053.50. Second resistance is weekly
resistance crossing near 3084.00. First support is the 20-day moving average
crossing at 2955.00. Second support is May’s low crossing at 2862.24.

The June S&P 500 closed lower on Thursday as it extends Wednesday’s decline.
A short covering rally tempered early session losses and 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 bearish hinting that a
short-term top might be in or is near. Closes below the 20-day moving average
crossing at 1626.71 are needed to confirm that a short-term top has been
posted. If June extends this year’s rally into uncharted territory, upside
targets will be hard to project. First resistance is Wednesday’s high crossing
at 1685.50. 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 1651.19. Second support is the 20-day moving average
crossing at 1626.71.

The Dow closed higher on Thursday leaving yesterday’s key reversal down
unconfirmed. Stochastics and the RSI are overbought and are turning neutral to
bearish hinting that a short-term top might be in or is near. The high-range
close sets the stage for a steady to higher opening on Friday. 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
15,086 would confirm that a short-term top has been posted. First resistance is
Wednesday’s high crossing at 15,542. Second resistance will be hard to project
with the Dow trading into uncharted territory. First support is the 10-day
moving average crossing at 15,264. Second support is the 20-day moving average
crossing at 15,086.

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June T-bonds closed up 7/32’s at 143-02.

June T-bonds closed slightly higher on Thursday as it consolidated some of
the Wednesday’s decline. 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 June extends the decline off May’s high, the 87% retracement
level of the March-May rally crossing at 141-19 is the next downside target.
Closes above the 20-day moving average crossing at 145-29 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 144-03. Second resistance is the 20-day moving average crossing at
145-29. First support is today’s low crossing at 142-09. Second support is the
87% retracement level of the March-May rally crossing at 141-19.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

July crude oil closed slightly higher on Thursday as it consolidated some of
today’s early weakness. The high-range close sets the stage for a steady to
higher opening when Friday’s night session begins. Stochastics and the RSI are
diverging but turning bearish hinting that a double top might be in or is near.
Closes below last Wednesday’s low crossing at 92.13 are needed to confirm that
a double top has been posted. If July extends the rally off April’s low,
April’s high crossing at 98.06 is the next upside target. 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 May’s low crossing at 90.32.

June heating oil closed lower on Thursday as it extended this week’s
decline. A short covering rally tempered early-session losses and 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 diverging and are
turning bearish hinting that a short-term top might be in or is near. Closes
below last Wednesday’s low crossing at 281.93 are needed to confirm that a top
has been posted. If June renews the rally off April’s low, the 50% retracement
level of the February-April decline crossing at 298.06 is the next upside
target. 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 higher due to short covering on Thursday but
remains below the 20-day moving average crossing at 283.94. The high-range
close sets the stage for a steady to higher opening when Friday’s night session
begins trading. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. If June renews the rally off
May’s low, the 50% retracement level of the February-May decline crossing at
296.45 is the next upside target. 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 reaction low
crossing at 277.04. Second support is May’s low crossing at 268.79.

June Henry natural gas closed higher on Thursday as it extends this week’s
rally. The high-range close sets the stage for a steady to higher opening on
Friday. 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. Closes below the
10-day moving average crossing at 4.064 would confirm that a short-term top has
been posted. First resistance is today’s high crossing at 4.269. Second
resistance is May’s high crossing at 4.444. First support is the 10-day moving
average crossing at 4.064. Second resistance is the 50% retracement level of
this year’s rally crossing at 3.831.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar closed sharply lower on Thursday as it consolidates below
resistance marked by 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 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 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 83.03 would confirm that a short-term top has been
posted. First resistance is today’s high crossing at 84.59. Second resistance
is the July 2012 high crossing at 85.29. First support is the 10-day moving
average crossing at 83.80. Second support is the 20-day moving average crossing
at 83.02.

The June Euro closed higher due to short covering 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 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 130.06 are needed to confirm that a
low has been posted. If June renews the decline off May’s high, April’s low
crossing at 127.51 is the next downside target. First resistance is the 20-day
moving average crossing at 130.06. 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 higher due to short covering on Thursday as it
consolidated some of this month’s decline. 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 June extends this
month’s decline, March’s low crossing at 1.4823 is the next downside target.
Closes above the 20-day moving average crossing at 1.5362 are needed to confirm
that a low has been posted. First resistance is the 10-day moving average
crossing at 1.5209. Second resistance is the 20-day moving average crossing at
1.5362. First support is today’s low crossing at 1.5012. Second support is
March’s low crossing at 1.4823.

The June Swiss Franc 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 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 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
.10513 would confirm that a short-term low has been posted. First resistance is
the 10-day moving average crossing at .10348. Second resistance is the 20-day
moving average crossing at .10513. First support is Wednesday’s low crossing at
.10166. Second support is the July 2012 low crossing at .10148.

The June Canadian Dollar closed higher due to short covering on Thursday as
it consolidates some of Wednesday’s decline. The high-range close sets the
stage for a steady to higher opening when Friday’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
May’s low crossing at 95.30 is the next downside target. Closes above the
20-day moving average crossing at 98.43 are needed to confirm that a low has
been posted. First resistance is the 10-day moving average crossing at 97.77.
Second resistance is the 20-day moving average crossing at 98.43. First support
is today’s low crossing at 96.15. Second support is last May’s low crossing at
95.30.

The June Japanese Yen closed higher due to short covering on Thursday as it
consolidates some of its recent losses. 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 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 .9960 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at .9960. Second resistance is the reaction high crossing at .10147.
First support is Wednesday’s low crossing at .9640. Second support is monthly
support crossing at .9421.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold closed higher on Thursday as it extended the trading range of the
past five days. The high-range close sets the stage for a steady to lower
opening when Friday’s night session begins trading. Stochastics and the RSI are
turning bullish hinting that a low might be in or is near. Closes above the
20-day moving average crossing at 1429.60 are needed to confirm that a
short-term low has been posted. If June renews this month’s decline, April’s
low crossing at 1321.50 is the next downside target. First resistance is the
20-day moving average crossing at 1429.60. 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 slightly higher 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 bullish signaling that a low might be in
or is near. Closes above the 20-day moving average crossing at 23.371 are
needed to confirm that a low has been posted. If July renews 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 23.371. 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 due to profit taking on Thursday as it consolidated
some of the rally off May’s low. The mid-range close sets the stage for a
steady opening when Friday’s night session begins trading. Stochastics and the
RSI are diverging but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If July extends 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 328.55 would confirm that a
short-term top has been posted. First resistance is Wednesday’s high crossing
at 341.80. Second resistance is April’s high crossing at 345.95. First support
is the 20-day moving average crossing at 328.55. Second support is May’s low
crossing at 304.65.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

July coffee closed higher due to short covering on Thursday as it
consolidates some of this month’s decline. The mid-range close set the stage
for a steady 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 the aforementioned decline, weekly support crossing
at 11.33 is the next downside target. Closes above the 20-day moving average
crossing at 13.86 would confirm that a short-term low has been posted.

July cocoa closed lower on Thursday as it extends this month’s decline. The
low-range close sets the stage for a steady to lower opening on Friday.
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 23.50 are
needed to confirm that a low has been posted.

July sugar closed higher due to short covering on Thursday as it
consolidates some of this month’s decline. The mid-range close set 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. 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 17.23 are needed to confirm that a short-term
low has been posted.

July cotton closed lower on Thursday as it extends this month’s decline. 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 extends today’s decline, the 62% retracement
level of the November-March rally crossing at 80.56 is the next downside
target. Closes above the 20-day moving average crossing at 85.83 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 up 3 1/2-cents at 6.62.

July corn closed higher on Thursday. The mid-range close sets the stage for
a steady opening when Friday’s night session begins trading. If July renews the
rally off April’s low, the April 1st gap crossing at 6.76 is the next upside
target. Closes below the reaction low crossing at 6.25 would confirm a downside
breakout of this month’s trading range while opening the door for a possible
test of April’s low crossing at 6.10. 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 up 14 3/4-cents at 7.03 1/4.

July wheat closed higher due to short covering on Thursday as it
consolidated some of this month’s decline. 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 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 7.04 3/4 are needed to confirm that a low has been posted. If July
renews this month’s decline, April’s low crossing at 6.64 3/4 is the next
downside target. First resistance is the 20-day moving average crossing at 7.04
3/4. Second resistance is April’s high crossing at 7.36 3/4. First support is
Tuesday’s low crossing at 6.74. Second support is April’s low crossing at 6.64
3/4.

July Kansas City Wheat closed up 11 1/4-cents at 7.54 1/2.

July Kansas City wheat closed higher due to short covering on Thursday. The
mid-range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are oversold and are turning bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at 7.61
are needed to confirm that a low has been posted. If July renews this month’s
decline, April’s low crossing at 7.16 1/2 is the next downside target. First
resistance is the 20-day moving average crossing at 7.61. 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 5 1/2-cents at 8.13 1/4.

July Minneapolis wheat closed higher on Thursday. Stochastics and the RSI
are 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 5 1/4-cents at 14.99 1/2.

July soybeans closed higher on Thursday as it extends the rally off April’s
low. Profit taking tempered early session gains 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 are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible. If July extends the
rally off April’s low, the 87% retracement level of the aforementioned decline
crossing at 15.72 is the next upside target. Closes below the 20-day moving
average crossing at 14.16 1/2 would confirm that a short-term top has been
posted. First resistance is today’s high crossing at 15.46 3/4. Second
resistance is the 87% retracement level of the aforementioned decline crossing
at 15.72. First support is the 10-day moving average crossing at 14.45 3/4.
Second support is the 20-day moving average crossing at 14.16 1/2.

July soybean meal closed down $3.60 at $437.00.

July soybean meal posted a downside reversal on Thursday and closed lower.
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 remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. If July extends the rally off April’s low, the 87% retracement level
of the September-January decline crossing at 456.10 is the next upside target.
Closes below the 20-day moving average crossing at 415.60 are needed to confirm
that a short-term top has been posted. First resistance is today’s high
crossing at 451.40. Second resistance is the 87% retracement level of the
September-January decline crossing at 456.10. First support is the 10-day
moving average crossing at 423.50. Second support is the 20-day moving average
crossing at 415.60.

July soybean oil closed up 2 pts. at 49.66.

July soybean closed slightly higher on Thursday but 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. 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 49.28 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 49.28. Second support is April’s low crossing
at 48.08.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed down $0.35 at $94.20.

June hogs posted an inside day with a lower close on Thursday as it
consolidated some of the rally off March’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 June extends the rally off March’s low, the
62% retracement level of the December-March decline crossing at 96.18 is the
next upside target. Closes below the 20-day moving average crossing at 92.18
would confirm that a short-term top has been posted. First resistance is
Tuesday’s high crossing at 94.60. Second resistance is the 62% retracement
level of the December-March decline crossing at 96.18. First support is the
20-day moving average crossing at 92.18. Second support the reaction low
crossing at 90.00.

June cattle closed down $0.87 at 119.12.

June cattle 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 neutral to bullish signaling that sideways to
higher prices are possible near-term. Closes above the 20-day moving average
crossing at 120.96 would confirm that a short-term low has been posted. If June
renews 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
120.96. 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 down $1.67 at $142.65.

August Feeder cattle 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 are neutral to bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at
146.60 are needed to 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 146.60. 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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Annunci

Key Market Reports and Commentary for Monday 20/05/2013

M O N 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:
Monday, May 20, 2013
8:30 AM ET. April Chicago Fed National Activity Index

National Activity Index (previous -0.23)

3 Month Moving Average (previous -0.01)

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 was slightly lower due to profit taking 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 November’s low,
weekly resistance crossing at 3084.00 is the next upside target. Closes below
the 20-day moving average crossing at 2928.17 would confirm that a short-term
top has been posted. First resistance is last Friday’s high crossing at
3028.25. Second resistance is weekly resistance crossing at 3084.00. First
support is the 10-day moving average crossing at 2986.12. Second support is the
20-day moving average crossing at 2928.47.

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, upside targets will be hard to
project with the index trading into uncharted territory. Closes below the
20-day moving average crossing at 1614.40 are needed to confirm that a
short-term top has been posted. First resistance is last Friday’s high crossing
at 1665.50. Second resistance will be hard to project with the index trading
into uncharted territory. First support is the 10-day moving average crossing
at 1641.03. Second support is the 20-day moving average crossing at 1614.40.

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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was lower overnight as it extends last Friday’s decline.
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 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 146-20 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 145-02. Second resistance
is the 20-day moving average crossing at 146-20. First support is the 62%
retracement level of the March-May rally crossing at 143-31. 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 was lower overnight as it consolidates some of the rally off
last Wednesday’s low. Stochastics and the RSI are turning bullish signaling
that sideways to higher prices are possible near-term. If June 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 are needed to confirm that
a short-term top has been posted. First resistance is April’s high crossing at
98.06. Second resistance is February’s high crossing at 99.52. First support is
last Wednesday’s low crossing at 92.13. Second support is the reaction low
crossing at 90.11.

June heating oil was lower overnight as it consolidates some of the rally
off last Wednesday’s low. Stochastics and the RSI have turned 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 297.99 is the next upside target. Closes below last Wednesday’s low
crossing at 281.93 would confirm that a short-term top has been posted. First
resistance is the 50% retracement level of the February-April decline crossing
at 297.99. Second resistance is the 62% retracement level of the
February-April-decline crossing at 304.15. First support is last Wednesday’s
low crossing at 281.93. Second support is the reaction low crossing at 275.97.

June unleaded gas was lower overnight as it consolidates some of the rally
off May’s low. Stochastics and the RSI are overbought but remain bullish
signaling that sideways to higher prices are possible near-term. If June
extends this month’s rally, 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 282.84 would confirm that a short-term top has been
posted. First resistance is the 50% retracement level of the February-May
decline crossing at 296.45. Second resistance is the 62% retracement level of
the February-May decline crossing at 302.99. First support is the 20-day moving
average crossing at 282.84. Second support is May’s low crossing at 268.79.

June Henry natural gas was higher overnight and trading above the 20-day
moving average crossing at 4.097. Stochastics and the RSI have turned bullish
signaling that a low is in or is near. Closes above the 20-day moving average
crossing at 4.097 are needed to confirm that a short-term low has been posted
and would open the door for additional gains near-term. If June renews this
month’s decline, the 50% retracement level of the January-April-rally crossing
at 3.830 is the next downside target. First resistance is the 20-day moving
average crossing at 4.097. Second resistance is May’s high crossing at 4.444.
First support is the 50% retracement level of the January-April-rally crossing
at 3.830. Second support is the 62% retracement level of the
January-April-rally crossing at 3.684.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was lower overnight as it consolidates some of 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 June
extends the rally off May’s low, the July 2012 high crossing at 85.29 is the
next upside target. Closes below the 20-day moving average crossing at 82.88
would confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 84.51. Second resistance is the July 2012 high
crossing at 85.29. First support is the 10-day moving average crossing at
83.37. Second support is the 20-day moving average crossing at 82.88.

The June Euro was higher due to short covering overnight as it consolidates
some of May’s decline. 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 127.51 is the next
downside target. Closes above the 20-day moving average crossing at 130.23 are
needed to confirm that a low has been posted. First resistance is the 20-day
moving average crossing at 130.23. 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 was slightly higher overnight as it consolidates some
of last Friday’s decline. 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 1.5027
is the next downside target. Closes above the 20-day moving average crossing at
1.5391 would confirm that the short-term top has been posted. First resistance
is the 20-day moving average crossing at 1.5391. Second resistance is the 50%
retracement level of the January-March decline crossing at 1.5564. First
support is last Friday’s low crossing at 1.5154. Second support is April’s low
crossing at 1.5027.

The June Swiss Franc was higher due to short covering overnight as it
consolidates some of this month’s decline. This spring’s head and shoulder’s
top projects a decline, which could test last July’s low crossing at .10148.
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, last July’s low crossing at .10148 is the next downside
target. Closes above the 20-day moving average crossing at .10557 would confirm
that a low has been posted. First resistance is the 10-day moving average
crossing at .10449. Second resistance is the 20-day moving average crossing at
.10557. First support was last Friday’s low crossing at .10245. Second support
is last July’s low crossing at .10148.

The June Canadian Dollar was slightly higher due to short covering overnight
as it consolidates some of last Friday’s decline. Stochastics and the RSI
remain bearish signaling that sideways to lower prices are possible near-term.
If June extends this month’s decline, March’s low crossing at 96.46 is the next
downside target. Closes above the 20-day moving average crossing at 98.47 are
needed to confirm that a short-term low has been posted. First resistance is
the 20-day moving average crossing at 98.47. Second resistance is May’s high
crossing at 99.77. First support is last Friday’s low crossing at 96.73. Second
support is March’s low crossing at 96.46.

The June Japanese Yen was higher due to short covering overnight as it
consolidates some of this year’s decline. 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 .10005 are needed to confirm that a low has been posted.
First resistance is the 10-day moving average crossing at .9863. Second
resistance is the 20-day moving average crossing at .10005. First support is
last Friday’s low crossing at .9680. Second support is monthly support crossing
at .9421.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold was lower overnight as it extends this month’s decline. The
mid-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
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 1436.00 are
needed to confirm that a short-term top has been posted. First resistance is
the 20-day moving average crossing at 1436.00. Second resistance is May’s high
crossing at 1487.20. First support is the overnight low crossing at 1336.30.
Second support is April’s low crossing at 1321.50.

July silver was lower overnight renewing this year’s decline. Stochastics
and the RSI are becoming 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 2008-2011-rally crossing at 19.316 is
the next downside target. Closes above the 20-day moving average crossing at
23.443 are needed to confirm that a low has been posted First resistance is the
20-day moving average crossing at 23.443. Second resistance is the reaction
high crossing at 24.835. First support is the overnight low crossing at 22.250.
Second support is the 75% retracement level of the 2008-2011-rally crossing at
19.316.

July copper was lower overnight as it consolidates some of the rebound off
last Wednesday’s low. Stochastics and the RSI are turning neutral signaling
that sideways to higher prices are possible near-term. If July renews this
month’s rally, the 50% retracement level of this year’s decline crossing at
342.84 is the next upside target. Closes below the 20-day moving average
crossing at 325.65 are needed to confirm that a short-term top has been posted.
First resistance is the reaction high crossing at 339.90. Second resistance is
the 50% retracement level of this year’s decline crossing at 342.84. First
support is the 20-day moving average crossing at 325.64. Second support is
May’s low crossing at 304.25.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

July coffee closed lower on Friday as it extended this week’s decline. The
low-range close set the stage for a steady to lower opening on Monday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If July extends this week’s decline, April’s low crossing
at 13.27 is the next downside target. Closes above the 10-day moving average
crossing at 14.28 would confirm that a short-term low has been posted.

July cocoa closed higher due to short covering on Friday. The mid-range
close sets the stage for a steady opening on Monday. 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 higher due to short covering on Friday. The mid-range
close set the stage for a steady opening on Monday. 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 17.39 are needed to confirm that a
short-term low has been posted.

July cotton closed higher on Friday and the high-range close sets the stage
for a steady to higher opening on Monday. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at 85.96 would confirm that a short-term top
has been posted. If July extends the rally off April’s low, the reaction high
crossing at 91.58 is the next upside target.
———————————————————————

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

July corn was higher overnight as it continues to extend this month’s
trading range. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes below the reaction low
crossing at 6.25 would open the door for a test of April’s low crossing at
6.10. 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 April 1st gap crossing
at 6.76. Second resistance is the August-March downtrend line crossing near
6.91 3/4. First support is the reaction low crossing at 6.25. Second support is
April’s low crossing at 6.10.

July wheat was fractionally lower overnight as it extends this month’s
decline. 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
bearish signaling that sideways to lower prices are possible near-term. If July
extends the decline off May’s high, 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
3/4 would temper the near-term bearish outlook. First resistance is the 20-day
moving average crossing at 7.05 3/4. Second resistance is the reaction high
crossing at 7.27 3/4. First support is last Friday’s low crossing at 6.80 1/4.
Second support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed down 6 1/4-cents at 7.37 1/4.

July Kansas City wheat closed lower on Friday as it extends the decline off
April’s high. The low-range close sets the stage for a steady to lower opening
on Monday. Stochastics and the RSI remain 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 would confirm that a low has been
posted. First resistance is the 20-day moving average crossing at 7.61. Second
resistance is April’s high crossing at 7.96 3/4. First support is last Friday’s
low crossing at 7.36 1/4. Second support is April’s low crossing at 7.16 1/2.

July Minneapolis wheat was fractionally higher overnight as it extends this
month’s trading range. The low-range close sets the stage for a steady to lower
opening when the day session begins to trade. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. Closes below the reaction low crossing at 8.02 would
confirm a downside breakout of this month’s trading range while opening the
door for additional weakness near-term. If July renews the rally off April’s
low, the 38% retracement level of the July-April decline crossing at 8.53 3/4
is the next upside target. First resistance is the reaction high crossing at
8.34 1/2. Second resistance is the 38% retracement level of the July-April
decline crossing at 8.53 3/4. 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 were higher overnight as they extend the rally off April’s
low. The mid-range close sets the stage for steady to higher opening when the
day session begins trading later this morning. Stochastics and the RSI are
overbought but remain bullish signaling that sideways to higher prices are
possible near-term. If July extends the rally off April’s low, March’s high
crossing at 14.63 1/2 is the next upside target. Closes below the 20-day moving
average crossing at 13.96 would confirm that a short-term top has been posted.
First resistance is March’s high crossing at 14.63 1/2. Second resistance is
the 50% retracement level of the September-November decline crossing at 14.68
1/2. First support is the 10-day moving average crossing at 14.15 1/4. Second
support is the 20-day moving average crossing at 13.96.

July soybean meal was higher overnight as it extends the rally off April’s
low. The mid-range close sets the stage for a steady to higher opening when the
day session begins trading. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If July extends the rally off
April’s low, March’s high crossing at 436.20 is the next upside target. Closes
below the 20-day moving average crossing at 408.80 are needed to confirm that a
short-term top has been posted. First resistance is the overnight high crossing
at 428.70. Second resistance is March’s high crossing at 436.20. First support
is the 10-day moving average crossing at 413.50. Second support is the 20-day
moving average crossing at 408.80.

July soybean oil was lower overnight while extending this spring’s trading
range. The low-range close sets the stage for a steady to lower opening when
the day session begins trading. Stochastics and the RSI remain neutral to
bullish signaling that sideways to higher prices are possible near-term. Closes
above the reaction high crossing at 50.42 are needed to confirm that a low has
been posted. If July renews this year’s decline, the 50% retracement level of
the 2010-2011-rally crossing at 46.56 is the next downside target. First
resistance is the reaction high crossing at 50.42. Second resistance is March’s
high crossing at 51.24. First support is April’s low crossing at 48.08. Second
support is the 50% retracement level of the 2010-2011-rally crossing at 46.56.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed down $1.35 at $91.52.

June hogs posted a key reversal down on Friday. The low-range close sets the
stage for a steady to lower opening when Monday’s night session begins trading.
Stochastics and the RSI are neutral to bullish signaling that sideways to
higher prices are possible near-term. 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. Closes below the reaction low crossing at 90.00
would confirm that a short-term top has been posted. First resistance is
today’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 down $0.50 at 119.40.

June cattle closed lower on Friday renewing the decline off December’s high.
The mid-range close sets the stage for a steady opening when Monday’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 June
extends this week’s decline, weekly support crossing at 115.44 is the next
downside target. Closes above the 20-day moving average crossing at 121.28
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 120.39. Second resistance is the 20-day
moving average crossing at 121.28. First support is today’s low crossing at
118.80. Second support is weekly support crossing at 115.44.

August feeder cattle closed down $1.75 at $143.37.

August Feeder cattle gapped down and closed lower on Friday thereby renewing
the decline off January’s high. The low-range close sets the stage for a steady
to lower opening when Monday’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 August extends this year’s decline, weekly support
crossing at 132.45 is the next downside target. Closes above the 20-day moving
average crossing at 147.55 would confirm that a low has been posted. First
resistance is the 20-day moving average crossing at 147.55. Second resistance
is the reaction high crossing at 152.17. First support is today’s low crossing
at 143.30. Second support is weekly support crossing at 132.45.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

 

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Wednesday

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:
Monday, May 13, 2013
8:30 AM ET. April Advance Monthly Sales for Retail & Food Services

Overall Sales (previous -0.4%)

Sales, Ex-Auto (previous -0.4%)

10:00 AM ET. March Manufacturing & Trade: Inventories & Sales

Total Inventories (previous +0.1%)

10:00 AM ET. New York Fed’s Small Business Credit Survey

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

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today and hit new record or multi-year highs. The
bull market in stocks rolls on. There are no early
technical clues to suggest market tops are close at hand.
Many traders and investors reckon that with interest rates
worldwide extremely low, investing in the stock market is
the only game in town that produces a decent return. The
stock index bulls have the solid overall near-term
technical advantage. It was an uneventful overnight trade
in Asia and Europe Tuesday. Fresh economic data from Europe
was mixed Tuesday. The German ZEW index for May came in at
36.4 versus 36.3 in April, but below expectations of 39.5.
However, European Union industrial production rose 1.0% in
March, the largest monthly increase in 1.5 years. Good
demand at a Spanish government bond auction is a clue that
the European sovereign debt crisis is presently residing on
the back burner of the market place stove. Australia’s
government budget was released Tuesday and it hinted
further easing of that country’s monetary policy is very
possible. That news dropped the Aussie dollar to an 11-

month low versus the greenback.

_____________________________________________________________________

 

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June U.S. T-Bonds closed down 19/32 at 144 1/32 today.
Prices closed nearer the session low today and hit a fresh
six-week low. Bond market bears have the near-term
technical advantage. Prices are in a steep two-week-old
downtrend on the daily bar chart. Investor money keeps
flowing into the stock market, which takes away from money
going into other investment assets, including bonds.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

ENERGIES: June Nymex crude oil closed down $0.96 at
$94.24 today. Prices closed nearer the session low today
and were again pressured by a firmer U.S. dollar index and
worries about worldwide demand. Crude bulls and bears are
now back on a level near-term technical playing field.
Prices are still in a four-week-old uptrend on the daily
bar chart.

June heating oil closed down 186 points at $2.8731 today.
Prices closed nearer the session low today. Bears have the
overall near-term technical advantage.

June (RBOB) unleaded gasoline closed up 157 points at
$2.8380 today. Prices closed nearer the session high today.
The gasoline bears still have the slight overall near-term
technical advantage.

June natural gas closed up 9.3 cents at $4.018 today.
Prices closed nearer the session high today and saw more
short covering. Bulls had faded recently but have the
slight overall near-term technical advantage.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

CURRENCIES: The June Euro currency
closed down 30 points at 1.2942 today. Prices closed near
the session low today, hit a fresh six-week low and scored
a bearish “outside day” down on the daily bar chart. Bears
have the near-term technical advantage.

The June Japanese yen closed down 29 points at .9781 today.
Prices closed nearer the session low today and hit another
fresh contract low. Bears have the solid overall near-term
technical advantage and have gained power recently to
suggest a fresh leg down in prices in the near term.

The June Swiss franc closed down 73 points at 1.0364 today.
Prices closed near the session low and hit a fresh nine-

month low today. Prices also scored a big and bearish
“outside day” down on the daily bar chart. The bears have
the solid near-term technical advantage.

The June Canadian dollar closed down 58 points at .9829
today. Prices closed nearer the session low today and hit a
two-week low. Bulls faded today and are now back on a level
near-term technical playing field with the bears.

The June British pound closed down 68 points at 1.5219
today. Prices closed near the session low today and hit a
fresh three-week low. Bulls have faded and are now back on
a level technical playing field with the bears.

The June U.S. dollar index closed up .330 at 83.690 today.
Prices closed near the session high, scored a bullish
“outside day” up on the daily bar chart and hit a fresh
nine-month high today. The bulls have good upside momentum
on their side and have the solid near-term technical
advantage.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

METALS: June gold futures closed down $8.60 an ounce at
$1,425.70 today. Prices closed nearer the session low
today. The key “outside markets” were again in a bearish
posture for the gold market today as the U.S. dollar index
was firmer and crude oil prices were weaker. The gold bears
remain in near-term technical control and have recently
gained some downside momentum. Prices are in a seven-month-

old downtrend on the daily bar chart.

July silver futures closed down $0.331 an ounce at $23.365
today. Prices closed near mid-range. The key “outside
markets” were bearish for silver again today as the U.S.
dollar index was higher and crude oil prices were weaker.
Silver bears are in overall technical control. Prices are
in a seven-month-old downtrend on the daily bar chart.

May N.Y. copper closed down 720 points at 329.00 cents
today. Prices closed nearer the session low. The key
“outside markets” were bearish for copper again today as
the U.S. dollar index was higher and crude oil prices were
weaker. Copper bears regained the slight near-term
technical advantage today.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

SOFTS: July sugar closed down 24 points at 17.01 cents
today. Prices closed near the session low and hit a fresh
2.5-year low. The key “outside markets” were again bearish
for the sugar market today, as the U.S. dollar index was
higher and crude oil prices were weaker. The sugar bears
have the solid overall near-term technical advantage.
Prices are in a 4.5-month-old downtrend on the daily bar
chart.

July coffee closed down 155 points at 144.20 cents today.
Prices closed nearer the session low. The key “outside
markets” were bearish for coffee today as the U.S. dollar
index was higher and crude oil prices were weaker. The
coffee bulls and are on a level technical playing field
with the bears but need to show fresh power soon to keep
that status.

July cocoa closed up $29 at $2,355 a ton today. Prices
closed nearer the session high. The cocoa bulls have the
near-term technical advantage.

July cotton closed up 76 points at 86.80 cents today.
Prices closed nearer the session high. Cotton bulls have
the slight near-term technical advantage.

July orange juice closed up 65 points at $1.4880 today.
Prices closed nearer the session high today and closed at a
fresh four-week high close. The FCOJ bulls have the overall
near-term technical advantage.

July lumber futures closed down $9.80 at $327.70 today.
Prices closed nearer the session low today and hit a fresh
seven-month low. Bears have the solid near-term technical
advantage. A two-month-old downtrend is in place on the
daily bar chart.

———————————————————————

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

GRAINS: July corn futures closed down 4 1/2 cents at
$6.51 Tuesday. Prices closed near mid-range on a corrective
pullback from Monday’s solid gains. Drier and warmer
weather is forecast for the U.S. Corn Belt the next couple
days, which is bearish for corn. However, the extended
forecast does call for rain and cooler temperatures in the
Corn Belt. Traders are reckoning the growing season in the
U.S. is a long one, and recent weather extremes in the U.S.
Corn Belt could continue in the coming months and make for
volatile trading conditions during that time.

July soybeans closed down 4 cents at $14.15 1/4 a bushel
Tuesday. Prices closed near mid-range and did hit a fresh
six-week high early on. The soybean market bulls have the
slight near-term technical advantage. Recent wild weather
swings in the U.S. Corn Belt have called into question
whether optimum growing weather can be achieved for the
soybean crop this year.

July soybean meal closed down $2.80 at $412.30 Tuesday.
Prices closed nearer the session low. The meal bulls have
the slight near-term technical advantage.

July bean oil closed up 13 points at 49.74 cents Tuesday.
Prices closed near the session high and closed at a fresh
four-week high close. More short covering in a bear market
was featured. The bean oil bears still have the overall
near-term technical advantage. However, a bullish rounding-

bottom reversal pattern is forming on the daily bar chart.

July Chicago SRW wheat closed up 2 1/2 cents at $7.12 1/4
Tuesday. Prices closed near mid-range again and saw more
tepid short covering in a bear market. The wheat market
bears now have the near-term technical advantage.

July HRW wheat closed up 1/4 cent at $7.66 3/4 Tuesday.
Prices closed near mid-range on tepid short covering. The
wheat market bears have the slight near-term technical
advantage.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: June live cattle closed up $0.17 at $120.75
today. Prices closed nearer the session low today. Not much
new in cattle. The key “outside markets” were again bearish
for the cattle market today as the U.S. dollar index was
higher and crude oil prices were lower. Cattle futures
bears have the solid overall near-term technical advantage.

August feeder cattle closed up $0.22 at $146.42 today.
Tepid short covering in a bear market was featured. The
feeder bears still have the solid overall near-term
technical advantage.

June lean hogs closed up $1.57 at $92.50 today. Prices
closed nearer the session high today on short covering.
Bulls regained some upside technical momentum today.

The hog bulls and bears are now back on a level near-term
technical playing field.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

 

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Thursday 09/05/2013

T H U R 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:
Thursday, May 9, 2013
8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 985.3K)

Soybeans, In Metric Tons (previous 1231.3K)

Wheat, In Metric Tons (previous 716.5K)

8:30 AM ET. Unemployment Insurance Weekly Claims Report – Initial Claims

Weekly Jobless Claims (expected (expected 335K; previous 324K)

Weekly Jobless Claims Net Change (previous -18K)

Cont Jobless Claims (prior week) (previous 3019000)

Cont Jobless Claims Net Chg (prior week) (previous +12K)

10:00 AM ET. March Monthly Wholesale Trade

Inventories (expected +0.4%; previous -0.3%)

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous +0.2%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.8%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (expected 1865B; previous 1777B)

Total Working Gas in Storage (Net Change) (expected +88B; previous +43B)

12:00 PM ET. April ICSC Chain Store Sales Trends

4:30 PM ET. Money Stock Measures

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings (previous 15M)

Primary Credit Borrowings W/E Daily Avg. (previous 10M)

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings (previous 41M)

Discount Window Borrowings W/E Daily Avg. (previous 27M)
4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings (previous 3.3T)

US Foreign Agency Holdings (previous 310.75B)

Foreign Treasury Holdings (previous 2.95T)

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 was lower due to light profit taking overnight as it
consolidates some of 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 November’s low,
weekly resistance crossing at 3084.00 is the next upside target. Closes below
the 20-day moving average crossing at 2855.53 would confirm that a short-term
top has been posted. First resistance is the overnight high crossing at
2967.50. Second resistance is weekly resistance crossing near 3084.00. First
support is the 10-day moving average crossing at 2908.25. Second support is the
20-day moving average crossing at 2855.53.

The June S&P 500 was slightly lower due to light profit taking 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, upside
targets will be hard to project with the index trading into uncharted
territory. Closes below the 20-day moving average crossing at 1581.64 would
confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 1631.20. Second resistance will be hard to project
with the index trading into uncharted territory. First support is the 10-day
moving average crossing at 1602.57. Second support is the 20-day moving average
crossing at 1581.64.

_____________________________________________________________________

 

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was higher due to short covering overnight as it consolidates
some of this month’s decline. Stochastics and the RSI are oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-tern. If June extends the aforementioned decline, the 50% retracement
level of the March-May rally crossing at 145-02 is the next downside target.
Closes above the 20-day moving average crossing at 147-28 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 147-28. Second resistance is this month’s high crossing at 149-21.
First support is the 38% retracement level of the March-May rally crossing at
146-04. Second support is the 50% retracement level of the March-May rally
crossing at 145-02.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

June crude oil was lower due to light profit taking 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,
April’s high crossing at 98.06 is the next upside target. Multiple closes below
the 20-day moving average crossing at 92.13 would confirm that a short-term top
has been posted. First resistance is April’s high crossing at 98.06. Second
resistance is February’s high crossing at 99.52. First support is the 10-day
moving average crossing at 94.62. Second support is the 20-day moving average
crossing at 92.13.

June heating oil 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 aforementioned rally, the February-April uptrend
line crossing near 294.90 is the next upside target. Closes below the 20-day
moving average crossing at 284.21 would confirm that a short-term top has been
posted. First resistance is the February-April uptrend line crossing near
294.90. Second resistance is the 50% retracement level of the
February-April-decline crossing at 298.06. First support is the 10-day moving
average crossing at 287.77. Second support is the 20-day moving average
crossing at 284.22.

June unleaded gas was lower overnight as it consolidates some of the rally
off this month’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 last Wednesday’s low, the 38% retracement level of
the February-May decline crossing at 290.15 is the next upside target. Closes
below the 20-day moving average crossing at 278.93 would confirm that a
short-term top has been posted. First resistance is the 38% retracement level
of the February-May decline crossing at 290.15. Second resistance is the 50%
retracement level of the February-May decline crossing at 296.67. First support
is the 20-day moving average crossing at 278.93. Second support is this month’s
low crossing at 268.79.

June Henry natural gas was 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 this month’s decline, the 50%
retracement level of the January-April-rally crossing at 3.830 is the next
downside target. Closes above the 20-day moving average crossing at 4.195 would
confirm that a short-term low has been posted. First resistance is the 20-day
moving average crossing at 4.195. Second resistance is April’s high crossing at
4.457. First support is Wednesday’s low crossing at 3.895. Second support is
the 50% retracement level of the January-April-rally crossing at 3.830.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was steady to slightly lower overnight as it consolidates
some of the rally off May’s low. Stochastics and the RSI are turning neutral to
bearish signaling that sideways to lower prices are possible near-term. If June
renews the decline off April’s high, the 62% retracement level of the
February-April rally crossing at 80.84 is the next downside target. Closes
above the 20-day moving average crossing at 82.40 are needed to confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 82.40. Second resistance is the reaction high crossing at 83.32.
First support is the 50% retracement level of the February-April rally crossing
at 81.38. Second support is the 62% retracement level of the February-April
rally crossing at 80.84.

The June Euro was lower overnight. Stochastics and the RSI are turning
bullish signaling that sideways to higher prices are possible near-term. If
June renews the rally off April’s low, the 62% retracement level of the
February-April decline crossing at 133.58 is the next upside target. Closes
below last Friday’s low crossing at 130.35 would confirm that a top has been
posted while opening the door for additional weakness near-term. First
resistance is the 50% retracement level of the February-April decline crossing
at 132.43. Second resistance is the 62% retracement level of the February-April
decline crossing at 133.58. First support is last Friday’s low crossing at
130.35. Second support is the reaction low crossing at 129.59.

The June British Pound was higher overnight as it extends the trading range
of the past seven-days around the 50% retracement level of the January-March
decline crossing at 1.5564. Stochastics and the RSI are overbought but are
neutral to bullish signaling that sideways to higher prices are possible
near-term. If June extends the rally off March’s low, the 62% retracement level
of the January-March decline crossing at 1.5738 is the next upside target.
Closes below the 20-day moving average crossing at 1.5411 would confirm that
the short-term top has been posted while opening the door for additional
weakness near-term. First resistance is the 50% retracement level of the
January-March decline crossing at 1.5564.Second resistance is the 62%
retracement level of the January-March decline crossing at 1.5738. First
support is the 20-day moving average crossing at 1.5411. Second support is the
reaction low crossing at 1.5192.

The June Swiss Franc was slightly higher overnight as it consolidates some
of this month’s decline. Stochastics and the RSI are turning neutral to bullish
signaling that a low might be in or is near. If June extends this month’s
decline, the late-April low crossing at .10532 is the next downside target. If
June renews the rally off the late-April low, April’s high crossing at .10869
is the next upside target. First resistance is last Wednesday’s high crossing
at .10820. Second resistance is April’s high crossing at .10869. First support
was Tuesday’s low crossing at .10600. Second support is the late-April low
crossing at .10532.

The June Canadian Dollar was steady to higher in quiet trading overnight and
remains poised to extend 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 aforementioned rally, the
75% retracement level of the January-March decline crossing at 100.24 is the
next upside target. Closes below the 20-day moving average crossing at 98.35
would confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 99.77. Second resistance is the 75% retracement
level of the January-March decline crossing at 100.24. First support is the
10-day moving average crossing at 99.19. Second support is the 20-day moving
average crossing at 98.35.

The June Japanese Yen was slightly higher overnight. Stochastics and the RSI
are turning neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above the reaction high crossing at .10383 are
needed to confirm that a low has been posted. If June renews this year’s
decline, monthly support crossing at .9867 is the next downside target. First
resistance is the reaction high crossing at .10383. Second resistance is
April’s high crossing at .10809. First support is April’s low crossing at
.10008. Second support is monthly support crossing at .9867.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold was lower overnight as it extends the trading range of the past
two weeks. The low-range close sets the stage for a steady to lower opening
when the day session begins trading. Stochastics and the RSI are overbought but
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above the reaction high crossing at 1484.80 are needed to
renew the rally off April’s low and would open the door for additional gains
during the first half of May. Closes below the 20-day moving average crossing
at 1438.30 would signal that a short-term top has been posted. First resistance
is the reaction high crossing at 1484.80. Second resistance is the reaction
high crossing at 1590.10. First support is the 20-day moving average crossing
at 1438.30. Second support is April’s low crossing at 1321.50.

July silver was higher overnight as it extends the trading range of the past
two weeks. 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 24.835 are needed to confirm that a short-term low has been
posted. If July renews this year’s decline, monthly support crossing at 18.756
is the next downside target. First resistance is the reaction high crossing at
24.835. Second resistance is the reaction high crossing at 28.070. First
support is April’s low crossing at 21.120. Second support is monthly support
crossing at 18.756.

July copper was lower due to profit taking overnight as it consolidates some
of this month’s rally. The mid-range close sets the stage for a steady to lower
opening when the day session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If July extends this month’s rally, April’s high
crossing at 347.15 is the next upside target. Closes below the 20-day moving
average crossing at 323.25 would confirm that a short-term top has been posted.
First resistance is Wednesday’s high crossing at 339.90. Second resistance is
April’s high crossing at 347.15. First support is the 20-day moving average
crossing at 323.25. Second support is May’s low crossing at 304.25. Third
support is weekly support crossing at 299.40.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

SOFTS: July sugar closed down 19 points at 17.45 cents
today. Prices closed near the session low. The key “outside
markets” were bullish for the sugar market today, yet sugar
sold off anyway, which is another bearish clue. There are
also reports of a big sugar crop coming out of Brazil. The
sugar bears have the solid overall near-term technical
advantage.

July coffee closed up 105 points at 143.75 cents today.
Prices closed nearer the session high and closed at a fresh
seven-week high close today. The key “outside markets” were
bullish for the coffee market today as the U.S. dollar
index was lower and crude oil prices were firmer. The
coffee bears still have the overall near-term technical
advantage. However, some “basing” at lower price levels
could be an early clue this market has bottomed out.

July cocoa closed up $6 at $2,402 a ton today. Prices
closed nearer the session high. The key “outside markets”
were bullish for the cocoa market today as the U.S. dollar
index was lower and crude oil prices were firmer. The cocoa
bulls have the near-term technical advantage. A two-month-

old uptrend is in place on the daily bar chart.

July cotton closed up 61 points at 87.76 cents today.
Prices closed nearer the session high today, scored a
bullish “outside day” up on the daily bar chart and hit a
fresh three-week high. The key “outside markets” were
bullish for the cotton market today as the U.S. dollar
index was lower and crude oil prices were firmer. Cotton
bulls today regained the slight near-term technical
advantage.

July orange juice closed up 500 points at $1.4395 today.
Prices closed near the session high today on short covering
and bargain hunting. The FCOJ bulls have the overall near-

term technical advantage and gained fresh upside momentum
today.

July lumber futures closed up $0.40 at $338.50 today.
Prices closed near mid-range today. Bears have the solid
near-term technical advantage. A seven-week-old downtrend
is in place on the daily bar chart.

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

July corn was steady overnight. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. Wednesday’s
close below the 20-day moving average crossing at 6.36 3/4 confirms that a
short-term top has been posted. 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 April 1st gap crossing at 6.76. Second resistance is March’s high crossing
at 7.18 3/4. First support is Wednesday’s low crossing at 6.26 1/2. Second
support is April’s low crossing at 6.10.

July wheat was fractionally lower overnight. The mid-range close sets the
stage for a steady to lower opening when the day session begins trading.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If July extends the decline off May’s high, the reaction
low crossing at 6.87 3/4 is the next downside target. If July renews the rally
off April’s low, March’s high crossing at 7.40 1/2 is the next upside target.
First resistance is last Tuesday’s high crossing at 7.36 3/4. Second resistance
is March’s high crossing at 7.40 1/2. First support is the reaction low
crossing at 6.87 3/4. Second support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed up 2 1/4-cents at 7.60 1/4.

July Kansas City wheat closed higher due to short covering on Wednesday. The
high-range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. Multiple closes below the 20-day moving average crossing at
7.57 3/4 are needed to confirm that a short-term top has been posted. If July
renews the rally off April’s low, the 38% retracement level of the
December-April’s low crossing at 8.03 1/4 is the next upside target. First
resistance is last Tuesday’s high crossing at 7.96 3/4. Second resistance is
the 38% retracement level of the December-April’s low crossing at 8.03 1/4.
First support is the 20-day moving average crossing at 7.57 3/4. Second support
is the reaction low crossing at 7.37 1/2.

July Minneapolis wheat was steady overnight. The high-range close sets the
stage for a steady to higher opening when the day session begins to trade.
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 8.08 1/4 would confirm that a short-term top has been posted while opening
the door for additional weakness near-term. If July renews the rally off
April’s low, the 38% retracement level of the July-April decline crossing at
8.53 3/4 is the next upside target. First resistance is last Tuesday’s high
crossing at 8.34 1/2. Second resistance is the 38% retracement level of the
July-April decline crossing at 8.53 3/4. First support is the 20-day moving
average crossing at 8.08 1/4. Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

July soybeans were higher overnight. The high-range close sets the stage for
steady to higher opening when the day session begins trading later this
morning. Stochastics and the RSI are turning bullish again signaling that
sideways to higher prices are possible near-term. If July renews the rally off
April’s low, the late-March high crossing at 14.59 3/4 is the next upside
target. If July renews the decline off the late-April high, the reaction low
crossing at 13.41 is the next downside target. First resistance is the
late-March high crossing at 14.59 3/4. Second resistance is March’s high
crossing at 14.63 1/2. First support is the reaction low crossing at 13.65 1/2.
Second support is the late-April’s low crossing at 13.41.

July soybean meal was higher due to short covering 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 turning neutral to bullish signaling that
sideways to higher prices are possible near-term. If July renews the rally off
April’s low, March’s high crossing at 436.20 is the next upside target. Closes
below the 20-day moving average crossing at 402.40 are needed to 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 422.70. Second
resistance is March’s high crossing at 436.20. First support is the 20-day
moving average crossing at 402.40. Second support is April’s low crossing at
388.00.

July soybean oil was higher overnight while extending the trading range of
the past two months. The high-range close sets the stage for a steady to higher
opening when the day session begins trading. Stochastics and the RSI are
turning neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above the reaction high crossing at 50.42 are needed
to confirm that a low has been posted. If July renews this year’s decline, the
50% retracement level of the 2010-2011-rally crossing at 46.56 is the next
downside target. First resistance is the reaction high crossing at 50.42.
Second resistance is March’s high crossing at 51.24. First support is April’s
low crossing at 48.08. Second support is the 50% retracement level of the
2010-2011-rally crossing at 46.56.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: June live cattle closed down $0.62 at $120.20
today. Prices closed near the session low and hit a fresh
four-week low today. Fundamentally, worries about slack
consumer demand for beef have hit the futures market hard
recently. Cattle futures bears have the solid overall near-

term technical advantage, too.

August feeder cattle closed down $1.22 at $145.32 today.
Prices closed nearer the session low today and hit another
two-week low. Prices are now back near the contract low.
The feeder bears have the solid overall near-term technical
advantage.

June lean hogs closed up $0.47 at $91.77 today. Prices
closed nearer the session low again today. The key “outside
markets” were bullish for the hog market today, as the U.S.
dollar index was lower and crude oil prices were firmer.
The hog bulls are on a level near-term technical playing
field with the bears.

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T H A N K   Y O U
_____________________________________________________________________

 

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Wednesday 08/05/2013

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 8, 2013 
7:00 AM ET. MBA Weekly Mortgage Applications Survey

                      Market Composite Index (previous 883.8)

                      Market Composite Index Cur Chg (previous +1.8%)

                      Purchase Index (S.A.) (previous 215.5)

                      Purchase Index (S.A.) Cur Chg (previous -1.4%)

                      Refinance Index (previous 4829.4)

                      Refinance Index Cur Chg (previous +2.8%)

10:30 AM ET. EIA Weekly Petroleum Status Report

                      Crude Oil Stocks (previous 395.28M)

                      Crude Oil Stocks (Net Change) (expected +1.4M; previous +6.7M)

                      Gasoline Stocks (previous 215.98M)

                      Gasoline Stocks (Net Change) (expected +0.2M; previous -1.82M)

                      Distillate Stocks (previous 115.75M)

                      Distillate Stocks (Net Change) (expected +0.4M; previous +0.47M)

                      Refinery Usage (expected 84.8%; previous 84.4%)

                      Total Products Supplied (previous 17.94M)

                      Total Products Supplied (Net Change) (previous -0.67M)

 N/A               Chicago Fed’s Annual Bank Structure Conference

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 2845.10 would confirm that a short-term top
has been posted. First resistance is today’s high crossing at 2956.75. Second
resistance is weekly resistance crossing near 3084.00. First support is the
10-day moving average crossing at 2883.50. Second support is the 20-day moving
average crossing at 2845.08. 

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 1577.32 would confirm that a short-term top has been
posted. First resistance is today’s high crossing at 1621.60. 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 1592.47.
Second support is the 20-day moving average crossing at 1577.32. 

The Dow closed higher on Tuesday as it extends the rally off November’s low.
Stochastics and the RSI are overbought but remain 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 Tuesday. 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 14,757 would
confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 15,050. Second resistance will be hard to project
with the Dow trading into uncharted territory. First support is the 10-day
moving average crossing at 14,827. Second support is the 20-day moving average
crossing at 14,757. 

_____________________________________________________________________

 

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds closed down 5/32’s at 146-11. 

June T-bonds closed lower on Tuesday as it extends the decline off last
Wednesday’s high. The low-range close sets the stage for a steady to lower
opening on Wednesday. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. If June extends the
aforementioned decline, the 50% retracement level of the March-May rally
crossing at 145-02 is the next downside target. Closes Above the 10-day moving
average crossing at 148-00 would temper the near-term bearish outlook. First
resistance is the 10-day moving average crossing at 148-00. Second resistance
is last Wednesday’s high crossing at 149-21. First support is today’s low
crossing at 146-06. Second support is the 50% retracement level of the
March-May rally crossing at 145-02. 

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy 

June crude oil closed lower on Tuesday as it consolidates some of the rally
off April’s low. The mid-range close sets the stage for a steady opening when
Wednesday’s night session 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 the aforementioned rally, April’s high crossing at
98.06 is the next upside target. Closes below the 20-day moving average
crossing at 91.92 would confirm that a short-term top has been posted. First
resistance is Monday’s high crossing at 97.17. Second resistance is April’s
high crossing at 98.06. First support is the 10-day moving average crossing at
93.84. Second support is the 20-day moving average crossing at 91.92. 

June heating oil closed higher on Tuesday as it extends the rally off
April’s low. The low-range close sets the stage for a steady to lower 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
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 the 20-day moving average crossing at 284.27 would 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 the
20-day moving average crossing at 284.27. Second support is the reaction low
crossing at 275.97. 

June unleaded gas posted an inside day with a lower close on Tuesday as it
consolidated some of the rally off last Wednesday’s low. The low-range close
sets the stage for a steady to lower 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 June extends the rally off last
Wednesday’s low, the 38% retracement level of the February-May decline crossing
at 290.15 is the next upside target. Closes below the 20-day moving average
crossing at 279.03 would signal that a low has been posted. First resistance is
the 38% retracement level of the February-May decline crossing at 290.15.
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 279.03.
Second support is last Wednesday’s low crossing at 268.79. 

June Henry natural gas closed lower on Tuesday as it extends this month’s
decline. The low-range close sets the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI are becoming oversold but remain bearish
signaling that additional weakness is possible near-term. If June extends this
month’s decline, the 50% retracement level of this year’s rally crossing at
3.831 is the next downside target. Closes above the 20-day moving average
crossing at 4.215 is the next upside target. First resistance is the 20-day
moving average crossing at 4.215. Second resistance is April’s high crossing at
4.457. 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 lower 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 bullish signaling that sideways to higher prices
are possible near-term. Closes above the 20-day moving average crossing at
82.46 would confirm that a short-term low has been posted. If June renews the
decline off April’s high, the 62% retracement level of the February-April rally
crossing at 80.83. First resistance is the 20-day moving average crossing at
82.46. Second resistance is the reaction high crossing at 83.32. First support
is last Wednesday’s low crossing at 81.37. Second support is the 62%
retracement level of the February-April rally crossing at 80.83. 

The June Euro posted an inside day with a lower close 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 are bearish signaling
that sideways to lower prices are possible near-term. If June renews the rally
off April’s low, the 62% retracement level of the February-April’s decline
crossing at 133.58 is the next upside target. If June extends the decline off
last week’s high, the reaction low crossing at 129.59 is the next downside
target. First resistance is the 50% retracement level of the February-April
decline crossing at 132.43. Second resistance is the 62% retracement level of
the February-April’s decline crossing at 133.58. First support is the reaction
low crossing at 129.59. Second support is April’s low crossing at 127.51. 

The June British Pound 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 are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If June
extends the rally off March’s low, the 62% retracement level of this year’s
decline crossing at 1.5738 is the next upside target. Closes below the 20-day
moving average crossing at 1.5390 would confirm that the short-term trend has
turned bearish and would open the door for additional weakness near-term. First
resistance is last Wednesday’s high crossing at 1.5603. Second resistance is
62% retracement level of this year’s decline crossing at 1.5738. First support
is the 20-day moving average crossing at 1.5390. Second support is the reaction
low crossing at 1.5192. 

The June Swiss Franc closed lower on Tuesday as it extends the decline off
last week’s high. The mid-range close sets the stage for a steady opening when
Wednesday’s night session begins trading. Stochastics and the RSI have turned
bearish signaling that sideways to lower prices are possible near-term. If June
extends the decline off last week’s high, the reaction low crossing at .10532
is the next downside target. If June renews the rally off the late-April low,
April’s high crossing at .10869 is the next upside target. First resistance is
last Wednesday’s high crossing at .10820. Second resistance is April’s high
crossing at .10869. First support is the reaction low crossing at .10643.
Second support is the reaction low crossing at .10532. 

The June Canadian Dollar 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 oversold but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If June extends the rally off April’s low, the
75% retracement level of the January-March decline crossing at 100.24 is the
next upside target. Closes below the 20-day moving average crossing at 98.24
would confirm that a short-term top has been posted. First resistance is the
62% retracement level of the January-March decline crossing at 99.57. Second
resistance is the 75% retracement level of the January-March decline crossing
at 100.24. First support is the 10-day moving average crossing at 98.76. Second
support is the 20-day moving average crossing at 98.24. 

The June Japanese Yen closed higher 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 bearish signaling that sideways to lower
prices are possible near-term. If June renews this year’s decline, monthly
support crossing at .9867 is the next downside target. If June rebounds off
April’s low, the reaction high crossing at .10383 is the next upside target.
First resistance is the reaction high crossing at .10383. Second resistance is
April’s high crossing at .10809. First support is April’s low crossing at
.10008. Second support is monthly support crossing at .9867. 

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals 

June gold closed lower on Tuesday while extending the trading range of the
past seven days. The low-range close sets the stage for a steady to lower
opening when Wednesday’s night session begins trading. Stochastics and the RSI
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above the reaction high crossing at 1484.80 are needed to
confirm that a short-term low has been posted. If June renews the decline off
last October’s high, the 62% retracement level of the 2008-2011 rally crossing
at 1242.60 is the next downside target. First resistance is the reaction high
crossing at 1484.80. Second resistance is the reaction high crossing at
1590.10. First support is the 20-day moving average crossing at 1447.50. Second
support is April’s low crossing at 1321.50.

July silver closed lower on Tuesday as it extends the trading range of the
past eight days. The high-range close set the stage for a steady to higher
opening when Wednesday’s night session begins trading. Stochastics and the RSI
are bullish signaling that sideways to higher prices are possible near-term.
Closes above the reaction high crossing at 24.835 are needed to confirm that a
low has been posted. If June renews this year’s decline, monthly support
crossing at 18.756 is the next downside target. First resistance is the 20-day
moving average crossing at 24.835. Second resistance is the reaction high
crossing at 28.020. First support is April’s low crossing at 22.000. Second
support is monthly support crossing at 18.756. 

June copper closed lower on Tuesday as it consolidates some of last Friday’s
rally but remains above the 20-day moving average crossing at 323.58. The
mid-range close sets the stage for a steady opening when Wednesday’s night
session begins trading. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If June extends the rally off
this month’s low, April’s high crossing at 345.95 is the next upside target.
First resistance is today’s high crossing at 334.10. Second resistance is the
reaction high crossing at 345.95. First support is the 10-day moving average
crossing at 320.88. 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 higher on Tuesday as it extends this week’s rally. The
high-range close set 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 July extends the rally off last week’s low, April’s
high crossing at 14.45 is the next upside target. If July renews this year’s
decline, weekly support crossing at 13.00 is the next downside target. 

July cocoa closed lower on Tuesday as it consolidates some of the rally off
March’s low. The low-range close sets the stage for a steady to lower opening
on Wednesday. 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 23.28 would confirm that a short-term top has
been posted. If July extends the rally off March’s low, the 62% retracement
level of September-March decline crossing at 24.63 is July’s next upside
target. 

July sugar closed lower due to profit taking on Tuesday. The low-range close
set the stage for a steady to lower opening on Wednesday. Stochastics and the
RSI remain bullish signaling that a low might be in or is near-term. Closes
above the reaction high crossing at 17.97 are needed to confirm that a
short-term low has been posted. 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. 

July cotton closed lower on Tuesday however; 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
July extends the rally off April’s low, the reaction high crossing at 88.50 is
the next upside target. If July renews the decline off March’s high, the 62%
retracement level of the November-March rally crossing at 80.57 is the next
downside target. 
———————————————————————

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

July Corn closed up 3 1/2-cents at 6.40.

July corn posted an inside day with a higher close on Tuesday following
Monday’s lower than expected planting progress report. Weather forecast are
calling for widespread rains to move across much of the Midwest Wednesday
through Friday of this week, which will limit the amount of planting to be done
this week. However, traders are looking past this week’s rain event into next
week when the weather is forecasted to turn more favorable for corn planting to
resume. Despite the current planting delays, the trade is already looking
towards this fall’s harvest and expecting this year’s corn crop to provide more
than adequate supplies to meet both foreign and domestic demand. I still think
that the market is putting the cart before the horse regarding their yield
expectations. However; one cannot argue with the trend, which remains sideways
to down for the time being. The mid-range close sets the stage for a steady
opening when Wednesday’s night session begins trading. Closes below the 20-day
moving average crossing at 6.36 3/4 would confirm that a short-term top has
been posted while opening the door for additional weakness near-term. 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 last Tuesday’s high crossing at 6.69.
Second resistance is the April 1st gap crossing at 7.76. First support is the
20-day moving average crossing at 6.36 3/4. Second support is April’s low
crossing at 6.10. 

July wheat closed up 6 1/4-cents at 7.09.

July wheat closed higher on Tuesday due to short covering. The high-range
close sets the stage for a steady to higher opening when Wednesday’s night
session begins trading. Stochastics and the RSI have turned bearish signaling
that sideways to lower prices are possible near-term. If July extends Monday’s
decline, the reaction low crossing at 6.87 3/4 is the next downside target. If
July renews the rally off April’s low, March’s high crossing at 7.40 1/2. First
resistance is March’s high crossing at 7.40 1/2. Second resistance is the
reaction high crossing at 7.54 1/4. First support is the reaction low crossing
at 6.87 3/4. Second support is April’s low crossing at 6.64 3/4. 

July Kansas City Wheat closed up 1 1/4-cents at 7.58. 

July Kansas City wheat closed higher due to short covering on Tuesday. The
high-range close sets the stage for a steady to higher opening on Wednesday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. Multiple closes below the 20-day moving average crossing at
7.56 3/4 are needed to confirm that a short-term top has been posted. If July
renews the rally off April’s low, the 38% retracement level of the
December-April’s low crossing at 8.03 1/4 is the next upside target. First
resistance is last Tuesday’s high crossing at 7.96 3/4. Second resistance is
the 38% retracement level of the December-April’s low crossing at 8.03 1/4.
First support is the 20-day moving average crossing at 7.56 3/4. Second support
is the reaction low crossing at 7.37 1/2. 

July Minneapolis wheat closed up 4-cents at 8.09 3/4.

July Minneapolis wheat 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 to trade. Stochastics and the RSI are bearish signaling
that a short-term top might be in or is near. Closes below the 20-day moving
average crossing at 8.04 3/4 would confirm that a short-term top has been
posted. 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 last Tuesday’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 20-day moving average crossing at 8.04 3/4. Second support is
April’s low crossing at 7.60. 

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

July soybeans closed up 13-cents at 13.82 1/4. 

July soybeans posted an inside day with a higher close 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 neutral to bearish
signaling that a short-term top might be in or is near. If July extends the
decline off last week’s high, the reaction low crossing at 13.41 is the next
downside target. If July renews last week’s rally, the reaction high crossing
at 14.36 1/4 is the next upside target. First resistance is last Tuesday’s high
crossing at 14.23 3/4. Second resistance is the reaction high crossing at 14.36
1/4. First support is the reaction low crossing at 13.41. Second support is
April’s low crossing at 13.36 1/2. 

July soybean meal closed up $2.10 at $403.30. 

July soybean meal closed higher due to short covering on Tuesday as it
consolidates some of the decline off last week’s high. The mid-range close sets
the stage for a steady opening when Wednesday’s night session begins trading.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. Closes below the 20-day moving average crossing at 400.80
would confirm that a short-term top has been posted. If July renews its rally
off April’s low, March’s high crossing at 436.20 is the next upside target.
First resistance is last Tuesday’s high crossing at 422.70. Second resistance
is March’s high crossing at 436.20. First support is the 20-day moving average
crossing at 400.80. Second support is the reaction low crossing at 390.20. 

July soybean oil closed up 38 pts at 49.14. 

July soybean closed higher 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 turning 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. If
July renews last week’s decline, April’s low crossing at 48.08 is the next
downside target. First resistance is the reaction high crossing at 50.23.
Second resistance is March’s high crossing at 51.03. First support is April’s
low crossing at 48.08. Second support is the reaction low crossing at 41.53. 

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed down $0.02 at $91.30.

June hogs 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 are turning bearish signaling that sideways to lower
prices are possible near-term. Closes below the 20-day moving average crossing
at 90.86 would confirm that a short-term top has been posted. If June renews
the rally off April’s low, the 50% retracement level of the December-March
decline crossing at 94.42 is the next upside target. First resistance is last
Thursday’s high crossing at 93.10. Second resistance is the 50% retracement
level of the December-March decline crossing at 94.42. First support is the
20-day moving average crossing at 90.86. Second support is April’s low crossing
at 88.22. 

June cattle closed down $0.47 at 120.82.

June cattle closed lower on Tuesday extending this week’s decline. 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 bearish signaling
that sideways to lower prices are possible. If June extends this week’s
decline, April’s low crossing at 119.40 is the next downside target. If June
extends the rally off April’s low, April’s high crossing at 124.50 is the next
upside target. First resistance is last Thursday’s high crossing at 124.00.
Second resistance is April’s high crossing at 124.50. First support is the
reaction low crossing at 120.35. Second support is April’s low crossing at
119.40. 

August feeder cattle closed down $0.90 at $146.55.

August Feeder cattle gapped down and 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 remain bearish signaling that
sideways to lower prices are possible near-term. If August extends the decline
off the late-April high, April’s low crossing at 144.75 is the next downside
target. Closes above the 10-day moving average crossing at 149.26 would signal
that a low has been posted. First resistance is the reaction high crossing at
152.17. Second resistance is April’s high crossing at 154.40. First support is
today’s low crossing at 146.27. Second support is April’s low crossing at
144.75. 

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

 

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Tuesday 07/05/2013

T U 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:
Tuesday, May 7, 2013

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous +0.4%)

Chain Store Sales Index – YoY (previous +2.6%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -2.5%)

12MonChgPct (previous +2.2%)

52WkChgPct (previous +2.8%)

10:00 AM ET. March Job Openings & Labor Turnover Survey

10:00 AM ET. May IBD/TIPP Economic Optimism Index

Economic Optimism Index (previous 46.2)

6-Month Economic Outlook (previous 47.1)

11:00 AM ET. April Global Services PMI

3:00 PM ET. March Consumer Credit

Monthly Net Change (expected +15.4B; previous +18.14B)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +5.18M)

Gasoline Stocks (Net Change) (previous -2.71M)

Distillate Stocks (Net Change) (previous -1.14M)

Refinery Runs (previous 85.4%)

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 was higher overnight as it 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 November’s low, weekly resistance crossing at 3084.00 is the next
upside target. Closes below the 20-day moving average crossing at 2845.26 would
confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 2955.00. Second resistance is weekly resistance
crossing near 3084.00. First support is the 10-day moving average crossing at
2883.82. Second support is the 20-day moving average crossing at 2845.25.

The June S&P 500 was higher overnight as it extends 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 above April’s high crossing at 1592.50, upside
targets will be hard to project with the index trading into uncharted
territory. Closes below the 20-day moving average crossing at 1577.07 would
confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 1615.70. Second resistance will be hard to project
with the index trading into uncharted territory. First support is the 10-day
moving average crossing at 1591.97. Second support is the 20-day moving average
crossing at 1577.07.

_____________________________________________________________________

 

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was slightly higher due to short covering overnight as it
consolidates some of this month’s decline. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-tern. If June extends
the aforementioned decline, the 38% retracement level of the March-May rally
crossing at 146-04 is the next downside target. Closes above the 10-day moving
average crossing at 148-01 would confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 147-26. Second
resistance is the 10-day moving average crossing at 148-01. First support is
Monday’s low crossing at 146-13. Second support is the 38% retracement level of
the March-May rally crossing at 146-04.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

June crude oil was lower due to profit taking 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, April’s high crossing at
98.06 is the next upside target. Multiple closes below the 20-day moving
average crossing at 91.93 would confirm that a short-term top has been posted.
First resistance is April’s high crossing at 98.06. Second resistance is
February’s high crossing at 99.52. First support is the 10-day moving average
crossing at 93.85. Second support is the 20-day moving average crossing at
91.93.

June heating oil was lower overnight as it consolidates some of the rally
off April’s low. Stochastics and the RSI remain bullish signaling that sideways
to higher prices are possible near-term. If June extends the aforementioned
rally, the February-April uptrend line crossing near 295.58 is the next upside
target. Closes below the 20-day moving average crossing at 284.23 would confirm
that a short-term top has been posted. First resistance is the 38% retracement
level of the February-April decline crossing at 291.92. Second resistance is
the February-April uptrend line crossing near 295.58. First support is the
20-day moving average crossing at 284.23. Second support is May’s low crossing
at 275.97.

June unleaded gas was lower overnight as it consolidates some of the rally
off last Wednesday’s low. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If June extends the rally off
last Wednesday’s low, the 38% retracement level of the February-May decline
crossing at 290.15 is the next upside target. If June renews the decline off
February’s high, the 75% retracement level of the June-February rally crossing
at 258.09 is the next downside target. First resistance is the 38% retracement
level of the February-May decline crossing at 290.15. Second resistance is the
50% retracement level of the February-May decline crossing at 296.67. First
support is the 20-day moving average crossing at 279.13. Second support is last
Wednesday’s low crossing at 268.79.

June Henry natural gas was lower overnight as it extends this month’s
decline. Stochastics and the RSI are oversold but remain bearish signaling that
sideways to lower prices are possible near-term. If June extends this month’s
decline, the 50% retracement level of the January-April-rally crossing at 3.830
is the next downside target. Closes above the 20-day moving average crossing at
4.217 would confirm that a short-term low has been posted. First resistance is
the 20-day moving average crossing at 4.217. Second resistance is April’s high
crossing at 4.457. First support is the 38% retracement level of the
January-April-rally crossing at 397.80. Second support is the 50% retracement
level of the January-April-rally crossing at 3.830.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was lower overnight as it consolidates some of the rally off
May’s low. 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
82.45 are needed to confirm that a short-term low has been posted. If June
renews the decline off April’s high, the 62% retracement level of the
February-April rally crossing at 80.84 is the next downside target. First
resistance is the 20-day moving average crossing at 82.45. Second resistance is
the reaction high crossing at 83.32. First support is the 50% retracement level
of the February-April rally crossing at 81.38. Second support is the 62%
retracement level of the February-April rally crossing at 80.84.

The June Euro was higher overnight. Stochastics and the RSI have turned
neutral to bearish hinting that a short-term top might be in or is near. Closes
below last Friday’s low crossing at 130.35 would confirm that a top has been
posted while opening the door for additional weakness near-term. If June renews
the rally off April’s low, the 62% retracement level of the February-April
decline crossing at 133.58 is the next upside target. First resistance is the
50% retracement level of the February-April decline crossing at 132.43. Second
resistance is the 62% retracement level of the February-April decline crossing
at 133.58. First support is last Friday’s low crossing at 130.35. Second
support is the reaction low crossing at 129.59.

The June British Pound was slightly lower overnight as it extends the
trading range of the past five-days around the 50% retracement level of the
January-March decline crossing at 1.5564. 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 March’s low, the
62% retracement level of the January-March decline crossing at 1.5738 is the
next upside target. Closes below the 20-day moving average crossing at 1.5393
would confirm that the short-term top has been posted while opening the door
for additional weakness near-term. First resistance is the 50% retracement
level of the January-March decline crossing at 1.5564.Second resistance is the
62% retracement level of the January-March decline crossing at 1.5738. First
support is the 20-day moving average crossing at 1.5393. Second support is the
reaction low crossing at 1.5192.

The June Swiss Franc was lower overnight as it extends this month’s decline.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If June extends this month’s decline, the
late-April low crossing at .10532 is the next downside target. If June renews
the rally off the late-April low, April’s high crossing at .10869 is the next
upside target. First resistance is last Wednesday’s high crossing at .10820.
Second resistance is April’s high crossing at .10869. First support was the
overnight low crossing at .10600. Second support is the late-April low crossing
at .10532.

The June Canadian Dollar was higher overnight as it extends 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 aforementioned rally, the 62% retracement level of the
January-March decline crossing at 99.57 is the next upside target. Closes below
the 20-day moving average crossing at 98.24 would confirm that a short-term top
has been posted. First resistance is the 62% retracement level of the
January-March decline crossing at 99.57. Second resistance is the 75%
retracement level of the January-March decline crossing at 100.24. First
support is the 20-day moving average crossing at 98.24. Second support is
April’s low crossing at 96.90.

The June Japanese Yen was slightly higher due to short covering overnight.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If June renews this year’s decline, monthly support
crossing at .9867 is the next downside target. Closes above the reaction high
crossing at .10383 are needed to confirm that a low has been posted. First
resistance is the reaction high crossing at .10383. Second resistance is
April’s high crossing at .10809. First support is April’s low crossing at
.10008. Second support is monthly support crossing at .9867.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold was lower overnight as it extends the trading range of the past
seven days. The low-range close sets the stage for a steady to lower opening
when the day session begins trading. Stochastics and the RSI remain bullish
signaling that sideways to higher prices are possible near-term. Closes above
the reaction high crossing at 1484.80 are needed to confirm that a short-term
low has been posted and would open the door for additional gains during the
first half of May. If April renews this spring’s decline, monthly support
crossing at 1285.60 is the next downside target. First resistance is the
reaction high crossing at 1484.80. Second resistance is the reaction high
crossing at 1590.10. First support is the 20-day moving average crossing at
1448.00. Second support is April’s low crossing at 1321.50.

July silver was lower overnight as it extends the trading range of the past
eight days. 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 24.835 are needed to confirm that a short-term low has been
posted. If July renews this year’s decline, monthly support crossing at 18.756
is the next downside target. First resistance is the reaction high crossing at
24.835. Second resistance is the reaction high crossing at 28.070. First
support is April’s low crossing at 21.120. Second support is monthly support
crossing at 18.756.

July copper was slightly higher overnight as it extends this month’s rally.
The mid-range close sets the stage for a steady to higher opening when the day
session begins trading. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If July extends this month’s
rally, April’s high crossing at 347.15 is the next upside target. Closes below
the 10-day moving average crossing at 321.29 would confirm that a short-term
top has been posted. First resistance is the overnight high crossing at 334.75.
Second resistance is April’s high crossing at 347.15. First support is the
10-day moving average crossing at 321.29. Second support is last Thursday’s low
crossing at 304.25. Third support is weekly support crossing at 299.40.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

July coffee closed higher on Monday as it extends this week’s rally. The
high-range close set the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If July extends last week’s rally, April’s high
crossing at 14.45 is the next upside target. If July renews this year’s
decline, weekly support crossing at 13.00 is the next downside target.

July cocoa closed lower on Monday as it consolidates some of the rally off
March’s low. The mid-range close sets the stage for a steady opening on
Tuesday. 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 March’s low, the 62% retracement level of September-March
decline crossing at 24.63 is July’s next upside target. Closes below the 20-day
moving average crossing at 23.28 would confirm that a short-term top has been
posted.

July sugar closed higher on Monday. The high-range close set the stage for a
steady to higher opening on Tuesday. Stochastics and the RSI are bullish
signaling that a low might be in or is near-term. Closes above the reaction
high crossing at 17.97 are needed to confirm that a short-term low has been
posted. 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.

July cotton closed higher due to short covering on Monday. The high-range
close sets the stage for a steady to higher opening on Tuesday. Stochastics and
the RSI are neutral to bullish signaling that sideways to higher prices are
possible near-term. If July extends the rally off April’s low, the reaction
high crossing at 88.50 is the next upside target. If July renews the decline
off March’s high, the 62% retracement level of the November-March rally
crossing at 80.57 is the next downside target.
———————————————————————

Free Video Seminar – “Avoiding Common Trading Pitfalls”

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———————————————————————

GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

July corn was higher due to short covering overnight as it consolidates some
of Monday’s decline. Monday’s weekly planting progress report showed that only
12% of this year’s corn crop has been planted, which is well below the
five-year average of 47% planted for this time of year. Traders will now focus
their attention on extended weather forecast for the corn-belt for near-term
direction in the market. Stochastics and the RSI are turning bearish signaling
that sideways to lower prices are possible near-term. Closes below the 20-day
moving average crossing at 6.36 3/4 would confirm that a short-term top has
been posted. If July extends the rally off April’s low, the April 1st gap
crossing at 6.76 is the next upside target. Planting delay rallies have been
very fickle in the past as seen with Monday’s action. We will likely have to
see significant planting delays continue past the fifteenth and possibly the
twentieth of May before the corn market is able to sustain a rally off April’s
low. First resistance is the April 1st gap crossing at 6.76. Second resistance
is March’s high crossing at 7.18 3/4. First support is the 20-day moving
average crossing at 6.36 3/4. Second support is April’s low crossing at 6.10.

July wheat was higher overnight as it followed corn’s lead higher. The
high-range close sets the stage for a steady to higher opening when the day
session begins trading. Stochastics and the RSI have turned bearish signaling
that sideways to lower prices are possible near-term. If July extends Monday’s
decline, the reaction low crossing at 6.87 3/4 is the next downside target. If
July renews the rally off April’s low, March’s high crossing at 7.40 1/2 is the
next upside target. First resistance is last Tuesday’s high crossing at 7.36
3/4. Second resistance is March’s high crossing at 7.40 1/2. First support is
the reaction low crossing at 6.87 3/4. Second support is April’s low crossing
at 6.64 3/4.

July Kansas City Wheat closed down 21 1/4-cents at 7.56 3/4.

July Kansas City wheat gapped down and closed lower on Monday. The low-range
close sets the stage for a steady to lower opening on Tuesday. Stochastics and
the RSI are turning bearish signaling that sideways to lower prices are
possible near-term. Multiple closes below the 20-day moving average crossing at
7.56 1/2 are needed to confirm that a short-term top has been posted. If July
renews the rally off April’s low, the 38% retracement level of the
December-April’s low crossing at 8.03 1/4 is the next upside target. First
resistance is last Tuesday’s high crossing at 7.96 3/4. Second resistance is
the 38% retracement level of the December-April’s low crossing at 8.03 1/4.
First support is the 20-day moving average crossing at 7.56 1/2. Second support
is the reaction low crossing at 7.37 1/2.

July Minneapolis wheat was higher due to short covering overnight as it
consolidates some of Monday’s decline. The high-range close sets the stage for
a steady to higher opening when the day session begins to trade. Stochastics
and the RSI are bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 8.04 3/4 would
confirm that a short-term top has been posted while opening the door for
additional weakness near-term. If July renews the rally off April’s low, the
38% retracement level of the July-April decline crossing at 8.53 3/4 is the
next upside target. First resistance is last Tuesday’s high crossing at 8.34
1/2. Second resistance is the 38% retracement level of the July-April decline
crossing at 8.53 3/4. First support is the 20-day moving average crossing at
8.04 3/4. Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

July soybeans were higher due to short covering overnight following Monday’s
planting progress report. The report showed that only 2% of the soybeans have
been planted this year compared to the five-year average of 12% planted. The
high-range close sets the stage for steady to higher opening when the day
session begins trading later this morning. Traders will be watching the
extended weather forecast for near-term direction as further planting delays in
corn could lead to an increase in soybean acres. Stochastics and the RSI are
neutral to bearish signaling that sideways to lower prices are possible
near-term. If July extends the decline off the late-April high, the reaction
low crossing at 13.41 is the next downside target. If July renews the rally off
April’s low, the late-March high crossing at 14.59 3/4 is the next upside
target. First resistance is the late-March high crossing at 14.59 3/4. Second
resistance is March’s high crossing at 14.63 1/2. First support is the reaction
low crossing at 13.65 1/2. Second support is the late-April’s low crossing at
13.41.

July soybean meal was higher due to short covering 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 bearish signaling that sideways to lower
prices are possible near-term. Closes below the 20-day moving average crossing
at 400.80 are needed to confirm that a short-term top has been posted while
opening the door for additional weakness near-term. If July renews the rally
off April’s low, March’s high crossing at 436.20 is the next upside target.
First resistance is last Tuesday’s high crossing at 422.70. Second resistance
is March’s high crossing at 436.20. First support is the 20-day moving average
crossing at 400.80. Second support is April’s low crossing at 388.00.

July soybean oil was higher overnight while extending the trading range of
the past two months. The mid-range close sets the stage for a steady to higher
opening when the day session begins trading. Stochastics and the RSI are
turning neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above the reaction high crossing at 50.42 are needed
to confirm that a low has been posted. If July renews this year’s decline, the
50% retracement level of the 2010-2011-rally crossing at 46.56 is the next
downside target. First resistance is the reaction high crossing at 50.42.
Second resistance is March’s high crossing at 51.24. First support is April’s
low crossing at 48.08. Second support is the 50% retracement level of the
2010-2011-rally crossing at 46.56.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed down $0.85 at $91.32.

June hogs closed lower on Monday. The low-range close sets the stage for a
steady to lower opening when Tuesday’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, the 50% retracement level of the December-March decline
crossing at 94.42 is the next upside target. Closes below the 20-day moving
average crossing at 90.79 would confirm that a short-term top has been posted.
First resistance is last Thursday’s high crossing at 93.10. Second resistance
is the 50% retracement level of the December-March decline crossing at 94.42.
First support is the 20-day moving average crossing at 90.79. Second support is
April’s low crossing at 88.22.

June cattle closed down $0.52 at 121.30.

June cattle closed lower on Monday and below the 20-day moving average
crossing at 121.54 confirming that a short-term top has been posted. The
low-range close sets the stage for a steady to lower opening when Tuesday’s
night session begins trading. Stochastics and the RSI are turning bearish
signaling that sideways to lower prices are possible. If June renews the rally
off April’s low, April’s high crossing at 124.50 is the next upside target.
First resistance is last Thursday’s high crossing at 124.00. Second resistance
is April’s high crossing at 124.50. First support is the reaction low crossing
at 120.35. Second support is April’s low crossing at 119.40.

August feeder cattle closed down $0.05 at $147.45.

August Feeder cattle closed lower on Monday. The low-range close sets the
stage for a steady to lower opening when Tuesday’s night session begins
trading. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. If August extends the decline off the
late-April high, April’s low crossing at 144.75 is the next downside target.
Closes above the 10-day moving average crossing at 149.41 would signal that a
low has been posted. First resistance is the reaction high crossing at 152.17.
Second resistance is April’s high crossing at 154.40. First support is today’s
low crossing at 147.10. Second support is April’s low crossing at 144.75.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

 

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Monday 06/05/2013

M O N 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:
Monday, May 6, 2013
10:00 AM ET. April Employment Trends Index

US Employment Trends Index (ETI) (previous 111.2)

US Employment Trends Index (ETI) MoM Change (previous -0.2%)

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 was slightly higher overnight as it extends last
Friday’s upside breakout of the up trending channel drawn off November’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 November’s low, weekly resistance crossing at 3084.00 is the next
upside target. Closes below the 20-day moving average crossing at 2836.98 would
confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 2947.75. Second resistance is weekly resistance
crossing near 3084.00. First support is the 10-day moving average crossing at
2869.85. Second support is the 20-day moving average crossing at 2836.98.

The June S&P 500 was slightly lower due to light profit taking overnight as
it consolidates some of last Friday’s rally. 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 above April’s
high crossing at 1592.50, upside targets will be hard to project with the index
trading into uncharted territory. Closes below the 20-day moving average
crossing at 1574.18 would confirm that a short-term top has been posted. First
resistance is last Friday’s high crossing at 1614.20. Second resistance will be
hard to project with the index trading into uncharted territory. First support
is the 10-day moving average crossing at 1587.22. Second support is the 20-day
moving average crossing at 1574.17.

___________________________________________________________________

 
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

June T-bonds was higher due to short covering overnight as it consolidates
some of last Friday’s decline. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-tern. If June extends last
Friday’s decline, the 38% retracement level of the March-May rally crossing at
146-04 is the next downside target. Closes above the 10-day moving average
crossing at 148-09 would confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at 147-28. Second resistance
is the 10-day moving average crossing at 148-09. First support is last Friday’s
low crossing at 146-27. Second support is the 38% retracement level of the
March-May rally crossing at 146-04.

NYMEX CRUDE OIL http://quotes.ino.com/exchanges/?c=energy

June crude oil was higher overnight as it extends the rally off April’s low.
Stochastics and the RSI are overbought but are neutral to bullish signaling
that sideways to higher prices are possible near-term. If June extends the
rally off April’s low, April’s high crossing at 98.06 is the next upside
target. Multiple closes below the 20-day moving average crossing at 91.86 would
confirm that a short-term top has been posted. First resistance is April’s high
crossing at 98.06. Second resistance is February’s high crossing at 99.52.
First support is the 10-day moving average crossing at 93.19. Second support is
the 20-day moving average crossing at 91.86.

June heating oil was higher overnight as it extends the rally off April’s
low. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If June extends the aforementioned rally, the
38% retracement level of the February-April decline crossing at 291.92 is the
next upside target. Closes below the 20-day moving average crossing at 284.28
would confirm that a short-term top has been posted. First resistance is the
38% retracement level of the February-April decline crossing at 291.92. Second
resistance is the 50% retracement level of the February-April decline crossing
at 298.06. First support is the 20-day moving average crossing at 284.28.
Second support is May’s low crossing at 275.97.

June unleaded gas was higher overnight as it extends the rebound off last
Wednesday’s low. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. Closes above the reaction high crossing
at 283.00 would confirm that a low has been posted while opening the door for
additional gains during the first half of May. If June renews the decline off
February’s high, the 75% retracement level of the June-February rally crossing
at 258.09 is the next downside target. First resistance is the reaction high
crossing at 283.00. Second resistance is the 38% retracement level of the
February-May decline crossing at 290.15. First support is the 50% retracement
level of the 2010-d013-rally crossing at 267.09. Second support is the 62%
retracement level of the 2010-2012-rally crossing at 253.46.

June Henry natural gas was lower overnight as it extends last week’s
decline. Stochastics and the RSI are bearish signaling that sideways to lower
prices are possible near-term. If June extends last week’s decline, the 50%
retracement level of the January-April-rally crossing at 3.830 is the next
downside target. Closes above the 20-day moving average crossing at 4.221 would
confirm that a short-term low has been posted. First resistance is the 20-day
moving average crossing at 4.221. Second resistance is April’s high crossing at
4.457. First support is the 38% retracement level of the January-April-rally
crossing at 397.80. Second support is the 50% retracement level of the
January-April-rally crossing at 3.830.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The June Dollar was higher overnight and is poised to extend the rally off
May’s low. Stochastics and the RSI are turning bullish signaling that a low
might be in or is near. Closes above the 20-day moving average crossing at
82.45 are needed to confirm that a short-term low has been posted. If June
renews the decline off April’s high, the 62% retracement level of the
February-April rally crossing at 80.84 is the next downside target. First
resistance is the 20-day moving average crossing at 82.45. Second resistance is
the reaction high crossing at 83.32. First support is the 50% retracement level
of the February-April rally crossing at 81.38. Second support is the 62%
retracement level of the February-April rally crossing at 80.84.

The June Euro was lower overnight. Stochastics and the RSI are turning
bearish hinting that a short-term top might be in or is near. Closes below last
Friday’s low crossing at 130.35 would confirm that a top has been posted while
opening the door for additional weakness near-term. If June renews the rally
off April’s low, the 62% retracement level of the February-April decline
crossing at 133.58 is the next upside target. First resistance is the 50%
retracement level of the February-April decline crossing at 132.43. Second
resistance is the 62% retracement level of the February-April decline crossing
at 133.58. First support is last Friday’s low crossing at 130.35. Second
support is the reaction low crossing at 129.59.

The June British Pound was slightly lower overnight as it consolidates
around the 50% retracement level of the January-March decline crossing at
1.5564. 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 March’s low, the 62% retracement level of the
January-March decline crossing at 1.5738 is the next upside target. Closes
below the 20-day moving average crossing at 1.5383 would confirm that the
short-term top has been posted while opening the door for additional weakness
near-term. First resistance is the 50% retracement level of the January-March
decline crossing at 1.5564.Second resistance is the 62% retracement level of
the January-March decline crossing at 1.5738. First support is the 20-day
moving average crossing at 1.5383. Second support is the reaction low crossing
at 1.5192.

The June Swiss Franc was lower overnight as it extends last week’s decline.
Stochastics and the RSI are turning bearish signaling that sideways to lower
prices are possible near-term. Closes below the 10-day moving average crossing
at .10666 would confirm that a short-term top has been posted. If June extends
the rally off the late-April low, April’s high crossing at .10869 is the next
upside target. First resistance is last Wednesday’s high crossing at .10820.
Second resistance is April’s high crossing at .10869. First support was the
10-day moving average crossing at .10666. Second support is the reaction low
crossing at .10532.

The June Canadian Dollar 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 aforementioned rally, the 62% retracement level
of the January-March decline crossing at 99.57 is the next upside target.
Closes below the 20-day moving average crossing at 98.18 would confirm that a
short-term top has been posted. First resistance is the 62% retracement level
of the January-March decline crossing at 99.57. Second resistance is the 75%
retracement level of the January-March decline crossing at 100.24. First
support is the 20-day moving average crossing at 98.18. Second support is
April’s low crossing at 96.90.

The June Japanese Yen was lower overnight. Stochastics and the RSI are
turning bearish signaling that sideways to lower prices are possible near-term.
If June renews this year’s decline, monthly support crossing at .9867 is the
next downside target. Closes above the reaction high crossing at .10383 are
needed to confirm that a low has been posted. First resistance is the reaction
high crossing at .10383. Second resistance is April’s high crossing at .10809.
First support is April’s low crossing at .10008. Second support is monthly
support crossing at .9867.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

June gold was higher overnight and poised to renew the rally off April’s
low. The high-range close sets the stage for a steady to higher opening when
the day session begins trading. Stochastics and the RSI remain bullish
signaling that sideways to higher prices are possible near-term. Closes above
the reaction high crossing at 1484.80 are needed to confirm that a short-term
low has been posted and would open the door for additional gains during the
first half of May. If April renews this spring’s decline, monthly support
crossing at 1285.60 is the next downside target. First resistance is the
reaction high crossing at 1484.80. Second resistance is the reaction high
crossing at 1590.10. First support is the 10-day moving average crossing at
1454.00. Second support is April’s low crossing at 1321.50.

July silver was higher overnight as it extends the trading range of the past
seven days. 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 24.368 are needed to confirm that a short-term low
has been posted. If July renews this year’s decline, monthly support crossing
at 18.756 is the next downside target. First resistance is the 20-day moving
average crossing at 24.368. Second resistance is the reaction high crossing at
28.070. First support is April’s low crossing at 21.120. Second support is
monthly support crossing at 18.756.

July copper was lower overnight as it consolidates some of last Friday’s
rally but remains above broken resistance marked by the 20-day moving average
crossing at 324.89. The mid-range close sets the stage for a steady to lower
opening when the day session begins trading. Stochastics and the RSI have
turned bullish signaling that sideways to higher prices are possible near-term.
If July extends last Friday’s rally, April’s high crossing at 347.15 is the
next upside target. Closes below the 10-day moving average crossing at 319.14
would confirm that a short-term top has been posted. First resistance is the
overnight high crossing at 333.00. Second resistance is April’s high crossing
at 347.15. First support is the 10-day moving average crossing at 319.14.
Second support is last Thursday’s low crossing at 304.25. Third support is
weekly support crossing at 299.40.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

July coffee closed higher on Friday as it extends this week’s rally. The
high-range close set the stage for a steady to higher opening on Monday.
Stochastics and the RSI have turned bullish signaling that sideways to higher
prices are possible near-term. If July extends this week’s rally, April’s high
crossing at 14.45 is the next upside target. If July renews this year’s
decline, weekly support crossing at 13.00 is the next downside target.

July cocoa closed lower on Friday as it consolidates some of the rally off
March’s low. The mid-range close sets the stage for a steady opening on Monday.
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 March’s low, the 62% retracement level of September-March decline
crossing at 24.63 is July’s next upside target. Closes below the 20-day moving
average crossing at 23.18 would confirm that a short-term top has been posted.

July sugar closed lower on Friday. The mid-range close set the stage for a
steady opening on Monday. Stochastics and the RSI have turned bullish signaling
that a low might be in or is near-term. Closes above the reaction high crossing
at 17.97 are needed to confirm that a short-term low has been posted. 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.

July cotton closed higher due to short covering on Friday as it consolidated
some of Wednesday’s decline. The high-range close sets the stage for a steady
to higher opening on Monday. Stochastics and the RSI are neutral to bullish
signaling that sideways to higher prices are possible near-term. If July
extends the rally off April’s low, the reaction high crossing at 88.50 is the
next upside target. If July renews the decline off March’s high, the 62%
retracement level of the November-March rally crossing at 80.57 is the next
downside target.
———————————————————————

Free Video Seminar – “Avoiding Common Trading Pitfalls”

http://broadcast.ino.com/redirect/?linkid=2037

———————————————————————

GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

July corn gapped down and was lower overnight as warmer and dryer weather
begins to move across the Midwest. Today’s weekly planting progress report
along with the extended weather forecast for the corn-belt hold the keys to
near-term direction in the market. Stochastics and the RSI are neutral to
bullish signaling that sideways to higher prices are possible near-term. If
July extends the rally off April’s low, the April 1st gap crossing at 6.76 is
the next upside target. Closes below the 20-day moving average crossing at 6.36
1/2 would confirm that a short-term top has been posted. First resistance is
the April 1st gap crossing at 6.76. Second resistance is March’s high crossing
at 7.18 3/4. First support is the 20-day moving average crossing at 6.36 1/2.
Second support is April’s low crossing at 6.10.

July wheat gapped down and was lower overnight as it follows corn’s lead
lower. The mid-range close sets the stage for a steady to lower opening when
the day session begins trading. Stochastics and the RSI are turning bearish
signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at 7.09 1/4 would signal that a short-term
top has been posted. If July renews the rally off April’s low, March’s high
crossing at 7.40 1/2 is the next upside target. If July renews the decline off
November’s high, the November 2011 low crossing at 6.64 1/4 is the next
downside target. First resistance is last Tuesday’s high crossing at 7.36 3/4.
Second resistance is March’s high crossing at 7.40 1/2. First support is the
20-day moving average crossing at 7.09 1/4. Second support is April’s low
crossing at 6.64 3/4.

July Kansas City Wheat closed down 4 1/4-cents at 7.78.

July Kansas City wheat closed lower on Friday. The low-range close sets the
stage for a steady to lower opening on Monday. 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 April’s low, the
38% retracement level of the December-April’s low crossing at 8.03 1/4 is the
next upside target. Closes below the 20-day moving average crossing at 7.56 1/4
would confirm that a short-term top has been posted. First resistance is
Tuesday’s high crossing at 7.96 3/4. Second resistance is the 38% retracement
level of the December-April’s low crossing at 8.03 1/4. First support is the
10-day moving average crossing at 7.64 1/2. Second support is the 20-day moving
average crossing at 7.56 1/4.

July Minneapolis wheat was lower overnight as it consolidates some of the
rally off April’s low. The mid-range close sets the stage for a steady to lower
opening when the day session begins to trade. Stochastics and the RSI are
overbought, diverging and are turning bearish hinting that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at 8.04
3/4 would confirm that a short-term top has been posted. If July renews the
rally off April’s low, the 38% retracement level of the July-April decline
crossing at 8.53 3/4 is the next upside target. First resistance is last
Tuesday’s high crossing at 8.34 1/2. Second resistance is the 38% retracement
level of the July-April decline crossing at 8.53 3/4. First support is the
20-day moving average crossing at 8.04 3/4. Second support is April’s low
crossing at 7.60.

SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains

July soybeans were lower overnight. The mid-range close sets the stage for
steady to lower opening when the day session begins trading later this morning.
Stochastics and the RSI are neutral to bearish signaling that a short-term top
is in or is near. Closes below the 20-day moving average crossing at 13.75 3/4
would confirm that a short-term low has been posted. If July renews the rally
off April’s low, the late-March high crossing at 14.59 3/4 is the next upside
target. First resistance is the late-March high crossing at 14.59 3/4. Second
resistance is March’s high crossing at 14.63 1/2. First support is the 20-day
moving average crossing at 13.75 3/4. Second support is April’s low crossing at
13.36 1/2.

July soybean meal was slightly lower overnight. The mid-range close sets the
stage for a steady to lower opening when the day session begins trading.
Stochastics and the RSI are bearish signaling that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 400.60 are
needed to confirm that a short-term top has been posted. If July renews the
rally off April’s low, March’s high crossing at 436.20 is the next upside
target. First resistance is last Tuesday’s high crossing at 422.70. Second
resistance is March’s high crossing at 436.20. First support is the 20-day
moving average crossing at 400.60. Second support is April’s low crossing at
388.00.

July soybean oil was higher overnight while extending the trading range of
the past two months. The high-range close sets the stage for a steady to higher
opening when the day session begins trading. Stochastics and the RSI are
turning neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above the reaction high crossing at 50.42 are needed
to confirm that a low has been posted. If July renews this year’s decline, the
50% retracement level of the 2010-2011-rally crossing at 46.56 is the next
downside target. First resistance is the reaction high crossing at 50.42.
Second resistance is March’s high crossing at 51.24. First support is April’s
low crossing at 48.08. Second support is the 50% retracement level of the
2010-2011-rally crossing at 46.56.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

June hogs closed down $0.65 at $92.17.

June hogs closed lower on Friday. The low-range close sets the stage for a
steady to lower opening when Monday’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, the 50% retracement level of the December-March decline crossing
at 94.42 is the next upside target. Closes below the 20-day moving average
crossing at 90.75 would confirm that a short-term top has been posted. First
resistance is Thursday’s high crossing at 93.10. Second resistance is the 50%
retracement level of the December-March decline crossing at 94.42. First
support is the 10-day moving average crossing at 91.70. Second support is the
20-day moving average crossing at 90.75.

June cattle closed down $1.82 at 121.82.

June cattle closed lower due to profit taking on Friday as it consolidated
some of the rally off April’s low. The low-range close sets the stage for a
steady to lower opening when Monday’s night session begins trading. Stochastics
and the RSI are turning bearish signaling that a short-term top might be in or
is near. Closes below the 20-day moving average crossing at 121.57 would
confirm that a short-term top has been posted. If June extends the rally off
April’s low, April’s high crossing at 124.50 is the next upside target. First
resistance is Thursday’s high crossing at 124.00. Second resistance is April’s
high crossing at 124.50. First support is the 20-day moving average crossing at
121.57. Second support is the reaction low crossing at 120.35.

August feeder cattle closed down $2.15 at $147.50.

August Feeder cattle closed sharply lower on Friday. The low-range close
sets the stage for a steady to lower opening when Monday’s night session begins
trading. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. Today’s close below the 20-day moving
average crossing at 148.77 confirms that a short-term top has been posted. If
August renews the rally off April’s low, April’s high crossing at 154.40 is the
next upside target. First resistance is the reaction high crossing at 152.17.
Second resistance is April’s high crossing at 154.40. First support is today’s
low crossing at 147.47. Second support is April’s low crossing at 144.75.

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