The STOCK INDEXES http://quotes.ino.com/exchanges/category.html?c=indexesThe September NASDAQ 100 was higher due to short covering overnight as it consolidated some of last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If September extends the decline off June's high, the 62% retracement level of the 2009-2010-rally crossing at 1652.26 is the next downside target. Close above the 20-day moving average crossing at 1825.18 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1781.72. Second resistance is the 20-day moving average crossing at 1825.18. First support is last Thursday's low crossing at 1698.00. Second support is the 62% retracement level of the 2009-2010-rally crossing at 1652.26. The September NASDAQ 100 was up 27.00 pts. at 1748.25 as of 5:48 AM CST. Overnight action sets the stage for a higher opening by September NASDAQ 100 when the day session begins later this morning.
The September S&P 500 index was higher due to short covering overnight as it consolidates some of the decline off June's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this decline, the 50% retracement level of the 2009-2010-rally crossing at 938.70 is the next downside target. Closes above the 20-day moving average crossing at 1069.20 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1044.04. Second resistance is the 20-day moving average crossing at 1069.20. First support is the overnight low crossing at 1003.10. Second support is the 50% retracement level of the 2009-2010-rally crossing at 938.70. The September S&P 500 Index was up 12.10 pts. at 1026.40 as of 5:52 AM CST. Overnight action sets the stage for a higher opening by the September S&P 500 index when the day session begins later this morning.
INTEREST RATES http://quotes.ino.com/exchanges/category.html?c=interestSeptember T-bonds were lower due to profit taking overnight as it consolidates some of this year's rally. 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 124-29 would confirm that a short-term top has been posted. If September extends this month's rally, the 62% retracement level of the 2008-2009-decline on the weekly continuation chart crossing at 130-10 is the next upside target. First resistance is last Thursday's high crossing at 128-19. Second resistance is the 62% retracement level of the 2008-2009-decline on the weekly continuation chart crossing at 130-10. First support is the 10-day moving average crossing at 126-22. Second support is the 20-day moving average crossing at 125-06.
ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energyAugust crude oil was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If August extends last week's decline, the reaction low crossing at 70.93 is the next downside target. Closes above the 20-day moving average crossing at 76.22 would confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 75.13. Second resistance is the 20-day moving average crossing at 76.22. First support is the overnight low crossing at 71.09. Second support is the reaction low crossing at 70.93.
August heating oil was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends last week's decline, May's low crossing at 186.77. Closes above the 20-day moving average crossing at 205.76 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 201.88. Second resistance is the 20-day moving average crossing at 205.76. First support is the overnight low crossing at 189.68. Second support is May's low crossing at 186.77.
August unleaded gas was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If August extends last week's decline, May's low crossing at 188.60 is the next downside target. Closes above the 20-day moving average crossing at 207.75 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 205.20. Second resistance is the 20-day moving average crossing at 207.75. First support is the overnight low crossing at 194.80. Second support is May's low crossing at 188.60.
August Henry natural gas was slightly higher overnight as it consolidates above the 10-day moving average crossing at 4.759. 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 4.858 would confirm that a short-term low has been posted. If August renews last week's decline, the reaction low crossing at 4.285 is the next downside target. First resistance is the 20-day moving average crossing at 4.858. Second resistance is June's high crossing at 5.249. First support is last Wednesday's low crossing at 4.477. Second support is the reaction low crossing at 4.285.
CURRENCIESThe September Dollar was lower overnight as it extends the decline off June's high. Stochastics and the RSI are oversold, diverging but are bearish signaling that additional weakness is possible near-term. If September extends this month's decline, the 38% retracement level of the November-June rally crossing at 83.83 is the next downside target. Closes above the 20-day moving average crossing at 86.16 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 85.52. Second resistance is the 20-day moving average crossing at 86.16. First support is last Thursday's low crossing at 84.68. Second support is the 38% retracement level of the November-June rally crossing at 83.83.
The September Euro was higher overnight as it extends last week's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the reaction high crossing at 126.840 is the next upside target. Closes below the 20-day moving average crossing at 123.211 would temper the near-term friendly outlook. First resistance is last Thursday's high crossing at 125.450. Second resistance is the reaction high crossing at 126.840. First support is the 10-day moving average crossing at 123.965. Second support is the 20-day moving average crossing at 123.211.
The September British Pound was higher overnight as it extends the rally off May's low. Stochastics and the RSI are overbought, diverging but are neutral signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 38% retracement level of the 2009-2010-decline crossing at 1.5287 is the next upside target. Closes below the 20-day moving average crossing at 1.4901 would confirm that a short-term top has been posted. First resistance is last Friday's high crossing at 1.5229. Second resistance is the 38% retracement level of the 2009-2010-decline crossing at 1.5287. First support is last Thursday's low crossing at 1.4873. Second support is the 20-day moving average crossing at 1.4901.
The September Swiss Franc was higher overnight as it consolidates above the 50% retracement level of the 2009-2010-decline crossing at .9307. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are still possible near-term. If September extends this rally, the 62% retracement level of the 2009-2010-decline crossing at .9483 is the next upside target. Closes below the 20-day moving average crossing at .9076 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at .9481. Second resistance is the 62% retracement level of the 2009-2010-decline crossing at .9483. First support is the 10-day moving average crossing at .9275. Second support is the 20-day moving average crossing at .9076.
The September Canadian Dollar was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If September extends last week's decline, the reaction low crossing at 93.57 is the next downside target. Closes above the 20-day moving average crossing at 96.05 would temper the near-term bearish outlook in the market. First resistance is the 10-day moving average crossing at 95.03. Second resistance is the 20-day moving average crossing at 96.05. First support is the overnight low crossing at 93.60. Second support is the reaction low crossing at 93.57.
The September Japanese Yen was lower due to profit taking overnight as it consolidates some of the rally off May's low. 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 .11145 would confirm that a short-term top has been posted. If September extends the aforementioned rally, last November's high crossing at .11618 is the next upside target. First resistance is last Thursday's high crossing at .11512. Second resistance is last November's high crossing at .11618. First support is the 10-day moving average crossing at .11300. Second support is the 20-day moving average crossing at .11145.
PRECIOUS METALS http://quotes.ino.com/exchanges/category.html?c=metalsAugust gold was higher due to short covering overnight as it consolidated some of last Thursday's decline. However, stochastics and the RSI remain bearish signaling that additional weakness is possible near-term. If August extends last week's decline, the 38% retracement level of this year's rally crossing at 1183.90 is the next downside target. Closes above last Wednesday's high crossing at 1248.80 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1229.80. Second resistance is last Wednesday's high crossing at 1248.80. First support is last Thursday's low crossing at 1196.00. Second support is the 38% retracement level of this year's rally crossing at 1183.90.
July silver was higher due to short covering overnight as it consolidated some of last Thursday's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If July extends last week's decline, June's low crossing at 17.195 is the next downside target. Closes above the 20-day moving average crossing at 18.460 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 18.333. Second resistance is the 20-day moving average crossing at 18.460. First support is last Thursday's low crossing at 17.720. Second support is June's low crossing at 17.195.
July copper was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 10-day moving average crossing at 296.22 would temper the near-term bearish outlook. If July extends last week's decline, June's low crossing at 272.00 is the next downside target. First resistance is the 10-day moving average crossing at 296.22. Second resistance is last Monday's high crossing at 310.60. First support is last Thursday's low crossing at 284.45. Second support is June's low crossing at 272.00.
FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=foodSeptember coffee closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought, diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below 20-day moving average crossing at 15.65 would confirm that a short-term top has been posted. If September extends this month's rally, the 87% retracement level of the 2008-2009-decline crossing at 18.28 is the next upside target.
September cocoa closed lower due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, June's low crossing at 29.11 is the next downside target. Closes above the 10-day moving average crossing at 30.40 would temper the near-term bearish outlook.
October sugar closed higher on Friday as it extends the rally off May's low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If October extends this spring's rally, the 38% retracement level of this year's decline crossing at 17.16 is the next upside target. Closes below the 20-day moving average crossing at 15.78 would temper the near-term friendly outlook.
October cotton closed lower on Friday and below the 20-day moving average crossing at 78.66 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are still possible near-term. If October extends this week's decline, gap support crossing at 75.90 is the next downside target. Closes above the 10-day moving average crossing at 79.27 would confirm that a short-term low has been posted.
GRAINS http://quotes.ino.com/exchanges/category.html?c=grainsJuly corn was higher overnight as it extends week's rally. Closes above June's high crossing at 3.67 1/4 will confirm that a trend change has taken place. The high-range close overnight sets the stage for a steady to higher opening when the day session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July extends last week's rally, the reaction high crossing at 3.73 3/4 is the next upside target. Closes below the 10-day moving average crossing at 3.50 3/4 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 3.69. Second resistance is the reaction high crossing at 3.73 3/4. First support is the 10-day moving average crossing at 3.50 3/4. Second support is last Tuesday's low crossing at 3.24 1/2.
July wheat was higher overnight as it extends last week's rally. The high-range close sets the stage for a 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 last week's rally, May's high crossing at 5.17 is the next upside target. Closes below the 20-day moving average crossing at 4.60 1/2 would confirm that the rally off June's low has ended. First resistance is the overnight high crossing at 4.98 3/4. Second resistance is May's high crossing at 5.17. First support is the 10-day moving average crossing at 4.69 1/2. Second support is the 20-day moving average crossing at 4.60 1/2.
July Kansas City Wheat closed up 6 1/4-cents at 5.07 1/4.
July Kansas City wheat gapped up and closed higher on Friday. Today's rally above June's high renewed the rally off last month's low and opens the door for a possible test of May's high crossing at 5.28 1/4 later this summer. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing at 4.83 would temper the near-term friendly outlook. First resistance is today's high crossing at 5.12. Second resistance is May's high crossing at 5.28 1/4. First support is today's gap crossing at 5.01 1/4. Second support is the 10-day moving average crossing at 4.90 3/4.
September Minneapolis wheat was higher overnight as it extends last week's rally. The high-range overnight close sets the stage for a steady to higher opening when the day session begins later this morning. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If September extends last week's rally, June's high crossing at 5.59 1/2 is the next upside target. If September renews the decline off June's high, June's low crossing at 4.97 is the next downside target. First resistance is the overnight high crossing at 5.38 1/2. Second resistance is June's high crossing at 5.59 1/2. First support is last Tuesday's low crossing at 5.03 1/2. Second support is June's low crossing at 4.97.
SOYBEAN COMPLEX July soybeans were higher overnight as it extends last week's rally. The high-range overnight close sets the stage for a steady to higher opening when the day session begins later this morning. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If July extends last week's rally, the 62% retracement level of the April-June decline crossing at 9.84 is the next upside target. Closes below last week's low crossing at 9.43 1/4 would confirm that a short-term top has been posted. First resistance is last week's high crossing at 9.73. Second resistance is the 62% retracement level of the April-June decline crossing at 9.84. First support is last week's low crossing at 9.43 1/4. Second support is June's low crossing at 9.26.
July soybean meal was slightly lower overnight as it extends June's trading range. The high-range close overnight set the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are diverging but turning bullish again hinting that additional short-term gains are possible. If July extends last month's rally, the reaction high crossing at 308.40 is the next upside target. Closes below the 20-day moving average crossing at 289.50 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 299.00. Second resistance is the reaction high crossing at 308.40. First support is the 10-day moving average crossing at 291.60. Second support is the 20-day moving average crossing at 289.50.
July soybean oil was higher due to short covering overnight as it consolidates above the 75% retracement level of the 2009-2010-rally crossing at 35.92. The high-range close sets the stage for a steady to higher opening when the day session begins later this morning. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends last month's decline, the 87% retracement level of the 2009-2010-rally crossing at 34.79 is the next downside target. Closes above the 20-day moving average crossing at 37.03 would temper the bearish outlook. First resistance is the 10-day moving average crossing at 36.50. Second resistance is the 20-day moving average crossing at 37.03. First support is last Thursday's low crossing at 35.75. Second support is the 87% retracement level of the 2009-2010-rally crossing at 34.79
LIVESTOCK http://quotes.ino.com/exchanges/category.html?c=livestockAugust hogs closed down $1.80 at $80.05.
August hogs closed lower on Friday as it renewed the decline off June's high. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, June's low crossing at 78.65 is the next downside target. Closes above the 10-day moving average crossing at 82.69 would temper the bearish outlook. First resistance is the 20-day moving average crossing at 81.89. Second resistance is the 10-day moving average crossing at 82.69. First support is today's low crossing at 79.90. Second support is June's low crossing at 78.65.
July bellies closed down $0.60 at $98.50.
July bellies closed lower on Friday and below the 20-day moving average crossing at 98.57 tempering the friendly outlook. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, June's low crossing at 94.75 is the next downside target. Closes above the 10-day moving average crossing at 100.08 would temper the bearish outlook. First resistance is the 10-day moving average crossing at 100.08. Second resistance is last Friday's high crossing at 101.50. First support is today's low crossing at 97.50. Second support is June's low crossing at 94.75.
August cattle closed down $0.48 at 89.48.
August cattle closed lower on Friday as it consolidates some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off this month's low, the reaction high crossing at 91.00 is the next upside target. Closes below the 20-day moving average crossing at 88.69 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 90.50. Second resistance is the reaction high crossing at 91.00. First support is Tuesday's low crossing at 87.90. Second support is this month's low crossing at 87.20.
August feeder cattle closed up $0.08 at $112.68.
August Feeder cattle closed higher on Friday but the low-range close sets the stage for a steady to lower opening on Tuesday. 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 111.29 would confirm that a short-term top has been posted. If August extends the rally off May's low, the 75% retracement level of the April-May decline crossing at 115.15 is the next upside target. First resistance is Monday's high crossing at 114.20. Second resistance is the 75% retracement level of the April-May decline crossing at 115.15. First support is the 10-day moving average crossing at 112.65. Second support is the 20-day moving average crossing at 111.29.
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